Bankruptcy News - Personal bankruptcy information provides an overview to bankrutpcy law.
News, statistics, directories of professionals, and information on filing for bankruptcy.
Bankruptcy News - Personal bankruptcy information provides an overview to bankrutpcy law.

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10 Bankruptcy lawyer Posted By : Ken Charnly

Miles Credit Card - Truth Be Told Posted By : Robert AlanThis article describes the truth about miles credit card offers, what they offer and how they can help consumers.

You’re Suing ME?! Adding Insult to Injury to Creditors of Bankrupt Debtors Posted By : Warren GrahamCreditors, already stuck with bad receivables in bankruptcy cases are doubly outraged when they are then sued for a ‘preference,’ which is a certain kind of payment made on the eve of bankruptcy. Recent amendments to the Bankruptcy Code have substantially leveled the playing field.

9 If I Go Bankrupt, Will My Bankruptcy Prevent Me From Ever Being Able To Borrowing Again?

Chapter 13 RulesThere are certain rules that must be followed when you file for Chapter 13 bankruptcy. Bankruptcy law is a set of federal laws and statutes governed by Title 11 of the United States Bankruptcy Code.

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8 The Major Changes Caused by the Bankruptcy Reform Act Posted By : Chris Cooper

Filing Bankruptcy And 3 Helpful Alternatives To Eliminate Your Debt Posted By : Dean ShaininYouve got some serious debt problems. Take heart in the fact that a lot of people do these days. The key to getting out from under debt is to evaluate the situation youre in, and then to decide if youre willing to do what it takes to change it. Are you going to stop using the mall as your playground? If so then you have a chance to get out of debt without resorting to bankruptcy.

Bankruptcy Law - A Basic Discourse Posted By : Dean ShaininBankruptcy allows a debtor, who is unable to pay his creditors to resolve his debts through the division of his assets among his creditors. The debtor is forced to resolve his debts through the division of his assets to his creditors.

7 Relieve Your Financial Stress

Bankruptcy - The Director’s LiabilityIf you sit on a Board of Directors of a corporation then exposure to liability exists under various statutes. For example, unpaid wages and vacation pay, workplace liabilities, liabilities under corporate statutes as well as environmental liabilities are a major concern of the corporate director.

6 How To File For Chapter 13

The filing fee or an application to pay the filing fee through the plan must accompany all petitions and schedules. Petitions without one or the other will not be acknowledged. It is advised that filing fees must be paid either by cash, cashier’s check, money order, or an attorney’s firm check, that is made payable to “Clerk, U.S. Bankruptcy Court.” People wanting to file for Chapter 13 are strictly advised against tendering cash for petitions submitted by mail. Similarly, it is a rule that checks from debtors are generally not accepted.

The formal request page must contain the redacted Social Security number(s) and the county in which the debtor resides. Form 21 should contain the full Social Security number. It is expected that Schedule D should take into account full recording data page, document numbers, date and place of recording, or state ?unrecorded?- attach separate page if necessary. Pro se debtors require daytime phone number below the signature.

Documents that need to be filed with the petition include the Filing Fee, Form 1 - Voluntary Petition, Mailing Matrix - List of all creditors and Form 21 - Statement of Social Security number. Along with this Certificate of credit counseling and debt repayment plan, Form 19B - Notice to debtor by bankruptcy petitioner and Form B280 - Statement disclosing compensation paid or to be paid to a bankruptcy petitioner also need to be filed.

Documents that need to be filed with the petition or within 15 days include Form B201 - Notice to Individual Consumer Debtor A-J, Summary of Schedules, Declaration Concerning Debtor’s Schedules and Form 7 that refers to the Statement of Financial Affairs. Along with this, Form 22C - Statement of Current Monthly Income and copies of all payment advices received by the debtor from an employer within 60 days before filing the petition also need to be filed. Lastly Form B203 that refers to Statement disclosing compensation paid or to be paid to the attorney for the debtor needs to be attached.

Documents due seven days before the date first set for the Section 341 meeting of creditors require submitting to the trustee a copy of the Federal income tax return for the most recent tax year ending before filing. Documents due within 30 days or by the date set for the Section 341 meeting of creditors, whichever is earlier comprise of Form 8 that is Statement of Intention regarding secured property. Finally, the documents due before the discharge is granted includes Certificate of Financial Management Course that is required to be filed within 45 days after the Section 341 meeting of creditors.

