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A common bankruptcy myth is that it takes seven (7) years after filing bankruptcy before you can get new credit. This is simply untrue. Any kind of bankruptcy can be reported on your credit for up to ten (10) years but this does not mean that you can’t obtain new credit during the ten (10) year period. In fact, most of our clients receive letters shortly after they receive their bankruptcy discharge with offers of new credit. Many automobile dealerships advertise that they will finance a car purchase following a bankruptcy discharge.

In today’s world, ‘debt’ is a 4-letter-word. For the vast majority of the people who hear the word, it brings to mind stressful feelings, and possibly painful memories.

It would be fantastic if we were all able to live a life completely free of debt, but it is often a necessary evil. Buying a house almost always requires being approved for a loan from the bank, and the same usually goes for buying a new car.

Technically, the provision for the automatic stay that applies to every bankruptcy case that is filed is found in 11 USC §362. This is the Unites States Bankruptcy code. The practical effect, however, of the automatic stay is of utmost importance to anyone seeking relief from creditor harassment, repossession of personal property or foreclosure of real property. This provides a huge relief to people who file for any chapter of relief under the bankruptcy code.

A largely unknown problem with applying for Social Security Administration (SSA) disability benefits while drawing unemployment benefits is the competing oaths claimants swear: for disability it is that they can’t work at all; for unemployment it is that they can work but can’t find a job.

If you are a veteran and you want to file a claim with the VA, this is a sample of what a claim should look like from you to the VA. You can simply put it on a regular piece of white paper and make sure it is dated and signed by you. Once you have it completed and signed, make a copy of it and then take the original and mail it by certified mail, return receipt requested, to the VA Regional Office (VARO) located in the state where you currently live.

No one looks forward to having to file for bankruptcy, but with the help of a good lawyer, it’s certainly possible to come out the other side better prepared for the future than before. Before hiring a bankruptcy lawyer, however, make sure you have all your records gathered together in one place. There will be a lot of paperwork to file, and everything you claim has to be proven.

Bankruptcy code in the United States is different from any other country. In the US, when a company such as Kodak or Hostess files for chapter 11 bankruptcy, they are allowed to shed obligations and legal debts that they can’t pay in order to survive.

In other countries, firms that file for bankruptcy are forced to liquidate, or pay back loans over a long period of time. In England, when a company files for bankruptcy, the management is fired.

In my opinion, no attorney can provide a consumer with more relief, more quickly, than a bankruptcy attorney. On the day a bankruptcy petition is filed, in fact at the very moment the petition is filed, the bankruptcy court enters an order called an automatic stay. The order is entered pursuant to the provisions of section 362 of title 11 of the United States Code.

A recent announcement from the national bookseller Barnes & Noble stated that they are considering spinning off their Nook business into its own separate company. Many financial analysts are wondering if this is a prediction of potential future bankruptcy filings for Barnes & Noble, and if the recent plummet in the profits of book retailers was inevitable.

When most people think about bankruptcy, they think about it in terms of Chapter 7 or “straight bankruptcy” when you just “wipe out” or discharge debts. This fresh start sounds nice; however, this is not always the best answer for many reasons. If it is not the best answer, then, should you file a Chapter 13 debt consolidation? Filing a chapter 13 debt consolidation can help one resolve many issues.