In general, you can choose the type of bankruptcy for filling, under certain circumstances you may only eligible for certain type of bankruptcy filling. In most cases, debtors will choose chapter 7 for filling because it’s fast, effective, easy to file, and doesn’t require payments over time. Chapter 7 bankruptcy usually takes the least time to complete. Other common types of bankruptcy filling include chapter 12 and chapter 13.
Yes, you can choose the type of bankrupt filling but you may not eligible for it. Let see the criteria of filling for a few common bankruptcy types. Bankruptcy – Chapter 12
If you are a farmer or a fisherman, for instance, you may consider chapter 12 filing. Chapter 12 bankruptcy filling is tailored for “family farmers” or “family fishermen” with “regular annual income”. It is more streamlined, less complicated, and less expensive than chapter 11 (bankruptcy filling for large corporate reorganization).
Chapter 12 has allowance for situations in which family farmers or fishermen have income that is seasonal in nature. Thus, debtors with seasonal income will find it to be advantageous to file their bankruptcy under chapter 12. In additional, Relief under chapter 12 is voluntary, and only the debtor may file a petition under the chapter. Bankruptcy – Chapter 7
Beside the farmer and fishermen, most ordinary debtors will choose chapter 7 as their bankruptcy filling type. The key factors of the popularity of this bankruptcy type are it does not need payments over time, easy to file and less expensive. However not every persons who are seeking of getting debt free by filling bankruptcy will be eligible to file under chapter 7. To be eligible for chapter 7 bankruptcy filling, you must meet the below criteria:

Having had to declare yourself as bankrupt cannot be a pleasant experience. In fact it is one of the most terrible phases of life one can go through. But the only good thing about it is that after you are through the period of bankruptcy you start with a clean slate. The only thing you need to carry forward from your earlier days are the hard lessons that you learnt about managing your resources and learning to value what you have. Remembering those lessons will stand you in good stead in the future.
The first two or three years after bankruptcy are the most difficult and this is the period when you will have to fight it out. But you can start rebuilding yourself from this time only. For you to earn good credits quickly you have to cultivate healthy financial habits as early as possible. Here are a few steps you can take towards that.
Create a savings account if you already don’t have one and make regular deposits to that account. You should deposit a fixed some every month. This shows that you are keen on saving for any emergency in the future.
Stay away from any further debts. Don’t loan anything from anyone. If that means a much tougher life than what you are used to, then so be it.
Pay all your bills on time. This will show that you have learnt from your mistakes and you are not going to repeat the same in future. If there are late payments from your end, they might get reported to the credit bureau, something you will definitely not want to happen.
If you retain your credit card even after bankruptcy, then only make small purchases using it once in a while and pay back your dues immediately. This also shows that you have now learnt how to handle your credit card.
Apply for a secure credit card with your bank. These cards require you to deposit an amount with the bank and the bank will allow you credit only up to the amount that you have deposited with the bank. This is the best way to use the advantages of the credit card without spending more than you can afford.
All these steps will be assessed while evaluating your credit worthiness and if you follow them closely there is no reason why you wouldn’t be considered for credit in the near future.

Just because you have filed for bankruptcy, you should not give up on your dreams of owning your own home. There are mortgage companies that will give you a home loan after bankruptcy. These lenders specialize in bankruptcy home loans and work with people in most any financial situation. Most bankruptcy home loan companies require that you have a minimum of 500 on your credit score. If you fall in this category, these lenders will work hard to customize a home loan that will work for your individual needs.

* If you are seeking a home loan after bankruptcy, you should know you will only be eligible for 80% financing. This means that you must come up with the remaining 20% and it will be used as your down payment.

* You should know that your debt to income ration will need to fall within the 45-50% range when you are seeking a bankruptcy home loan.

* Lastly, you should know that the interest rate on your loan will be higher than a typical mortgage.  However, do not let this stop you from purchasing a home. As time passes and your credit rating improves, you can refinance your home for a lower interest rate.

Everyone dreams of owning their own home, just because you have been declared bankrupt in the past there is no reason to stop dreaming.Your past mistakes should not affect the living situation of your children for the next eight years. There are now many mortgage lenders who are reaching out and offering individuals who have filed bankruptcy a way to purchase their own home. No one wants to see a family of four living in a cramped, two-bedroom apartment. Do not feel that that your bankruptcy has backed you into a corner and that you have no other option but to rent. That is no longer true, you can turn that rent money into an investment for your future.

The worst financial situation since WWI or the worst since the Great Depression? The pot (Bush) called the kettle (Bill Clinton) a runaway econonmy that culminated in the 2000-2002 economic mess. Now who’s got the mess and how much worse is it? Much worse, Bear Stearns whose stock closed last week at $30 a share was just purchased by JPMorgan for $2 a share. Can you say they were bankrupt?

JPMorgan is taking immediate responsibility for Bear’s trading obligations and assuming “management oversight” of the firm’s operations. The deal is subject to approval by shareholders but has already been approved by the Federal Reserve and other regulators, according to a statement released by JPMorgan. The Fed is providing special emergency financing for up to $30 billion in Bear Stearns assets.

Talk about a coming financial disaster!

Why would JPMorgan buy them? Obviously because the Fed is going to back Morgan and guarantee them all the money they need to keep the markets from roiling further. Good luck on that plan. And the more you think about it, Dow 6,00 keeps showing up in the side view mirror. Doubtful, but.

But, you want to know how fast you can lose money in the stock market today? Brokers were recommending Bear Stearns as much as a week ago (can you say Enron?). Shares of Bear Stearns opened last week at $69.75 and traded as high as $159 last year- and closed the week at $30- and was bought over the weekend for $2! Meanwhile gold keeps plowing higher above $1,000 an ounce.

Does someone need to go to jail like Enron or are bankers excluded from such trials?Real estate prices are just one of the many problems in our financial structure.

Bear Stearns was on the brink of financial collapse Friday when JPMorgan and the Federal Reserve Bank of New York said they would provide the brokerage a short-term loan. Bear was dealing with a classic run-on-the-bank: The firm’s short-term creditors refused to lend the firm any more money and simultaneously demanded repayment of outstanding debt. The one-two punch overwhelmed Bear’s cash position.

The Fed is so nervous that they cut interest rates 25 basis points even ahead of their meeting next week. And they will cut it again soon. Even the Fed could be facing a one-two punch! Stay tuned. This story has just begun

The Fed says that it is keeping an eye on inflation. What they don’t say is that their eye balls are slanting upwards. In order to save the whole financial system (if it can be salvaged), the Fed has been printing money as fast as it can and loaning out tens of billions at firesale rates to keep some financial institutions from going bankrupt and bringing down the house of cards.

I have a small car and it takes $50+ to fill it up!

And who hasn’t been to the grocery store in the last 2-3 days? The U.S. is wrestling with the worst food inflation in 17 years, and analysts expect new data due on Wednesday to show it’s getting worse. That’s putting the squeeze on poor families and forcing bakeries, bagel shops and delis to explain price increases to their customers.

The US$ has literally gone to hell in a hand basket!

U.S. food prices rose 4 percent in 2007, compared with an average 2.5 percent annual rise for the last 15 years, according to the U.S. Department of Agriculture. And the agency says 2008 could be worse, with a rise of as much as 4.5 percent. Would you believe 6%? We’re in a major economic meltdown!

Potatoes anyone?

As wheat and rice prices surge, the humble potato, long derided as a boring tuber prone to making you fat, is being rediscovered as a nutritious crop that could cheaply feed an increasingly hungry world. Potatoes, which are native to Peru, can be grown at almost any elevation or climate: from the barren, frigid slopes of the Andes Mountains to the tropical flatlands of Asia. They require very little water, mature in as little as 50 days, and can yield between two and four times more food per hectare than wheat or rice.

I’m glad I’m Irish. I like potatoes!It’s an international crisis. U.S. households still spend a smaller chunk of their expenses for foods than in any other country — 7.2 percent in 2006, according to the USDA. By contrast, the figure was 22 percent in Poland and more than 40 percent in Egypt and Vietnam. In Bangladesh, economists estimate 30 million of the country’s 150 million people could be going hungry. Haiti’s prime minister was ousted over the weekend following food riots there.

Unfortunately, we’ve built a NO WIN economic picture!