Personal Bankruptcy

Personal Bankruptcy

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The roadmap from bankruptcy to home ownership.



Personal Bankruptcy AdviceBy Kevin Stith

The America of today means easy credit—and tough repayments. When you can’t pay your debts, filing for bankruptcy is one option.
If you want to avoid filing for bankruptcy, find out if you can sell some of your valuables to recover some money. Borrow from pension funds to pay off some loans. If you have a student loan, you could ask for “hardship forbearance.” If you are fired from your job, ask for “deferment for unemployed.” You could also join a Consumer Debt Consolidation programs, or perhaps even get a Debt Consolidation loan, but be sure to closely examine the rate of interests and the many clauses.
Before you file for bankruptcy, seek advice. Appoint an attorney while you can still afford a good one. Bankruptcy laws can be tricky, so they are best handled by someone who knows about them. Once you get a lawyer, your creditors could talk to him, rather than harass you. Attorneys can also help obtain favorable debt repayment options.
Assess your situation, and then apply under the Chapter 7 bankruptcy or the Chapter 13 bankruptcy. If you have mortgage, it better to file under the Chapter 13 bankruptcy.
Before you file, take a few precautions, like taking money out of exempt assets. Stop making payments on credit cards or other dischargeable payments. To make your position stable, you could even get another job. Do not take a large cash advance of $1000 or more or buy expensive things or even take a vacation.
A collection agency suing you could win a judgment and then take legal steps to make you pay, like seizing your bank accounts. If you are a property owner, the collector could record a lien against your property, which can be used as payment even if you sell or refinance it. Remember that court judgments go on for years, and they can be renewed. If you have been sued, talk to an attorney and file for bankruptcy immediately to help you save your assets.
When you file for bankruptcy, state your assets, debts, and even your source of income. The court will appoint a trustee who will look into your non-exempt assets. These will usually be seized to pay off debts. In approximately thirty days, the mandatory 341 meeting with the trustee will be held; creditors could challenge the petition in this meeting.
After filing, it is possible that the companies may cancel your credits cards, although some banks do provide secured credit cards. With a secured credit card, the debtor puts some money into a bank account and the credit limit is equal to the security deposit paid. Usually, the credit limit is equal to the security deposit and is increased as the debtor proves his or her ability to pay the debt.
Declaring bankruptcy can be a smart move to save your assets, but should only be used as a last resort.
Personal Bankruptcy provides detailed information on Personal Bankruptcy, Bankruptcy Personal Loans, Filing Personal Bankruptcy, Personal Bankruptcy Advice and more. Personal Bankruptcy is affiliated with Bankrupt Houses.

Personal Bankruptcy

Bankruptcy Laws

Bankruptcy Laws

Bankruptcy Laws - Help Protecting Distressed People In DebtBy Dean Shainin

Bankruptcy laws generally protect distressed people and businesses that can no longer pay their creditors. In the United States, bankruptcy laws are placed under federal jurisdiction as stated in the United States Constitution (in Article1, Section8), allowing the Congress to enact “uniform laws on the subject of Bankruptcies throughout [all] the United States [districts].” Its implementation, however, is realized depending on the different district state laws. Nevertheless, much of the relevant statutes are already incorporated within the Bankruptcy Code, located at Title11 of the United States Code. Other statutory bankruptcy laws are found in Titles18 (crimes), 26 (internal revenue code) and 28 (judicial procedure) of the US Code.
Bankruptcy filing is at an all time high. This has caused a new bankruptcy law to be passed called the "Bankruptcy Abuse and Consumer Protection Act." Many people are having a tough time with debt and are now facing new rules for filing. You need to know what these laws pertain to.
It is a good idea to ask questions until you understand what your options are. Do not be afraid to interview a lawyer and leave without retaining one if you are not satisfied.
Features Of The US Bankruptcy Laws
An estate consists of all property interests of the debtor at the time of the filing, and which are subject to certain exclusions and exemptions. This may also include other items, including (but not limited to) property acquired by will or inheritance within 180 days after case commencement. In the case of a married person in a community property state, the estate may include some community property interests of the spouse even if the spouse has not filed bankruptcy.
Under the revised bankruptcy laws (1984) the bankruptcy judges in each judicial district function as a US bankruptcy court, a ‘unit’ of the US district court. Formally, each district court ‘refers’ practically all bankruptcy matters to the Bankruptcy Court. Yet in rare circumstances, a district court may in a particular case ‘withdraw the reference’ or take the bankruptcy case away from the Bankruptcy Court and decide the matter itself.
Decisions of the bankruptcy court could be generally appealed to the District Court, and then to the Court of Appeals. However in some jurisdictions, a separate court called a Bankruptcy Appellate Panel composed of bankruptcy judges hears particular appeals from bankruptcy courts.
Creditors might race to the courthouse to improve their positions against a debtor, yet a protective automatic stay is imposed at the moment a bankruptcy petition is filed. This generally prohibits the commencement of actions, judicial or administrative, against a debtor for the collection of a claim prior to the case. The stay also prohibits collection of property of the estate itself. A secured and court-permitted creditor, however, may be allowed to take the applicable collateral. Permission may be granted by filing a motion for relief from the automatic stay.
Stay-relieved secured creditors may look to the property that is the subject of their security interests. Security interests are considered liens on the property of a debtor. Yet, there still are unsecured creditors – the unsecured priority creditors and general unsecured creditors. In some cases, the debtor’s estate assets are insufficient to pay all priority unsecured creditors in full, and the general unsecured creditors receive nothing.
An individual debtor (not partnership/corporation) may claim certain items of property as exempt property and keep those items (subject, however, to any valid liens). The individual debtor is allowed to choose from a Federal list of exemptions. In states where the debtor is allowed to choose between the Federal and state exemptions, the debtor can choose the rules that most fully benefit him or her.
The debtor’s discharge is available in some but not all cases. For example, in a Chapter7 case only an individual debtor (not a corporation/partnership) can receive a discharge.
The discharge also does not eliminate certain rights of a creditor to setoff/offset certain mutual debts owed by the creditor to the debtor.
Not every debt may be discharged. Certain taxes owed to Federal, state or local government, government guaranteed student loans, and child support obligations are not dischargeable. (Guaranteed student loans are potentially dischargeable against the lender).
Bankruptcy laws relating to prosecutable bankruptcy fraud and other bankruptcy crimes are found in Sections151-158 of Title18 of the US Code.
The proceedings of these bankruptcy laws are covered under Title 11 of the United States Bankruptcy Code and are adopted by each bankruptcy court.
You should take full responsibility for your bankruptcy case. You are the only person that knows the facts of your case and the one most affected by the outcome. You need to educate yourself on the bankruptcy laws before filing for bankruptcy.
Dean Shainin offers online Bankruptcy and debt advice. For more information, articles, news, tools and valuable resources on bankruptcy and debt solutions, visit this site: New Bankruptcy Law

