Posts Tagged ‘chapter 13’

Newer Entries »

I’m A Massachusetts Resident, Do I Need An Attorney To File For Bankruptcy?

May 31st, 2010

Truly How Do I Decide Whether To Hire A Bankruptcy Legal Professional Or File On My Own?

On almost any given day, we talk to a great deal of diverse Boston residents concerning their individual Bankruptcy questions. During these conversations, people regularly ask if whether or not it’s a good idea to file bankruptcy on their own. You may be thinking to yourself, well obviously a bankruptcy lawyer is going to tell me I need a lawyer to file for bankruptcy. Like many other areas of law, deciding to cope with your bankruptcy legal matter on your own, is simply not a good choice. Bankruptcy is very complicated. One small error can end up costing you much more than the fee you pay to your Boston bankruptcy lawyer. Even worse, making recurring mistakes on your filings may subject you to significant penalties and delays.

Hiring A Boston Bankruptcy Law firm May Actually Be Cheaper Than Handling Your Situation On Your Own

If you don’t don’t believe us, call us. You don’t have to search very long to find a bad bankruptcy story. We’re happy to lay out all your choices and explain to you which direction we believe is the best for you specific situation. We realize that each of our clients’ needs is different. One size fits all, do it yourself-style bankruptcy may end up costing you more than hiring an experienced bankruptcy attorney.

There Are Certain Things That A Bankruptcy Law firm Can Help You With That You Simply Can’t Handle On Your Own

When you are searching for a legal professional for your bankruptcy legal matter, make sure you are talking to lawyers that have experience handling bankruptcies in your state. There are aspects to filing for bankruptcy that a local bankruptcy attorney may be familiar with that one from another state may not. If you’re facing serious debt issues, usually the best thing to do is to talk with a bankruptcy law firm near you about all the different options that are available to you.

If you think you might need to talk to a Reading bankruptcy lawyer, give us a call. We help clients with Reading bankruptcy legal issues.


Comments Off »

Posted in Law

Tags:

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.


Comments Off »

Posted in Law

Tags:

Chapter Seven – Bankruptcy Law

May 6th, 2010

Included in the Bankruptcy Code, chapter 7 is a bankruptcy option accessible to both individuals and businesses on filing a petition and all required declarations associated with the debtor’s assets and income. You’ll find fees amounting to some hundreds of dollars associated with filing the petition. However, payment with installments can be negotiated, enabling the debtor to lengthen payment as long as 180 days. Chapter 7 is usually, though not completely, a voluntary option.

A precursor to filing a bankruptcy petition if you are an individual is credit counseling from a credit counseling agency that’s operating with the proper approval. This counseling must’ve taken place within just 180 days of filing the petition. In the scenario that there is a creation of a plan to deal with the debt, this plan must be produced when submitting the required documentation with the court.

Chapter 7 provides immediate relief for the debtor as a result of putting a stop for a time to any sort of actions on the part of the creditors to recuperate the debt. Also, filing a chapter 7 brings about assets as being classed as exempt and nonexempt. Those categorised as exempt, for instance mortgaged property, are not part of the liquidation process under chapter 7 being secured by other creditors.

As chapter 7 offers the liquidation of assets in accordance with a prescribed hierarchy in order to be sure the suitable return to unsecured creditors, filing a petition presupposes that the debtor will release possesion of estate assets not protected by exemptions, including property. While individuals can anticipate having a few or each of their debts discharged, a measure which lets them resume their lives, this is simply not available for businesses involving partnerships or corporations. As you would expect, existing commitments such as mortgages on property are not able to be discharged.

Under chapter 7, a bankruptcy trustee is to be assigned to address the disposal of nonexempt assets so as to see the claims of creditors. These nonexempt assets could possibly be money or property which is free of liens and capable of being sold.

The bankruptcy trustee sets up a meeting among all the creditors recognized by the debtor that the debtor can be pressent. At this meeting the debtor will likely to be subjected to questioning from both the creditors and the trustee. In the case of the creditors, the questions will more than likely pertain to financial concerns, such as debtor’s assets. The trustee, nevertheless, is going to be concerned to make clear legal matters relevant to creating a full disclosure to the court so as to facilitate the discharge of debts.