Chapter 13 provides detailed information on Chapter 13, Chapter 13 Bankruptcy, Chapter 13 Trustee, Filing Chapter 13 and more. Chapter 13 is affiliated with Filing Bankruptcy.

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5 Pros And Cons Of Filing Chapter 13

Chapter 13 is for individuals with a standard income, keeping in mind their intention to pay their debts but who are unable to do so in a timely manner. The purpose of Chapter 13 is to facilitate financially distressed individual debtors to propose and carry out a settlement plan under which creditors are paid over an extended period of time. Filing of Chapter 13 has many advantages and disadvantages.

Chapter 13 tends to be advantageous because apart from a few prominent exceptions, bankruptcy stops all ongoing legal actions against the debtor. It prohibits a creditor from starting new legal actions against the debtor. It also prevents creditors with notice of the bankruptcy case from communicating with the debtor, or any person except the debtor’s attorney, to discuss or seek collection of a debt. Often, it can be seen that liabilities relating to credit card debts, civil judgments, past-due accounts, and rulings due to repossessions and foreclosures may be settled. Similarly, by filing for Chapter 1,3 a person may be permitted to keep all or majority of his or her property through federal or state exemptions. However, certain liens and specific involuntary transfers such as garnishments may only be evaded if timely action is taken.

Filing Chapter 13 has a number disadvantages. Amount outstanding relating to certain taxes, governmental fines, forfeitures and reimbursement, criminal or deceitful conduct, child and spousal support and drunk driving may not be dischargeable. Creditors having security interest in a home or in motor vehicles may be able to reclaim their collateral after the bankruptcy unless the debtor reaffirms the debt. Bankruptcy filings tend to be a matter of public record and are noted on a debtor’s credit history for 10 years, making it difficult to acquire credit in future. Disrepute may be associated with bankruptcy, which views a debtor as being financially or socially negligent. Often debtors find the dealings embarrassing as they are required to submit to a public examination details about their financial affairs and must provide detailed financial disclosures, which are made public. In a majority of cases, a debtor may be given an expulsion only once in eight years. Debtors considering bankruptcy must reflect on their financial stability and ability to avoid the problems resulting in the bankruptcy during that period. Along with this, there may be significant tax consequences resulting from a bankruptcy.

Chapter 13 provides detailed information on Chapter 13, Chapter 13 Bankruptcy, Chapter 13 Trustee, Filing Chapter 13 and more. Chapter 13 is affiliated with Filing Bankruptcy.

Article Source: http://EzineArticles.com/?expert=Marcus_Peterson

4 Bad Credit Loans After Bankruptcy

Borrowers who have been filed for bankruptcy can avail themselves of bad credit loans. A lower monthly payment is one of the main benefits of bad credit loans. Bankruptcy is a legal process in which a person who is unable to pay his creditors is exempted from immediate payments. Generally, a period of six months is given to borrowers to refinance mortgages after bankruptcy.

Bad credit loans after bankruptcy provide opportunities for borrowers to rectify their credit history also. Numerous personal loans under different names are now offered to persons after bankruptcy. The interest rates of these loans vary depending upon the financial situation and credit score of borrowers.

One of the most common loans utilized after bankruptcy is the payday loan, also known as a cash advance. It is ideal in times of immediate crises. Most financial institutions offer unsecured loans after checking the credit score of borrowers. A variety of bad credit loans in the form of home loans, equity loans and refinance loans are available for refinancing after bankruptcy.

Researching lenders is the main step involved in the process of refinancing after bankruptcy. Today, there are a number of financial institutions as well as online mortgage websites providing bad credit loans after bankruptcy. Before applying for a bad credit loan, it is important that you gather and review all the available information, and compare the interest rates and fees of different financial institutions. Some institutions provide the assistance of professionals to guide borrowers on policies and procedures of bad credit loans after bankruptcy.

Bad Credit Loans provides detailed information on Bad Credit Loans, Bad Credit Home Equity Loans, Bad Credit Personal Loans, Bad Credit Auto Loans and more. Bad Credit Loans is affiliated with Bad Credit Personal Lenders.

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3 Information on Bankruptcy

The quick and dirty definition of bankruptcy is when a person who is unable to pay their debt goes to court seeking relief. If you are the petitioner, the court must determine if your debts are truly beyond your ability to pay. Then, depending on your case, either the court discharges the bulk of your debt or sets up a payment schedule that is in your best interests but does not entirely absolve you of the responsibility of paying your creditors.

