For anyone considering bankruptcy, the decision isn’t easy let alone very debtor-friendly. Although the process isn’t mean to be difficult for consumers, most people lack the understanding to guide them through the process. When considering bankruptcy, a little preparation goes a long way.

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One of the biggest concerns people have about filing for bankruptcy is what will happen to their assets. While a Chapter 13 bankruptcy can protect assets far better than a Chapter 7, there are other ways to keep assets and prevent liquidation. Bankruptcy laws are written in such a way as to help debtors keep their property, which are done through either federal or state exemption laws. Federal Exemptions The federal bankruptcy exemption laws are in place to allow any debtor to claim if eligible. Because there are often residency requirements held by state laws, any debtor who cannot claim a state bankruptcy exemption may be eligible to claim property protection under the federal exemptions.

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Aggressive balance sheet trimming 'could do serious damage' to world economy, Global Financial Stability Review says Europe's banks risk triggering a major credit crunch if they all take drastic action to repair their balance sheets at the same time, the International Monetary Fund said on Wednesday. In its half-yearly look at the state of the global financial system, the IMF said it was …

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ANNAPOLIS — A Frederick County commissioner's plan to grant tax breaks to job-creating businesses moved Wednesday toward a final vote in the state legislature

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Providence (1055MF) , Rhode Island ’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit , Robert Flanders, the state- appointed receiver for nearby Central Falls, said today.

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A State House committee in Colorado has voted to defeat legislation – SB-3, The 'Employment Opportunity Act' – that would have restricted the use of credit report checks of job applicants by employers for employment …

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Bankruptcy is often associated with failure and poverty, and it is something that everybody hopes to avoid. However, sometimes, things are beyond your control, and you may find yourself having to decide whether you should file for bankruptcy or not. Bankruptcy can happen because of misfortune or misconduct, and you can go bankrupt due to no fault of your own. In itself, bankruptcy is not a bad thing, because it provides a way for you to get rid of your debts. It is actually a solution to financial problems that already exist, and it is not the cause of those problems. In fact, considering the dire financial situation that you may be facing, things can get much worse if you do not declare bankruptcy. Bankruptcy is a legal option that is available to individuals and businesses that are unable to pay off their outstanding debts.

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This article outlines the property you get to keep when you file for Chapter 7 bankruptcy in California. Your nonexempt property becomes part of your bankruptcy estate. Bankruptcy trustee can sell it to pay off your creditors when you file for Chapter 7 bankruptcy. However, you can also purchase this property from your own bankruptcy estate. Your exempt property is the property you get to keep. You must use one of the two California’s exemption systems instead.

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From AP — Two credit agencies lower Washington's credit outlook — Moody's noted that the state's reliance on a sales tax has made it challenging during a recession that has impacted consumer confidence. The agency …

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If you need a credit card to aid in fixing your credit but you cannot obtain one due to the state of your credit , applying for a secured credit card is an option. Secured credit card applications have a high rate of approval because …

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