Bankruptcy Laws

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy

Bankruptcy - Chapter 13By Michael Russell

Chapter 13 bankruptcy is provided for the wage earner who can use his income to pay his creditors over a specified time period. Chapter 13 is a reorganization of the debt owed to creditors with a payment schedule set up whereby the wage earner makes timely payments to the creditors over a three to five year payment period.
The court may not allow a filing of chapter 13, depending on whether or not a person's income is sufficient to repay some or all the debt. It has to be established with the court that the income is steady income and is not too low. Thus, chapter 13 is not suited for everyone.
Also, there is a limit to the amount of debt a person is carrying to qualify for filing a chapter 13. Total secured debt must not exceed $922,975 and total unsecured debt must not be more than $307,675. Secured debt is backed up with collateral such as a home or a car; while unsecured debt is balances on credit cards, signature loans, medical bills, etc.
Before you can proceed with filing a chapter 13, you are required to complete a course in personal financial management. This credit counseling course has to be approved by the court trustee. There is a fee for this course, but if you are unable to pay, you will receive the counseling free of charge.
The court will determine how much of your debt you will repay and you must begin those payments within thirty days after filing. These payments are usually made to the bankruptcy trustee to be forwarded on your creditors. The court may require these monthly payments be automatically deducted from your wages and sent to the trustee. Three percent to ten percent of each monthly payment is collected by the trustee as their commission. It is absolutely imperative that these monthly payments be paid and be paid on time.
Under chapter 13, there are certain debts that must be paid in full. These include child support, alimony and some tax obligations. These debts are non-dischargeable and must be paid one-hundred percent.
Bankruptcy law is a federal law; however, there are state laws pertaining to bankruptcy, so specific rules governing bankruptcy depends on the state of residence and filing.
The purpose of chapter 13 is to give a person a chance for a fresh start financially. It gives them protection from creditors by placing a hold on all asset and debt collections and provides the court time to work out a legal judgment that is accepted by all parties. However, there are consequences of bankruptcy in the form of poor credit and having to pay higher interest rates because of the bankruptcy on the credit report. Thus, bankruptcy filing should be thought through seriously and advice should be sought through an attorney.
There are alternatives to bankruptcy such as debt consolidation, out of court settlements or to just simply do nothing. If you have little income and property, then you are 'sue-proof', which means if anyone were to sue you, they wouldn't be able to collect anything anyway because you have nothing they can take. The law provides they cannot take your basic necessities such as clothing, food, household furnishings, etc. Most creditors will not bother suing someone knowing there is nothing for them to get. Instead, they will write off the debt, which does go on your credit report, but will be removed after seven years.
It's important to weigh your options before making a final decision on whether to file a bankruptcy.
Michael Russell
Your Independent guide to Bankruptcy

