Posts Tagged ‘bankruptcy lawyer’

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Filing Bankruptcy? How Much Do You Have To Owe?

September 2nd, 2010

Grampy used to tell me when I was a kid, that if I ate my Lima Beans (Gross!) they would give me a hairy chest! So I believed him! After all, I looked up to my Grampy; he was the smartest, most brilliant man I knew. AND he could even bend a spoon just by looking at it! However, as time goes by, you learn that if you rely on unchecked “truths” you can really get burned in life.

A common myth is the source of a popular question I answer frequently. When they come to my office for their first meeting, to receive their free evaluation, I am regularly asked by my Orlando bankruptcy clients is this: “Are my debts high enough to file for bankruptcy?”

Douglas Jacobs, a California bankruptcy attorney, brings up the question of “Do I qualify to File for Bankruptcy?” in a recent blog. He answers this question with a simple “Yes”. I concur, almost everyone qualifies to file bankruptcy of some type. The more pertinent question, in my opinion: “Should I file for bankruptcy?” Only after an experienced bankruptcy lawyer evaluates your complete financial situation, will this question will be answered.

When filing a Chapter 7 bankruptcy, the legal system does not put restrictions on the amount of debt you can owe to your creditors. So, when determining whether a person qualifies to file a Chapter 7 bankruptcy, how much or how little that person owes to their creditors is not relevant. However, there are limitations on the amount of debt you can have when you file a Chapter 13 bankruptcy, but it is not a question of whether you owe enough, but whether you owe too much.

As an Orlando bankruptcy lawyer, I know first hand that the Chapter 13 Trustee in Orlando looks very closely at whether Debtors exceed the debt limitations of Chapter 13 and will file a Motion to Dismiss the case if the debt limits are exceeded. Specifically, if you owe more than $360,475 in unsecured debt (think credit cards, medical bills, signature loans) or more than $1,081,400 in secured debt (think home loans and car loans), you could face a motion to dismiss in Orlando.

The number of myths about bankruptcy are staggering, and it is unclear where most of them originated. As an Orlando bankruptcy lawyer, I believe the myth about having to owe a certain amount to file for bankruptcy ranks prominently on the list of the top bankruptcy myths.

With the knowledge you’ve gained, you now know that you will probably be able to file some type of bankruptcy. Your next step should be to contact an experienced bankruptcy lawyer to review your financial situation. This myth, and many others you may have heard about bankruptcy can be put to rest by a knowledgeable bankruptcy lawyer.

Do you have questions about filing for bankruptcy? Check out K. Hunter Goff’s FREE eCourse. Hire an experienced bankruptcy lawyer to work for you.


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Bankruptcy Relief And Your Credit Score

September 2nd, 2010

Every day, I speak with clients and potential clients who are considering a bankruptcy filing, who seek my advice as an Orlando bankruptcy lawyer. One of the first things that I am told is that they have an “A++” credit score or “850 Beacon Score”, before we even talk about the amount of debt the person owes or how filing for bankruptcy may help him or her.

“That’s nice”, I might say, and then ask them to “tell me about the money you have saved up for retirement, tell me about the discretionary income you have each month, and tell me how nice it is to not have to make 8 different minimum monthly payments each month to credit cards”.

Dead silence.

You see, the banking industry that promotes and relies on your credit score, as well as your credit score itself, are dependent on you constantly feeling that you need to pay off debt and then incur new debt. A recent blog post by a Connecticut lawyer, Gene Melchionne, who specializes in consumer and bankruptcy law claims there are two things your credit score tells you: “how you handle the debt you already have and how will you likely handle any new debt.”

Think it over. Would you really care about your credit score if you didn’t need to borrow money? If you could become debt free, and get off of that debt hamster wheel, you would no longer be a slave to your credit score! Even so, some clients are still worried about what filing bankruptcy will do to their credit score. As their bankruptcy lawyer, I simply tell them about experiences of past clients. Many, within months of receiving their bankruptcy Discharge, have financed the purchase of car. What is more surprising to those not familiar with the bankruptcy process, is that many of my clients received credit card offers in the mail on the same day their bankruptcy Discharge came.

