Solution to bankruptcy

Posted on Thursday, January 15th 2009 12:23 pm by menj in E-Commerce

Bankruptcy is defined as a condition where an individual or an organisation is not able to pay their debts to their creditors. Bankruptcy would seem to be the last option for some to clear our debt. Bankruptcy laws are available all over the world. In the United States in particular, new bankruptcy laws have been proposed. To get an appropriate solution for bankruptcy, you can file for bankruptcy and choose from one of the two options for personal bankruptcy, which are chapter 7 bankruptcy and chapter 13 bankruptcy.

For more information about bankruptcy and how to file bankruptcy, check out the Paying Paul website. Is bankruptcy a viable option for you? The answer is yes, it is if you have no more options to pay off your debt. The last possible option out of your debt is simply filling bankruptcy and hope for the best. This website has all the information about bankruptcy so check it out today.

    34 Comments

    Comments

    Here are 34 Responses.

    • PolishPokeyPimp says:

      July 18th, 2012 at 7:24 am

      Which is the better way to go?

      If filing bankruptcy do you have to pay off what you owe?

      how do both work?
      i dont own any property, except my truck

    • morbiusdog says:

      July 20th, 2012 at 5:41 am

      Because austerity measures seem like they won’t help Greece pay its debt even in 100 years!

    • Oilers says:

      July 20th, 2012 at 6:55 am

      My house was foreclose end month of 2009, and I am renting a house now. The bank want me to pay for the deficiency balance of 284,000.00. The only thing to get rid of this account is to file bankruptcy, am I right?

    • Boo Cookie says:

      July 20th, 2012 at 6:55 am

      The main sticking point seems to be the administration’s insistence that Bankruptcy courts not be permitted to adjust terms of existing bad loans. Yet this is the core of the problem. What gives? This seems so political.
      Bush and Treasury object to the component of having bankruptcy courts rule in individual FUTURE cases of residential loans in dafault.

    • toast says:

      July 20th, 2012 at 7:07 am

      The main sticking point seems to be the administration’s insistence that Bankruptcy courts not be permitted to adjust terms of existing bad loans. Yet this is the core of the problem. What gives? This seems so political.
      Bush and Treasury object to the component of having bankruptcy courts rule in individual FUTURE cases of residential loans in dafault.

    • happyha31 says:

      July 20th, 2012 at 7:39 am

      I do not want to file bankruptcy, but can’t afford even the minimum on my credit cards. I’ve heard of debt managment programs and debt settlement programs, but don’t know which to trust. Any advice would be helpful at this point.

    • Vultre9 says:

      July 24th, 2012 at 1:48 am

      I’ve heard that new law requires you to pay your debts back, and you’re not resolved of the debts are included in your bankruptcy. Is that true?

    • Ed D says:

      July 25th, 2012 at 6:29 pm

      Because austerity measures seem like they won’t help Greece pay its debt even in 100 years!

    • Rishabh Bajpai says:

      July 27th, 2012 at 5:41 pm

      i have a judgement filed in court agaist me for an old credit card debt,its affecting the jobs i apply for cause employers do credit checks along with background. im unemployed, dont have the money to pay this large debt, and need to get this removed off my public record. bankrupcy is myonly way out now?

    • veemodz says:

      July 27th, 2012 at 6:48 pm

      I co-own a very small business. It is a partnership. We are currently in debt $17,000 from the items we refinanced to buy it, and $13,000 in debt on a credit card used to buy items for it. We are planning to just close it down, but I am wondering if maybe we should declare bankruptcy on it. I do not know anything about declaring bankruptcy, which would be the better solution- closing or bankruptcy? Where do I go to find out information on declaring bankruptcy with a partnership? Will bankruptcy affect just the business or our personal loans and equity also?

    • xiM Clutch says:

      August 7th, 2012 at 7:39 am

      Because austerity measures seem like they won’t help Greece pay its debt even in 100 years!

