Types of Bankruptcy

Author: Shaun N

Chapter 7 bankruptcy: Also known as liquidation (converting assets into money) or a straight bankruptcy. This is one of the faster ways of starting afresh and more so if there are no objections from any of the parties involved. Ordinarily, most (if not all) debts would be discharged within months of the attorney filing a bankruptcy petition. A trustee is appointed who collects all non-exempt property, sells the assets and distributes proceeds from this sale to appropriate creditors. Chapter 7 is different from other bankruptcy filings because the debtor needs not make a payment to the trustee.

Chapter 9 bankruptcy: The purpose of Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.

Chapter 11 Bankruptcy: Chapter 11 bankruptcy is known as the corporate bankruptcy or the reorganization bankruptcy. When business organizations are unable to pay their creditors or the claims of the creditors when exceed what the business organizations can pay, then the business organizations file for chapter 11 bankruptcy. In this bankruptcy, a reorganization of debts are as well the assets in possession of the business organizations are done, in order to help them relieve from a part of their debt and the remaining can be paid in best accordance to their ability.

Chapter 12 bankruptcy: entitled Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income provides debt relief to family farmers and fishermen with regular income. The process under chapter 12 is very similar to that of chapter 13, under which the debtor proposes a plan to repay debts over a period of time – no more than three years unless the court approves a longer period, not exceeding five years. There is also a trustee in every chapter 12 case whose duties are very similar to those of a chapter 13 trustee. The chapter 12 trustee's disbursement of payments to creditors under a confirmed plan parallels the procedure under chapter 13. Chapter 12 allows a family farmer or fisherman to continue to operate the business while the plan is being carried out.

Chapter 13 Bankruptcy: is also known as restructuring where you file a repayment plan with the bankruptcy court proposing how you will repay your defaults to your creditors. The amount of money you'll have to repay depends on how much you earn, the amount of debt you owe, the types of debt you have, and how much property you own. you don't have to hand over any of your assets to discharge your debts, but you must make use of your income to pay off your debts over the due course of time – it's usually three to five years, depending on the amount of your debts and your income.

Chapter 14 bankruptcy: Chapter 14 Bankruptcy is recognized as the involuntary bankruptcy. In this bankruptcy the creditors file the bankruptcy appeal against their debtors. This bankruptcy is very rare, and most of the rare cases are seen in the corporate world rather than with individuals.

Chapter 15 Bankruptcy: This is a newly added chapter in the Bankruptcy code or may even be termed as the new type of bankruptcy which is designed for international state of affairs. This bankruptcy gives rights to foreigners to take part in the state's bankruptcies cases.

It is essential to understand the different types of Bankruptcy because some are not appropriate legal action for certain individuals.

Article Source: http://www.sooperarticles.com/finance-articles/bankruptcy-articles/types-bankruptcy-38847.html

About Author:
Shaun Nichols is the author of this contemporary article. He has briefly explained all the types of bankruptcy options available.

Four Questions To Ask a Bankruptcy Lawyer Before Signing

Author: BassFranklin

With the widespread changes that happened in bankruptcy law in 2005, it is more important than ever to hire a competent, experienced lawyer for a successful bankruptcy case. If you are considering filing for bankruptcy, you want to be fully informed about what a prospective lawyer can offer and what to expect from them before you sign a contract. Here are four questions to ask before signing a contract:

Should I file for bankruptcy or do I have other options?

This question covers a lot of ground and allows the attorney to talk with you about several different issues and discuss your options. It allows them to give a recommendation as to whether Chapter 7 or Chapter 13 is a better option for you, or even if there is an option outside of bankruptcy that you haven't considered. This overview will give you a clear understanding of the benefits and drawbacks of filing for bankruptcy and is a good place to start with a prospective attorney.

Who will actually be handling my case?

Sometimes the lawyer you are speaking to isn't actually the one who will be handling your case. It is important to know if they plan to pass the case on to someone else or will handle it themselves. There is typically a single hearing in bankruptcy cases, so if someone other than the lawyer you are speaking with is going to court with you, it is a good idea to talk to them so you can be comfortable with them and discuss the intricacies of your case.

How much of your time is devoted to bankruptcy cases?

If an attorney has 20 years of experience but only tries two or three cases a year, they won't be as experienced as a lawyer that does bankruptcy work exclusively for a much shorter period of time. Bankruptcy laws have changed, so it is important to know that your attorney is familiar with these changes and can make them work for you.

