Archive for the ‘Bankruptcy’ Category

Five Reasons to File for Bankruptcy

When a consumer is considering the option to file for bankruptcy to help with their financial crisis, they must carefully look at the long term effects of the bankruptcy.  Some consumers file bankruptcy for all the wrong reasons.  Today we’ll look at five good reasons to file for bankruptcy.

1. Insurmountable Medical Bills – When a person or family is faced with a medical emergency and is under or un-insured, the result is a pile of medical bills.  It is not uncommon for one medical emergency to cost tens, or even hundreds, of thousands of dollars.  If you are looking to file bankruptcy as a result of insurmountable medical bills, remember to try to fix the problem that put you in this predicament so that it isn’t repeated.  Find health insurance that will adequately cover you, and your family, for any future medical emergencies.
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The 341 Bankruptcy Meeting

After a petition for bankruptcy has been filed, the trustee in the case will schedule an appointment where the consumer(s) must appear.  According to part A of section 341 of the United States Bankruptcy Code, Meetings of creditors and equity security holders, “Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.”
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Refinancing to Avoid Bankruptcy

One glance at a news website, or even to your local newspaper, and you will see that the nation is currently in the grips of a true housing crisis.  Foreclosures are at an all time high and in some areas of the nations, bankruptcies are also setting records.  Many consumers that are faced with foreclosure have two options to save their house:  file bankruptcy and reaffirm on the mortgage or refinance to a better loan product.
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E-BK.com The Internet’s Best Source for Bankruptcy Information

The staff at e-bk.com provides a wide range of information to consumers.  Whether you’re looking for a bankruptcy lawyer in your state or information on the latest bankruptcy statistics, e-bk.com is the internet’s best source for bankruptcy information.  Let’s take a tour of some of the more popular sections of the site.
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Frontier, Aloha and ATA Airlines All File for Bankruptcy

Although e-bk focuses primarily on personal bankruptcy news and information, from time-to-time the staff feels that it is important to highlight certain corporate bankruptcies as they could be seen as a sign of changing times.  The last week of March and the first few weeks of April 2008 brought three bankruptcy announcements by airlines.
 
In March, Aloha Airlines announced its plans to file for bankruptcy and ceased operations effective March 31, 2008.   Aloha Airlines had been serving the Hawaiian Islands for more than sixty years.  A few days later, on April 2, 2008, Indiana-based ATA Airlines also announced that it had filed for bankruptcy.  ATA Airlines did not offer any forewarning to passengers and immediately cancelled all flights.  Many passengers were greeted by signs at airports announcing the bankruptcy and cancellations. 
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