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Top Advice On How To File Personal Bankruptcy For Someone

November 9th, 2010

Filing for personal bankruptcy is a large step that should be given serious thought prior to initiating the process. It is a good idea to have a lawyer involved to help fill out and file all the paperwork, but also to help make the final decision on filing or not. These are the steps for an individual on how to file personal bankruptcy.

Bankruptcy is a legal procedure that someone will take to help them when they are mired in debt that they are unable to pay. By filing bankruptcy a person has the opportunity to remove the debt that they had accumulated but there will be a major impact on their credit report from it.

Standard personal bankruptcy is made up of two common types, Chapter 13 and Chapter 7. The two filings are similar to each other but the differences on how each deals with debt repayment and assets make it important for someone to hire a lawyer to assist them in understanding the differences and how they will work in their particular situation.

Over the past few years the economic turmoil that is going on around the world has led to more bankruptcy filings. In 2007 413,294 people filed Chapter 7 and 276,449 filed Chapter 13 bankruptcies. In 2009 those numbers were significantly higher with 819,262 filing for Chapter 7 and 370,875 filing for Chapter 13 bankruptcies. Hiring a lawyer to sift through the amount of paperwork required to file bankruptcy will pay large dividends, especially with the number of filings up and any inaccuracies can lead to large delays.

The most common type of bankruptcy filing in the United States is Chapter 7. This type of filing occurs when someone has a tremendous amount of debt but not many assets. When Chapter 7 is filed then an individual would use any assets they have to pay creditors. Although many debts will be written off, student loans, income taxes from the past three years, and child or spousal support cannot be taken away.

If a person is behind in mortgage or car payments, among other things, then the person would, likely, file Chapter 13 bankruptcy. To file this type someone would still need regular income because the creditors would be assigned a part of the person’s future income. So, whereas Chapter 7 provides a person full debt relief Chapter 13 almost renegotiates the terms of repayment.

With the major differences between the two most common types of bankruptcy filings it is important for someone to have a lawyer help them through the decision making and filing process. For many people it will come down to weighing the advantages and disadvantages of each as far as debt and assets are concerned.

The filing process for either Chapter 7 or Chapter 13 is a long, detail oriented process. If paperwork is not filled out correctly or not turned in the process will be delayed or, possibly, denied. Having a bankruptcy lawyer that is aware of the filing requirements will pay great dividends.

With the economic turmoil taking place in the world today many people are facing possible bankruptcy filing. There are two most common types of filings and it is important to make the right decision on which one to file. Having a bankruptcy lawyer available to help with the process will help anyone better understand how to file personal bankruptcy.

Not sure how to file personal bankruptcy ? Get inside info now in our complete guide to the best bankruptcy lawyer .


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Some Debts Cannot Be Discharged In Bankruptcy

October 29th, 2010

Bankruptcy will eliminate most of your unsecured debt. However, there are a few kinds of debt that one cannot have “discharged” (eliminated) in a bankruptcy. It is important to understand this as you make these important decisions. The bankruptcy rules explicitly list certain debts that you may have which are exempt from discharge in bankruptcy via Section 523(a) of the Bankruptcy Code.

If you have filed a Chapter 7 bankruptcy, the following debts still must be paid:

Alimony or child support

Certain tax debt

Student loans

Luxury items purchased within 90 days of filing bankruptcy and worth more than $500

Government fines

Cash advances of more than $750 made within 70 days of filing for bankruptcy

Debts that are determined to be fraudulent

Damages that result from the malicious or willful injury of another

Homeowner and condo association fees

Personal injury or death from the operation of a vessel, vehicle, or aircraft

In some cases, debts that are not listed on your schedules

A debt that results from maliciousness or fraud is not exempt from a bankruptcy discharge automatically. The creditor must take action and request the court to specifically prevent the discharge of this type of debt. If the creditor does not do this, the debt will then be discharged.

In a Chapter 13 bankruptcy, you cannot remove the following debts:

Student loans

Government fines

Child support or alimony

Judgments for drunken driving

Certain tax debts

Debts that result from restitution or fine from a criminal case

It may be possible to eliminate a debt that results from some type of intentional wrongdoing or fraud in a Chapter 13 bankruptcy. A creditor must file and prevail in an action requesting the court to have these debts ruled as non dischargeable. If it does not, then the debtor will receive a discharge of the debt.

Navigating the nuances of the bankruptcy process can be confusing for individuals. For the best course of action for your situation, discuss your needs with a local bankruptcy expert.

