bankruptcy
Declaring Bankruptcy: Cost and Important Considerations
A large number of people are going through financial difficulties in their lives -- especially with the recent global Crisis throughout the world. There are a lot of individuals and corporations that undergoing buyouts and layoffs. Financially weird situations may sometimes take a bit of time to become better. At this point of time, the thought of filing bankruptcy may appear in a lot of people's minds -- especially when the recurring debts become enormous with no hope of coming out of it.
Declaring Bankruptcy Meaning
Declaring or filing bankruptcy case is an indication for creditors and financial institutions that you will not be able to pay the wholesome debts that have actually being legally incurred. But with a large number of people going for the option of the declearing bankruptcy, the government has passed an act called the "Bankruptcy Abuse and Consumer Protection Act" that makes it difficult for debtors to declare bankruptcy. With the release of this act the bankruptcy filing fees has increased and has made it more difficult to fire bankruptcy under Chapter 7. This act has forced people to go ahead with filing bankruptcy under Chapter 13. A number of details included in this chapter limits bankruptcy.
The filing of bankruptcy under Chapter 13
Filing under this section of bankruptcy means that there is some kind of recognition of your finances that has been done. This chapter does not forbid you to pay the debts but creates facilitation of repaying the existing debts in small sections and very easily. Filing bankruptcy under Chapter 13 may cost some of your belongings being sold by the creditors and financial institutions.
Cost of Declaring Bankruptcy
The cost of declaring bankruptcy can amount up to $1800 for personal bankruptcy. This includes the lawyer's fees and filing charges. However, the fee is also dependent on the factor of your income and in the state you live. The whole process of obtaining the declaration of bankruptcy, legally will take about six months. Once the declaration of bankruptcy has been achieved by you, the creditors know their standings and they do not have any more right to harass you. However, this also means that the credit rates your had, have also been destroyed but within a few years you can restore it.
Declaring Bankruptcy Meaning
Declaring or filing bankruptcy case is an indication for creditors and financial institutions that you will not be able to pay the wholesome debts that have actually being legally incurred. But with a large number of people going for the option of the declearing bankruptcy, the government has passed an act called the "Bankruptcy Abuse and Consumer Protection Act" that makes it difficult for debtors to declare bankruptcy. With the release of this act the bankruptcy filing fees has increased and has made it more difficult to fire bankruptcy under Chapter 7. This act has forced people to go ahead with filing bankruptcy under Chapter 13. A number of details included in this chapter limits bankruptcy.
The filing of bankruptcy under Chapter 13
Filing under this section of bankruptcy means that there is some kind of recognition of your finances that has been done. This chapter does not forbid you to pay the debts but creates facilitation of repaying the existing debts in small sections and very easily. Filing bankruptcy under Chapter 13 may cost some of your belongings being sold by the creditors and financial institutions.
Cost of Declaring Bankruptcy
The cost of declaring bankruptcy can amount up to $1800 for personal bankruptcy. This includes the lawyer's fees and filing charges. However, the fee is also dependent on the factor of your income and in the state you live. The whole process of obtaining the declaration of bankruptcy, legally will take about six months. Once the declaration of bankruptcy has been achieved by you, the creditors know their standings and they do not have any more right to harass you. However, this also means that the credit rates your had, have also been destroyed but within a few years you can restore it.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
The Importance of a Good Bankruptcy Lawyer
Going for the option of filing a bankruptcy can be a hard process and in such case a good bankruptcy attorney can be your best ally. It is very crucial to stumble on a good defense so that you don't end up losing a win-win battle. When faced with a situation like Bankruptcy, the first and foremost task is finding the best representation possible.
There are many reasons that support having a good bankruptcy lawyer that you can personally afford. By not having a good representation you may end up owing some non-secured debt or even worse -- your bankruptcy getting denied. These powerful consequences will not only affect your present but also your financial future, at least close to a decade. The right representation may lead to a big difference between one that is filled with struggles and the other which is a worry-free future.
While the bankruptcy proceedings are going on, the creditors may show up asking the judge to exempt particularly their debt from the list of your bankruptcy. Many other reasons also prompt the judge to decide if he should reject your bankruptcy suit. The judge may also ascertain including certain debt from the list. Unless you have created some major fraud, most of the claims can be easily debated by a good bankruptcy lawyer who already has experience in this field.
The last thing that you would want on earth would be you getting accused of being a fraud just because of the reason that you had unforeseen some medical expenses or lost a job. A good bankruptcy lawyer always knows how to defend their bankruptcy claim that has been made by you against various acquisitions and get rid of as much as debt as possible.
Bank laws may vary from one state to another, thus, it is important to look forward to a bankruptcy attorney locally so that the bankruptcy lawyer you choose is very familiar with the laws of bankruptcy in your state. The bankruptcy lawyer you choose can be tested by taking a counseling session first. You should clear on all your doubts and questions while speaking to the bankruptcy lawyer and then entrust the job to him.
There are many reasons that support having a good bankruptcy lawyer that you can personally afford. By not having a good representation you may end up owing some non-secured debt or even worse -- your bankruptcy getting denied. These powerful consequences will not only affect your present but also your financial future, at least close to a decade. The right representation may lead to a big difference between one that is filled with struggles and the other which is a worry-free future.
While the bankruptcy proceedings are going on, the creditors may show up asking the judge to exempt particularly their debt from the list of your bankruptcy. Many other reasons also prompt the judge to decide if he should reject your bankruptcy suit. The judge may also ascertain including certain debt from the list. Unless you have created some major fraud, most of the claims can be easily debated by a good bankruptcy lawyer who already has experience in this field.
The last thing that you would want on earth would be you getting accused of being a fraud just because of the reason that you had unforeseen some medical expenses or lost a job. A good bankruptcy lawyer always knows how to defend their bankruptcy claim that has been made by you against various acquisitions and get rid of as much as debt as possible.
Bank laws may vary from one state to another, thus, it is important to look forward to a bankruptcy attorney locally so that the bankruptcy lawyer you choose is very familiar with the laws of bankruptcy in your state. The bankruptcy lawyer you choose can be tested by taking a counseling session first. You should clear on all your doubts and questions while speaking to the bankruptcy lawyer and then entrust the job to him.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
Bankruptcy Law: Key Features
Sometimes back people use to file bankruptcy almost as easily as the drop of a hat, only because they wanted to do so. In most of the cases, people did not even require a real financial reason to do so but it was all possible because of some lacks in the bankruptcy laws. The bankruptcy laws have become significantly tougher in the past few years. In fact, these days you may not even qualify to file bankruptcy according to new laws.
Bankruptcy law facilitates a plan that grants a debtor (who is otherwise unable to pay its credits) to find a resolve for his debts by facilitating the division of assets amongst the creditors. In a way, this also permits the interest and benefit of the creditors being treated equally. There are a number of bankruptcy laws that support the debtors to continue with his business and at the same time use the revenue that he generates to pay off the pending debts partly. The aim of this specification is allowing debtors to get rid of the financial obligations slowly without actually meeting any harassment. Bankruptcy law inculcates comprehensive access to credit, civil litigation, commercial transactions and consumer law.
Another important aspect of bankruptcy law is that the bankruptcy cases can be either voluntary or involuntary. In Voluntary bankruptcy cases, debtors involve in filing a petition in bankruptcy courts. In case of involuntary bankruptcy, it is the creditors that file the petition. Voluntary bankruptcy cases are present in majority whereas involuntary cases are not.
Bankruptcy laws prohibit some filers from using chapter 7 if they have a higher income. In order to file a case under Chapter 7 of bankruptcy laws, the monthly income is measured and it should be either equal or less then the median income. In case the income is more than the median income the person cannot file a case under Chapter 7 of bankruptcy laws. In this case one would need to file the case and some other chapter. Personal bankruptcy is generally commenced by an individual under the filing chapters 7, 11, 12 or 13. The moment the case is filed, the automatic stay comes into play and prohibits agencies and financial institutions from taking any property or collecting money from the debtors.
Bankruptcy law facilitates a plan that grants a debtor (who is otherwise unable to pay its credits) to find a resolve for his debts by facilitating the division of assets amongst the creditors. In a way, this also permits the interest and benefit of the creditors being treated equally. There are a number of bankruptcy laws that support the debtors to continue with his business and at the same time use the revenue that he generates to pay off the pending debts partly. The aim of this specification is allowing debtors to get rid of the financial obligations slowly without actually meeting any harassment. Bankruptcy law inculcates comprehensive access to credit, civil litigation, commercial transactions and consumer law.
Another important aspect of bankruptcy law is that the bankruptcy cases can be either voluntary or involuntary. In Voluntary bankruptcy cases, debtors involve in filing a petition in bankruptcy courts. In case of involuntary bankruptcy, it is the creditors that file the petition. Voluntary bankruptcy cases are present in majority whereas involuntary cases are not.
