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Frequently Asked Bankruptcy Questions

July 1st, 2010

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, often referred to as a straight bankruptcy, is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then changes it to money for payment to the creditors. The debtor will get a discharge of all dischargeable financial obligations generally within four months. In the majority of instances the consumer has no assets that he / she would lose so Chapter 7 will offer that individual a reasonably fast “fresh start”.

One of the primary functions of Bankruptcy Law is to give an individual, who is hopelessly mired with debt, a clean start by wiping out his / her debt.

Individuals who file for chapter 7 bankruptcy will need to agree to go to credit counseling. After declaring chapter 7 bankruptcy, it may be tough to obtain credit for a few years, and it is not possible to file for personal bankruptcy again for a set amount of time.

It has become more challenging to file for chapter 7 bankruptcy in the United states, thanks to laws which significantly tightened the bankruptcy policies in the early 2000s. It is a good idea to talk to an attorney and an accountant ahead of investing in a bankruptcy filing, because even though the professional charges for the assessment may be high, there may be an alternative which has not been thought about. A professional consultation can also smooth the way to move ahead with bankruptcy filings, if a debtor decides to carry on with bankruptcy proceedings.

What Is Chapter 13 Personal Bankruptcy?

Chapter 13 Bankruptcy is also identified as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by people who want to settle their financial obligations over a period of three to five years. This kind of bankruptcy is attractive to individuals who have non-exempt assets that they want to keep. Additionally it is only a choice for individuals who have predictable income and whose income is sufficient to pay their reasonable expenditures with some sum remaining to pay down their debt.

Hiring an experienced Boston bankruptcy lawyer is an important decision that should not be taken lightly. Make sure to setup a consultation with the Maryland bankruptcy legal professional so that you can better understand your available options.


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Bankruptcy Lawyers In Massachusetts – How They Can Assist You To Get On Your Feet Again.

April 30th, 2010

If you are being overwhelmed by debt, if your credit card payments are becoming too much to handle and your medical bills are on their way to drive you out of your mind, you might have no other choice but to submit an application to the courts to be declared bankrupt. For those of you who live in Michigan: there are many excellent Bankruptcy Lawyers in Massachusetts that are eager to assist you.

What is bankruptcy? It is a way to get legal protection against your creditors if you are unable to meet your debts for valid reasons. Reasons that can be put forward during the application include large medical expenses, losing your job and the loss of an income earning partner.

It is highly advisable to call in the services of a legal expert during the application process. Unless you want to walk out without a dime in your pocket.

When an application for bankruptcy is submitted to the court by your lawyer, the court will let all your creditors know about this. A meeting (‘first meeting of creditors’) will then be set up. This normally takes place 30 or 40 days after the application has been filed.

At this meeting you have to provide information about all your assets and liabilities as well as income and expenses to the presiding officer. From there on your lawyer will deal with your creditors. If a creditor should therefore turn up at your front door, you can safely refer him to the lawyer.

Should your application be approved, you will no longer have to pay the majority of your creditors. The bad news is that everything you own will become part of the insolvent estate. You will only be allowed a couple of things, normally that needed to carry on working.

Bankruptcy Lawyers in Massachusetts are law experts. They know bankruptcy law like few people know the Bible. They are also totally familiar with the whole application process. It’s therefore in your own interest to use one of them to represent you during the application and afterward.

Filing for bankruptcy is an important and difficult decision. Speaking with a Arlington Heights Bankruptcy Lawyer can help you to make a sound decision for you and your family. Speaking with a qualified Massachusetts Bankruptcy Lawyer will help you understand your options.


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Chapter 13 Bankruptcy In Chicago – An Overview

March 31st, 2010

One particular question that the majority of consumers deliberating on filing for consumer bankruptcy in Cook County, Illinois frequently will wish to ask a Chicago bankruptcy lawyer is: “What’s the distinction between Chapter Thirteen and Chapter 7?” While Chapter Seven is basically a “liquidation” – the use of your present interest in property to pay back your lenders – Chapter Thirteen bankruptcy is designed to provide you an opportunity to reorganize your fiscal state of affairs in a way which will let you pay some or all of your debts while using the money you make in the future. Although a lot of assets can be shielded from being sold pay off creditors in Chapter Seven , if ever the value of your interest in any asset exceeds the federal or state exemption amount, that property may be sold with the proceeds applied toward your debts.

Possessions are not liquidated in a Chapter 13 bankruptcy. Rather, you’ll be able to keep and still make use of all your assets regardless of if it is protected with an exemption. Your obligations are paid for via a bankruptcy plan that has been accepted by the court. When you complete the plan, you obtain a discharge like the discharge in a Chapter 7.

There are exceptions to your Chapter 13 discharge. For example, longer term financial obligations with last installments due subsequently after the plan is concluded which are “cured” in the plan are not discharged. Specified tax debts aren’t discharged. Neither are any debts incurred by means of fraud, those not listed in the bankruptcy, most student loans, or drunk driving debts along with criminal penalties or civil penalties.

Even if a discharge couldn’t end up being granted in your specific circumstances, there are instances when it could be in your best interest in any event. Whether or not a discharge is not available under Chapter 13, if you’re behind on your house loan and at risk of losing your house to the mortgage lender, Chapter 13 Bankruptcy can help you to avoid a foreclosure and get caught up on your mortgage payments over the course of plan.

A great number of people today assume that if perhaps they need to file for bankruptcy that they’ll lose almost everything they’ve got. This, though, is not so. While both Chapter 7 and Chapter 13 have their particular benefits,Chapter 13 bankruptcy is usually the preferred chapter for those wishing to save their homes from foreclosure.

Chicago bankruptcy attorney, and publisher of Chicagoland Bankruptcy Help, John Kunes works hard to be the bankruptcy attorney Chicago can depend on.


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