    • Patrick says:

      August 9th, 2012 at 4:48 am

      your credit and creditors can not harass you for a total of how many years?

    • Mackenzie P says:

      August 11th, 2012 at 12:48 pm

      “Is the United States Bankrupt?” by Laurence J. Kotlikoff

      http://research.stlouisfed.org.....20bankrupt

      is a recent article published in the Federal Reserve Bank of St. Louis Review, July/August 2006 issue.

      The author concludes that countries can go broke, and that the United States has been staving off bankruptcy with it’s foreign trade policy, but that it is just a matter of time. He proposes that radical reform of U.S. fiscal institutions is essential to secure the nation’s economic future.

      I would like to find out what you believe is the best course for the United States. Consider how social, political and economic foreign policies tie into this. How, for example, do you weigh this issue with our continuing social, security, and world issues and the possible loss of soverignity (Security and Prosperity Partnership Of North America/ http://spp.gov )? What is the comprehensive solution?

    • Scorch Delta-62 says:

      August 13th, 2012 at 11:38 am

      I am an Australian citizen living in the US, and have a 30,000 debt/bank loan in Australia, that I am trying to pay off every month – $500. I earn about 35,000US a year, which after tax etc… is not all that much. I also have a car loan, insurance, utilities and rent payments etc here. I end up with about 200 in disposable income a month, which is almost impossible to live off. I have tried to get a loan to transfer my debt from Australia to the US, in the hopes of lowering my payments/interest rate, but as i have alimited credit rating here this is basically impossible. I am considering filing for bankruptcy in Australia, but was wondering if anyone know the process and/or if this is possible, or if there are better solutions available. Debt management companies in australia won’t help because i live here, and debt management companies here won’t help because it’s a foreign debt!

    • Jeff says:

      September 2nd, 2012 at 4:02 pm

      Because austerity measures seem like they won’t help Greece pay its debt even in 100 years!

    • Caltel T says:

      September 16th, 2012 at 5:43 am

      Some types of debts are not dischargeable in the US such as student loan debts. Some are easily discharged such as credit card debt. How does a bankruptcy in the Rep of Ireland affect foreign debts?

    • Noe R says:

      September 19th, 2012 at 3:02 pm

      I know that a few years back, a new law came in effect that if you declare bankruptcy, you still have to pay back. Is this true? If so, how long do I have to pay back? How does it work?

    • Scott W says:

      September 19th, 2012 at 6:05 pm

      My first home went into foreclosure because I could not find a buyer. My current home is on the brink of foreclosure. Is bankruptcy the solution? Can a lawyer help my case? I need guidance on what to do. I need suggestions, fast.

    • maskills24 says:

      September 29th, 2012 at 7:14 pm

      Over the last several months the world financial system has been in a state of great turmoil. Dozens of banks-including some of the leading financial institutions-have been forced to declare bankruptcy.
      While the solutions to the current crisis are far from being certain, its underlying causes are becoming apparent.

    • Spider Pc says:

      October 6th, 2012 at 1:51 pm

      60% of all bankruptcies are for medical expenses.

      If people had to be held personably responsible for their medical costs and couldn’t just declare bankruptcy and make them all go away, leaving doctors and hospitals to raise costs for the rest of us to cover the deadbeats, our costs would stay lower.

      You can’t declare bankruptcy for student loans… Why should you be able to for medical costs. Every time there is a bankruptcy for medical costs, you and I pay more for our health care!

      Personal Responsibility!!!

    • ScRSC says:

      October 21st, 2012 at 6:22 am

      I have A LOT of credit card debt from opening a business and having to sell it in one year because of family responsibilities. Saw a bankruptcy attorney, but the options don’t seem to work for me as there’s no way I could ever pay off these debts.
      I know it’s very immoral, but what will actually happen if I just stop paying on them? I know I’ll be inendated with phone calls and lose my good credit standing, but can they attach my bank account or any other asset?