How much do you charge for your services?

This might seem like a no-brainer first question, but it is a good idea to ask it last. First of all, it gives you an opportunity to see all of the other services that the attorney plans to provide. There are a number of ways an attorney can request to be paid. Some work on cases on an hourly basis, while others may charge a flat fee, so it is a good idea to get an estimate of how much a case will cost. Additionally, it is important to know if there are any other expenses that may be incurred during their work that may be charged to you. Remember, like in so many other things, with a lawyer, you get what you pay for.

If you're searching for Los Angeles bankruptcy attorneys who will take your case from start to finish, visit blclaw.com or call the law office of Borowitz, Lozano & Clark at 800-509-3200 for a free consultation.

Article Source: http://www.sooperarticles.com/law-articles/four-questions-ask-bankruptcy-lawyer-before-signing-22152.html

About Author:
Brian Reed. Los Angeles bankruptcy attorneys Four Questions To Ask a Bankruptcy Lawyer Before Signing.

Types of Bankruptcy

Author: Rebecca Miller

• Chapter 7 bankruptcy: Also known as liquidation (converting assets into money) or a straight bankruptcy. This is one of the faster ways of starting afresh and more so if there are no objections from any of the parties involved. Ordinarily, most (if not all) debts would be discharged within months of the attorney filing a bankruptcy petition. A trustee is appointed who collects all non-exempt property, sells the assets and distributes proceeds from this sale to appropriate creditors. Chapter 7 is different from other bankruptcy filings because the debtor needs not make a payment to the trustee.
• Chapter 9 bankruptcy: The purpose of Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.
• Chapter 11 Bankruptcy: Chapter 11 bankruptcy is known as the corporate bankruptcy or the reorganization bankruptcy. When business organizations are unable to pay their creditors or the claims of the creditors when exceed what the business organizations can pay, then the business organizations file for chapter 11 bankruptcy. In this bankruptcy, a reorganization of debts are as well the assets in possession of the business organizations are done, in order to help them relieve from a part of their debt and the remaining can be paid in best accordance to their ability.
• Chapter 12 bankruptcy: Entitled Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income, provides debt relief to family farmers and fishermen with regular income. The process under chapter 12 is very similar to that of chapter 13, under which the debtor proposes a plan to repay debts over a period of time – no more than three years unless the court approves a longer period, not exceeding five years. There is also a trustee in every chapter 12 case whose duties are very similar to those of a chapter 13 trustee. The chapter 12 trustee's disbursement of payments to creditors under a confirmed plan parallels the procedure under chapter 13. Chapter 12 allows a family farmer or fisherman to continue to operate the business while the plan is being carried out.
• Chapter 13 Bankruptcy: It is also known as restructuring where you file a repayment plan with the bankruptcy court proposing how you will repay your defaults to your creditors. The amount of money you'll have to repay depends on how much you earn, the amount of debt you owe, the types of debt you have, and how much property you own. you don't have to hand over any of your assets to discharge your debts, but you must make use of your income to pay off your debts over the due course of time – it's usually three to five years, depending on the amount of your debts and your income.
• Chapter 14 bankruptcy: Chapter 14 Bankruptcy is recognized as the involuntary bankruptcy. In this bankruptcy the creditors file the bankruptcy appeal against their debtors. This bankruptcy is very rare, and most of the rare cases are seen in the corporate world rather than with individuals.
• Chapter 15 Bankruptcy: This is a newly added chapter in the Bankruptcy code or may even be termed as the new type of bankruptcy which is designed for international state of affairs. This bankruptcy gives rights to foreigners to take part in the state's bankruptcies cases.

It is essential to understand the different types of Bankruptcy because some are not appropriate legal action for certain individuals.

Article Source: http://www.sooperarticles.com/finance-articles/bankruptcy-articles/types-bankruptcy-35065.html

About Author:
Rebecca Miller is the contemporary writer of this article. Here she has discussed about the types of bankruptcy so that it helps a person to take a proper decision while filing for it.

Bankruptcy In Florida-What To Do If You Have To File For Bankruptcy In Florida

Author: William Perry

If you are ready to file for bankruptcy in Florida, there are some very important points you need to be aware of.

As many people are becoming farther and farther behind in paying off their bills nowadays, filing for bankruptcy is an all too common occurrence, and if you find yourself in this situation, keep in mind that you definitely aren't alone.