Someone’s credit score will generally boomerang a couple of years after they receive a bankruptcy Discharge, in most cases.

Many people have been a slave to some computer generated credit score number for years and have lost sight of really important financial matters like “Am I doing enough to provide for a comfortable retirement?”

In retirement, an A++ credit score won’t do much to supplement your social security check each month.

Want to find out more about credit scores and bankruptcy? Then visit K. Hunter Goff’s site on how to choose the best bankruptcy lawyer for your needs.


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What Happens If I Stop Paying Credit Card Debt?

September 1st, 2010

As an Orlando bankruptcy lawyer, one of the first things I advise my clients to do when they decide they are filing bankruptcy and hire me is to stop paying on their credit cards. Recently, though, before I could offer that advice, a client asked me: “What happens when I stop paying my credit cards?”

The answer? Your credit card company will begin the collection process, which normally proceeds in this manner:

1. You will receive frequent phone calls from the original creditor, as will your family and your employer, attempting to convince you to make a payment over the phone. The collection agent will try to intimidate you, by saying they will ruin your financial life unless you pay up.

2. In about 90 days, your original creditor will give up and sell your account to a debt collector. This third party agency will then repeat the actions above.

3. Then, around 180 days from the time you stop making payments, you may hear from an attorney. This attorney will simply try to collect on the debt, following the same protocol in 1 and 2 above.

4. At this point, the attorney might file a lawsuit, seeking a judgment against you. A judgment would permit the creditor to collect from you through a wage garnishment. Your wages cannot be garnished without a judgment.

Kind of a long process until a judgment is obtained, right? Over 6 months from the time payments stopped being made if I added correctly. So why, as a bankruptcy lawyer, do I advise my clients to stop paying on credit cards when they hire me?

You see, the objective is for my client’s bankruptcy to be filed well prior to a judgment being entered against them. As long as no judgment is entered, garnishment is not possible. Now, my client can catch up on car or house payments, for those secured debts they intend to keep through filing bankruptcy. They are not wasting that money on payments to malicious debt collectors, for credit card debts that will be discharged in their bankruptcy. They can also use the money they have saved to create that safety net, which I advocate as their Orlando bankruptcy lawyer, to be used as part of an overall, start fresh, strategy when filing for bankruptcy.

But what about those malicious debt collection agents? Here in Florida, we have some of the toughest laws in the country to protect consumers from the abuses collectors use regularly when attempting to get my clients to pay their credit card debts. Additionally, a Federal Law also restricts those abusive acts by third party collection agents in an attempt to collect on a debt. Why not sue your creditors to enforce your rights?

The debt collection process can be an intimidating experience, or an empowering one. If you know how it works and you know your rights, the empty threats the debt collectors hurl at you in a typical phone call from them will seem laughable, and more often than not, actionable.

Get the Free eCourse to find out how an experienced bankruptcy lawyer to assist you in successfully navigating the debt collection process and help you achieve that fresh start you’ve been craving.


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When Economies Flounder – Bankruptcy Filings Rise

September 1st, 2010

As the economy continues to stagnate, the number of personal and corporate bankruptcies is on the rise. The tightening of credit and loss of home equity are two reasons for the surge, and the current upward trend is directly correlative to the recession, which some fear could dip again. Regardless of the reason, achieving the best possible outcome after making the decision to file is best when utilizing the services of a bankruptcy attorney. With their knowledge of local policies, legal contacts and overall expertise in the matter, they can get you through the proceedings as quickly as possible, and help you avoid making irreparable financial mistakes. Many people do not realize that once a bankruptcy is final, an individual cannot file again for another seven years, so you better get it right the first time.

While it’s no longer breaking news, the floundering economy is still largely on everyone’s mind. Rising unemployment, rising home foreclosures, mounting debt – together they have created the perfect economic storm for many individuals, businesses, even local and state governments. Caught in such as quagmire, more and more are using bankruptcy as a way out. The number of filings in the last year rose 21 percent from the previous year, at well over 1.5 million. Over a three-month period in 2010, more than 422,000 bankruptcy filings occurred, the highest quarterly number since 2005.

