Bankruptcy and Debt Relief
Bankruptcy is a state of
most consumers who are not very well versed with financial planning and get
caught up with unwanted debts that they can never repay or find it extremely
difficult to repay. It has been marked as a official position of an individual
or an organization who is unable to pay back their debts borrowed from
creditors and in the process become insolvents and lose their credibility in
the market for good. In most cases, this is forced upon by a court decree.
The state of bankruptcy is
not similar in all countries. In the United States, bankruptcy refers to the
formal procedures of insolvency. Did you know that the word bankruptcy is
derived from the Italian word banca rotta meaning “broken bench?” It literally
means breaking a moneychanger’s bench to prove his insolvency.
The focus of modern law and
debt restructuring is not anymore about proving the insolvency of the debtors
and eliminating them from the market, but about remodeling their status of
financial distress so as to give them a chance of improvement and allowing them
to continue in the market. It is
important to be assured that such financial conditions do not reoccur.
Bankruptcy in United States
falls under the Federal Jurisdiction by the United States Constitution. And
hence, the laws of bankruptcy are uniform throughout the country. Bankruptcy
cases are filed in the United States Bankruptcy court and are all in majority
cases, dependent on State law which plays a major role in most bankruptcy cases.
Debt
Relief:
Debt Relief is the
forgiveness of debt in part or in total owed by individuals or organizations.
Personal debt has become one of the biggest concerns for most developed
countries. An average US household is estimated to have about $19000 of
non-mortgage debt. When debt loads are this heavy, individuals find it
extremely difficult to repay their debts and are in search of help.
Of late, there are many
companies which have come up to help with debt consolidation. However, such
services provided may not be favorable for the individual in all cases. It is
best to consult a consumer association for advice before making a decision on
the best avenue.
In the current scenario, the
most general methods of debt relief are found to be forbearance and debt restructuring. Under forbearance, the interest
payments are compromised as long as the payments are regular and there is no change
in the principal amount.
One of the most popular associations
in the U.S is Gainesville Bankruptcy
Attorneys who handle debt relief both for individuals and corporate. The Gainesville debt relief includes both
Chapter 13 and Chapter 7 of bankruptcy. They actively help with control of
credit cards, medical bills, back
mortgage payments, car loans, finance/loan companies, student loans and other
common forms of debt.
Also available is the Florida Debt Relief Centre who have been there since 1991 and
constantly helped people in Miami, West Palm Beach and the rest of Florida to
solve their financial crisis successfully. They help with credit card debt,
mortgage foreclosures, lawsuits, IRS tax problems and various other issues.
Find a quick solution and
put an end to your financial distress today...
Randy Frier Bankruptcy Attorney is an experienced and compassionate bankruptcy attorney whose practice primarily involves assisting individuals and businesses with obtaining immediate debt relief and a fresh start financially under the United States Bankruptcy Code.
http://www.jrandallfrier.com
Randy Frier Bankruptcy Attorney is an experienced and compassionate bankruptcy attorney whose practice primarily involves assisting individuals and businesses with obtaining immediate debt relief and a fresh start financially under the United States Bankruptcy Code.
http://www.jrandallfrier.com