Many people have to do this painful process everyday. The good news is, you are in some very elite company. You see, the average millionaire has had to file for bankruptcy three times in their lifetime, so you are actually on the right track, assuming you learn form it and don't make the same mistakes again.

Therefore, making mistakes is actually beneficial, because it's something you can learn from and make different decisions the next time. Here is some important information to help you sort through the clutter and know what to do when you file for bankruptcy in Florida.

First of all, there are basically three different chapters of bankruptcy you can file for, depending on whether you are filing on a personal or business status. If you are filing for personal bankruptcy, you will need to file for either chapter 7 or 13, depending on your income level.

If you are filing for business bankruptcy in Florida, you have the additional option of filing for chapter 11 if you are a business or a high debt individual, which is probably the best way if you can get it, albeit it a more expensive alternative.

While there are many logistical rules to keep in mind about all of them, the most important facts to know is that chapter 7 requires you to give up your personal assets to pay off your debts, whereas chapters 11 and 13 do not.

Chapters 11 and 13 require you to follow a 3-5 year plan to pay off your creditors, and while your debt is not discharged, you can keep possession of your belongings, which chapter 7 does not allow you to do.

Note that this might or might not be a bad thing. For example, if many of your assets are exempt, this means they are not subject to be taken away, and therefore you don't have to worry about losing them in the bankruptcy process.

If you don't know which assets are exempt and non-exempt, don't worry-your lawyer will be able to help you sort through this process. Just keep this in mind.

However, if your income is over a certain point, your only options are to file for either chapters 11 or 13. Most times, you want to do this, as you aren't at risk for losing your possessions, and again, which one you decide to go with depends on whether you are filing for personal bankruptcy or business bankruptcy.

Keep this in mind-all the bankruptcy chapters will damage your credit, so there really isn't an easy way out as far as this.

Your lawyer will be able to help you sort through all this. So now comes the tough part: finding a good lawyer to help you cut through the clutter of filing for bankruptcy in Florida.

Article Source: http://www.articlesbase.com/finance-articles/bankruptcy-in-floridawhat-to-do-if-you-have-to-file-for-bankruptcy-in-florida-582247.html

About the Author
Want to know how to file for bankruptcy in Florida? If so, check out onlinebankruptcytips.com, a popular site that covers the subject of bankruptcy in depth.

Uk Bankruptcy Myths Exploded

Author: Ed Pearson, Debt Dr

When you go bankrupt you end up in jail, lose your house and your car and you are thrown onto the streets to fend for yourself for at least 5 years and also if you own a company then forget it mate will lose the lot!

What did you feel when you read that statement?

'Yeah I thought it was something like that' is the most common thought or reply I come across. I state categorically that all the above may be, and usually is, wrong depending on your circumstances.

Surprised?

Let me tell you some more about UK bankruptcy. The British government went to find out why small enterprise was booming over the pond but not so much in the UK. When the report came back looking in depth on many areas the British government concluded, amongst other factors, that the USA is so enterprising because they had made it easier for individuals to go bankrupt and start again having learnt from their mistakes.

This was the precursor to the changes in the Enterprise Act which impacted the way personal bankruptcy is handled amongst many other areas of finance in the UK today.

At the time of writing, bankruptcy in the UK usually lasts for no more than 12 months. In fact many people are discharged in less than 12 months depending on the circumstances around their bankruptcy. That's one year or less in most cases! Previously the usually time for an individual to be in bankruptcy was 3 years.

All that said, bankruptcy is a very serious step to take. It is a very public affair and the event can follow you for many years. Even after the bankruptcy has gone from your credit history financial institutions in particular often ask if you have ever declared yourself bankrupt. Your membership in some societies and associations may also be lost.

What can't you do during bankruptcy

Well you didn't think it was all a breeze did you? There are a number of things you need to be aware of:

1) You can't ask for more than £500 of credit without first informing the lender that you are bankrupt. That's usually the point at which they start sprinting away from you in their rush to not get their fingers burnt. Remember a lender doesn't just mean a bank, it can mean friends and family. Even if you agree to buy a car off a friend and they say here take it now and pay me the money next week then you are in a credit agreement probably worth more then £500 and so you have to legally tell them about your bankruptcy.

2) You cannot be a director of a limited company whilst your are bankrupt. If you area one-man band or a sole trader, this doesn't mean you cannot trade as a sole trader. Yes, you get to keep your business assuming you haven't traded fraudulently but you do lose your limited company status in this instance.

