types of bankruptcy

First Bankruptcy

Fear has gripped many an American due to circumstances beyond their control they are losing everything and deeply in debt. It’s frightening to say the least when you find yourself losing all you have worked so hard for. Now may be the time for you to learn all you can about bankruptcy. A first bankruptcy can be frightening and very confusing. We are hoping this will give you the information you need to make a wise decision.

The problems with economy took years to get us where we are and it won't disappear overnight, nor will it disappear without you doing your part. You need to know what the pitfalls are, which type of bankruptcy is best for you, and then decide on a course for you to take.

Sometimes bad choices have been made, but sometimes the company you worked at for many years has let you go for one reason or another. The bills are coming in and you have no way to meet them all. Another month goes by and you haven’t been able to find a job. More bills come in. The phone rings every day with people wanting their money. You feel you have let your family down and hope is dwindling.

In today’s era of “buy now and pay later” business ethic, credit cards, divorce, and escalating costs of living, more and more people are running into financial trouble.

But now is no time to sit back and let depression rule your life. It’s time to take action taking things into your own hands. There are steps you can take right now and find out the types of bankruptcy

Bankruptcy is not-and should not be viewed as-the first or only remedy by any debtor who seeks relief from his or her indebtedness. It is a basic, constitutionally protected right of every American who honestly can’t pay his or her debts. It should be taken only as a last resort.

Bankruptcy is a judicial procedure undertaken by a person who owes debts “up to his ears”, to legally free (discharge) himself of those debts. Bankruptcy is a federal (not a state) matter. on the left you will find a list of types of bankruptcy

And there are some debts that may not be discharged in a bankruptcy. These may be:

1) debts owed for excise or custom duties (import duties, sales taxes, estate and gift taxes, gasoline taxes etc) due within the last three years

2) income taxes

3) property taxes

4) taxes required to be collected or withheld by the debtor on behalf of the gov’t or somebody else (e.g. sales taxes collected, or social security withholding taxes by the employer)

5) debts for wages, salaries, or commissions owed by an employer-debtor to a worker within 90 days before the date of filing

6) debts incurred by acts of fraud, false pretenses or misrepresentation

7) debts that are either not listed timely ornot listed at all on the bankruptcy petition

8) debts incurred through misappropriation while acting in a judiciary or trust capacity

9) alimony, child support and property settlement obligations

10) debts incurred out of “willful and malicious” conversion of another’s property to one’s use without his knowledge or consent

11) fines or penalties that are payable to a gov’t unit (traffic tickets, as well as fines incurred for violation of the law in criminal cases

12) debts for educational loans guaranteed or insured by, or owed directly to, a gov’t unit or non-profit institution of higher education, unless the loan first became due more than 7 years before the date the petition is filed ; or unless requiring the debtor to repay the loan “will impose an undue hardship” on the debtor and his dependents.

OTHER ALTERNATIVES:

Another alternative is to contact each and every one of your creditors amking a formal plea , probably by forwarding a formal letter to all of them, asking that they exercise a little more patience with you while you secure this big-paying job you are expecting. What do you have to lose by pushing your luck? And while you are at it, you could even take the liberty to ask for a longer time schedule for repayment, or request lower payments for each pay period. But rationally, you have to have some type of income, or some prospect of getting a raise in income, or coming into some money. Most creditor will work with you and even reduce the full amount you owe them but not collection agencies.

You can also consult a Consumer Credit Counseling Service as another so-called alternative. They can get after your creditors on your behalf. types of bankruptcy

You can also contact your creditors and tell them if they won’t work with you, you’ll file bankruptcy and they will get nothing.

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