Protecting your personal assets is often a person's biggest worry during the bankruptcy process, and never moreso than when it comes to your home. In addition to providing the basis for future security for your family, losing your home has a much more personal and emotional impact than many of the other parts of bankruptcy. The good news is that with the help of a good attorney, there are a number of options that can keep your home safe or help protect your equity during bankruptcy proceedings.
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Filing bankruptcy can feel overwhelming, but some basic preparation on your part can not only help you feel in control, but speed up the process and reduce costs. The first step is simply making the decision to move forward with the proceedings. The second step is finding the right qualified bankruptcy attorney. When you’re ready for the first in-person meeting to review your financial situation, discuss options, and start the paperwork, having the right information prepared is critical. Here’s an overview of the information your attorney will need in order to get the bankruptcy process started.
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If you are facing the prospect of filing for personal or business bankruptcy, you’re probably experiencing all kinds of feelings and emotions, and most of them are probably negative. You may be feeling overwhelmed by the details of the filing, fearing what the long-term impacts will be either on your business, yourself or even your family, or dealing with a sense of failure. Understanding the psychology of bankruptcy and what it is meant to do for you can help alleviate the emotional stress you may be experiencing. Here are some important things to keep in mind.
Everyone knows Donald Trump as a powerhouse of business success and an icon of luxury living. From a real estate empire to TV shows to a Presidential run, he’s done it all. Recently, he made the number 17 slot on the Forbes Celebrity 100 list. With a net worth between $3 and $7 billion, it’s clear that he’s one of the most successful businessmen in the world. But did you know that he has declared corporate bankruptcy on four different occasions?
A large percentage of small ("mom and pop") businesses fail or go bankrupt each year. Some estimates are in the range of as many as 80% of new businesses going under within the first five years. For some, this is the end of their dreams...but for others, it's a stepping stone to recovery and their next (newer and better) business venture. The transition through business bankruptcy can be stressful and complicated, but there are certain key steps you can take to make this transition manageable, while also building a basis for a new start.
Most of the time, the decision to file for bankruptcy is one made that’s made by you as an individual or as the owner of a small business. With the help of a qualified bankruptcy attorney, you go through the steps needed to make the filing and have the debts discharged. When the process is inverted and bankruptcy is initiated by creditors, it becomes what’s known as an involuntary bankruptcy.
It is always surprising to learn that many businesses were once on the verge of failure. In fact, many successful business owners have a track record of prior bankruptcies. Most people are aware that Donald Trump has gone bankrupt. But you may be shocked to learn that of the most famous brands and businesspeople in American history filed bankruptcy before they went on to become household names and millionaires. Applying the lessons learned by these businesspeople can help you overcome failure and quickly recover from a business bankruptcy.
With the economy continuing its slow recovery, research data suggests that seniors are filing bankruptcy in higher numbers than ever before. According to a recent article from TheStreet.com, approximately 25.3 percent of all bankruptcies filed in 2011 involved individuals who were aged 55 or older. The cause? Living expenses, including medical expenses, are increasing while their income is decreasing. Even though government programs like Social Security and Medicare are intended to bridge the gap, seniors often find themselves coming up short and racking up debt as a result.