Bankruptcy laws prohibit some filers from using chapter 7 if they have a higher income. In order to file a case under Chapter 7 of bankruptcy laws, the monthly income is measured and it should be either equal or less then the median income. In case the income is more than the median income the person cannot file a case under Chapter 7 of bankruptcy laws. In this case one would need to file the case and some other chapter. Personal bankruptcy is generally commenced by an individual under the filing chapters 7, 11, 12 or 13. The moment the case is filed, the automatic stay comes into play and prohibits agencies and financial institutions from taking any property or collecting money from the debtors.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer
Weighing Bankruptcy Consequences
The time when one is engulfed in debts is the worst time of life. There can be unpaid bills, late and high credit card fees piling up, outrageous interests of creditors and more. You may come across financial state when you realize that the bankruptcy can be the best solution for you, but the consequences of filing bankruptcy should be monitored before actually going for it.
You can weigh the actual consequences that are associated with bankruptcy by meeting with some credit card counselor and then gathering complete knowledge of your liabilities and assets. A large number of companies are available that will let you know about the pros and cons of filing bankruptcy and also recommend what they think is the best course of action you.
Talking with a bankruptcy lawyer will also help. Bankruptcy lawyers may charge a small fee for consultation but they will update you with the current laws and information that you may need to deal with, if at all you file bankruptcy. Use your meeting with the lawyer to ask a number of questions and also address the concerns you have with filing bankruptcy.
You must have a complete knowledge of the kind of bankruptcy that you can file. Chapter 7 of the bankruptcy law discharges almost all allowable debt but you may have to go through tests that prove that your income is much below the required level. If you make too much money then you need to find bankruptcy according to chapter 13 which is actually a repayment plan. By filing bankruptcy under Chapter 13 also, you'll be able to eliminate a very large portion of the pending debts but in this case you will have to fulfill a repayment plan.
It is important that you realize that filing bankruptcy may lead to losing your possessions at home. Although some states allow one to maintain certain amount of share in Car, home and other possessions but in case you have more equity than the amount that has been allowed, the court may appoint trustees to sell off the non--exempt assets. You have to decide if it is worth losing a few things or not in order to completely eliminate your debt. Keeping these important factors in mind when help you take the right decision.
You can weigh the actual consequences that are associated with bankruptcy by meeting with some credit card counselor and then gathering complete knowledge of your liabilities and assets. A large number of companies are available that will let you know about the pros and cons of filing bankruptcy and also recommend what they think is the best course of action you.
Talking with a bankruptcy lawyer will also help. Bankruptcy lawyers may charge a small fee for consultation but they will update you with the current laws and information that you may need to deal with, if at all you file bankruptcy. Use your meeting with the lawyer to ask a number of questions and also address the concerns you have with filing bankruptcy.
You must have a complete knowledge of the kind of bankruptcy that you can file. Chapter 7 of the bankruptcy law discharges almost all allowable debt but you may have to go through tests that prove that your income is much below the required level. If you make too much money then you need to find bankruptcy according to chapter 13 which is actually a repayment plan. By filing bankruptcy under Chapter 13 also, you'll be able to eliminate a very large portion of the pending debts but in this case you will have to fulfill a repayment plan.
It is important that you realize that filing bankruptcy may lead to losing your possessions at home. Although some states allow one to maintain certain amount of share in Car, home and other possessions but in case you have more equity than the amount that has been allowed, the court may appoint trustees to sell off the non--exempt assets. You have to decide if it is worth losing a few things or not in order to completely eliminate your debt. Keeping these important factors in mind when help you take the right decision.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Bankruptcy Automatic Stay
Automatic stay is a powerful protection device for consumers in the realm of bankruptcy. A bankruptcy automatic stay can be defined as temporarily evaluation that has been automatically placed once the bankruptcy petition has been filed by a company or individual.
According to U.S. Bankruptcy Code section 362, the stay will protect you from almost all creditors and their actions against you from the moment the case is filed. Automatic Stay does not last forever and it generally ends when at least one of the following three actions occur:
1. your discharge is denied or granted
2. at time of deep dismissal of case
3. when the case is getting closed.
If the discharge of bankruptcy is granted and the case gets closed then the automatic stay turns permanent and takes the form of Discharge Injunction. In case the discharge has been denied or the case gets dismissed, the creditors may take action and act against you. Automatic and may also end early in you had find some other things to them past few years. This particular condition happens when you have filed at least one out of the chapters 7, 11 or 13 and the case got dismissed in the past year. In case you had filed more than one of the chapters 7, 11 or 13 and case got dismissed in the past year, then you may not get the automatic stay protection except the court instructs otherwise.
Your creditors may also request the Bankruptcy court to lift the stay and enable them to go ahead with their course of action against your property or you. This is because specific requirements for governing their ability is also present but the court will definitely require some kind of certain proof to lift the stay. Mortgage companies may also file a motion to get relief from stay safe you fall behind your payments.
Even if the court lifts the automatic stay, it does not mean that your bankruptcy suite has failed. You still have all the possibilities of getting discharged off your debts. The Discharge Injunction will help in effectively imposing the prohibition of taking any action against you.
According to U.S. Bankruptcy Code section 362, the stay will protect you from almost all creditors and their actions against you from the moment the case is filed. Automatic Stay does not last forever and it generally ends when at least one of the following three actions occur:
1. your discharge is denied or granted
2. at time of deep dismissal of case
3. when the case is getting closed.
If the discharge of bankruptcy is granted and the case gets closed then the automatic stay turns permanent and takes the form of Discharge Injunction. In case the discharge has been denied or the case gets dismissed, the creditors may take action and act against you. Automatic and may also end early in you had find some other things to them past few years. This particular condition happens when you have filed at least one out of the chapters 7, 11 or 13 and the case got dismissed in the past year. In case you had filed more than one of the chapters 7, 11 or 13 and case got dismissed in the past year, then you may not get the automatic stay protection except the court instructs otherwise.
Your creditors may also request the Bankruptcy court to lift the stay and enable them to go ahead with their course of action against your property or you. This is because specific requirements for governing their ability is also present but the court will definitely require some kind of certain proof to lift the stay. Mortgage companies may also file a motion to get relief from stay safe you fall behind your payments.
Even if the court lifts the automatic stay, it does not mean that your bankruptcy suite has failed. You still have all the possibilities of getting discharged off your debts. The Discharge Injunction will help in effectively imposing the prohibition of taking any action against you.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
What is a bankruptcy stay?
When you file for bankruptcy under the bankruptcy code an injunction immediately comes into force. This prevents any of your creditors from furthering any collections efforts. This is in the case of Chapter 7. In the case Chapter 13, this injunction covers co-debtors as well.
What an automatic stay does is to be the debtor a level of protection. Creditors can be a harassing lot. This however is subject to the bankruptcy judge. A stay will necessitate that all your assets as a debtor be brought to the front. An evaluation of it will be done by the court. There have been amendments however to the stay. This is to prevent repeat offenders from making use of it several times. As a debtor is you have had a prior case that closed in the previous year, you can get a month in stay. In the case of two or more pending cases, the chances of getting a stay are much slimmer.
Automatic stay do not allow for any law suits, whether they are new or pending to be initiated and continued. There are strict prohibitive orders against collection calls. Repossessions too are not allowed and neither are foreclosure sales. An automatic stay is enforced till the judge revokes it. This often happens at the behest of the creditors or in the case of the debtor getting a discharge. If you are filing for bankruptcy under Chapter 7 you can save yourself from foreclosure if you are in such a situation.
In terms of benefit, the stay becomes permanent in the case of a discharge. A permanent injunction automatically comes into play. There are however some situations which cannot change when filing for bankruptcy. It cannot in halt criminal proceedings. Neither will you be exempt from paying child support or alimony. Taxes due to the government will not be exempt.
People who are found in violation of a stay will be liable for penalization as prescribed. The responsibility of communicating filing of bankruptcy to creditors rests with the debtors. The courts cannot be held responsible for this. Any action that is taken by the creditor once bankruptcy has been filed for becomes null and void and will have no legal implications.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
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How to avoid filing for bankruptcy
For many people, filing for bankruptcy has become a necessity. This is to handle the ever increasing financial pressure that is being levied on the common man. With accumulating debts and the resultant pressure on debtors, there have been several defaults. Filing for bankruptcy often becomes the only solution. But before you actually do so there are few options you should consider to help avoid filing for bankruptcy.
If you have a lot of credit on your credit cards, check out on whether there is still the option of making minimum payments each month on them. Assess whether you run your home on the credit card and whether you have been taking cash from one card to make payments for another. And most importantly has your payments to the card exceeded the actual limit allotted to you. If you have answered yes to most of these then chances are you are facing extreme financial pressure. Besides these factors you may have some unexpected expenses such as hospitalization bills, a major illness, divorce, lay off etc. An assessment of your entire financial status is required before you actually decide to file for bankruptcy. This is needed to ensure that you can chart out a repayment plan and stick it.
You could think of alternatives such as consolidation of your debt or taking a loan against home equity. What you will need to analyze are all the terms and conditions of the new loan plan you take. Take into account your employment situation and your capacity to repay loans. If you are taking a loan against your home, then take as much required to clear your debts only. Anything more could land you in more trouble in terms of repayment.