If proof can be offered to the court that the debtor has adequate income, the debtor may decide on reaffirmation of a specific debt, before discharge. In this instance, there is an arrangement made between the debtor and creditor to handle the debt that enables the debtor to retain possession on the property and restructure payments.

Also, in the case of individual debtors, assuming there is no failure to disclose information or mislead the court, the majority of debtors can expect to get a discharge of some or all of their debts. Chapter 7 is suitable for dealing with consumer debt.

Audus Zinkman is an expert on San Antonio Bankruptcy. He has worked in the legal field for over ten years. His main focus is on San Antonio Chapter 13, Chapter 7, Chapter 12, Chapter 11, foreclosure defense, and credit card defense.


Comments Off »

Posted in Law

Tags:

What Are The Various Forms Of Bankruptcy?

April 16th, 2010

Have you ever gone haywire in debt? Are your Creditors threatening to deal with your inability to pay up? If your answer is in the affirmative, you will need to get perfectly informed in regards to the topic of bankruptcy and its legal status these days. Ignorance on the law is never an excuse; hence you would like to know what to do when you’re drowning in the ocean of debt.

Indeed, the term “Bankruptcy” is a legal term utilized to describe the inability of an individual to spend his or her creditor. It also refers towards the inability of a firm or organization to pay up its creditors. In most cases, your creditor may well be a bank, a financial firm or even a wealthy person from who you borrowed some funds. Bankruptcy as a legal issue may very well be involuntary when your creditor initiates the legal action against you. On the other hand, it could possibly be voluntary when you are the initiator.

However, to be able to for you to be perfectly informed in regards to the problem of bankruptcy, you need for being at home with the different sorts in particular as it pertains for the US.

Really, from the US, bankruptcy is often a legal concern in the Constitution on the nation. The law governing bankruptcy is effectively spelt out inside the Article 1, Section 8, and Clause 4 in the United States Constitution. Here, the US Congress enacts uniform laws governing bankruptcy in all the States of America. This enacted law by the Congress is normally identified as Bankruptcy Code and it is appropriately located from the Title 11 in the great United States Code. You’ll need for being well informed concerning the several types of bankruptcy stated from the Code.

Within the Bankruptcy Code located at the Title 11 of the US Code, you’ll uncover 6 distinct kinds of bankruptcy. Let’s have a look at them

1. Straight Bankruptcy: that is contained in Chapter 7. It is the fundamental liquidation for people and firms. 2. Municipal bankruptcy: This really is contained in Chapter 9 and it is meant for municipal debts 3. Corporate Bankruptcy: that is contained in Chapter 11 and it is utilized by business debtors as well as other individuals having massive debts as well as other assets 4. Chapter 12 bankruptcy: this can be meant for farmers and fishermen 5. Wage Earner Bankruptcy: it is contained in Chapter 13 and it is meant for normal income earners who may have to repay their debts. 6. Chapter 15 bankruptcy: this is meant for international situations like foreign debts.

Well, the above are the basic sorts of bankruptcy inside the US. Oftentimes, they are simply referred to as “Chapter 7, 9 11, 12, 13 and 15 respectively. Hence, whenever you’re declared bankrupt, it is possible to get a relief from debt by filing a voluntary bankruptcy petition in line with any from the above varieties of bankruptcy that relates to your situation. You also should bear in mind that your creditor may be the one to sue you to court. In this circumstance, it becomes a voluntary bankruptcy.

In all, you don’t have to panic whenever you suddenly uncover yourself or your corporation bankrupt. You may need to get the services of an attorney to support you out especially in filing the suitable bankruptcy sort for your circumstance. Being bankrupt is by no means a crime. It is a situation that could be properly handled once you go about it the legal way.

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


Comments Off »

Posted in Law

Tags:

I’m Proceeding With Bankruptcy – How Soon Should I File

March 26th, 2010

OK, so you have successfully done all of your research, weighed the choices, maybe even conferred with a personal bankruptcy law firm and you are convinced declaring bankruptcy is without doubt the best way to clear up the credit problems you’ve been confronted with. Hence the issue then develops into: “when must I file?” There are a couple of considerations which are critical with regard to selecting whether to file asap, or hold out a little.

