Rich Feinsilver is an experienced bankruptcy lawyer who will take the time to discuss with you your decision to file, since this is not something that one should make 'on the fly'. If you so choose to file personal bankruptcy, the law allows you to choose between Chapter 13 or Chapter 7 bankruptcy.
While both scenarios have their pros and cons, this post is focused on highlighting the reasons that make Chapter 7 a better option for declaring bankruptcy, as noted by an experienced bankruptcy attorney.
The Legal Fees and the Process
Typically, a Chapter 7 bankruptcy case takes around five to six months at max to be resolved. On the ...
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Four Signs You Are Headed Towards Bankruptcy
There is hardly anyone in the world that does not face a financial crisis at one point or another in their lives. Unless you were born a millionaire and have a stellar team managing your finances, you may find yourself caught up in the debt spiral.
The good thing is that financial crisis does not come unannounced. There are warning signs and signals that essentially point towards a possible downturn in your finances. While most people tend to ignore them, the smarter ones identify them, take a step back and reevaluate their spending habits to change the course of their finances.
We’d like you to be smart about it too. If you are ...
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History of Bankruptcy
Bankruptcy has existed in the United States ever since the first U.S constitution was framed in late 18th century. What is bankruptcy? In simple terms, bankruptcy is a declaration by the judiciary that an individual or entity does not have the ability to pay off its debt. Providing and governing a well-organized and just liquidation of insolvent debtors estates was the purpose bankruptcy laws were passed. Ever since the Middle Ages, this purpose has been an important bankruptcy legislation aim.
The first official laws related to bankruptcy were passed in England in 1542. At that time, bankruptcy was considered a crime and bankrupt ...
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Understanding the 2005 Bankruptcy Law Changes
In April 2005, a major bankruptcy system reform known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was passed. Congress passed this reform and the then President George W. Bush signed it into law. In a number of ways, this reformed bankruptcy including stricter eligibility requirements. Although the aforementioned law was passed in April 2005, it wasn’t until October 2005 that it took full effect. However, there were some changes that became immediately effective after President George Bush signed the legislation in April 2005.
Before the aforementioned law took effect, filers were able to choose the bankruptcy ...
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The Advantages of Filing for Bankruptcy
When things don’t go as planned and you find yourself in a situation where your debt is consistently higher than your income, experts recommend considering filing for bankruptcy.
Specifically, your should declare bankruptcy when:
You have to pay for daily necessities with your credit cards. You have no cash pay your grocery or utility bills and you have to add on to your debts to afford bare necessities.
You’re missing out on your payments and the interest rates are climbing. Most lenders, specifically credit card companies will hike the interest rates. Once they go as high as 30% you’d be paying mostly interest with the principal ...
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Stamp Collecting – Another Hidden Treasure
Probably, the most popular of collectibles, stamps have been around of over 200 years, with the first American stamp issued in July 1, 1847, as Congress authorized the Postmaster General to publish a stamp of George Washington.
Although stamps are nothing more than small pieces of paper, they represent history, with locations that are images of historical places, famous personalities or specific historical events, and as such, they become a tool for learning. In so doing, parents should encourage their children to start stamp collecting, as not only will they be early educated, but they would begin to accrue a monetary value for years to ...
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What is Inflation?
A medical student was given an option regarding how to pay his college loan. He could decide on a 24 month contra, a 48 month contract or a 72 month contract. The shorter one resulting in higher payments and the 72 month one resulting in lowest of payments.
Confused, the student called a friend who worked as a CPA in a Manhattan accounting firm. His friend suggested to him that he should accept the longest contract (72 months), because even though the interest will be a bit higher, the extension of time that the payments will be disseminated will result in it being more economical as the years go by.
The CPA was talking about inflation ...
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Best Practices for Small Business Owners to Avoid Lawsuits
Small business owners already have it tough when it comes to running a business. They generally have to compete with larger size firms with limited resources. The last thing that they want to face legal action relating to the product or service that they provide. Costs of a legal battle can easily deplete the bank accounts leading to a sort of financial meltdown for the company.
In this respect, it is important to take preventive steps to avoid getting caught in a legal battle in the first place. Here we will share with you some important tips on how you can avoid getting sued for your product or services.
Tips for Small Business Owners ...
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Investing 101: How the Stock Market Works?
A stock market presents a great opportunity for investors to earn a large return on investment (ROI). It is like a double edged sword. By investing in the stock market, you can earn double digit returns on your investments or more, but you also can sustain loses as well*.
In order to successfully trade in these financial exchanges, you need to learn the basics of stock market investing. The more you know about the stock trading and how it works –the more you can achieve the ability to make winning moves, and growing your wealth.
Stock Market: An Introduction
A stock market or stock exchange is a place where a company’s shares can be ...
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Internet Fraud – Beware When You Are Online
Scam artists are always looking for new ways to use the latest technology in hardware and software in order to trick unsuspecting users into providing them with their personal identity or money or both. One venue that appears to be most attractive is social networking, especially Facebook.
Share and Win
Have you ever seen a post that says “Bill Gates will send you $50 if you share this post”? This is nonsense! Microsoft and all the other big companies that are being exploited will never place such an offer on Facebook or an other social medium.
Please ‘Friend’ Me
Other fraudulent claims are a little more sophisticated. One user, we will ...
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