Stephen Trezza has effectively handled thousands of cases, including many Arizona bankruptcy cases. For additional details regarding Pima county bankruptcy court, go to the FileBankruptcyinArizona site today.


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A Look At The Requirements For Fun And Rewarding Careers Which Involve The Law

October 28th, 2010

Many people think that the only way to have a career which involves the law is to practice it in court. It may surprise them to find out that there are many other legal careers to choose from. Here is a look at a few of them as well as the educational requirements that someone may need to meet in order to be employed in these careers.

When someone thinks of the law, a job as a prosecuting or defense attorney may instantly spring to mind. This career can be a rewarding and lucrative one but it does require spending an extended period of time in school. Once a legal degree has been earned, it is then necessary to pass a bar exam in order to become a practicing attorney. There are many different areas that attorneys can specialize in. They include criminal, contract, environmental and real estate specializations.

For individuals who like the idea of working in the legal field but who do not want to spend an extended period of time in school, there is the paralegal career. A paralegal will work as an assistant to an attorney and help with tasks such as preparing documents, filing papers and performing research. Depending on their legal specialization their tasks may include more than that but it will depend on the attorney that a paralegal is working with to determine what those duties will be. They are still required to obtain special training although this is usually at a community college rather than a university.

Thinking that a courtroom is the exclusive domain of attorneys is a mistake that many people make. One important part of the legal process is the accurate recording of trials and other court proceedings. A court reporter or legal stenographer is the person who makes these transcriptions so that legal records are complete and accurate. Attending a college that offers training in this area are necessary in order to work in this career.

For someone who needs a more active job, working as a police officer may be just what they have been looking for. Legal enforcement can be fun, exciting and rewarding. If, however, working as a police officer does not interest someone they may be more inclined to pursue a career as a crime scene investigator. This can mean many years of taking science courses at a post secondary level but it is definitely worth looking into for many people.

To tell which legal career would suit someone best it is important to do as much research as possible before making the final decision. Research should give information on what job prospects are like as well as which schools offer courses that will allow a person to work in the field of their choice.

Nobody wants to file bankruptcy. Sometimes it’s the best decision. Many times it’s the ONLY decision. It is imperative that you contact a knowledgeable and experienced Phoenix bankruptcy attorney who specializes in Phoenix Bankruptcy Attorney. We Will Earn Your Trust!


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Chicago Bankruptcy Attorneys: Securing Your New Beginning

October 27th, 2010

Now more than ever, people in Chicago and the rest of the United States are under constant threat of financial troubles. People are indeed facing seriously difficult times, where uncontrollable factors such as losing a job, rising medical bills, overspending and high interest rates can be overly distressing to someone’s finances. Thankfully, you can legally protect your property, your family and your name.

You have the legal right to claim a fresh start to your finances. Bankruptcy laws in Chicago (and in other States) are intended to spare you from undue harassment and save you from complete financial trouble.

The effects of being unable to settle debts will be felt just as fast as debts can accumulate. It’s particularly interesting how one missed payment can right away turn to three, five or more missed payments. In such cases, credit companies will not hesitate to impose finance charges and other applicable fees. Once unpaid bills pile up, it’s time you consider this a serious situation. One that requires your immediate attention.

It can get to worse when you have no realistic means of settling all of your already due debts. Thankfully, the law sees fit that you deserve a second chance at a brighter financial future. Bankruptcy Laws seek to solve your financial problems by minimizing the disadvantages of having debts and providing debt relief. The law is already on your side, the next step should be finding someone who can secure your advantage.

When dealing with bankruptcy, a legal consultation may be necessary. Your case needs direction and solution. These are among the things that a bankruptcy attorney can competently provide. A legal process in the time of your financial crisis may seem intimidating and stressful. But over the years, attorneys have become focused on both competence and being client advocates. You are assured that your initial consultations always be encouraging and comfortable. No need to worry on upfront fees because most lawyers offer FREE Consultations.

Filing for bankruptcy in Chicago is for the purpose of cutting down your debts while protecting your properties from creditors.

It is also important to know that there are two chapters to bankruptcy:

Chapter 7. This is considered the legal way by which you declare that you are incapable of paying off debts. If your assets and liabilities meet the prescribed requirements, you may be discharged of all financial obligations. Creditors can never collect what you owe them.

Chapter 13. You may be required to file your case under Chapter 13 if the Court believes you have the capacity to pay your debts through structured payment plans.

Get an expert to direct you towards debt reduction, or perhaps even debt elimination. It’s the first step to a new beginning, take it now.