Both individuals and businesses that find themselves in financial peril have options, whether they are underwater on a house or simply unable to service their debt.

* Chapter 7 bankruptcy can protect individuals, especially homeowners, from facing recourse judgments against them in court. Lenders in recourse states may sue borrowers over short sale deficiencies or to recoup any losses from a foreclosure auction sale. Chapter 7 does not prevent foreclosure, but it will delay it. Sometimes, even in recourse states, a bankruptcy attorney can help you negotiate with a lender to prevent the deficiency judgment altogether. Chapter 7 allows for the discharge of debts allowing any individual the opportunity for a fresh start financially.

* Chapter 13 filing is possible for individuals who do not want to discharge all their debt, but instead need help negotiating with creditors in setting up a repay schedule, and putting an end to those harassing and annoying calls from collection agencies and debt collection departments.

* Chapter 11 proceedings are open to all businesses including corporations and sole proprietorships. While open to individuals as well, chapter 11 is favored by businesses because they are allowed to continue to operate and retain their assets as a “debtor in possession”.

A first consultation with a bankruptcy lawyer is often free. This is the time to discuss options and decide on the best course of action for your unique situation. The total cost of hiring legal representation is surprisingly low – especially considering the ultimate savings once all is said and done. While costs will vary depending on where you live, who you hire, and the complexity of your situation, it is usually no more than $2,000. In most cases, within three to five months after filing, the bankruptcy is final, and you can move forward. The first step is talking with a qualified attorney. Getting one’s financial house in order takes time and money, but the cost is a small price to pay for the peace of mind.

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Stephen Daniels is a Netbiz SEO 2.0 researcher. If you’re seeking a divorce attorney near Portland, Oregon to assist with your bankruptcy filing, he recommends Aurora Law Offices. With over 25 years of experience their staff offers free initial consultations, payment plans and flat-fee charges for some services.


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Why You Need To Contact A Bankruptcy Lawyer

August 22nd, 2010

You need to be aware of the options that are available for you when suffering from these financial situations, such as losing your home, medical bills or large credit card debts. The United States bankruptcy code is designed to assist those who are in severe financial trouble.

Consider discussing your situation with a bankruptcy attorney to receive valuable information regarding your personal situation.

Filing bankruptcy without the help from an attorney may cause you to pay more. If you are in a financial situation that is causing you to consider filing bankruptcy, clearly you would be trying to save money wherever possible. Although in not hiring a bankruptcy lawyer, you will not have a expert who is looking after your best interest. A lawyer will help to guard what finances and properties you have.

Bankruptcy laws are extensive and may be hard to understand, by hiring an attorney you will have someone to help you with the paperwork and processes that need to be done. You will have help in picking which chapter of bankruptcy you should file. Chapter 7 which erases unsecured debt, these are debts that are not associated with assets such as credit card debt, or Chapter 13 which will allow you to repay debt by setting up a payment plan that you can manage, this can delay foreclosure and allows you to keep what you currently own. These payment plans typically are for a 3 or 5 year timeframe. A form is filled out to see which bankruptcy chapter you would qualify for.

Paperwork in bankruptcy cases is important, if a miscalculation is made this could be considered fraud and you could perhaps end up in jail. Even if the mistake that you made was not something you were observant of. Every state has its own set of laws this could be confusing an attorney in your state would be familiar with the laws that you are filing bankruptcy under to certify proper procedure is completed. If your circumstance includes delinquent debts you may be receiving threatening phone call and notices. Your time, money and peace of mind are likely to be saved by hiring a bankruptcy attorney.

Looking to find information on Bankruptcy Lawyer Tips, then visit www.civilrightslawyer.info to find the best information on Arizona Lawyers.


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Halt Those Annoying Calls With A Bankruptcy Lawyer

August 17th, 2010

You probably have bankruptcy questions and that puts you in a similar situation to millions of other Americans. It’s a scary and difficult time, but it’s also not a time to ignore the phone and your deepening financial difficulties. For many Americans in today’s economy, a telephone call is enough to trigger that uncomfortable feeling in the pit of your stomach. The call is from another creditor looking for payment and perhaps threatening foreclosure and repossession of your car or home.