Stop the use of any of your credit cards till you are completely out of debt. This will involve a change in lifestyle temporarily but it will be worth the effort. A month before you file for bankruptcy try the tracking all your expenses, even the smallest ones to see where you are spending unnecessarily. Create a household budget and stick to it no matter what. Make every effort possible to try and clear your debt before you file for bankruptcy. Work at clearing the credit card with the highest interest rate first and then work on the others. Financial discipline is what it will take to try and bring your finances on track before you file for bankruptcy.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
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Easing the emotional burden
Filing for bankruptcy can take an emotional toll on anybody. Largely because it is not a nice situation to be in – socially or personally. Constantly having to see bills that you cannot pay pile up can be disturbing. Have creditors call at insane hours and leave messages at every possible outlet can be frustrating. Considering the present economic climate and the aftermath of recession, the number of people filing for bankruptcy is high and doesn’t seem to be on the decline. Despite the social negativity associated with it, filing for bankruptcy can be the most intelligent decision you have made yet.
One of the fall outs of dealing with the bankruptcy is having to break the news to your family. It can be even more daunting if you have kept them sheltered from the family’s financial issues till then. You will have to break the news in such a way so as to reduce the shock that is often associated with it.
There is no good way of breaking the news to your family however you can do it in a manner that can cushion the blow. For starters get your spouse into the loop if you already haven’t done that. Many people tend to hide facts from immediate family out of shame. But in a situation like this, breaking the news to the rest of the family has to be done with care. Having your partner by your side helps. It helps reduce the emotional burden associated with bankruptcy.
The next step is to consult a good bankruptcy lawyer to help you and the family find the ideal means of dealing with the situation. You have to understand that filing for bankruptcy affects one’s credit ratings. But this is a temporary issue. Depending on the extent of your petition, you may even get a discharge or in its place, a reasonably good repayment plan. Tell your family of these options to help them understand that you are not standing at the brink of disaster, but rather have met a road block.
Being as honest with your family as needed is the best way to go about it. Talk to the children together and allow them to ask you questions. It will put their little minds at rest. Emphasize the need for a slightly altered lifestyle and ensure them that this is only a temporary phase. In the case of younger children, you may not have much of an issue, but with older ones you may have to deal with resentment and anger. Family therapy would be a good idea, especially if members are having a hard time coping.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer
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The cost of filing for bankruptcy
Living in the modern world is not easy. Value for money is a concept rarely heard of. With additional financial pressures as a result of recession and layoffs, debts constantly mount. In such a scenario applying for bankruptcy can be looked as a solution till you get back on track. Many people tend to dither between wanting to file for bankruptcy and being too scared to do so. Others who do decide to take the plunge often back off at the thought of bankruptcy fees involved.
What you have to understand is that if you are in a situation where paying off debts doesn’t seem likely for a while and they are going to keep mounting, then declaring bankruptcy is an option that you have to think of. Many people tend to hesitate taking the plunge thinking the costs involved are formidable. This line of thinking rises purely from being unaware. The costs actually work out much simpler than perceived.
Court fees form a small portion of the bankruptcy proceeding. If you are filing under Chapter 7, the court fees payable is around $274. In the case of Chapter 13, it is $189. For those people who are significantly in debt, this may seem like a huge amount. But what you should look at here is the long terms benefits. At this price, you will be able to get a respite for paying your dues. It will give you time to take a step back, re-plan your finances and work out a plausible means of getting out the financial rut you are in.
This having been said, bankruptcy costs are largely due to legal fees that are incurred. Declaring bankruptcy requires that you hire the legal services of an experienced firm or lawyer. Under any circumstance, filing for bankruptcy is a complicated affair and not one you should attempt on your own. Law firms understand this and therefore charge a substantial amount in terms of fees. Through it all you have to keep in mind that successful bankruptcy claims can give you a much needed break from paying off debts. It will also mean that you could be eligible for a discharge. In fact most law firms work out payment schedule for their fees since they know they are working with clients who are already in serious financial trouble.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
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An overview of bankruptcy law
Put in simple words, bankruptcy law is what allows you, as a creditor to be able to solve your financial problems. It creates a forum where you can develop a repayment plan and stick to it. In some cases your assets will need to be divided and given to creditors. This is often done under a court-appointed trustee who will oversee the entire process. There are several categories under which you can file for bankruptcy. Some of them allow you to continue in your line of work to generate the funds to repay your debts.
Bankruptcy laws also provide for the ability to get discharges where are creditor can free himself of accumulated debt. Once provided by the court a creditor will not be required to pay all of his debts in full.
Bankruptcy law comes under the purview of Federal Law and comes under Title 11 of the United States Code. While the overall law has to be adhered to, each state can be laws that further guide the creditor-debtor in the process of claims. All proceedings in relation to bankruptcy claims are dealt with in the United States Bankruptcy Courts. Bankruptcy proceedings are of two kinds. The most commonly opted for is under Chapter 7 which calls for liquidation. A trustee is appointed to supervise the division of assets to creditors. Bankruptcy can also be filed for under Chapters 11, 12, and 13. These proceedings can be voluntary or can be initiated by the creditors. What these Chapters provide for is a means to allow the debtor to work off his debt.
Once bankruptcy is filed for, creditors will have to wait to claim their dues within the boundaries of the ongoing proceedings. The debtor cannot move any asset that is a part of the proceeding. Any such transfers that had been initiated before the proceedings will be cancelled or invalidated. The Bankruptcy code has several provisions that allow creditors to build priorities. Recent rulings however have held that Individual Retirement accounts cannot be used for withdrawal in bankruptcy cases. This gives some measure of protection to debtors who are already in serious financial trouble.
There have been several revisions of guidelines with regards to dismissals and conversions in relation to proceedings in each of the chapters. The role of the trustees too has been expanded to include more supervisory responsibilities.
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Bankruptcy laws also provide for the ability to get discharges where are creditor can free himself of accumulated debt. Once provided by the court a creditor will not be required to pay all of his debts in full.
Bankruptcy law comes under the purview of Federal Law and comes under Title 11 of the United States Code. While the overall law has to be adhered to, each state can be laws that further guide the creditor-debtor in the process of claims. All proceedings in relation to bankruptcy claims are dealt with in the United States Bankruptcy Courts. Bankruptcy proceedings are of two kinds. The most commonly opted for is under Chapter 7 which calls for liquidation. A trustee is appointed to supervise the division of assets to creditors. Bankruptcy can also be filed for under Chapters 11, 12, and 13. These proceedings can be voluntary or can be initiated by the creditors. What these Chapters provide for is a means to allow the debtor to work off his debt.
Once bankruptcy is filed for, creditors will have to wait to claim their dues within the boundaries of the ongoing proceedings. The debtor cannot move any asset that is a part of the proceeding. Any such transfers that had been initiated before the proceedings will be cancelled or invalidated. The Bankruptcy code has several provisions that allow creditors to build priorities. Recent rulings however have held that Individual Retirement accounts cannot be used for withdrawal in bankruptcy cases. This gives some measure of protection to debtors who are already in serious financial trouble.
There have been several revisions of guidelines with regards to dismissals and conversions in relation to proceedings in each of the chapters. The role of the trustees too has been expanded to include more supervisory responsibilities.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
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Application for personal bankruptcy
It is common that individuals consider filing a bankruptcy application a shameful act. They do not realize that getting frequent telephone calls from banks demanding immediate payment on defaulted credit cards or other loans is more shameful and stressful too. The intention of the bankruptcy law is not to squeeze the person of all his assets and bank balance. It is in fact an opportunity given to the debtor to clear all his debt to the best possible extent and start with a clean slate.
How to file a personal bankruptcy application:
Applications have to be filed through an attorney along with the details of the creditors and the details of the assets held, etc. The application is filed under Chapter 7 and Chapter 13 of the Bankruptcy Act.
Chapter 7:
When application is filed under Chapter 7, the applicant has an obligation to liquidate the assets and then hand over the proceeds to the court. The court will appoint a trustee who takes possession of these proceeds. The trustee apportions the proceeds to various creditors in an appropriate manner. As per Chapter 7, some of the assets are exempt from the proceedings both under federal and state law.
Chapter 13:
The procedure of filing the application is same as in Chapter 7. However under Chapter 13 there is no exemption to assets which come under the purview of Bankruptcy provisions. But the debtor makes a deal with the creditor wherein he would buy some time which is spread over some years during which he would repay the entire debt. Here the settlement would work only if the debtor adheres to the time schedule described in the settlement.
The philosophy of settlement:
The basic foundation on which the settlement is worked depends on the declaration given by the debtor. The debtor has to furnish details of all his assets and liabilities without any cover up or demur. Once the application is taken note of by the court, the parties have to stop transacting amongst themselves. Whatever legal notices issues by the creditor to the debtor or any other correspondence which has taken place amongst them in regard to the loan amount becomes irrelevant. Ultimately what prevails is the settlement declared by the court.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
How to file a personal bankruptcy application:
Applications have to be filed through an attorney along with the details of the creditors and the details of the assets held, etc. The application is filed under Chapter 7 and Chapter 13 of the Bankruptcy Act.
