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...statistics show that Chapter 7 bankruptcy filings are rising faster than the more complex Chapter 13 filings. While the latter requires individuals to repay a substantial portion of their debt and prevents banks from foreclosing on their homes, Chapter 7 bankruptcy allows a debtor to wipe out his or her debts entirely and get a fresh start. "It is very fast and very deep debt restructuring," says Porter. Since 2005, Chapter 13 filings have dropped from about 35% of all personal bankruptcy filings to 25%, she says. "Systemically, that's a big change...
...courtroom include JPMorgan Chase Bank, Bank of America, Deutsche Bank Trust, Wells Fargo Bank, US Bank and GMAC Mortgage. When a Chapter 13 bankruptcy is ordered and confirmed, lenders must cease any foreclosure proceedings and the delinquent homeowner must begin making regular mortgage payments. But if the debtor cannot keep up the payments, "sooner or later the court drops the bomb," says attorney James Beshears...
...leaders' respective supporters have upped the ante in the showdown this week. Bundesbank board member Thilo Sarrazin warned that if Greece cannot pay its bills, "it should do what every debtor has to do and file for insolvency." And the fiery Greek Deputy Prime Minister, Theodoros Pangalos, accused Germany of betting on rising Greek bond yields. "In allowing monetary and credit institutions to take part in this miserable game, people in Germany are making money," Pangalos said. (See more about the E.U.'s bailout of Greece...
...Other analysts say that Iceland's future may not be as imperiled as the British and Dutch suggest. "When you have a debtor who cannot repay immediately, what do you do? Do you beat Iceland to pieces? If you do, the chances of getting the money back goes down the drain," says Daniel Gros, director of the Centre for European Policy Studies in Brussels and a board member of the Central Bank of Iceland. "The U.K. and Netherlands may feel that it would be easier to be repaid if Iceland is in the E.U." (Read "Iceland's Urgent...
Find out FlyBy’s money-making recommendations for our debtor from another begetter after the jump...