3) You will lose certain positions of authority. Think councillor or accountant or high-ranking police officer. There are many more roles that are affected. Do check with a professional that your job is not affected if you do decide to go bankrupt. Some companies actually have a 'no bankrupts' policy in their employment contracts. It's time to read your contract again.

Other stuff to consider

There is an impact on your credit file for 6 years. This means there is a record of your bankruptcy on your credit file that can be seen by lenders and anyone with access to your history.

Your name will appear in the local newspapers under the bankruptcy notices section and the London Gazette.

On the day of your bankruptcy all your bank accounts are frozen by the Official Receiver (the person appointed by the courts to administer your bankruptcy). If you owe that bank money on the day of your bankruptcy then it is unlikely they will reopen your account. Any accounts in credit will see that money going to the Official Receiver to go towards repaying costs and debts associated with the bankrutpcy.

The really nasty bit that your friend down the pub forgets to tell you

One of the Official Receiver's roles in administering your bankruptcy is to look at your assets and disposable income and determine your ability to repay your debts. If you have disposable income available then you may end up paying a proportion of that to the Official Receiver over the course of 3 years under an income payment order or income payment agreement. This is a commonly overlooked fact by many a 'lay person' giving debt advice down the pub to a friend. It's can also be a costly bit of overlooked advice.

What about your house and car?

Well this needs to be understood and talked through with a professional but the general rule of thumb is this:

If you own a house then the Official Receiver will take an interest in that property even if it is in negative equity. You may even lose your house in some circumstances even if you have a wife and child at home. The Official Receiver will also be looking to realise funds from the car, caravan or any other valuable asset (anything of value really, start thinking about pensions funds with a cash in value, windfalls, endowment policies, valuable artwork, intellectual property rights, websites....etc.). And this is not just in the run up to bankruptcy. If you have a windfall during your bankruptcy period then that is liable to be made available to the Official Receiver administering your case and paid towards their fees and the losses of your creditors.

What about HP agreements?

HP agreements usually have a clause that if you become bankrupt then the asset (usually a car) must be returned to your HP company. As the car legally belongs to the HP company it cannot be sold off by the Official Receiver. If you are meeting your regular payments to the HP company and the Official Receiver deems that the payments are reasonable for your needs then a conversation with the HP company would be prudent at the earliest opportunity.

If you are going bankrupt for a second time.

The other changes to the Enterprise Act means that people going bankrupt for a second time will likely be made bankrupt for at least 5 years and possibly up to 15 years before being discharged.

Be aware and get proper advice.

Do get good advice from somebody that will guide you through the whole process and not just send you off in the direction of the local courts. Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to go bankrupt. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.

Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses. Ed can be contacted on 0845 123 4000 or in confidence on 07970 659266.

http://www.debtDr.co.uk 'prescribing life without debt'

This article does not constitute regulated advice. Please remember that any action regarding financial advice should always be taken only after considering the specifics of your own situation.

To find out more about Ed try, http://www.ecademy.com/account.php?id=41788

Article Source: http://www.articlesbase.com/debt-consolidation-articles/uk-bankruptcy-myths-exploded-79241.html

About the Author

Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses. Ed can be contacted on 0845 123 4000 or in confidence on 07970 659266.

http://www.debtDr.co.uk 'prescribing life without debt'

This article does not constitute regulated advice. Please remember that any action regarding financial advice should always be taken only after considering the specifics of your own situation.

To find out more about Ed try, http://www.ecademy.com/account.php?id=41788

Four Questions To Ask a Bankruptcy Lawyer Before Signing

Author: BassFranklin

With the widespread changes that happened in bankruptcy law in 2005, it is more important than ever to hire a competent, experienced lawyer for a successful bankruptcy case. If you are considering filing for bankruptcy, you want to be fully informed about what a prospective lawyer can offer and what to expect from them before you sign a contract. Here are four questions to ask before signing a contract:

Should I file for bankruptcy or do I have other options?

This question covers a lot of ground and allows the attorney to talk with you about several different issues and discuss your options. It allows them to give a recommendation as to whether Chapter 7 or Chapter 13 is a better option for you, or even if there is an option outside of bankruptcy that you haven't considered. This overview will give you a clear understanding of the benefits and drawbacks of filing for bankruptcy and is a good place to start with a prospective attorney.