Scheduling the actual timing of the bankruptcy is actually one of various critical reasons to retain a first-rate personal bankruptcy attorney in preference to doing it by yourself. A bankruptcy lawyer will make the effort to see if earlier is best, or later.

Often, “right away” is the correct alternative. If you’re trying to keep your car from getting repossessed, or avoid being evicted from your residence, as soon as possible might not be quickly enough! However, there are several circumstances where holding out is the best thing to do.

By way of example, should you have just lately utilized a charge card for “luxury goods and services” totaling in excess of $550, and those products and services are inside 90 days of filing the bankruptcy petition, in that case the presumption is those unsecured debts have been fraudulently incurred. In the event you took a cash advance in excess of $825 inside of 70 days, a matching presumption is raised. Lenders would likely fight the discharge of the debts. Nevertheless, if you plan to file the bankruptcy petition just after 90 days since that big bank card sale or seventy days after that cash advance, in this case creditor challenges can be less likely.

Another excellent basis to hold out could be when you’re expecting more debt. If you are sure that you require inevitable medical procedures and you don’t have any medical insurance to cover it, it may be ideal to hold out until after you have the bills. This definitely does not suggest that you’ll be able to run up your bills without any intent to pay however. Spending sprees and trips won’t be dischargeable, however necessities like medical bills and groceries aren’t normally questioned.

A good motive to put it off is when you owe income taxes. Income taxes may be discharged in bankruptcy when they satisfy some conditions. They must have been due 3 or more years ago, the tax returns in question must have already been filed greater than 24 months back, and the taxes have to have been assessed in excess of 240 days ago. In the event you owe back taxes, however it has not been quite long enough since the occurrence of any of these 3 events, then you might like to wait it out.

Chicago bankruptcy attorney John Kunes works hard to be a bankruptcy Lawyer Chicago and Cook County, Ilinois can trust. Get answers to your questions about bankruptcy in Chicago by visiting his website ChicagolandBankruptcyHelp.com


Comments Off »

Posted in Law

Tags:

Boston bankruptcy attorney

March 26th, 2010

The Boston Bankruptcy Attorney Can Help you choose which to take when you file for bankruptcy. You can file for federal exemptions or state exemptions to help protect the equity in your home. This is a critical decision so you have to make sure you have all the facts.

It is your decision to make however. Your attorney can give you advice but your lawyer cannot make the decision for you. The exemptions also cover some pension and retirement plans. So understand you choices before you do your filing.

People file for bankruptcy for a lot of reasons. But the bottom line is that they have run out of money to pay their obligations. One common reason for this happening is that people needed to get medical care but they did not have the resources to cover the cost.

Or they had insurance but the cost of the medical care was higher than the medical insurance benefit. This is one of most common reasons people file for bankruptcy. This is a real shame to have a system that causes people to have seek the help of the court to keep them from losing all of their possessions simply because they needed health care.

The price for filing and taking this legal protection is not cheap. You will not be able to get a loan or credit in most cases for years after you file. This is the downside for filing for bankruptcy.

The issue of runaway health care costs have to be addressed. The health care system that is supposed to serve us is draining us dry. And many are going bankrupt because they cannot pay back the high cost of their medical care. Take a deep breath and realize that it will all be all right.

Filing for bankruptcy can be a stressful experience. Talking to a Stoneham bankruptcy attorney can be a great first step. A bankruptcy attorney MA will help you decide the best path to take.


Comments Off »

Posted in Attorney

Tags:

If I File For Bankruptcy, Will I Lose My Tax Refund?

March 16th, 2010

In cases where you might be expecting a tax refund, that capital could easily end up being assets of the bankruptcy estate. Having said that, there are methods of preserve your reimbursement if you are anticipating one.

First of all, the money that the government owes you for a tax refund may be claimed as exempt property. Illinois has opted out from the country wide bankruptcy exemptions and uses rather its own exemptions. The particular Illinois law grants a “wildcard” exemption of up to $4,000 total for any personal property except wages. In the event that you lack other personal property for which you would likely prefer to claim as exempt, or maybe if that property’s worth might be under $4,000, one’s refund may be exempted according to the “wildcard” exemption.