Chapter 7:
When application is filed under Chapter 7, the applicant has an obligation to liquidate the assets and then hand over the proceeds to the court. The court will appoint a trustee who takes possession of these proceeds. The trustee apportions the proceeds to various creditors in an appropriate manner. As per Chapter 7, some of the assets are exempt from the proceedings both under federal and state law.
Chapter 13:
The procedure of filing the application is same as in Chapter 7. However under Chapter 13 there is no exemption to assets which come under the purview of Bankruptcy provisions. But the debtor makes a deal with the creditor wherein he would buy some time which is spread over some years during which he would repay the entire debt. Here the settlement would work only if the debtor adheres to the time schedule described in the settlement.
The philosophy of settlement:
The basic foundation on which the settlement is worked depends on the declaration given by the debtor. The debtor has to furnish details of all his assets and liabilities without any cover up or demur. Once the application is taken note of by the court, the parties have to stop transacting amongst themselves. Whatever legal notices issues by the creditor to the debtor or any other correspondence which has taken place amongst them in regard to the loan amount becomes irrelevant. Ultimately what prevails is the settlement declared by the court.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
Bankruptcy application
The process of considering the bankruptcy application by the court involves some tedious procedures. For example, application can be made under Chapter 7 or Chapter 13. In some cases, individuals can file application under Chapter 7 also. All these involve thorough law governing the bankruptcy.
Procedure for filing application:
An individual would find it difficult to cope with the legal formalities involved in such cases. On the top of it, in the year 2005 the bankruptcy law has been amended. The revised law has some stringent clauses and procedures which are required to be followed. So, only a person who has knowledge of the law and the legal procedure would be the most appropriate person to take up such cases. Here comes the need for appointing an attorney. There are attorneys who are specialized in bankruptcy law. So it is advisable to hire the services of the ‘Bankruptcy attorney’.
Bankruptcy attorney:
Being specialized in the bankruptcy law, the attorney will be able to guide the client properly. It is a ladder to be climbed step by step. He would ensure that every procedure is properly followed and appropriate documents are furnished so that the applicant is not put to hardship under any circumstances. Of course he would charge consultation or professional charges for the services he has rendered.
Some people feel that the professional charges would further burden them because they are already debt ridden. But this does not seem to be logical thinking because the individual will not be conversant with the law and if he approaches the court directly, he may not get the desired remedy. So it is wise to engage the attorney and his professional charges may not be a burden; considering the relief he gets from the court. Therefore, taking in view the long term benefit the applicant would get, it is always appropriate that the applicant should hire an attorney.
A word of caution!
Before engaging the attorney, discuss the matter thoroughly with the attorney including that of his professional charges and the mode of payment and the payment schedule. Normally the attorney would prefer the applicant to enter into an agreement with him. In such cases, carefully read the terms and conditions before signing the agreement.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Procedure for filing application:
An individual would find it difficult to cope with the legal formalities involved in such cases. On the top of it, in the year 2005 the bankruptcy law has been amended. The revised law has some stringent clauses and procedures which are required to be followed. So, only a person who has knowledge of the law and the legal procedure would be the most appropriate person to take up such cases. Here comes the need for appointing an attorney. There are attorneys who are specialized in bankruptcy law. So it is advisable to hire the services of the ‘Bankruptcy attorney’.
Bankruptcy attorney:
Being specialized in the bankruptcy law, the attorney will be able to guide the client properly. It is a ladder to be climbed step by step. He would ensure that every procedure is properly followed and appropriate documents are furnished so that the applicant is not put to hardship under any circumstances. Of course he would charge consultation or professional charges for the services he has rendered.
Some people feel that the professional charges would further burden them because they are already debt ridden. But this does not seem to be logical thinking because the individual will not be conversant with the law and if he approaches the court directly, he may not get the desired remedy. So it is wise to engage the attorney and his professional charges may not be a burden; considering the relief he gets from the court. Therefore, taking in view the long term benefit the applicant would get, it is always appropriate that the applicant should hire an attorney.
A word of caution!
Before engaging the attorney, discuss the matter thoroughly with the attorney including that of his professional charges and the mode of payment and the payment schedule. Normally the attorney would prefer the applicant to enter into an agreement with him. In such cases, carefully read the terms and conditions before signing the agreement.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Bankruptcy application, the best way to save yourself
Taking loan is a common phenomenon followed from times immemorial. Be it an individual or a business house or a corporate sector, loans are taken, interest is paid and the loans are repaid. But it so happens that for various reasons, the repayments are defaulted. Frequent defaults cause inconvenience to the businessman. Now, the creditors start pressing for immediate repayment of loans. Legal notices are sent; bank representatives make frequent telephone calls or frequent visits. The businessman is under great stress, he is crestfallen. He is in a debt trap and feels that he is in a vicious circle because all his earnings are not enough to update the debts or pay the outstanding interest amount. At the same time his earnings are depleted. The best way to come out of this is to apply for bankruptcy.
Uses of bankruptcy application:
According to the procedure, the application for bankruptcy has to be filed through an attorney. It can be filed online as well. Normally, it takes considerable time to get the final orders on the bankruptcy application. As soon as the application is filed, the creditors would approach the appropriate agency making their claim. So harassment from the creditors is stopped. The appropriate legal forum will scrutinize the application and assess the repayment pattern over a period of time (normally it is ten years) and then decide on the application. Now the businessman is a relieved man because the creditors have stopped approaching him for repayment. Sometimes the jewelry or estates, furnishings in the house, etc. are set off against the loan. Normally, student loans are not waived off and the student is obliged to clear the loan after he secures a job.
What after bankruptcy application is accepted?
Now, the businessman has a clean slate to start with. He is free from the mess and can start his venture afresh. There is complete scope for him to re-establish himself in business. He will be entitled for fresh loans, of course on a limited scale. In short, a person should not feel hesitant to file the bankruptcy application. Instead he should make full use of the bankruptcy settlement and restart the venture.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer
Uses of bankruptcy application:
According to the procedure, the application for bankruptcy has to be filed through an attorney. It can be filed online as well. Normally, it takes considerable time to get the final orders on the bankruptcy application. As soon as the application is filed, the creditors would approach the appropriate agency making their claim. So harassment from the creditors is stopped. The appropriate legal forum will scrutinize the application and assess the repayment pattern over a period of time (normally it is ten years) and then decide on the application. Now the businessman is a relieved man because the creditors have stopped approaching him for repayment. Sometimes the jewelry or estates, furnishings in the house, etc. are set off against the loan. Normally, student loans are not waived off and the student is obliged to clear the loan after he secures a job.
What after bankruptcy application is accepted?
Now, the businessman has a clean slate to start with. He is free from the mess and can start his venture afresh. There is complete scope for him to re-establish himself in business. He will be entitled for fresh loans, of course on a limited scale. In short, a person should not feel hesitant to file the bankruptcy application. Instead he should make full use of the bankruptcy settlement and restart the venture.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer
Chapter 11 bankruptcy
In the recent global recession many banks and renowned companies applied for bankruptcy because it was hard to swallow the continuing loss. The stocks and the real estate nose dived. The gloom in the market reduced the sales and it resulted in huge loss to the business. In such circumstances, there was no other option for these companies but to seek bankruptcy. There are several ways of applying for bankruptcy. The most preferred course of bankruptcy application is to file it under Chapter 11 of the Act.
What is Chapter 11?
In the normal course, after drawing the balance sheet if the liabilities are more than the assets of the company, then the personal assets of the applicant may also be at risk and they may be used to clear the debts. But when application is filed under Chapter 11 by the corporate sector, partnership and the sole proprietorship concerns, the personal assets are spared. This comes as a great relief to the applicant. Further, the company is allowed to continue in business so that it can make one more effort to revive the business and make an action plan to clear the debts. But normally individuals are not allowed to file bankruptcy under Chapter 11.
Exceptions:
Apart from the individuals, large business segments like the insurance companies are not allowed to file bankruptcy under Chapter 11. They have to follow a different procedure as set out in the relevant Act. In such cases, even the federal government would be a party.
Importance of Chapter 11:
Some financial analysts say that Chapter 11 is too liberal and can be misused. The aim of Chapter 11 is to give an opportunity to the business to revamp itself instead of closing down and putting the employees and the share holders in hardship. The government thinks that there is always an opportunity for the business to do well and grow. In some countries the authorities allow the company to change the top management of the company so that the new team could put the business on track. In such cases, care is taken to appoint a team which has the necessary experience and expertise in managing the business. Therefore these eligible sectors always file the bankruptcy application under Chapter 11.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
What is Chapter 11?
In the normal course, after drawing the balance sheet if the liabilities are more than the assets of the company, then the personal assets of the applicant may also be at risk and they may be used to clear the debts. But when application is filed under Chapter 11 by the corporate sector, partnership and the sole proprietorship concerns, the personal assets are spared. This comes as a great relief to the applicant. Further, the company is allowed to continue in business so that it can make one more effort to revive the business and make an action plan to clear the debts. But normally individuals are not allowed to file bankruptcy under Chapter 11.
