The collapse of the Investment Banking Firm, Bear Stearn will cause massive lay-offs. How many is not yet known, but it could well be into the neighborhood of 12,000 or more, currently it appears they have somewhere just over 14,000 employees, but of course, they will no longer be needed, and looks because if their 401Ks may be completely depleted. Many of the Bear Stearns employees, will be laid off or terminated and that means a huge hit to the dismal job figures for the following quarter in the US economy, however the real pain will be to those employees who lose their jobs and will most likely be forced into foreclosure and bankruptcy.
Some people prefer not to file for bankruptcy because there might be too many risk factors involved for them or their family. In case of such situations, a lawyer assists clients to deal with creditors, negotiate a debt settlement and arrange refinancing. A bankruptcy lawyer must have the knowledge and legal expertise of the new bankruptcy law that went into effect on October 17, 2005 and how it will affect debtor’s rights, Chapter 7 filing and Chapter 13 filing.
Filing bankruptcy under chapter 7 of the bankruptcy code, costs almost 250 to 350 dollars depending upon the specific case. However, you should not forget regarding the long-term bankruptcy expense that chapter 7 bankruptcy brings with it. Once you are declared bankrupt under this chapter, the bankruptcy will keep affecting your financial life negatively, for the next 10 years at least.
Bankruptcy facts on what will not be wiped out; here is a list of stuff that filing for bankruptcy will not wipe out: child support, some taxes, student loans, debs which resulted from ‘willful harm’ such because drunk driving.
Bankruptcy is a federal statutory law, created to remedy the need for a basic structure of laws that cover the area of bankruptcy throughout the United States. All bankruptcy cases are under taken by the United States bankruptcy courts, which is a branch of the district courts system.
It is important that people know there are other methods for debt solvency and that bankruptcy is not just an easy exit from debt pay off. You may not be ridding yourself of your creditors that easily, it is up to the bankruptcy court to take all possible measures to make sure the debt are paid back. You’ll have to sell out your assets and property in order to confirm payment.
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Tags: Bankruptcy