Whether it’s a lost job, unpaid medical bills or simply the worst recession in nearly 70 years that has placed you in an unstable financial footing, it’s important to understand that you still have control of the situation. You can stop those harassing phone calls that seem to multiply every single day and take actions to solve your financial crisis. The first step is to contact your bankruptcy lawyer and get some answers to your bankruptcy questions.

That way you will pay a reduced or no interest rate on unsecured debt like credit cards and some loans. That will stop the collection calls and you will soon be sending in one monthly payment that is divided among all of your creditors, according to the debt relief negotiations. Perhaps debt relief can solve your situation. An expert lawyer will contact all of your debtors to negotiate settlements.

However, maybe the situation is so advanced that repossession or foreclosure is imminent on a vehicle or home or other piece of property you own. Or creditors and perhaps even the federal government are threatening to garnish your wages. This is not the time to give up. Instead, this is the time a bankruptcy attorney can help you dig out from even a mountain of debt and lead you to a fresh start, free from the crushing debt that has turned your life into a nightmare.

Your bankruptcy attorney will determine whether to file a Chapter 13 reorganization plan or a Chapter 7 liquidation bankruptcy. If a bankruptcy lawyer determines that individual bankruptcy is the best answer for your financial situation, the papers can be filed electronically. That triggers legal protection that blocks any of your creditors from continuing to call or take action to try to collect debts, like garnishment, foreclosure or repossession. Even better, this so-called automatic stay remains in force as long as your case is in bankruptcy court.

Your attorney will determine if your income level fits the strict requirements for Chapter 7. If not, Chapter 13 is the second bankruptcy option. Under Chapter 7, any of your unsecured debts are completely liquidated. You must continue paying on secured debts.

The Chapter 13 budget plan also pays any discretionary money to your unsecured creditors. In Chapter 13, you can save your property by paying off what you owe, including penalties and missed payments, over time. It takes about 5 years for this to happen. Any unpaid debt for unsecured creditors at the end of the plan is discharged.

Learn more about Mesa Bankruptcy Lawyers. Stop by Mike Newton’s site where you can find out all about Mesa Bankruptcy Lawyer and what it can do for you.


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Secrets To Getting The Best Bankruptcy Lawyer In Mesa

August 10th, 2010

When it comes to bankruptcy laws, things become more complicated for you, as the laws vary from state to state. Getting the best bankruptcy lawyer to handle your bankruptcy case is very important for you, if you want to defend your claim successfully in the court. The lawyer is an expert professional, who understands the intricacies involved in the various laws and regulations. Therefore, you must take care of many things while hiring a lawyer for you. You will find the following tips very useful in this regard:

License

It is very important for you to understand that the laws of bankruptcy vary from state to state. Therefore, you will have to make sure that the bankruptcy lawyer you are hiring has the license to handle bankruptcy cases in your state. You cannot hire an attorney from some other state to handle your case, if you live in some other state and the attorney does not have the required license – no matter how much experienced he or she is. What is more, it is not just the license; you will also have to make sure that the attorney understands the state specific laws.

License

Now that you have found that, the bankruptcy lawyer you are hiring have the license, the next step is to make sure that you are comfortable talking with him or her on the various aspects of your bankruptcy case. A good comfort level between you and your lawyer is an important component, when it is about successfully defending your case in the bankruptcy court.

Attorney Fee

Since you are filing for bankruptcy, you are certainly not in a situation where you can afford to pay a substantial amount as attorney fee. Therefore, you must keep in mind your specific budget, while you are hiring the bankruptcy lawyer. The attorney fee must be something that could fit your budget. If the fee is much more than what you are capable to pay, you may have to look for some other financial solution in order to pay off the attorney fee, which will be like asking for another trouble.

Ask Questions

You want to get the best lawyer for your case. One thing is very important while you are planning to hire a bankruptcy lawyer – you must ask as many questions as there are in your mind. After all, it is about the security of your financial life. You want to get the best lawyer for your case. You want the best settlement through the bankruptcy case. Therefore, it is of vital importance that you ask questions from the lawyer regarding his or her experience. Make sure that the lawyer is experienced enough to handle your type of bankruptcy cases.

