"Reposession orders are made by the company you own money to and there passed through a court of law usually a district court. uless you can pay a certain percentage of money up front then you can arrange payents of the balance in instalments ,then the repossession will go a head , but remember under the 1974 repossession act at the time of any repossession, you have paid a third or more of the cost of the over all balance you are entilted to all or some of your money that you have paid back , read the 1974 act and the small print on any written contract you have made ."
  

Friday 3 July 2009

Qualifying to File For Personal Bankruptcy

Are you aware of the difficult times that they are facing right now? undoubtedly you are, & not when recessions span of time reach us, at all times people face increasing mounting debts & for some of them to file for personal bankruptcy it's a must over an option, so the query arise in their minds quickly, do I qualify to file for personal bankruptcy?

In order to answer that query it's needed to determine what your debt levels are at time & what your income is, these are the main criteria factors in order to file bankruptcy. Then determine which chapter is most suitable for you, chapter 7 or chapter 13 bankruptcy.

Under chapter 13 bankruptcy, if you have a steady income you could be allowed by the court to keep some of your property such as - for example - your car or your home, as mentioned before the court approves a repayment plan, this way during a certain period of time & using future income you pay off debts.

Under chapter 7 bankruptcy, that is the most popular by the way, your non exempts assets are liquidated or turned over your creditors, this includes for instance, basic household furniture & vehicles.

Also, remember that bankruptcy does not eliminate secured debt, so if you have a mortgage over your home for instance, you could end up losing it because of default on your mortgage payments, so take a close look at this kind of debt.

Unsecured debts are eliminated by using either chapter 7 or chapter 13 bankruptcy & debt collection system, foreclosures or repossessions are stopped, depending of the state there's exemptions for both chapters as well, for that reasons & as usual, it's advisable to get expert advise from an experienced bankruptcy attorney that knows specifically laws of the state that is prevalent on your situation.

eventually yet importantly, remember that if judge thinks that your earn to pay your debt, your filling could be dismissed, as mentioned before debt levels & income are considered to determine if you qualify to file bankruptcy, but it's mainly a judgment call on the part of the court, so again, specialized advise pays by itself on these cases.
Posted by young millionaire at 15:50

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