Bank finance articles and tips

WHAT IS THE "AUTOMATIC STAY" IN BANKRUPTCY?

When a person files for bankruptcy (Chapter 7, 13, or 11), all his or her creditors are immediately prevented from attempting to collect the debt. This is called the "automatic stay." This means that filing for a bankruptcy immediately relieves a person from creditor harassment such as annoying phone calls, lawsuits, repossessions, foreclosures, and any other method for collection of a debt.

Likewise, prior to Bankruptcy, a creditor may initiate the wage garnishment procedure against you in order to take 25% of your wages. The filing of a Chapter 7 Bankruptcy automatically stops the creditor from proceeding with the wage garnishment. In the same manner, your finance company can be stopped right away from repossessing your car. These are all examples of the "automatic stay" of Bankruptcy....

There are few things worse than the feeling of having debts that you can not pay. While sometimes they are a product of poor decision making, sometimes they are just because of bad luck or timing. Either way, you need to get out from it and stop the harnessing phone calls and such. If you are in Scotland you are in luck.

The reason why people in Scotland are lucky when it comes to debt is that the government has been proactive about helping debt ridden people. This has kept the average amount of debt lower than it is in the rest of the U.K. Also, because the Scottish legal system is independent from the U.K. they have more favorable options....

Recovering from a major illness or injury often means recovery financially from mounting medical debt. Even individuals with health insurance find that medical debt is a leading cause for considering bankruptcy. Unfortunately, many debtors consider bankruptcy long after they have substantially whittled away at their limited resources and assets....

Are you one of those people who has abused their credit cards and amassed a large amount of debt that you can't pay off? Are you wondering how do I build credit now? If you are suffering with credit problems, have no credit, or just starting out? If so, a secured credit card may be your best option for you. Statistical data shows increased number of parents are turning to secured credit cards as a way to teach teenagers and college students about responsible financial spending and building credit....

If you're considering bankruptcy and you have already charged taxes to your card speak with a bankruptcy attorney about your options. You may have the opportunity to pay off the card debt before filing bankruptcy, or the attorney may suggest another effective strategy for reducing any issues which may arise from charging tax debt to a credit card....

Knowing you're in debt can give you a feeling of despair. And it may not be, because of careless spending or frivolous and extravagant purchases on unwanted items. It may just be a case of bad luck, where you have been laid off and your savings have dried up and there is no other option but to obtain credit. The bills may pile up because you're thinking that before it gets any worse you will have a job and make the repayments. We all know that plans go awry and then before you know it, you are drowning in debt. This does not have to be a bleak end for you, there are programmes designed to manage your debt allowing you to make low and affordable repayments....