Chapter 13 Bankruptcy

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

Filing Chapter 7 BankruptcyBy Damian Sofsian

An individual, a partnership, or a corporation or other business entity is eligible for relief under chapter 7 of the Bankruptcy Code. A husband and wife may file a joint petition or individual petitions. A debtor files chapter 7-bankruptcy petition with the bankruptcy court. The court must be serving the area where the individual lives or has its place of business or principal assets.
While filing the petition, one has to pay the fees. The courts charge a $220 case filing fee, miscellaneous administrative fee of $39 and $15 as trustee surcharge. The fees must be paid to the clerk of the court upon filing. However, sometimes court permits individual debtors to pay in four installments, and the debtor must make the final installment within 120 days after filing the petition. Failure to pay these fees may result in dismissal of the case. If the debtor’s income is 150% below the poverty level court waives the fee.
With the petition, the debtor must also provide schedules of assets and liabilities, current income and expenditures, unexpired leases and contracts and a statement of financial affairs. Debtors must also give a copy of the tax return or transcripts for the most recent tax year, as well as tax returns filed during the case. Individual debtors must also file a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling. If debtor received payment from the employer 60 days before the filing, he/she must provide evidence of that payment. With the net income statement, statement of any likely increase in income or expenses after filing must also be submitted to the court.
The Official Forms are available at legal stationery stores. One can also download them from http://www.uscourts.gov/bkforms/index.html.
Filing a petition under chapter 7 automatically stays most collection actions against the debtor or the debtor’s property. This means the collector cannot try to contact debtor for the repayment of debts.
Chapter 7 Bankruptcy provides detailed information about chapter 7 bankruptcy, chapter 7 bankruptcy law, filing chapter 7 bankruptcy, chapter 7 bankruptcy form and more. Chapter 7 Bankruptcy is the sister site of Roth IRA Contributions.

Chapter 7 Bankruptcy

Bankruptcy

Bankruptcy


Guaranteed Bad Credit Financing!
Receive a loan or credit card even with bankruptcy!




Ultimate Debt Guide 2006
Here's How I Got Rid Of $63,000 In Debt In Only 4 Months w/o Bankruptcy!




Bankruptcy Mortgage Book
The roadmap from bankruptcy to home ownership.


Credit After Bankruptcy – How to Improve Your Credit and Spending Habits After BankruptcyBy Carrie Reeder

Bankruptcy or foreclosure can seriously tarnish your credit, but it is possible to repair any damage that has been done. This article offers tips to help you improve your credit and spending habits after bankruptcy or foreclosure.
After bankruptcy or foreclosure, it is imperative that you improve your credit and spending habits. The last thing you want to do is fall back into financial trouble. Here are some tips that can help:
Establish a Budget
One of the best things you can do to improve your credit and put an end to your bad spending habits involves establishing a budget, and more importantly, sticking with it. There are many different ways to structure your budget, but it is a good idea to keep it as simple as possible. Start by recording your daily expenditures, as well as your weekly income. There should always be more coming in than there is going out.
Pay Your Bills on Time
It is impossible to repair your credit overnight, but with effort and consistency, you can build a credit history that shows you in a positive light. To do this, you will need to pay all of your bills on time, especially installment payments and credit card payments. This keeps the bill collectors at bay and proves to creditors that you are serious about your financial responsibilities.
Get Help
If you find yourself slipping back into bad spending habits after your bankruptcy or foreclosure, you should get some help. Try talking to a trusted friend, or if necessary, consider professional credit counseling. There are many services that can offer you advice and assistance free of charge.
For a list of Recommended Credit Repair Companies Online, visit http://www.abcloanguide.com, an informational website about various types of loans.

Bankruptcy

Fix And Repair Bad Credit

Fix And Repair Bad Credit

Guaranteed Bad Credit Financing!
Receive a loan or credit card even with bankruptcy!




Ultimate Debt Guide 2006
Here's How I Got Rid Of $63,000 In Debt In Only 4 Months w/o Bankruptcy!




Bankruptcy Mortgage Book
The roadmap from bankruptcy to home ownership.




Sleep Again at Night With Bad Credit Personal Loans! By Mary Wise

Bankruptcy or foreclosure can seriously tarnish your credit, but it is possible to repair any damage that has been done. This article offers tips to help you improve your credit and spending habits after bankruptcy or foreclosure.
After bankruptcy or foreclosure, it is imperative that you improve your credit and spending habits. The last thing you want to do is fall back into financial trouble. Here are some tips that can help:
Establish a Budget
One of the best things you can do to improve your credit and put an end to your bad spending habits involves establishing a budget, and more importantly, sticking with it. There are many different ways to structure your budget, but it is a good idea to keep it as simple as possible. Start by recording your daily expenditures, as well as your weekly income. There should always be more coming in than there is going out.
Pay Your Bills on Time
It is impossible to repair your credit overnight, but with effort and consistency, you can build a credit history that shows you in a positive light. To do this, you will need to pay all of your bills on time, especially installment payments and credit card payments. This keeps the bill collectors at bay and proves to creditors that you are serious about your financial responsibilities.
Get Help
If you find yourself slipping back into bad spending habits after your bankruptcy or foreclosure, you should get some help. Try talking to a trusted friend, or if necessary, consider professional credit counseling. There are many services that can offer you advice and assistance free of charge.
For a list of Recommended Credit Repair Companies Online, visit http://www.abcloanguide.com/, an informational website about various types of loans

Fix And Repair Bad Credit