While that might be a simplified explanation of bankruptcy, it is one of the most complicated consumer legal issues you might encounter. Part of the complexity is due to the regulations, the fact that there are different types of bankruptcy petitions, and the process to administer the petition within the court system.

The other aspect that cannot be ignored is the negative stigma attached to bankruptcy. You have not owned up to your debt, you are trying to cheat your creditors out of money, etc. It is true that some people are looking for an easy way out to not pay their bills, but the fact of the matter is that bankruptcy is a legitimate legal proceeding to reorganize your debt.

In order to decide whether bankruptcy is the right course of action, the first thing you need to do is separate the emotional response from the financial response. Then go consult with a lawyer. Bankruptcy law changed significantly last year, and your first and best source of information is always going to be someone who is aware of the legal ramifications and, in fact, whether or not bankruptcy is the best financial choice in your situation.

Credit Cards

Unless your credit cards are paid off in full before you file, chances are you will not be able to use them again after you file (and even then, the creditor may cancel the credit card.) This is not a call to action to charge up your cards the month before you file. For one, the courts may recognize that as bad faith and order you to pay those recent charges in full instead of discharging them. Two, the act of bankruptcy is intended to give you the means to show more financial responsibility and charging your cards to the max is rarely a sign of responsible spending.

However, your credit card companies will stop collection calls on your delinquent credit card accounts, and your attorney can handle all the contact with credit agencies. This is one of the most powerful benefits of a bankruptcy: the “automatic stay.” This means that all attempts to collect all debts by all entities must immediately cease.

Other Types of Debt

If you have foreclosures or garnishments, the collection actions on those will stop as well. Secured debt, i.e. mortgages and car payments, cannot be eliminated through bankruptcy. The debtor has the choice of catching up on arrears and continuing to make payments, surrendering the collateral and owing nothing, or “redeeming” the collateral with a lump sum payment of the balance due or current value, whichever is less. If reading that is already overwhelming, just know that secured debt is still your debt after you file.

In the immediate future, your credit will take a severe hit, so the likelihood that are you are extended credit after you file is slim. That does not extend indefinitely into the future. The point of bankruptcy is also to give you a chance to rebuild your credit, and sooner than you expect, you might be eligible for some forms of credit. Although something large like a mortgage on a home will probably be five years or more away.

You should also be aware that there are certain types of debt that will not be wiped clean no matter your situation. You will almost always owe on student loan payments, even in bankruptcy, as well as back taxes from the last few years. Child support and alimony are two other types of debt that you will continue to owe.

Public Disclosure of Debt

If embarrassment is your main concern, then you should know that most court proceedings are public record, can be researched by just about anyone, and in some cases, the information about your claim will show up in newspapers. Public disclosure is part of the legal process, and it should not stop of you from declaring bankruptcy if it is a sound financial decision.

A report of bankruptcy does stay on your credit report for ten years. It stays that long to discourage people who are only filing to get out of obligations they never intended to pay to begin with. Though it is possible to file multiple bankruptcies in a lifetime, for most individuals, one time should be sufficient to get you back on track financially.

The Next Step

The two most common petitions for individuals are Chapter 7 bankruptcy and Chapter 13. This is where a conversation with a lawyer is critical so that you can understand the differences between the two and get information on your eligibility for Chapter 7. The 2005 Bankruptcy Reform made it more difficult for individuals to qualify for Chapter 7 bankruptcy.

In general, Chapter 7 discharges the bulk of your debt (the exceptions were mentioned earlier) and Chapter 13 is essentially a court ordered payment plan to handle your debt. There is a court supplied formula that determines what the monthly payment should be in Chapter 13. It is based on the income and expenses of the debtor. If the plan is approved, after 60 months of steady payments whatever remains unpaid is discharged.

If you are overwhelmed by your debt, then the best thing to do is think carefully about the ramifications of filing for bankruptcy. First, separate the financial and emotional issues, and have a conversation about each separately. It is important to talk to someone who is familiar with bankruptcy law, and advisable to seek out a lawyer in any case to address the financial implications.

Andrew Marx uses his legal education to provide practical information on how the everyday person can access legal resources. His weekly column can be read at http://www.smartremarx.com/

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Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.

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