Secondly, you can actually apply your reimbursement toward next year’s taxes. When you file your return, one might choose to use tax overpayments for your tax liability for a year later. Should you make this particular decision, you cannot change your mind – it is an irrevocable election. Since you are unable to revoke the election to apply your repayment for the next year’s taxes, then you no longer possess any right to a refund. As you would no longer possess a right to a refund, you don’t have property interest to end up being part of the bankruptcy estate.

You can even keep the refund from becoming property connected with the bankruptcy estate by waiting to file until after you receive your refund. After you have received your tax refund, you likely will be able to spend this money on your attorney’s fees or consumable necessities. These are legitimate purchases to devote your tax refund money to.

It is significant to note that tax credits may be kept from the bankruptcy estate for quite a few good reasons as well. One argument could be that the right to a tax credit can not be identified before the end of the tax year. In the event the right to a credit has not determined, there is no interest in the credit that can become the property of the bankruptcy estate. Assuming you have not filed your tax return yet, an argument might be made that there’s no interest in the credit as well. Furthermore, the earned income tax credit may be entitled to exemption as a public assistance benefit.

John Kunes is on a mission to be the bankruptcy lawyer Chicago can depend on. Find answers to all of your questions about bankruptcy in Chicago at his bankruptcy blog, ChicagolandBankruptcyHelp.com. You can get a unique content version of this article from the Uber Article Directory.


Comments Off »

Posted in Law

Tags:

Stop Drowning in Debt

March 10th, 2010

Stop the calls and collection efforts made by creditors by using the bankruptcy process created by Congress. The Congress of the United States established the bankruptcy system specifically to all a person who is financially in debt to get a fresh financial start. Good people, with good intentions often suffer life circumstances that cause them to be in debt with payments much greater than they can reasonably pay.

As the economy worsens the number of bankruptcy filings is rising. The Los Angeles Times reported that in year 2009, there were around 1,446,000 Bankruptcy. In January 2010, there were 102,600 total bankruptcy filings and the number of people filing bankruptcy continues to grow. Experienced Bankruptcy Attorney Dan Scott says that there are 3 Myths aboutBankruptcy that should be dispelled.

Don’t Believe these 3 Myths about Bankruptcy.

Myth No. 1: Filing Bankruptcy Can be Pricey. For less than you will spend on your credit card payments and other monthly payments, you can probably pay a bankruptcy lawyer and court costs. What’s it worth to you to no longer owe your debt? I’d say significantly more that the cost you’ll incur. Creditors tell you, “Just pay the money to me.” Don’t be deceived when they say that.

Myth 2: You may lose your property in a bankruptcy: Obviously if you have a car or house that has a lien or mortgage, you’ve got to address that lien or mortgage in your bankruptcy case. Usually a deal can be structured inside your bankruptcy case where you can keep making the payments and keep the property. Bankruptcy Attorney Dan Scott, in his video series found at http://www.danwillhelp.com, reveals that in most circumstances you will be able to use your exemptions to keep property that is not encumbered by a lien. Exemptions are simply a procedure established by Congress to allow you to keep property in a bankruptcy case. Don’t think for a minute that you’ll be able to keep property on which a lien has been granted unless you can make the payments.

Myth 3: Not all your debt can be discharged. I hate it when this statement is made because it has “some” truth in it, but not much. Almost every unsecured loan, medical bill, credit card and pay day lender will be wiped out when you file a bankruptcy case. If you file a Chapter 13 case (For the difference between a Chapter 7 and a Chapter 13 check out the video at http://www.danwillhelp.com) you’ll pay payments over time that often clears all of your debt except your home mortgage. Certain specific debts will survive the bankruptcy, such as certain taxes, back child support, student loans, DUI fines or penalties, and claims arising from fraud. However in most circumstances all of your debt will be discharged.

These are tough times. Every where you turn folks are facing financial challenges. You may want to take a look at the video series published by experienced bankruptcy lawyer Dan Scott at http://www.danwillhelp.com. There’s simply no need to avoid bankruptcy just because of uncertainty.