Who will actually be handling my case?

Sometimes the lawyer you are speaking to isn't actually the one who will be handling your case. It is important to know if they plan to pass the case on to someone else or will handle it themselves. There is typically a single hearing in bankruptcy cases, so if someone other than the lawyer you are speaking with is going to court with you, it is a good idea to talk to them so you can be comfortable with them and discuss the intricacies of your case.

How much of your time is devoted to bankruptcy cases?

If an attorney has 20 years of experience but only tries two or three cases a year, they won't be as experienced as a lawyer that does bankruptcy work exclusively for a much shorter period of time. Bankruptcy laws have changed, so it is important to know that your attorney is familiar with these changes and can make them work for you.

How much do you charge for your services?

This might seem like a no-brainer first question, but it is a good idea to ask it last. First of all, it gives you an opportunity to see all of the other services that the attorney plans to provide. There are a number of ways an attorney can request to be paid. Some work on cases on an hourly basis, while others may charge a flat fee, so it is a good idea to get an estimate of how much a case will cost. Additionally, it is important to know if there are any other expenses that may be incurred during their work that may be charged to you. Remember, like in so many other things, with a lawyer, you get what you pay for.

If you're searching for Los Angeles bankruptcy attorneys who will take your case from start to finish, visit blclaw.com or call the law office of Borowitz, Lozano & Clark at 800-509-3200 for a free consultation.

Article Source: http://www.sooperarticles.com/law-articles/four-questions-ask-bankruptcy-lawyer-before-signing-22152.html

About Author:
Brian Reed. Los Angeles bankruptcy attorneys Four Questions To Ask a Bankruptcy Lawyer Before Signing.

Personal Bankruptcy in Florida - Steps to Chapter 7 and Chapter 13 Bankruptcies

Author: Kenneth Diaz

Bankruptcy in the state of Florida can be filed by an individual without the aid of an attorney or document preparation agency. Yet, it is still recommended that anyone filing for personal bankruptcy should seek legal counsel.

The federal bankruptcy code creates different categories of bankruptcy, known as chapters, which gives debtors different ways of dispensing with debt. The two most common forms of individual bankruptcy available to any resident of Florida are chapter 7 and chapter 13. This brief "how to" guide is written in with a systematic process for both types.

Chapter 7

Note: After filing for a chapter 7 bankruptcy, a debtor must wait 6 years before they will be allowed to file again.

Step 1: Filing the Petition

A chapter 7 bankruptcy begins with a petition filed at the federal district courthouse servicing the area the filer lives in. Under federal and Florida law, an individual, partnership, or corporation can file chapter 7 regardless of the amount of debt. This petition paperwork is provided by the courthouse or can be obtained online at many legal websites.

Along with the petition, or shortly after the initial filing, the debtor must also submit several schedules listing current income, expenditures, and a statement of financial affairs, executor contracts, existing or potential lawsuits, and any recent transfers of assets. If a debt is omitted then it will not be covered in the bankruptcy.

Step 2: The Stay Period

Filing the petition automatically stops all creditors from trying to collect money that is owed. This stay period happens automatically without any judicial action. The stay period is effective from the time of filing, even if creditors are not aware of it until later. In this period, lawsuits, garnishment actions, and even phone calls to the debtor must stop.

Step 3: The Creditors Meeting

Once the petition is filed for a chapter 7 bankruptcy, the court immediately appoints a trustee to administer the overall case and liquidate any non-exempt assets to pay off creditors. The trustee will call a meeting for the debtor's attorney and the creditors wishing to collect debt. The debtor must attend this meeting and creditors may attend in order to ask questions and examine documents concerning a debtor's financial affairs.

In most individual bankruptcy cases, all of the debtor's assets are either exempt or subject to valid liens, which leaves no assets for a creditor to pursue. These cases are called no asset cases and many times a creditor will not show up.

Step 4: Claims of Creditors

After the creditors meeting takes place, all creditors can file a claim against the debtor with the court. This is done so that a creditor can make a claim against nonexempt assets free of security interests.

Step 5: Liquidation, Discharge, and Reaffirmation

The idea of having a trustee is to liquidate the debtor's non-exempt assets and pay off as many creditors as possible. A chapter 7 bankruptcy concludes when the trustee sells the debtor's property, distributes any cash to the creditors, and discharges the remaining debt. The final discharge, ordered by a judge, ends the debtor's remaining personal liability on the debt. Some debt is not dischargeable such as alimony and child support, most tax obligations, most student loans, and liability for damages resulting from willful or malicious acts.

