Category: Personal Bankruptcy
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More About Personal Bankruptcy
The thought of personal bankruptcy is very frightening, however over 5.4 per 1,000 people have filed for bankruptcy last year, and this rate has been growing at an average of nearly 7 percent. Researchers have determined that the primary cause of personal bankruptcy is uncontrollable levels of consumer debt oftentimes coupled with an unexpected event, such as a major medical expense not covered by insurance, the loss of a job, divorce or death of a spouse. According to economists' surveys, the classic bankruptcy filer is a blue collar, high school graduate who is the head of a household in the
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US bankruptcy code is very specific regarding how to file bankruptcy.
Bankruptcy code is very confusing and deals with all of the many different types of bankruptcy that a business or person can file. It's important to note that even though people can file different bankruptcy forms, there is still only one main bankruptcy code which deals with all of the different types of bankruptcy in the United States. By "filing chapter 11", or "filing chapter 7", the company is just filing under which chapter of the code best fits its situation.
There are several major differences between the chapters
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The laws regarding bankruptcy have changed recently, but there
are still options available to you if your debt has grown out of
control and you have found yourself unable to repay them.
Bankruptcy laws give debtors a way to divide their assets among
creditors and completely eliminate some debts after the assets
have been distributed.
Due to the recent changes, you may have to undergo credit
counseling prior to filing bankruptcy, but as a debtor you are
entitled to file bankruptcy as a way to reorganize or eliminate
your debts.
People wanting to completely eliminate all outstanding debts
generally use Chapter 7 bankruptcies. Business can also file
Chapter 7 if they
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If you want to qualify for a personal loan after bankruptcy there are four key areas that will determine how successful you are:
1) Your credit score
2) Collateral
3) Existing debt
4) Time
Let's look at each factor in more detail and how they can help you increase your chance of qualifying for a personal loan after bankruptcy:
1) Credit score: In order to qualify for a personal loan after bankruptcy you will need to meet the lender's minimum credit score criteria, provided the lender extends loans to individuals with a recent bankruptcy. You'll want to find out before applying for a loan: Simply ask
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According to the American Bankruptcy Institute "household debt is at a record high relative to disposable income." The Administrative Office of the U.S. Courts reported that the number of filings for the year ended March 31, 2003 "exceeded 1.6 million for the first time in any 12 month period," a 15.1 percent increase from the previous year.
There are two basic types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7 Bankruptcy and Chapter 13 are legal proceedings that are available to a person to cope with a financial crisis.
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