Learn if filing for Bankruptcy in Chicago is the solution for all your financial troubles. It’s time to consult with lawyers specializing on Bankruptcy in Chicago .

categories: bankruptcy attorney, bankruptcy, chapter 7, chapter 13, debt, finance


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How To Rebuild Your Credit After Bankruptcy

October 8th, 2010

The bankruptcy process is daunting, and most filers focus completely on getting the bankruptcy process completed. But life goes on after filing for bankruptcy, and it is important to start immediately working on rebuilding your credit score.

For debtors who have filed a Chapter 7 bankruptcy, it is important to note that this will remain on your credit report for 10 years. The amount of debt and type of debt will not be listed on the credit report; rather it will state that the debt’s have been “discharged in a Chapter 7 bankruptcy.”

Chapter 13 bankruptcies take longer to remove from one’s credit report. The actual bankruptcy itself stays on for only seven years. However, this seven-year period does not officially begin until the debtor completes a Chapter 13 payment plan. Following through on this plan usually takes about five years. So if you have filed a Chapter 13 bankruptcy, it takes about 12 years to have it removed from your credit report.

It might seem like a long time before a bankruptcy will be cleared from your credit record, but it is important to immediately begin trying to rebuild your credit score. One of the first things you can do is apply for a secured credit card. Secured credit cards have a yearly fee and also require that the card holder make a deposit equal to the amount of the credit card’s limit.

A secured credit card can be a hassle for clients who have just gotten over dealing with keeping up with credit card payments and other debts that are often overwhelming. However, a secured credit card will show on a credit report just like any other credit card. It is worth the effort for a bankruptcy filer to go through the added steps a secured credit card requires so that he can begin to have positive feedback show on his credit report. Every month of on-time payments will help his credit. In about 6 months, he should start to see his credit score improve as a result. About a year after filing bankruptcy, a filer can typically apply for a non-secured credit card as a result of his credit score increasing. This will further aid in increasing his credit score. If the filer qualifies for a new, secured debt, such as a vehicle or furniture purchase, this will further strengthen his credit report.

Typically, within two to three years, a bankruptcy filer who takes steps to rebuild his credit will have a score around 650 to 680. As negative credit history, (like late payments and charged off accounts) begin to drop off his credit, the score will increase even more.

It is good to keep in mind that credit reporting agencies focus on the most recent credit history, within the last three to five years. When you establish positive credit history and continue to maintain it, your score will continue to get stronger. Make sure you check your credit report each year to see that there are no errors. If errors are found, be sure to contact the credit reporting agency and rectify the situation.

If a bankruptcy filer also has a foreclosure on his credit, it will make it more difficult to get another mortgage. A foreclosure will stay on one’s credit for seven years. However, the older it is, the less likely it will affect one’s ability to obtain a mortgage. A good mortgage broker can typically shop many banks to find a lender that is willing to offer a mortgage to one with a prior foreclosure on his credit. Often, a bankruptcy filer who also has a foreclosure on his credit will qualify for a mortgage within three or four years of the date of the foreclosure, as long as it has been approximately two years or more after filing bankruptcy.

Stephen Trezza has effectively handled thousands of cases, including many Arizona bankruptcy cases. For further information about Tucson bankruptcy court, check out the FileBankruptcyinArizona site now.

categories: tucson bankruptcy,bankruptcy,bankrupt,chapter 7,tucson,debt consolidation,attorney,lawyer,law,legal


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A Number Of Reasons For Using Chapter 13 Bankruptcy Instead Of Chapter 7

October 1st, 2010

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is different than Chapter 7 in a few ways. Instead of debts being discharged in its entirety, a person may pay all or a part of their debts under the supervision and protection of the individual bankruptcy court. Filing for Chapter 13, in the event the court approves the debtor’s method for the repayment of your debt, most lenders are prohibited from obtaining their claims from you during the course of the case. The debtor must yield steady payments to a person known as the Chapter 13 trustee, who gathers the funds paid by the debtor and disburses it to creditors in the manner layed out in the bankruptcy plan. After the conclusion of the repayments required in the plan, the debtor is absolved from liability for the rest of their dischargeable debts.

What follows are a few explanations to utilize Chapter 13 bankruptcy instead of Chapter 7.

You have a co-debtor with a personal debt. If you file for Chapter 7 bankruptcy, the co-debtor will still be responsible – and your collector will undoubtedly pursue the co-debtor for payment. If you declare Chapter 13 bankruptcy, the lender will leave the co-debtor on their own, as long as you carry on with your Chapter 13 bankruptcy plan repayments.