During this process, creditors can ask the court to deny an individual debtor a discharge. The grounds for approval are based on whether a debtor fails to adequately explain the loss of assets, the debtor perjures him or herself or fails to obey lawful orders of the court, or the debtor fraudulently transfers, conceals, or destroys property that should be included in the bankruptcy case.

Chapter 13

Chapter 13 bankruptcy is considered a wage-earner plan because it is generally used by people with stable incomes who want to repay at least some of their debts but cannot handle the full brunt of it. The biggest advantage of a chapter 13 over a chapter 7 is that the debtor is allowed to keep his or her property and set up a court-approved payment plan. Only individuals with less than $100,000 in unsecured debts and less than $350,000 in secured debts are eligible to file chapter 13.

Step 1: The Petition

The petition is similar to that mentioned above in the explanation on chapter 7. The debtor provides the court with lists of all creditors including amounts and the nature of claims, the source and amount of income, lists of all property, and detailed descriptions of the debtor's monthly living expenses, including groceries, clothing, shelter, utilities, taxes, transportation, and medical care.

Step 2: The Stay Period

The stay period is identical to that of chapter 7 except that chapter 13 contains a provision that prohibits creditors from collecting on a debt owed by a third person such as a cosigner.

Step 3: Chapter 13 Plan

Federal and Florida law state that within 15 working days of filing for a chapter 13 bankruptcy, a debtor presents a plan to the bankruptcy court listing out how he or she intends to pay off debts over a three-year period, or in some cases a five-year period. These must be paid out based on priority and federal bankruptcy law lists several categories of unsecured claims that have priority over other unsecured claims including costs of administering the bankruptcy, employee's wages, salaries and commissions, contributions to employee benefit plans, deposits accepted by the debtor for personal items or services that the debtor did not deliver, and taxes.

Individuals seeking to fill out this plan should get the aid of an attorney to ensure it is filled out properly. If the plan is not done correctly the court can deny the document and the bankruptcy cannot proceed.

Step 4: The Creditors Meeting

A meeting is usually held about one month after the initial petition is filed. A trustee and filer must attend the conference, and creditors have the option of coming also. The idea of the creditors meeting is for the creditors and trustee to question the individual filing the plan about his or her financial affairs and any possible problems with their plan. Some problems can be solved at this meeting.

Step 5: The Confirmation Hearing

After the meeting mentioned in step 4, the bankruptcy court will make a final determination whether the plan is feasible and meets the standards set forth in the bankruptcy code. Creditors can dispute the plan if they believe that a debtor has not pledged enough income to the plan or that the creditors receive less than they would if the debtor's assets were simply liquidated.

If the plan is approved by the court, a portion of the debtor's paychecks will go to a court-appointed trustee who divides the money among the creditors. At that point, the creditors are prohibited from garnishing wages or repossessing property.

Step 6: The Discharge

Once all payments are made, the plan approved by the court is complete and the bankruptcy is successfully discharged. The discharge releases the debtor from all debts provided for in the plan.

Other Types of Bankruptcy

The Federal Bankruptcy code also allows an individual to file a chapter 11 or 12. Chapter 11 is available for individuals, but is generally used by troubled corporations and partnerships.

Chapter 11 allows the debtor to remain in operation and reorganizes debts in a way that they can pay them. It is designed to keep businesses up and running rather than liquidation.

Chapter 12 is available only to farmers and is very similar to chapter 11. Before choosing either chapter 11 or 12, an individual should consult an attorney.

Article Source: http://www.articlesbase.com/bankruptcy-articles/personal-bankruptcy-in-florida-steps-to-chapter-7-and-chapter-13-bankruptcies-1726462.html

About the Author

Author: Kenneth Diaz
Mr. Diaz is a Legal Document Preparer in Florida and New York with over 15 years of experience. He has launched an informational website for self-representing litigants (pro se) in the state of Florida. You can read more about his site at Florida Court Forms. For more information about this article, visit his Florida Bankruptcy web-page.

