Get A Fresh Start After Filing For Bankruptcy
Author: MIKE SELVON
Because of a number of problems that can arise, many people find themselves in a financial situation where their debt load is so heavy, there seems to be no way for them to repay all that they owe. Filing for bankruptcy may be their only hope for rectifying their financial condition and gaining a fresh start.
Certainly, filing a claim form when being broke is a step that is considered to be the last resort and one that is never taken lightly. When people are in a deep mire of debt and they do not have sufficient income to be able to make even the minimum payments, there are other steps that they can take before taking the drastic step. There is credit counseling available when people are overwhelmed with debt and sometimes they even take on an additional job to help make the payments.
Unfortunately, there are many instances in which these approaches are simply not enough and people are left with the last alternative and find themselves in need of legal bankruptcy relief. Even though there are significant negative ramifications when people file bankrupt, at the same time it is a legal step that does indeed provide relief from creditors and provides them with an opportunity to wipe their financial slate clean and new start anew.
One should never decide about filing for bankruptcy until they have had an opportunity to consult with a bankruptcy lawyer, or a credit counseling service at the very least. Many people try to save on the lawyer expense by attempting to do a self bankruptcy, but if anything is overlooked, they can find themselves in a bigger mess than before, since it can be thrown out of court if not properly handled. This is why it is so strongly urged that people should pay for the proper help with being broke, so they can rest assured it will be done correctly.
Filing for legal relief is a matter of Federal law, which governs the entire process and it is the Federal courts where the claim form and all paperwork is filed. Under United States Federal bankruptcy law, there are three types of it that can be filed.
You can file a Chapter 7, a Chapter 11 or a Chapter 13 bankruptcy. Each type of filing has different requirements and this is where it is very helpful to secure professional help with being broke, so that you will be sure you are filing for the right type.
After filing, your creditors must stop making any attempts at collecting on debts that are included in the bankruptcy filing. Also, they cannot pursue any type of legal action or lawsuits against you once they have been notified that you have filed a claim form. When the bankruptcy in complete and has been discharged, the debts have essentially be rendered null and void and your creditors have no power to make collection demands on you.
Filing for bankruptcy will definitely leave telltale negative marks on your credit report for many years to come. Due to this fact, it is advisable to avoid hunting for a job or renting new living quarters once the process has started. Therefore, it is best to have secure employment and housing first, if at all possible.
Once the bankruptcy has been completed and is discharged, then you can start the process of restoring your credit record. Eventually, even though it will remain on your credit report for ten years, you will be able to have a good credit score once again. In many instances, people have better credit scores within a couple years after the bankruptcy than they ever did before, because they became better money managers.
Article Source: http://www.articlesbase.com/finance-articles/get-a-fresh-start-after-filing-for-bankruptcy-293822.html
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Moving. Where can 1 find if state residency time requirements exist for filing bankruptcy (not exemptions).?
Looking for document containing answer which can be verified. Gotten conflicting answers from lawyers. Where to find a good attorney in FL?
what is the process and requirements to file bankruptcy?
i have several rental property, i am renting them and i am bearely getting enough money to pay the mortgage., this year i gota pay taxes insurance close to 36k in taxes, and i dont have that money., should i file for bankruptcy? should i let the houses just go foreclosure? what is worst? pls help
are there any requirements to filing bankruptcy?
Other than qualifying, do I have to see a credit counselor, is there pre filing paperwork? I live in california. Can I just walk into the bankruptcy court and file in 1 day?
How does filing CH 7 bankruptcy effect your credit? Also, what are the requirements for filing CH7 and not 13?
I hear you have to show “little” income. I’m a bartender so last year I only showed about $15,000. I’m 20 years old with about 12,000 in debt (not including my car note) If I would claim ch7, would i lose my car also since i just began paying it off? That would be the only thing i’d like to keep.
How do you know if you have enough debt/meet requirements of filing bankruptcy….short of going to lawyer?
You sound very impatient. Yes you can just walk into a bankruptcy court, pick up the form which has two check boxes, “i want to file for bankruptcy” and ” I don’t want to file for bankruptcy”. Check the appropriate box, sign at the bottom , drop the form in the drop box and walk out. /sarcasm off
Gee. Contact a bankruptcy lawyer.
There are no minimum debt requirements for filing bankruptcy, other than practical ones.
For example, it would make little sense to file bankruptcy if the amount you owe is less than the filing fee to file the bankruptcy petition. Mind you even then, the law doesn’t say you CAN”T file — it just would be extremely foolish to do so.
Most bankruptcy attorneys agree that a lot depends on OTHER circumstances too, such as your age, how much you have in retirement savings (or defined benefit pension plan), your health, your children’s health, your parents’ health (if you will be expected to care for them when they cannot care for themselves), the likelihood of your community recovering from a deep recession any time soon, the amount of student loans you have (which cannot be discharged in bankruptcy), etc., etc.
Most bankruptcy attorneys offer one free appointment to evaluate your particular situation and advise you of your options. Why not take advantage of it. Just because you take advantage of a free appointment with a bankruptcy attorney doesn’t mean that you have to file bankruptcy, or even if you do, that you need to use that particular attorney.
So take advantage of the free appointment to get your legal advice from a real lawyer rather than from anonymous strangers on the Internet who may or may not be who they say they are, and who may or may not have accurate info to offer you.
try this site
http://bankruptcy.notlong.com
here you can request a free evaluation from a local attorney.
If you live in a state where the banks can go after you for a deficiency, then you are up the creek.
Check with an attorney, or check with the mortgage company.
You are in a no win situation.
For bankruptcy, the residency requirement is the same. Your exemptions will depend on where you lived the longest. The residency requirement is the place you lived the longest in 180 days. We usually interpret that to mean 91 days in the jurisdiction. Try to find an attorney who does only bankruptcy, or mainly bankruptcy, at least. A good attorney will offer you a free intial consultation, at which he/she can determine whether you qualify for a Chapter 7 based on income and assets and can tell you the process. There should be fees discussed at this meeting, but no demand for fees. You may be asked to sign something stating that information was given to you, but no money should be requested for this time. If you decide to hire the attorney, whether at this meeting or later, a retainer fee will be required.
Hope this helps.