You are over due on your home loan or auto loan, and intend to make up the missed payments over time and reinstate the original agreement. You can not do this in Chapter 7 personal bankruptcy. You will be able to make up missed payments only with Chapter 13 personal bankruptcy.

When an individual has gotten a Chapter 7 personal bankruptcy release inside of the past 8 years, or a Chapter 13 discharge during the previous six years, an individual can not file for Chapter 7 bankruptcy.

You have a tax responsibility, student loan, or some other obligations which can’t be released in Chapter 7. One may include these debts in your Chapter 13 program and eliminate them over a period of time.

You have nonexempt property that you would like to continue to keep. When you file for Chapter 7 bankruptcy, you are able to keep exclusively exempt assets – property that is protected from collectors under state or federal legislation. You will have to give up your nonexempt property to the bankruptcy trustee, who would be able to sell it and deliver the proceeds to your lenders.

In Chapter 13, you do not have to surrender any assets. Alternatively, you repay your financial obligations out of your income. So, if you have nonexempt property that you couldn’t stand to separate with, Chapter 13 might be the more applicable choice.

You have a honest aspiration to repay your debt, but you require the coverage of the personal bankruptcy court to do so. This may be the situation if creditors are coming after you, or if you simply just want the formal structure and deadlines the Chapter 13 operation provides to be able to continue on your good intentions.

If you have debt problems in Michigan, talking with a local Michigan chapter 7 attorney makes a lot of sense. You will have a lot of questions that need answers. An experienced Michigan chapter 7 attorney can help you get those questions answered.


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Tampa Bankruptcy Lawyer: What Is Chapter 13 Bankruptcy?

September 26th, 2010

You’ve finally made up your mind that bankruptcy is the right choice for you, and your Tampa bankruptcy attorney has suggested Chapter 7 bankruptcy is the right choice to make for someone with your circumstances. But you may be a little unclear as to what that Chapter 7 bankruptcy actually means. Let’s discuss a few of the highlights of what it means to file Chapter 7 bankruptcy:

If you ask anyone who’s gone through a bankruptcy, I’m sure none of them would say it’s a fun way to spend your time. In addition, they’d likely agree that once you dive into the bankruptcy proceedings, it takes a lot of patience as you wait for the process to come to a final close.

Chapter 13 bankruptcy means you’ll get to keep your home and assets. While you and your bankruptcy lawyer work out a repayment plan for your debts, you’ll get to keep all your assets. However, you will need to continue to make the payments on these assets throughout the bankruptcy proceedings.

Chapter 13 bankruptcy means you pay off your debt on a type of payment plan that you and your bankruptcy lawyer develop together. If your bankruptcy lawyer has suggested you file for Chapter 13 bankruptcy, this means there’s hope for you to actually pay off all your debt obligations, and to save your credit. You and your bankruptcy lawyer will develop a repayment plan to share and discuss with each and every one of your creditors.

Once you file for bankruptcy………
After filing for a Tampa bankruptcy, your time will no longer have to be focused on dealing with creditors, so that’s one upside. Once you file, creditors have to stop calling and harassing you for payment, and will stop threatening to repossess your property.

Chapter 13 bankruptcy repayment plans can last anywhere from 36 months to 60 months, though most of the time, repayments are to be made and completed in full within the 36 month time frame. Your Tampa bankruptcy lawyer and you can work together with creditors to develop the best plan for you. But in most cases, your creditors will want the payments as soon as possible, and usually within 36 months.

With Chapter 13, after filing you complete a lot of documentation that includes your creditor and debt information, in addition to a reorganization plan as to how you intend to pay off the debt. Within a few months, you’ll meet with a Chapter 13 Trustee to review your plan, and then within a few months of that, you’ll have a meeting with your creditors to review and discuss your plan. It’s not uncommon for creditors to opt not to attend these meetings. Shortly after this meeting with the creditors, your repayment plan will take effect and begin. This is typically a 36 month plan that sometimes extends to as long as 60 months, depending on the arrangements made with creditors.

All in all, no matter what you choose in the way of a Tampa bankruptcy, it will require lots of patience and time on your part. But in the end, you’ll achieve the goal intended… which is to have more peace of mind as far as your debt, and how much you owe your creditors.

Learn more about bankruptcy. Stop by Mike Lewis’s site where you can find out all about attorney and what it can do for you.