If you are struggling with your finances it’s time to get straight talk from an experienced bankruptcy attorney. Check out the video series which is absolutely free. Take back the power away from your creditors today!


Comments Off »

Posted in Attorney

Tags:

Frequenty Asked Questions About Bankruptcy

February 17th, 2010

The decision to file for bankruptcy should not be taken lightly. I’ve addressed a few of the more common questions that come up when people are considering bankruptcy.

Will filing for bankruptcy stop creditor harassment?

There is nothing quite and stressful and downright miserable as fending off creditors. They are relentless calling, leaving messages, sending emails, etc. By filing bankruptcy, you will be granted an automatic stay order. What an automatic stay order does is that it makes is illegal for a creditor to call you any longer. This is a nice side benefit of filing.

What is a debt discharge mean when I file for bankruptcy?

When you are eligible for Chapter 7 bankruptcy and decide to move forward with your filing, a debt discharge will wipe away all previous debt. What a Chapter 7 debt discharge does is take away any outstanding debt liability. In other words, you don’t have to pay those debts off. Not everyone qualifies for Chapter 7 bankruptcy. Speaking with a bankruptcy attorney is the best way to find out what the right solution for you is.

Does filing for bankruptcy ruin my credit?

Often times people that decide to file for bankruptcy have problems with their credit before filing. Bankruptcy can offer a great way to take back control over their personal finances. In fact, many times credit scores will improve over time once bankruptcy is declared.

Filing for bankruptcy will impact your credit report. The bankruptcy filing can stay on your credit report for up to 10 years, although sometimes less than this. While it’s listed on your report, it can have a negative impact. Your situation will be unique though. Things such as your credit history, the type of bankruptcy you file for, your overall financial situation, and debts will play a role.

You may be considering bankruptcy to resolve a hopeless financial situation, or to delay debt-collection for a period of time to allow for financial reorganization. Speaking with a bankruptcy attorney MA can help you get a fresh start. If you are considering filing bankruptcy in Massachusetts we can help.


Comments Off »

Posted in Attorney

Tags:

Filing For Personal Bankruptcy: What It All Means

January 30th, 2010

So your credit cards are maxed out, you owe several creditors money, bills are piling up and you aren’t sure what to do. Bankruptcy is an option you are considering, but you don’t know much about filing for personal bankruptcy. It’s important you understand the two types of personal bankruptcy that exist.

For individuals, there are two types of bankruptcy that exist. One is Chapter 7 and the other Chapter 13. In Chapter 7 bankruptcy, your nonexempt property will be sold to pay off your debts. Chapter 13 bankruptcy is a way of working out a repayment plan to pay off your debt. Depending on your situation, one type of bankruptcy filing may be more appropriate than the other.

Chapter 7 bankruptcy is the most common type of personal bankruptcy filed. Almost 68% of all personal bankruptcy filings are Chapter 7. The Chapter 7 process can be wrapped up in under 6 months in most cases after the initial filing. This makes it a good way to put things behind you and start fresh.

If you are in a situation where you can sell some of your property, that which is nonexempt, and pay off your creditors, than Chapter 7 could be an option. You will want to be sure that after you sell your property, you still have enough to start anew. You should consult with an attorney to see if this is the best option for you.

Chapter 13 will enable you to restructure your debt and work out a repayment plan to pay off the people you owe money to. This is an option for people who may make too much money to qualify for Chapter 7 bankruptcy. The repayment plan could reduce your interest and debts owed and usually requires repayment in a three to five year period.

You should consider Chapter 13 bankruptcy if you are making money but need more time to pay off your debts. Speaking with a Chapter 13 bankruptcy attorney is the best way to determine if you situation is a good fit with this type of filing.

Now that you have a better understanding of the different types of personal bankruptcy filings out there, the next step is to continue your research. Gather questions and concerns you may have and take the time to speak with a MA bankruptcy attorney about your situation.

When you are considering bankruptcy, educating yourself about the process is important.People often feel helpless when they find themselves in financial situations like these. Get a free bankruptcy review from MA bankruptcy attorneys Matt Desrochers and Associates. Debt issues are not something to take lightly, but it is not as scary as you might think.


Comments Off »

Posted in Attorney

Tags: