Looking For Bankruptcy Filing Information?
If you’re searching for personal bankruptcy data and feeling your gut wrench, your heart sink, you’re not alone. People have the tendency to be terribly embarrassed by the thought of having to file for bankruptcy. Some might feel like terrible people, feel irresponsible, and worse, think they will never recover credit or self worth again. If it helps any, think about the big wigs who file—Toni Braxton, in 1998; Clarence Birdseye, when he first started his now super successful frozen foods empire–and those like Wayne Newton, who allegedly filed in the early 90s, $20 million in debt; or Suge Knight, who had a supposed $4.4 million in assets but was, he claimed, $137.4 million in debt when he filed for chapter 11.
So, a large part of personal bankruptcy data includes reports of the numbers: almost 2.1 million filed in 2005, according to Levine Breaking News and other wires, many doing so to beat the deadline for new bankruptcy information—new legislation and restrictions—making the number of bankruptcy petitions the most ever filed in a one-year period in history.
But besides the kind of bankruptcy filing information that makes us not feel so bad about filing or the kind that might help us justify having to petition, other bankruptcy information is important, too. The self-help books and workbooks, the do-it-yourself bankruptcies are long, heavily detailed, and contain pages and pages of vital legal bankruptcy information. First, there are different specific laws for the different states, though most of the procedure is general and applicable to all states. Next, before filing, the debtor must choose between two kinds of bankruptcy, Chapter 7, or Chapter 11 (or a third, special type, Chapter 13). Next, the petitioner reports (in a series of forms) assets, liabilities, and offers full disclosure of information on all creditors—names, addresses, phone numbers, amounts owed, etc.. Then, it is also good to know that once you have been awarded, any time a creditor calls, once you inform him or her of your approval date (which happens a few months after you file), that creditor can never “harass” you again.
Of utmost importance is the information on bankruptcy someone might fail to remind debtors of: you can only file and be awarded bankruptcy reprieve once, and better for the anxious or overly concerned…you can get credit established again. Many people I know who have filed and been awarded release from overwhelming debts have very soon after been approached with credit card offers, auto loan offers, and many other opportunities to start anew building (or rebuilding) credit. Of course, they will require higher interest rates and all, knowing you cannot extricate yourself from these newly acquired debts, and therefore, you will want to be extra careful that the crazy cycle of making more debt again and compounding interest and receiving those “where are your payments” phone calls beginning all over again.
Tags: Bankruptcy