    • Ray D says:

      October 22nd, 2012 at 6:15 pm

      My wife and i have about $5,000-6,000 in credit card & store card debt.Our only property is our vechicle that we own.We do not plan on buying a home or anything like that.We just need a fresh start(Like alot of others i’m sure)Only my wife works.Should we contact CCCS & get on a repayment plan or is bankruptcy the way to go.Or is there a better solution?

    • andresumoza says:

      October 24th, 2012 at 6:00 pm

      creditors hound me all the time even if I pay my dues but its a never ending balance.. also I had repo and sticks like a sore thumb all the time.. do you know of any good solution to this?

    • Jeanelle the Retard says:

      November 1st, 2012 at 3:25 am

      Would dealer’s sell Chrysler for more money? Less money? Or would the bankruptcy not affect sales at all?

    • Hannah says:

      November 2nd, 2012 at 2:24 pm

      I am filing bankruptcy on June 1, 2008 and am expected to receive my rebate stimulus check in July. Can the bankruptcy courts take my check to pay my creditors?

    • JOHN KAISER PHD says:

      November 2nd, 2012 at 3:33 pm

      i will like to know how and when an organisation is facing a financial distress and bankruptcy and possible solutions to prevent this ugly situation. thanks

    • Gage says:

      November 11th, 2012 at 11:01 am

      My sister is in the idea to join an organization that offers debt solutions, what are the qualities required for being a part of the debt resolution program?

    • Jeff says:

      November 11th, 2012 at 4:18 pm

      In a second (investment) property I learned that once loosing it to the bank or with short sale, not only you loose the property value but also you will have to pay taxes on the mortgage paid that you cannot return. Since the mortgage bank loaned money that cannot be returned now that money is taxable as “profit”. Does all those or similar cases have to end up with declaring bankrupcy to avoid all this money burdain or is there another solution?

    • shahedC says:

      November 15th, 2012 at 9:24 am

      A friend has been looking for work for 9 months and living off of credit cards. He started a job making @ 80% of what he was earning when he was laid off. Short of bankruptcy how can he renegotiate these loans and get them paid off?

    • Agent 47 says:

      November 22nd, 2012 at 4:54 pm

      I have tried to get a bad credit personal loan to consolidate all of these into one. Each paycheck I have to pay out $332 just to simply roll over my payday loans, I havent even begun paying them off. I barley make that much each paycheck to begin with. Does anyone know any other solution. I know this is my own fault, and I was stupid to take these out to begin with, but at this point I am looking for any type of advice. If you have any please let me know. Thank you!

    • shahrukh says:

      November 23rd, 2012 at 1:28 pm

      I do not have any credit cards but have about 12k worth of medical debt, most of which is in collections – I did not have insurance and was not eligible for assistance. Now a new friend has offered to help me either file bankruptcy or pay off my medical debt if I negotiate with them to lower it. What should I do? I thought if I filed bankruptcy I would be able to recover faster. Any suggestions would be helpful. Thanks.

    • Scott W says:

      November 27th, 2012 at 3:50 am

      My friend needs to clean up his credit but has gotten himself so much in debt he can afford to pay for bankruptcy. Are there any programs that can help him file. Every place we have called wants 1500.00 to file.

    • Seth says:

      November 27th, 2012 at 10:16 pm

      Signed with the Credit Solutions a few months ago, and credit card company is still going to take me to court. I can’t afford the payments even with the credit solutions help. What should I do? Can I declare chapter 13?

    • Courtney says:

      November 27th, 2012 at 10:16 pm

      My husband and I have a lot of debt on our shoulders including possible foreclosure and a few hospital and dental bills. We are getting frustrated with the debt, with $10K we can get rid of our debt and continue paying our mortgage but with our credit it would be impossible for us to get our hands on that kind of money, so we were considering bankruptcy and starting all over again.

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