"The fleet sailed to its war base in the North Sea, headed not so much for some rendezvous with glory as for rendezvous with discretion."Barbara Tuchman
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How to sell home in buyers's market?
This article briefly summerizes care to be taken while selling property in buyer's market. As the fall season brings the usual slow-down in home sales activity, many regions of the country that experienced hot sellers' markets over the summer are now ...
Planning International Travel for Christmas?
Christmas international travel 475 [shudder]. No really, a little EQ - managing the attitude, and using the ole noggin' can make it almost pleasant! 1. Pack your patience and your Emotional Intelligence. Turn down the emotiong, turn up the forethought. ...
Preventing Pain Caused By Long Periods Of Computer Use
If you use a computer for much of your day you MUST take steps to prevent the crippling pain this can cause. The first thing to consider is the correct (ergonomic) set-up of your computer desk and chair. Both the chair seat and its back should be ...
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The most common type of Bankruptcy that is filed for is Chapter 7 Bankruptcy. This is a liquidation bankruptcy rather than a reorganization bankruptcy. This means that assets will be sold to clear the debt or debts.
It starts by the person in debt listing their assets. With Chapter 7 Bankruptcy the debtor is allowed to keep what is called "exempt" property. Examples of exempt property are
a certain amount of home equity
a small amount of vehicle equity
small allowance for clothing
small allowance for other personal items.
The value of these exempt properties differs depending on what jurisdiction you file for Chapter 7 Bankruptcy in.
A trustee will be appointed who will gather the debtors assets ready for sale. The proceeds will then be distributed to creditors according to priority. Even after declaring Chapter 7 Bankruptcy there are some debts that will still be require to be paid off. These are called non-dischargeable debts and some examples are
child support
student loans
DWI fines or penalties
taxes.
Secured debts are those where the creditor has an interest in the property of the person filing for bankruptcy. It may be that the loan was used to purchase the property. Secured debts take priority over non-secured debts. If the sale of the property is insufficient to repay the secured debt then the remained of the debt becomes classed as a non-secured debt.
Non-secured debts are the last debts to be cleared off in bankruptcy proceedings. They may even end up completely discharged if there are not enough assets. This is what happens in many Chapter 7 Bankruptcy cases. An example of a non-secured debt is a credit card debt.
About the author:
Find more great articles at http://www.marriedfinances.coma great online source for finance information.
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First National Corporation Announces Financial ResultsMarketWatch (press release)The one-time, non-cash charge to income tax expense totaling $6.1 million in the fourth quarter of 2011 was due to the establishment of a valuation allowance on net deferred tax assets. Fourth quarter results also included a $3.0 million provision for ...and more » |
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A Carbon Allowance in Every PotNew York Times (blog)By DYLAN WALSH Imagine carbon allowances as a playground commodity, like the marbles and baseball cards of earlier generations. That's a subset of an idea from Ian Gough, a researcher at the London School of Economics.and more » |
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