Want to find out more about mesa bankruptcy lawyers, then visit Author Name’s site on how to choose the best mesa bankruptcy attorney for your needs.


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Things You Should Know Before You Hire A Bankruptcy Lawyer In Mesa Arizona.

August 6th, 2010

A person forced to file bankruptcy is emotionally spent and unable to deal with the necessities, filings, and handlings of a bankruptcy case. Filing bankruptcy is a scary and tedious process. It is draining and impossible to stay on top of it unless you are a bankruptcy lawyer. What are the guidelines to follow when hiring one? But, how do you find the right bankruptcy lawyer? Here are a few tips on how to choose the right bankruptcy attorney for you.

How do you start searching for a bankruptcy lawyer? Call your local bar association and enquire regarding who sits on the bankruptcy court panels in your area. The yellow pages do not cut it during these tragic situations, so why not contact your local attorney bar association. Lawyers on the bankruptcy court panels are experts in the field adding to the confidence level you should have in him or her when selecting someone in this manner. This will help narrow down your selection in an effective manner.

You need someone with a reputable history of success in handling it with ease. Questioning those you know in similar scenarios is a great way to find out about an attorney before hiring him or her. Unfortunately, more people have filed bankruptcy in 2010 than in past years and it shall only increase as we approach 2011. For dealing with bankruptcy is difficult and you do not want to make it worse on your family by choosing a lawyer who is not an expert in the field. Find out who has handled bankruptcy related issues amongst your relatives, friends and loved ones. Ask around your area.

What is the difference between filing for a Chapter 11, Chapter 7 or a Chapter 13? What does the lawyer need from you to get started? Ask your lawyer what are the benefits to filing for bankruptcy. How long will the process take? Who will go to court with you? What should you expect? All of these questions need to be answered before you proceed forth. Thus, find a lawyer who is able to supply information addressing these issues.

Ask about fees and find out what is included in the fees. Are there going to be any additional unexpected charges? Is there a written agreement? Have the lawyer outline worst-case scenarios; explain regarding hourly fees, and describe the charge breakdown. If an lawyer requests for you to sign a fee agreement upfront do not be turned off by it. For many lawyers do this in the beginning as a sign of their commitment to you as their client. It is considered to show a level of seriousness about representing you.

You are about to make a huge step in your life and you need to not only check references but research the potential lawyer for hire. Check and see if the lawyer has any lawsuits filed against him/her. Google the lawyer and discover if anything comes up. Call courthouses where the lawyer holds court and make inquiries about him/her.

Make sure you find a reputable Mesa Bankruptcy Lawyer today.

Looking to find the best deal on bankruptcy lawyers, then visit www.mesabankruptcylawyers.org to find the best advice on bankruptcy attorney for you.


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Small Business Bankruptcy Guide

July 18th, 2010

If things get too difficult for a business, there are two feasible solutions, very first, the company is in a position to manage unforeseen problems and overcomes them, allowing it to thrive and become even stronger; second, the company is not in a position to cope using the changes and ends up filing for business bankruptcy. For some businesses, the second option is true and sadly, numerous of them end up closing down or getting stuck in bad debts and court instances merely because they are not able to cope with the business concerns that come in today’s modern and fast-paced world.

When it comes to bankruptcy filing, just how knowledgeable is your company? While it is hoped that this is not some thing that your company will experience, it’s good to be armed with some form of knowledge of what to do in case it really does occur. Of course, starting from the outset, it’s to be emphasized that any company should employ the services of a bankruptcy attorney in the case that the organization should take legal action, as a bankruptcy attorney will help make the entire legal procedure simpler and much more tolerable.

When your company has reached the point of bankruptcy, what should a company owner do? It’s simple. First, figure out which kind of bankruptcy you fall under; there are various kinds that depend on factors for instance ownership and amount of debt owed. As soon as you have realized this, employ a reliable bankruptcy lawyer to discuss your next steps.

Upon discussing with your bankruptcy attorney, you may then choose to start filing for business bankruptcy. In doing so, you will need to supply him/her with the complete and detailed information on your company’s current finances as your attorney will require to fill in relevant and appropriate forms for that assessment for the court.