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Filing Chapter 7 Bankruptcy Will Give Relief From Creditors

September 20th, 2010

When you have overdue debts creditors can become quite a nightmare. If you get to a point where your bills are too overwhelming and there is no reprieve in sight then it may be time to consider chapter 7 bankruptcy.

Filing chapter 7 bankruptcy will settle your unpaid debts. Creditors are going to leave you alone during the process and before long you will be discharged of the old debt can start working towards a debt free future.

By filing chapter 7 bankruptcy, you are asking the court for help in settling all your debts. Once you qualify, the court will then appoint a trustee to handle your case.

You will place all your assets and properties in the control of this trustee whose job is to liquidate it or transform it into cash. The trustee will apply the money to your debts.

Your trustee will not leave you in the dark or on the street. A portion of the cash garnered from the sale of your things goes to paying your expenses. After you are all set creditors get their payments.

If you happen to be in a trade where you personally own a lot of tools and items necessary for you to make a living then there is a good chance that those items would be spared during liquidation. Since you will probably be working during the bankruptcy proceedings that income will also be untouchable and yours to keep.

Because there are a lot of details involved in this process you will want an attorney experienced in chapter 7 bankruptcy in your corner.

Your attorney is important to your quest in getting a discharge as he will guide you every step of the way in this complex legal process.

He will start by asking you to take the “means test”. This test determines whether or not your income is equal to or lesser than the average state income. The means test is a requirement before you are allowed to file your petition for bankruptcy.

Once the court grants your petition, the “automatic stay” comes into play. That means your creditors are then lawfully prevented from pursuing anymore collection activities targeting you. They will instead be pointed to the direction of your trustee.

Filing chapter 7 bankruptcy is your simplest and fastest way out of bankruptcy. You can get a discharge usually after 4-6 months.

Learn more about chapter 7 bankruptcy. Stop by David Chang’s site where you can find out all about bankruptcy attorneys and what they can do for you.


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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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Finding A Low Cost And Honest Los Angeles Bankruptcy Attorney

September 2nd, 2010

In times of financial hardship, bankruptcy lawyers are unfortunately required more often. Many times, a lawyer you can trust and is low cost is nearly impossible to find. Never fear. Here are some simple steps you can take when finding a Los Angeles Bankruptcy Attorney you can trust and afford.

When searching out a lawyer, a recommendation from someone you trust is the ideal way to start. Your family members, friends, and maybe even co-workers should be able to help in this process. The lawyer for you may be stuck somewhere in your web of connections. And even if that lawyer cannot help you, they should be able to recommend another lawyer. Do not be afraid to ask those who may be a little further away from your closest relationships. A local social worker, banker, or even your minister might know someone who can help you.

Lawyers will advertise in phone books, newspapers, and online. These are good resources when finding a lawyer. Since there are laws which govern advertising, this information may be valuable. But be careful, advertisements are designed to for one reason, to bring business.

A recommendation might be hard to get. Another option could be a lawyer referral service. Make sure the service you use has been certified. These services should give you information about bankruptcy attorneys. Certified services follow certain rules created for your protection. These certified services can also assist you with reasonably priced or free advice. In addition, a certified service may be able to locate attorneys who speak other languages than English.

There is a program offered by the State Bar for lawyers who would like to be certified as specialists. Becoming a specialist requires the lawyer to show they have much experience in a specific area like bankruptcy. But, many lawyers have experience and expertise but may not have chosen to be certified.

State bars are unable to refer specific attorneys or give legal advice. As mentioned, one of the many certified lawyer referral services is the next place to look if a consultation or hiring of an attorney is necessary. These services can tell you if your legal troubles could be resolved outside of a court, and may not require a lawyer.

Records concerning your attorney are available to the public. Check the official bar membership available from the California State Bar. This record will show when the attorney was admitted to the California Bar, which university they attended for their undergraduate degree, and which law school they attended. Most importantly, this report will tell you if the attorney is allowed to currently practice and whether there has been any history of discipline.

Based on your financial circumstances, and the area where you require legal help, you may be able to access free legal aid. Look online at the California State Bar website for standard legal resources as well as a comprehensive database of attorneys. A few law schools also give legal clinics where you could get some free legal advice.

Hopefully, by following these steps you will be successful in your search for a Los Angeles Bankruptcy Attorney. Keep your attorney well informed. Make sure you have all the details, especially concerning fees, in writing. There is no need for your lawyer to become a best friend, but keep close, and they will be a guide through this process.

Los Angeles Bankruptcy Attorneys are reliable and affordable . Check out our super guide to Los Angeles Bankruptcy Lawyers for this inside info on top class legal eagles.


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