Exceptions:
Apart from the individuals, large business segments like the insurance companies are not allowed to file bankruptcy under Chapter 11. They have to follow a different procedure as set out in the relevant Act. In such cases, even the federal government would be a party.
Importance of Chapter 11:
Some financial analysts say that Chapter 11 is too liberal and can be misused. The aim of Chapter 11 is to give an opportunity to the business to revamp itself instead of closing down and putting the employees and the share holders in hardship. The government thinks that there is always an opportunity for the business to do well and grow. In some countries the authorities allow the company to change the top management of the company so that the new team could put the business on track. In such cases, care is taken to appoint a team which has the necessary experience and expertise in managing the business. Therefore these eligible sectors always file the bankruptcy application under Chapter 11.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
Declaration of Bankruptcy
Applying for bankruptcy is considered as a shameful act because the individual becomes a laughing stock amongst those who are near and dear to the family. The family gets a stigma and it would even ruin the name of the family. So people try to postpone the bankruptcy application to the maximum extent possible.
Why people are hesitant?
The reasons are many. Apart from what is stated above, the complicated legal procedure involved in bankruptcy cases is the first thing people fear. The other reason why people are hesitant to file bankruptcy application is the possible harassment by creditors. The creditor may file application for liquidating the personal assets of the debtor. The cost of litigation is one more reason why people hesitate to apply for bankruptcy. These are some of the main reasons why people are reluctant to file an application for bankruptcy.
How justified are these fears?
Of course the process of getting the bankruptcy is somewhat complicated. But there is an attorney who looks after all these procedures and guides the applicant. As a matter of fact, it is the duty of the attorney to take enough care and see that all the legal requirements are complied with.
In so far as harassment by the creditors is concerned, once the application is filed, the creditors will have to approach the court for recovery of the amount due to them. They are not allowed to have any transaction with the applicant. So the applicant is safeguarded by the court.
Cost of litigation:
This is an area which may require careful consideration. Already in the dock with an unbearable burden of loan, the applicant may find it difficult to meet the expenses of litigation. Financial experts say that a bankruptcy application under Chapter 7 would cost around Dollars 250 to 300. On the other hand those filed under Chapter 13 would cost about 175 to 200 dollars. There are also instances of attorneys now and then demanding for some money from the clients. But in the overall analysis, the cost of litigation would be small when compared to the huge debt that is still hanging over the head of the applicant. But if the applicant is able to manage to pay the attorney, then he will be free from burden because the attorney would help to bail him out of the situation.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
Why people are hesitant?
The reasons are many. Apart from what is stated above, the complicated legal procedure involved in bankruptcy cases is the first thing people fear. The other reason why people are hesitant to file bankruptcy application is the possible harassment by creditors. The creditor may file application for liquidating the personal assets of the debtor. The cost of litigation is one more reason why people hesitate to apply for bankruptcy. These are some of the main reasons why people are reluctant to file an application for bankruptcy.
How justified are these fears?
Of course the process of getting the bankruptcy is somewhat complicated. But there is an attorney who looks after all these procedures and guides the applicant. As a matter of fact, it is the duty of the attorney to take enough care and see that all the legal requirements are complied with.
In so far as harassment by the creditors is concerned, once the application is filed, the creditors will have to approach the court for recovery of the amount due to them. They are not allowed to have any transaction with the applicant. So the applicant is safeguarded by the court.
Cost of litigation:
This is an area which may require careful consideration. Already in the dock with an unbearable burden of loan, the applicant may find it difficult to meet the expenses of litigation. Financial experts say that a bankruptcy application under Chapter 7 would cost around Dollars 250 to 300. On the other hand those filed under Chapter 13 would cost about 175 to 200 dollars. There are also instances of attorneys now and then demanding for some money from the clients. But in the overall analysis, the cost of litigation would be small when compared to the huge debt that is still hanging over the head of the applicant. But if the applicant is able to manage to pay the attorney, then he will be free from burden because the attorney would help to bail him out of the situation.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
Bankruptcy Automatic Stay
Automatic stay is a potent consumer device that offers protection while consumers are seeking bankruptcy. A bankruptcy automatic stay by definition is a temporary evaluation that gets placed automatically once an individual or company files bankruptcy petition.
As listed in the US bankruptcy code section 362, the automatic stay will provide security to those seeking bankruptcy from almost all creditors. Creditors are also barred from taking any action against the individual seeking bankruptcy from the moment the bankruptcy case is filed. The automatic stay feature applies on every bankruptcy case and it provides unique benefit to the filers.
Limitations of the Automatic Stay
Automatic stays obviously have some boundaries. Certain legal actions like criminal cases, tax audits and family court proceedings do not accommodate under purview of the stay.
Who Can Lift the Automatic Stay?
The main aim behind the bankruptcy code is providing security to creditors who have various interests in income and property of the debtor. This does not mean that just anyone who has some property interest in the debtor's estate can claim relief from automatic stay. The relief can only be sought by secured creditors, those who have tort claims or those who are actually the co-owners of the estate.
Procedure for Lifting the Stay
Once the automatic stay has been imposed, it can be modified or lifted only by the court. Creditors can make this possible by filing a motion. If there are a number of creditors, even a single creditor can wish to seek relief. Relief can also be of several forms including modification, termination and conditioning. In the case of termination, the stay gets eliminated. Modification of stay allows creditors to go ahead with certain actions that have been forbidden from the stay. Conditioning allows some requirements that the trustee or editor must satisfy in order to continue with stay.
Significance
This procedure that facilitates relief from automatic stay is in favor of creditors and it un-does the unjustified claims from the debtor. The laws are meant to do justice to both the debit and creditors. For correct procedure, it is important that one should consult a good bankruptcy attorney.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read for more useful info Bankruptcy Law Blogigo blog and Bankruptcy Automatic Stay Americanhost articles
As listed in the US bankruptcy code section 362, the automatic stay will provide security to those seeking bankruptcy from almost all creditors. Creditors are also barred from taking any action against the individual seeking bankruptcy from the moment the bankruptcy case is filed. The automatic stay feature applies on every bankruptcy case and it provides unique benefit to the filers.
Limitations of the Automatic Stay
Automatic stays obviously have some boundaries. Certain legal actions like criminal cases, tax audits and family court proceedings do not accommodate under purview of the stay.
Who Can Lift the Automatic Stay?
The main aim behind the bankruptcy code is providing security to creditors who have various interests in income and property of the debtor. This does not mean that just anyone who has some property interest in the debtor's estate can claim relief from automatic stay. The relief can only be sought by secured creditors, those who have tort claims or those who are actually the co-owners of the estate.
Procedure for Lifting the Stay
Once the automatic stay has been imposed, it can be modified or lifted only by the court. Creditors can make this possible by filing a motion. If there are a number of creditors, even a single creditor can wish to seek relief. Relief can also be of several forms including modification, termination and conditioning. In the case of termination, the stay gets eliminated. Modification of stay allows creditors to go ahead with certain actions that have been forbidden from the stay. Conditioning allows some requirements that the trustee or editor must satisfy in order to continue with stay.
Significance
This procedure that facilitates relief from automatic stay is in favor of creditors and it un-does the unjustified claims from the debtor. The laws are meant to do justice to both the debit and creditors. For correct procedure, it is important that one should consult a good bankruptcy attorney.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read for more useful info Bankruptcy Law Blogigo blog and Bankruptcy Automatic Stay Americanhost articles
Choosing A Bankruptcy Lawyer
Too much debt can bring a devastating result in a company's or an individual's life. Providentially, bankruptcy laws exist to bring respite to the person who is overburdened with debt. There are different chapters of bankruptcy laws for different circumstances. The laws also keep changing and if you are planning to seek bankruptcy then you must have knowledge about all that is required. Alternatively, you can hire an experienced and smart attorney who can deal with your case of bankruptcy without any problems. But the question is how you would know that which bankruptcy attorney would be right for you.
You must first look forward to get a recommended bankruptcy lawyer. You may ask a friend or acquaintance to refer one to you. If you do not get it by referral, try Yellow Pages where you'll find lawyers that are grouped according to specialty. You can also go for debt relief agency. You may first call the bankruptcy lawyer and talk to him about the problem. A lot of bankruptcy lawyers offer free initial consultation. After speaking with two or three bankruptcy lawyers, fix a meeting with one with whom you identify your self. Think about how much experience the lawyer has and whether he specializes in bankruptcy laws or not. Also ask him whether he will be handling the case himself or will hand it over to a paralegal or associate. You can also ask the lawyer if you could play him in installments.
After choosing a suitable lawyer, fix an appointment and meet him and discuss your case in detail. Make sure that you do not hide anything from the lawyer. Ask them to pay individual attention to your matter. Ask about how much fees he/she would be charging along with all the paperwork. If you think that the bankruptcy lawyer is asking for a very low fee, and then please think about your choice again as he/she may not be aware of all the laws.
Bankruptcy should be a matter of very high importance and serious consideration for you. Even though a lawyer is not important for filing bankruptcy petition but the kind of paperwork involved can be complex. So it is recommended that do not try it yourself. After all, bankruptcy may have far-reaching ramifications. A bankruptcy attorney is inevitable to get you through it.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer
Also read some more useful info at
Cost of Declaring Bankruptcy en over blog
Bankruptcy Law Article Rich
You must first look forward to get a recommended bankruptcy lawyer. You may ask a friend or acquaintance to refer one to you. If you do not get it by referral, try Yellow Pages where you'll find lawyers that are grouped according to specialty. You can also go for debt relief agency. You may first call the bankruptcy lawyer and talk to him about the problem. A lot of bankruptcy lawyers offer free initial consultation. After speaking with two or three bankruptcy lawyers, fix a meeting with one with whom you identify your self. Think about how much experience the lawyer has and whether he specializes in bankruptcy laws or not. Also ask him whether he will be handling the case himself or will hand it over to a paralegal or associate. You can also ask the lawyer if you could play him in installments.
After choosing a suitable lawyer, fix an appointment and meet him and discuss your case in detail. Make sure that you do not hide anything from the lawyer. Ask them to pay individual attention to your matter. Ask about how much fees he/she would be charging along with all the paperwork. If you think that the bankruptcy lawyer is asking for a very low fee, and then please think about your choice again as he/she may not be aware of all the laws.
Bankruptcy should be a matter of very high importance and serious consideration for you. Even though a lawyer is not important for filing bankruptcy petition but the kind of paperwork involved can be complex. So it is recommended that do not try it yourself. After all, bankruptcy may have far-reaching ramifications. A bankruptcy attorney is inevitable to get you through it.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer
Also read some more useful info at
Cost of Declaring Bankruptcy en over blog
Bankruptcy Law Article Rich
Cost Of Declaring Bankruptcy
Although there are a lot of people under the impression that declaring personal bankruptcy is a sure shot way of clearing all the debt but in reality all debts do not get cleared by claiming bankruptcy. Payment related to child support, alimony, any taxes that you bear, personal injury debts, education loans funded by government and any housing fee has to be paid even if you declare yourself bankrupt.
By declaring personal bankruptcy you are also liable to pay a fee that is associated with bankruptcy. These include fees that you have to pay in the court and also the fee that you require to pay to the lawyer. A bankruptcy attorney may cost you several thousand dollars.
When declaring bankruptcy please make sure that that you are taking the right decision. Take note of debts that will not get covered, even if you are declared bankrupt. Declaring bankruptcy comes with a number of costs. It is always better to plan alternatives like negotiating with creditors, building a repayment plan, making a budget etc. Even if you have two file personal bankruptcies, you can do that under Chapter 13 so that your liquid assets such as bonds, shares and property do not get confiscated.
Declaring personal bankruptcy has a lot of negative consequences. You will not be able to apply for loan or credit anywhere again. It gets difficult to get a job and you cannot even apply for a home loan. It is difficult to get out of the credit report for 10 years which can limit your credit amount serially.
In case you do not find any other alternative than declaring bankruptcy then it is always recommended that you hire a good bankruptcy lawyer and research as much as information you can before taking your decision. Ask your lawyer to charge you a reasonable amount and ask him if you can pay him in parts. You must only higher that lawyer who will pay personal attention on your case. Bankruptcy lawyer’s fee is something that you cannot escape if you are going to declare bankruptcy. Paying a nominal fee can be both in your and the lawyer's interest.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read some more useful info at
Bankruptcy Lawyer Experience Project Blog
Cost of Declaring Bankruptcy Article Network
By declaring personal bankruptcy you are also liable to pay a fee that is associated with bankruptcy. These include fees that you have to pay in the court and also the fee that you require to pay to the lawyer. A bankruptcy attorney may cost you several thousand dollars.
When declaring bankruptcy please make sure that that you are taking the right decision. Take note of debts that will not get covered, even if you are declared bankrupt. Declaring bankruptcy comes with a number of costs. It is always better to plan alternatives like negotiating with creditors, building a repayment plan, making a budget etc. Even if you have two file personal bankruptcies, you can do that under Chapter 13 so that your liquid assets such as bonds, shares and property do not get confiscated.
Declaring personal bankruptcy has a lot of negative consequences. You will not be able to apply for loan or credit anywhere again. It gets difficult to get a job and you cannot even apply for a home loan. It is difficult to get out of the credit report for 10 years which can limit your credit amount serially.
In case you do not find any other alternative than declaring bankruptcy then it is always recommended that you hire a good bankruptcy lawyer and research as much as information you can before taking your decision. Ask your lawyer to charge you a reasonable amount and ask him if you can pay him in parts. You must only higher that lawyer who will pay personal attention on your case. Bankruptcy lawyer’s fee is something that you cannot escape if you are going to declare bankruptcy. Paying a nominal fee can be both in your and the lawyer's interest.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read some more useful info at
Bankruptcy Lawyer Experience Project Blog
Cost of Declaring Bankruptcy Article Network
Declaring Personal Bankruptcy
Choosing to declare bankruptcy is entirely a personal decision and it may induce different consequences on your professional and financial life. People who are under great burden of debt generally have two choices when filing bankruptcy. They can declare Bankruptcy either under Chapter 7 or Chapter 13. Declaration of bankruptcy under Chapter 7 allows you to seek forgiveness of most debts, file the same declaration under Chapter 13 will lower the debt amount and each structure them into a repayment plan which will be court-supervised. It is important that you have the knowledge of right regulations to successfully declare bankruptcy.
You can prepare yourself a bit before declaring bankruptcy. It is a good idea to make a list of your debts, child support, pending student loans, daycare costs, alimony and utility bills. There is a required set amount of information that you will need to declare while filing bankruptcy whether you do it own or you hire an attorney.
You must also prepare a list of assets that also includes interests from any property or your house. You will also have to include savings account, stocks, any expensive jewelry or any other personal property. You also have to report your retirement account but anyhow you are not going to loose it. Never ever try to hide anything as this is a serious crime. You must adhere to truth when you're declaring bankruptcy otherwise you may even have to face a federal imprisonment.
Take out any bank statements, paycheck stubs and tax return papers that you have and take out a copy of it. If you do not possess any financial documents; you can ask your employer to provide you with Internal Revenue Service.
An important step is deciding whether you wish to declare bankruptcy under Chapter 7 or under Chapter 13. The Chapter 7 may allow complete forgiveness of your debt with exceptions, in case of criminal fines, student loans and child support. Declaring bankruptcy under Chapter 13 will cause the debt to be reduced but you will require paying according to a repayment plan after a small interval of time. It is always a good idea to consult a bankruptcy lawyer before declaring bankruptcy. He will guide you with the right procedure and also recommend you under which Chapter you must file bankruptcy.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
Also read some more useful info at
Cost of Declaring Bankruptcy Podbean Blog
Bankruptcy Law Artipot Articles
You can prepare yourself a bit before declaring bankruptcy. It is a good idea to make a list of your debts, child support, pending student loans, daycare costs, alimony and utility bills. There is a required set amount of information that you will need to declare while filing bankruptcy whether you do it own or you hire an attorney.
You must also prepare a list of assets that also includes interests from any property or your house. You will also have to include savings account, stocks, any expensive jewelry or any other personal property. You also have to report your retirement account but anyhow you are not going to loose it. Never ever try to hide anything as this is a serious crime. You must adhere to truth when you're declaring bankruptcy otherwise you may even have to face a federal imprisonment.
Take out any bank statements, paycheck stubs and tax return papers that you have and take out a copy of it. If you do not possess any financial documents; you can ask your employer to provide you with Internal Revenue Service.
An important step is deciding whether you wish to declare bankruptcy under Chapter 7 or under Chapter 13. The Chapter 7 may allow complete forgiveness of your debt with exceptions, in case of criminal fines, student loans and child support. Declaring bankruptcy under Chapter 13 will cause the debt to be reduced but you will require paying according to a repayment plan after a small interval of time. It is always a good idea to consult a bankruptcy lawyer before declaring bankruptcy. He will guide you with the right procedure and also recommend you under which Chapter you must file bankruptcy.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
Also read some more useful info at
Cost of Declaring Bankruptcy Podbean Blog
Bankruptcy Law Artipot Articles
Pros and Cons of Declaring Personal Bankruptcy
Declaring personal bankruptcy is a very sensitive issue. In fact, it is one decision that is going to decide your future. Sometimes life under heavy debt may feel like a failure. Fortunately, bankruptcy laws have been designed to provide respite to debtors and allow them to start afresh in their life. They are both positive and negative effects of declaring personal bankruptcy. The decision whether you should file Personal Bankruptcy or not should be made only after going through both pros and cons of the matter.
Types
Bankruptcy is generally filed under Chapter 7 and Chapter 13. Though Chapter 7 can discharge a considerable amount of debt but in most cases it will force a liquidation of the entire assets of individuals declaring the bankruptcy. If the declaration is filed under Chapter 13, the debtor is given some time and a considerable portion of the debt is lowered making it easy for him/her to get rid of his debts.
Benefits
Once the declaration has been accepted by the court, and automatic stays implies which is the first benefit of declaring personal bankruptcy. In any case, creditors cannot make any annoying calls on visit you personally to cause trouble. In case of Chapter 13, terms of loans and other mortgages can be modified and interest rates can also be lowered. Most of the time, a person who has filed personal bankruptcy under Chapter 13 is entitled to get big exemptions.
Effects
It is an undeniable fact that bankruptcy also has a lot of negative effects. Firing bankruptcy under Chapter 7 mainly destroy an individual’s credit that he has accumulated in several years. It is difficult for the one who has declared bankruptcy to get any future loans and credits. Home mortgage also becomes difficult for future. A bankruptcy cannot discharge priority debt like alimony, taxes, student loans and child support.
It is possible for secured creditors to repossess any property or political security that you have. It is recommended that you before you file bankruptcy; you can attempt to negotiate with creditors. Anyhow if things are not working out, declaring personal bankruptcy can be considered.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
Also read some more useful info at
Bankruptcy Lawyer Blurty Blog
Bankruptcy Law Artipot Articles
Types
Bankruptcy is generally filed under Chapter 7 and Chapter 13. Though Chapter 7 can discharge a considerable amount of debt but in most cases it will force a liquidation of the entire assets of individuals declaring the bankruptcy. If the declaration is filed under Chapter 13, the debtor is given some time and a considerable portion of the debt is lowered making it easy for him/her to get rid of his debts.
Benefits
Once the declaration has been accepted by the court, and automatic stays implies which is the first benefit of declaring personal bankruptcy. In any case, creditors cannot make any annoying calls on visit you personally to cause trouble. In case of Chapter 13, terms of loans and other mortgages can be modified and interest rates can also be lowered. Most of the time, a person who has filed personal bankruptcy under Chapter 13 is entitled to get big exemptions.
Effects
It is an undeniable fact that bankruptcy also has a lot of negative effects. Firing bankruptcy under Chapter 7 mainly destroy an individual’s credit that he has accumulated in several years. It is difficult for the one who has declared bankruptcy to get any future loans and credits. Home mortgage also becomes difficult for future. A bankruptcy cannot discharge priority debt like alimony, taxes, student loans and child support.
It is possible for secured creditors to repossess any property or political security that you have. It is recommended that you before you file bankruptcy; you can attempt to negotiate with creditors. Anyhow if things are not working out, declaring personal bankruptcy can be considered.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy
Also read some more useful info at
Bankruptcy Lawyer Blurty Blog
Bankruptcy Law Artipot Articles
Should I declare bankruptcy?
Declaring personal bankruptcy is not a simple task. It requires a great deal of thought as well as an in-depth understanding of the consequences. The first thing you need to do is discuss this with the experts – talk to a credit counselor or a bankruptcy lawyer. They will be able to tell you the pros and cons of declaring personal bankruptcy after assessing your financial situation.
Not everyone is eligible to bankruptcy under chapter 7. You will be subjected to a means test that will determine whether you will be able to clear a substantial percentage of your debt. If you can, then you will not be able to liquidate your debt. In such cases a repayment plan will be set in place and you will have to adhere to it. This will be under Chapter 13 of Bankruptcy. A lot will also depend on the kind of loan you have to repay.
Before you consider personal bankruptcy, you will need to look through the alternatives. Any one of them may work for you depending on the financial situation that you are in. seeking financial counseling in these matters would be a good idea. One of the options is to hire a finance manager. This will mean that you lose control over your own finances, but it is good way to bring them back on track. If you can discipline yourself, then hiring a financial counselor may work for you as well. Use his help in creating a budget for yourself.
Several creditors do come forward to work with debtors. With some persuasion you will be able to waive off some of the debt or the interest that has accumulated on it in exchange for making steady repayments. Bigger creditors know the problems associated with debt collection and the hassles with employing a debt collection agency. The litigation involved too can be time consuming.
Refinancing is also an option if you own a home. This can help you pay off debts that carry a high interest. You may also be able to offer it as collateral in order to secure funding at lower rates of interest that will you consolidate your debts, bring down the number of payments you make each month and possible get you some tax benefits.
No matter which option you take, make sure that you are dealing with reputed companies and individuals.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
Also read more on bankruptcy at
Bankruptcy Lawyer Beep Blog
Bankruptcy Law Article Stars
Not everyone is eligible to bankruptcy under chapter 7. You will be subjected to a means test that will determine whether you will be able to clear a substantial percentage of your debt. If you can, then you will not be able to liquidate your debt. In such cases a repayment plan will be set in place and you will have to adhere to it. This will be under Chapter 13 of Bankruptcy. A lot will also depend on the kind of loan you have to repay.
Before you consider personal bankruptcy, you will need to look through the alternatives. Any one of them may work for you depending on the financial situation that you are in. seeking financial counseling in these matters would be a good idea. One of the options is to hire a finance manager. This will mean that you lose control over your own finances, but it is good way to bring them back on track. If you can discipline yourself, then hiring a financial counselor may work for you as well. Use his help in creating a budget for yourself.
Several creditors do come forward to work with debtors. With some persuasion you will be able to waive off some of the debt or the interest that has accumulated on it in exchange for making steady repayments. Bigger creditors know the problems associated with debt collection and the hassles with employing a debt collection agency. The litigation involved too can be time consuming.
Refinancing is also an option if you own a home. This can help you pay off debts that carry a high interest. You may also be able to offer it as collateral in order to secure funding at lower rates of interest that will you consolidate your debts, bring down the number of payments you make each month and possible get you some tax benefits.
No matter which option you take, make sure that you are dealing with reputed companies and individuals.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay
Also read more on bankruptcy at
Bankruptcy Lawyer Beep Blog
Bankruptcy Law Article Stars
Things to know before declaring bankruptcy
Declaring bankruptcy can affect several aspects of your life – on the financial as well as personal front. It is a serious decision which should not be taken without careful though and consultation with the right experts. You should look into and assess the potential of all the alternatives available before you decide to file for bankruptcy. This warning however, does not go to say that declaring bankruptcy is not a good idea for many, it definitely can be the only solution in some cases. Take the decision keeping your own as well as your family’s interests at heart.
The 2005 changes in the bankruptcy law have made it a little more difficult to choose personal bankruptcy as an option. The idea behind this was purely to ensure that the people who opt for it are truly struggling with their finances and not using bankruptcy as an excuse to escape liability. Only those who could not even afford to pay their bills became eligible to file for bankruptcy under Chapter 7.
The idea behind this chapter is to help give you a clean slate. It will help you wipe out all your debt without a repayment plan in place. There is a means test that you will have to undergo. If your income is below the recommended level for the median income of your state, then this test is not applicable to you.
In the case that your income is higher this is a mandatory test that you have to undergo. People who have qualified before the change in law will in all probability qualify again. It will also become mandatory to hire financial counseling services. If you fail to pass the means test, then you will have to file for bankruptcy under Chapter 13. What this essentially does is create a repayment plan for you which will be spread across 3 to 5 years. Before you apply for personal bankruptcy, bear in mind that it will have severe consequences on your credit rating. It may not be of immediate consequence to you, but it may be important going forward. No matter which chapter you file bankruptcy under, though difficult, you will always be able to spring back.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read more on bankruptcy at
Cost of Declaring Bankruptcy l0lz Blog
Bankruptcy Lawyer Article Zones
The 2005 changes in the bankruptcy law have made it a little more difficult to choose personal bankruptcy as an option. The idea behind this was purely to ensure that the people who opt for it are truly struggling with their finances and not using bankruptcy as an excuse to escape liability. Only those who could not even afford to pay their bills became eligible to file for bankruptcy under Chapter 7.
The idea behind this chapter is to help give you a clean slate. It will help you wipe out all your debt without a repayment plan in place. There is a means test that you will have to undergo. If your income is below the recommended level for the median income of your state, then this test is not applicable to you.
In the case that your income is higher this is a mandatory test that you have to undergo. People who have qualified before the change in law will in all probability qualify again. It will also become mandatory to hire financial counseling services. If you fail to pass the means test, then you will have to file for bankruptcy under Chapter 13. What this essentially does is create a repayment plan for you which will be spread across 3 to 5 years. Before you apply for personal bankruptcy, bear in mind that it will have severe consequences on your credit rating. It may not be of immediate consequence to you, but it may be important going forward. No matter which chapter you file bankruptcy under, though difficult, you will always be able to spring back.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read more on bankruptcy at
Cost of Declaring Bankruptcy l0lz Blog
Bankruptcy Lawyer Article Zones
Getting over personal bankruptcy
When you file for bankruptcy, it can have a very traumatic effect on you. The process of bankruptcy is such that the fact remains on your credit card report for a period of 10 years. Besides this, it can also lead to social isolation from your peers. Being branded bankrupt can have a very negative impact on your personality as well as your character, which need not always be the right perception. But through it all, bankruptcy is something that you can overcome.
One of the first things you need to do is to come to terms with the fact that you have declared bankruptcy. Once done, you have to face all the consequences that come along with it. There are several psychological aspects that get related to declaring bankruptcy. For one, you may retain the fear of purchasing anything at a retail store or from indulging once in a while. For some other integrating back into society can be difficult, leading to a lack of a social life. You first have to accept that the episode is over and done with and you need to move on. It is a learning experience and a lesson that you will adhere to for the rest of your life.
After bringing yourself back to reality, the next step is to work on your credit score. Once declared bankrupt, your credit reports will be a mess for a decade. You need to slowly work at fixing it. You have to work on aspects that will improve your credit rating. If you are looking for a loan, try approaching those lenders who take into account your credit rating for a short while prior to handing out the loan. A financial advisor or some serious Internet browsing is what can help you work on your credit scores.
The minute you are approved for a credit card or for a bank account, know your payment schedules well. Make written notes of them if necessary. Keep an accounts diary to track where you are using the card and how much you have spent. Knowing where the money goes, helps you keep a closer watch on your expenses. You will be able to monitor your spending habits this way. When you receive your bill, pay more than the amount due. This move will be noticed by the credit service. You can also make use of options such as standing orders or direct debts to ensure that you do not miss a payment date at all.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy Also read more on bankruptcy at
Bankruptcy Lawyer Blog.com
Bankruptcy Law iorkut Bookmarks
One of the first things you need to do is to come to terms with the fact that you have declared bankruptcy. Once done, you have to face all the consequences that come along with it. There are several psychological aspects that get related to declaring bankruptcy. For one, you may retain the fear of purchasing anything at a retail store or from indulging once in a while. For some other integrating back into society can be difficult, leading to a lack of a social life. You first have to accept that the episode is over and done with and you need to move on. It is a learning experience and a lesson that you will adhere to for the rest of your life.
After bringing yourself back to reality, the next step is to work on your credit score. Once declared bankrupt, your credit reports will be a mess for a decade. You need to slowly work at fixing it. You have to work on aspects that will improve your credit rating. If you are looking for a loan, try approaching those lenders who take into account your credit rating for a short while prior to handing out the loan. A financial advisor or some serious Internet browsing is what can help you work on your credit scores.
The minute you are approved for a credit card or for a bank account, know your payment schedules well. Make written notes of them if necessary. Keep an accounts diary to track where you are using the card and how much you have spent. Knowing where the money goes, helps you keep a closer watch on your expenses. You will be able to monitor your spending habits this way. When you receive your bill, pay more than the amount due. This move will be noticed by the credit service. You can also make use of options such as standing orders or direct debts to ensure that you do not miss a payment date at all.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy Also read more on bankruptcy at
Bankruptcy Lawyer Blog.com
Bankruptcy Law iorkut Bookmarks
Clearing personal bankruptcy myths
Filing for bankruptcy comes after a great deal of events. Some of them may be unforeseeable and often end snowballing into a bad situation. A bankruptcy situation can arise not only from frivolous spending and lack of financial management. It can also happen where there are several unbudgeted for expenses. These can be illnesses, natural disasters, unemployment, divorce settlements etc.
There is a lot of information available on personal bankruptcy. Not all of it is always accurate. There are some creditors who may try to convince you that you cannot apply for bankruptcy. This is not true. According to the 2005 amendment, any debtor can file for bankruptcy. It falls on the state to determine the extent and the possibility of asset liquidation or debt reorganization.
It is also thought that filing for bankruptcy is degrading. It can affect your personal life no doubt, but how much it affects you can be controlled only by you. Filing for bankruptcy may actually rid you of some social stigma and give you peace of mind. Bankruptcy provides you a chance to start from the beginning on a clear slate.
It is also false that you can file for bankruptcy only once. There is only partial truth in this. A person who has filed for liquidation of assets once cannot do it for a period of 8 years. After this too, you will have to file for bankruptcy under a different category and this will be subject to the law of the state.
There is also the misconception that personal bankruptcy means that you lose everything that you own and that makes you a pauper. This is utterly false. The idea behind bankruptcy is to allow you the time needed to repay your debts without losing all that you have. Filing for bankruptcy is a tedious process is a long held opinion. There is no doubt that the laws involved can get confusing. All you will need in such a situation is a good financial consultant or a credit lawyer to help you better understand what you are going to do.
Filing for bankruptcy is not an easy decision to make. That is what makes it necessary for you to know all the facts involved. If you are considering bankruptcy, do so after educating yourself well on the process and all it involves.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer Also read more on bankruptcy at
Bankruptcy Automatic Stay Angelfire Blog
Bankruptcy Law Pagestacker Bookmarks
There is a lot of information available on personal bankruptcy. Not all of it is always accurate. There are some creditors who may try to convince you that you cannot apply for bankruptcy. This is not true. According to the 2005 amendment, any debtor can file for bankruptcy. It falls on the state to determine the extent and the possibility of asset liquidation or debt reorganization.
It is also thought that filing for bankruptcy is degrading. It can affect your personal life no doubt, but how much it affects you can be controlled only by you. Filing for bankruptcy may actually rid you of some social stigma and give you peace of mind. Bankruptcy provides you a chance to start from the beginning on a clear slate.
It is also false that you can file for bankruptcy only once. There is only partial truth in this. A person who has filed for liquidation of assets once cannot do it for a period of 8 years. After this too, you will have to file for bankruptcy under a different category and this will be subject to the law of the state.
There is also the misconception that personal bankruptcy means that you lose everything that you own and that makes you a pauper. This is utterly false. The idea behind bankruptcy is to allow you the time needed to repay your debts without losing all that you have. Filing for bankruptcy is a tedious process is a long held opinion. There is no doubt that the laws involved can get confusing. All you will need in such a situation is a good financial consultant or a credit lawyer to help you better understand what you are going to do.
Filing for bankruptcy is not an easy decision to make. That is what makes it necessary for you to know all the facts involved. If you are considering bankruptcy, do so after educating yourself well on the process and all it involves.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Lawyer Also read more on bankruptcy at
Bankruptcy Automatic Stay Angelfire Blog
Bankruptcy Law Pagestacker Bookmarks
Choosing a bankruptcy lawyer
Filing for bankruptcy is no mean task. The laws related to it can get difficult to understand and more often than not you will get lost in it all. At these times, a good idea would be to have a bankruptcy lawyer guide you through the entire process. Once you decide that you will need the services of a bankruptcy attorney, the next task is to zero in on one that can really help you.
The simplest way to find a bankruptcy lawyer is to ask for recommendations from your friends and family first. If a lawyer comes with some good credentials based on recommendation, then surely the same person can work for you as well. Should you draw a blank with word-of-mouth recommendation that look up attorney with the help of the yellow pages. This is a veritable treasure house of prospective contacts. Look for listings under Bankruptcy Attorneys. Whether you use these contacts or not, it would be a good idea to go through them to know of the lawyers who operate close to you. This will help from the point of convenience.
Another great way of getting a reliable bankruptcy lawyer is to ask for recommendations from those close to the field. Lawyers pursuing some other specializations too can be a lot of help and will point you out in the right direction. There are several firms that deal with the handling of personal bankruptcy cases. It would also be a good idea to visit one such reputed place and have them assess your case. You may actually find an attorney here that you will appreciate and probably hire.
A bankruptcy attorney begins his role on your case by first assessing your financial situation. Based on this he will be able to advice you on whether filing for bankruptcy is a good idea or not. He will try and apply all the alternatives to your case to see if any work. If none of them do, he will be in a position to let you know whether you can apply for bankruptcy under Chapter 7 or Chapter 13. No matter which one you are eligible for, he will guide you through the entire process.
Bankruptcy lawyers are essential to help you through the process of bankruptcy. It is not an easy one and you will need all the professional help you can get.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read more on bankruptcy at
Bankruptcy Lawyer Yola Blog
Cost of Declaring Bankruptcy Bligg.be Bookmarks
The simplest way to find a bankruptcy lawyer is to ask for recommendations from your friends and family first. If a lawyer comes with some good credentials based on recommendation, then surely the same person can work for you as well. Should you draw a blank with word-of-mouth recommendation that look up attorney with the help of the yellow pages. This is a veritable treasure house of prospective contacts. Look for listings under Bankruptcy Attorneys. Whether you use these contacts or not, it would be a good idea to go through them to know of the lawyers who operate close to you. This will help from the point of convenience.
Another great way of getting a reliable bankruptcy lawyer is to ask for recommendations from those close to the field. Lawyers pursuing some other specializations too can be a lot of help and will point you out in the right direction. There are several firms that deal with the handling of personal bankruptcy cases. It would also be a good idea to visit one such reputed place and have them assess your case. You may actually find an attorney here that you will appreciate and probably hire.
A bankruptcy attorney begins his role on your case by first assessing your financial situation. Based on this he will be able to advice you on whether filing for bankruptcy is a good idea or not. He will try and apply all the alternatives to your case to see if any work. If none of them do, he will be in a position to let you know whether you can apply for bankruptcy under Chapter 7 or Chapter 13. No matter which one you are eligible for, he will guide you through the entire process.
Bankruptcy lawyers are essential to help you through the process of bankruptcy. It is not an easy one and you will need all the professional help you can get.
Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Law
Also read more on bankruptcy at
Bankruptcy Lawyer Yola Blog
Cost of Declaring Bankruptcy Bligg.be Bookmarks
