Debt consolidation is when all of your outstanding loans and debts are combined so you can pay back one payment rather than several to all of your creditors. The amount you pay is usually less than what you were paying to all of your creditors. A debt consolidation bankruptcy works the same way, although your debts are paid back through a bankruptcy trustee and your debts are paid back over a period of time depending on the amount of debt you have.
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People often worry about how risky it may be to file for bankruptcy. Fortunately, every bankruptcy attorney in America will tell you that the risks are low as long as you're not engaged in willful fraud. Still, it's a good idea to understand what you might be up against. A bankruptcy lawyer will tell their clients to be aware of the following four potential risks.
Fraud
This is by far the worst risk in terms of consequences, even though the probability of a fraud allegation is close to zero as long as a petitioner plays it straight.
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Were you recently injured in an auto accident by a driver that did not have auto insurance, and now wondering how you are going to get your compensation? If so, it helps to know the following things.
Don't Believe The Responsible Driver
The way that most auto accidents work is that the injured person will use the responsible person's insurance policy to receive money to cover the medical bills and other expenses.
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When people file bankruptcy petitions, they often focus on what it takes to achieve acceptance. However, there is an argument for assessing your case based on why a judge might reject it under bankruptcy law. While not bankruptcy attorney services provider can guarantee a petition won't be rejected, you should pay attention to these four common areas of concern.
1. Financial Ineligibility
When someone submits a bankruptcy filing, they have to include proof that their circumstances justify it.
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Chapter 7 bankruptcy is a process that involves the liquidation of the debtor's disposable assets. This means selling off a lot of what you might own to pay back a portion of what is owed to your creditors. Unsurprisingly, some folks may feel like they just need some time and want to try to restructure their debts.
There is a way, however, that you might be forced to pursue Chapter 7.
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