Business Bankruptcy filing ensures that your business will likely to be protected from all creditors, however, the court will notify all these creditors of your declaration and that you will meet with all of them soon at some point, as you will likely be surrendering particular assets to clear you of the payables.

You can select to submit a plan of reorganization or repayment if you’ve figured out a way to get out of debt smoothly. Your creditors will then be voting on the strategy that you and your bankruptcy attorney have formulated; and if they’re open to it, you will need to see it through and make sure that they’re indeed paid back of their payables.

Take note that your bankruptcy attorney plays a substantial component throughout the whole process, which suggests that you will need to really choose a dependable attorney for your bankruptcy needs. Do not settle for the lawyer offering the cheapest rates; get the one who truly is aware of your situation and has significant experience dealing with business bankruptcy cases.

Want to find out more about Small Business Bankruptcy, then visit David Johnson’s site on how to choose the best Bankruptcy Attorney for your needs.


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Bankruptcy Law – Chapter 11

May 15th, 2010

Chapter 11 is a plan under the Bankruptcy Code in most cases regarded as appropriate for businesses which include corporations, partnerships or sole proprietors because of the complexity and length of the procedures as well as the fees involved. Also, you will find distinctions in the procedure for the three groups of debtor. As with other bankruptcy types, individuals, or husband and wife, electing chapter 11 bankruptcy will have to undertake credit counseling. Corporations’ personal assets are not included in chapter 11 bankruptcy proceedings other than the stocks from the company, but partnerships could find personal assets involved and sole proprietors can assume both personal and business assets being susceptible to rulings. Cases specified as ’small business’ may proceed at more rapid pace and be susceptible to less official demands than other cases, but becoming a small business debts must be below roughly $2.2 million and also have no creditors’ committee involvement.

Filing under chapter 11 could be at the debtor’s discretion or it may be an involuntary petition filed by creditors. All debtors must produce to the court with full disclosure statements of of every debt and asset (though the extent of the disclosure statement differs dependant upon the type of debtor) and pay fees totally more than $1000 in addition to a repayment or liquidation plan.

Filing a voluntary chapter 11 petition means the debtor stays in charge of the business and is called the ‘debtor in possession’. The debtor in possession has got great responsibilities to handle and move the case along. any delays may very well have negative consequences. A US trustee maintains a close supervisory role over the case on the operation of the business requiring reports on all work related activities which include operating expenses and income. The US trustee is capable of having the case converted under the Bankruptcy code should the debtor in possession be found to negligent in proceeding with confirmation of a plan or else neglect to report properly on the activities of the business. Furthermore the United States Trustee is paid by the debtor in possession. Additional officials may be associated with complicated on-going chapter 11 petitions such as a case trustee or an examiner who works with the trustee. Creditors’ committees could possibly be formed of unsecured creditors to work with the debtor in possession and may also hire other experts with the courts discretion.

Chapter 11 requires that a repayment plan must outline what types of claims need to be sorted out and in what way they will be addressed. The plan with the disclosure statement have got to provide enough information for creditors to determine the viability of the plan. There is a possibility to vote by ballot for all creditors who cannot necessarily anticipate full repayment within the plan. Additionally, creditors are able to provide different plans.

Following filing, you have the normal period where an automatic stay comes in to act pertaining to the actions on most creditors. Nevertheless, creditors have the ability to petition the court for the right to foreclose on property under special circumstances most notably in the case of single asset real estate debtors. This type of action on by way of creditors as well as other possible motions related to stays can be forestalled by the confirmation of a plan or commencement of repayment of interest on the debt owed to the creditor.

Adherence to the requirements of a confirmed plan normally results in discharge of debts accrued before confirmation. But, under chapter 11, only individuals are granted discharge as a result of confirmation of a liquidation plan.

Audus Zinkman is an expert on San Antonio Bankruptcy. He has worked in the legal field for over ten years. His main focuses are on San Antonio Chapter 11, Chapter 7, Chapter 12, Chapter 13, foreclosure defense, and credit card defense. For more information please visit his site, San Antonio Attorney.


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