Many debtors considering bankruptcy have questions about how to list their bankruptcy debt. For example, do they have to list all of their debts? If they do not, how much debt do they have to list? What if they want to pay off certain debts and discharge other debts?
Filing bankruptcy is a legal means for debtors to potentially eliminate unsecured debts they cannot repay and make a fresh financial start. There are debts, however, that the government considers so important they are not legally discharged while filing bankruptcy. Recently on our legal forum a user asked, “Will my child support be discharged in my bankruptcy?”
After you submit the bankruptcy petition the court will initiate an automatic stay which will stop creditors from continuing their debt collection efforts, this includes ongoing credit card lawsuits. The lawsuit, however, may be continued under some conditions after the bankruptcy is completed, if it is dismissed or if the court decides to lift the stay. So what will happen to the underlying credit card debts if you file bankruptcy? It will depend on whether you file Chapter 13 or Chapter 7 bankruptcy.
If you have filed bankruptcy before and are now facing another financial crisis you might wonder if it is possible to file a second bankruptcy. Although there are no regulations about the number of times you can file bankruptcy, if you have received a Chapter 7 or Chapter 13 bankruptcy discharge there is a specified time period you must wait between each discharge before you can file a second bankruptcy and receive a discharge. Recently on our legal forum we had a user ask, “Can I file a second bankruptcy if I filed in 2003?”
Debt consolidation allows an individual to consolidate or combine various different types of debts such as a personal loan or credit card debt into a single loan. The benefit of consolidating the debts is it may allow the debtor to extend the repayment period and lower the interest payments, allowing the debtor more time to repay the debts.
If you are one of the few who have been lucky enough to score a summer internship you have been given the perfect opportunity to show what skills and assets you could bring to a company. A summer internship is also the perfect three month interview for the company and will allow them to see what students would best fit in with the company’s culture.
It’s been five years since the Great Recession and stocks have nearly tripled from their lows in 2009, but for most of us the economic recovery remains elusive. Although the stock market continues its rise and is shattering records, there is a continuing divide between Wall Street and Main Street, leaving middle class Americans with weak financial gains.
The fight to increase the minimum wage has been waged for months now in cities across the United States. Today USA Today reports the Seattle City Council is scheduled to vote to decide whether the minimum wage in their city should be raised to $15 per hour. The vote, which is considered historic, would raise the minimum wage to the highest level for any city throughout the United States.
Reuters reports Detroit retirees may have been sent ballots with errors earlier this month, which would have allowed them to vote for or against Detroit’s bankruptcy plan to settle approximately $18 billion in debt. The ballot outlined how the city could deal with its public pensions.
Los Angeles is a global center for entertainment, trade and finance but it is also rife with some of the same financial issues plaguing Detroit, leading some financial experts to claim Los Angeles could be the next Detroit. According to James Lacy, an author, there has not only been zero job growth in Los Angeles within the last twenty-five years, but pension liability has also grown exponentially with little funding.