Bankruptcy Services California

Author: DEBT ONE FINANCIAL

Cheap Debt Relief

Ever wondered about debt management? Have you realized it wouldn't be a bad idea to get some help in attempting to pay off your debts? Many have come before you and achieved success with assistance from the debt management services industry. There is a variety of components within to take advantage of on an individual basis or as part of a comprehensive program

We may be able to protecting you from the harsh impacts of bankruptcy. We have the best solution for your every type of debt concerns. We understand your situation and find options that best suit your need and help you  to resolve your debt.

We have made a good reputation in debt management services by taking an honest and informative approach to helping people to find the best option for handling their debt. Debt One Financial provides information regarding your debt, what is condition of your debt and how we can assist you to manage your debt and reduce it.

Our team of qualified and dedicated debt consultants works individually with each and every client to understand their situation and help them. We maintain and develop relationships with creditors throughout the country. With our cooperative and professional relationships with creditors we are able to reach the most favorable settlement offers for all of our clients. We work directly and 100% with keeping in mind to serve you.

Our aim is to provide an affordable option to our clients to get free from debt within 12 to 36 months and to remove strain and stress caused by debt. We provide honest and informative advice, outstanding customer service, and a proven debt settlement process to our clients and with help of this we can provide a fast and ethical way for our clients to become debt free and get back to their business with no strain and stress.

How Debt settlement program works

Debt settlement companies offer a settlement program wherein they negotiate with your creditors/CA in order to settle the debt for less than what you owe. The companies charge an upfront fee for their services.

Whether it's a credit card debt settlement program or one which includes other debts, you need to stop paying your creditors. Instead, monthly payments should be sent to the settlement company, which will deposit the funds into a trust account.

How can we help you?

Our team of consumer debt consultants works individually with each client to help determine the program best suited for their particular situation and personal goals. We will set you up with an affordable monthly payment, which is determined on a client-by-client basis between you and a counselor. Based upon what you are able to pay each month into your settlement account, we can determine how many months you will be part of the program, and ultimately be debt free. Throughout the program, we communicate with your creditors on your behalf and soon you will no longer be dealing with burdensome phone calls and letters from your creditors. The Cheap Debt Relief maintains and continues to develop relationships with creditors throughout the country. By establishing cooperative and professional relationships with each creditor we are able to reach the most favorable settlement offers for our clients.  Cheap Debt Relief is independent company not affiliated with your creditors which means we work directly and 100% for you!

Our goal is to provide our clients with an affordable program to get back on their feet financially within 12 to 36 months and find a real solution for the strain and stress caused by debt. With honest and informative advice, outstanding customer service, and a proven debt settlement process we can ensure our clients become debt free quickly and comfortably and get back on the path of financial freedom

Article Source: http://www.articlesbase.com/credit-articles/bankruptcy-services-california-1427844.html

About the Author

CONTACT US

CHEAP DEBT RELIEF

5000 N. Parkway Calabasas Suite 114. CA 91302

Cheap Bankruptcy Lawyers - How to Quickly Find Them in 10 Minutes or Less

Author: Roilee Mandeville

Are you planning to file bankruptcy but you're not sure if you can afford to employ a lawyer? Everyone who is in bad debt problem would like to know how to find a cheap bankruptcy lawyer. Well, here's how to do it in ten minutes or less.

Online Resource #1:

Use Yahoo! Local located in local.yahoo.com

Key in the search phrase "cheap bankruptcy lawyers" in the first search field. Then key in your location on the second box and click the "Search" button or press "Enter". Yahoo! will then give you a result of attorneys that matches your search term. You will also see a map with markers on it. Click any of the marker and you will see the actual web site address, phone number, and local address . You can also perform the above procedure using Google Maps located in maps.google.com

Online Resource #2:

LexisNexis' Martindale-Hubbell Attorney Network located in www.attorneys.com

This is LexisNexis' online version of Martindale-Hubbell comprehensive lawyer directory. Under Step 1, key in your zip code. You need to click the [+] sign for Bankruptcy under the "All Areas of Law". It should expand, now select "Consumer Bankruptcy" and click the "Search" button. You should have your list of consumer bankruptcy lawyers. If the list is too few, then you can use the zip codes of adjacent cities near you.

Online Resource #3:

National Association of Consumer Bankruptcy Attorneys (NACBA) located in www.nacba.org

This is a exclusive organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the legal rights of consumer debtors in bankruptcy. When you visit the home page of NACBA, click the "Find attorneys near you!" banner located at the right sidebar. After the search page loads, key in your hometown or city and state in the search box. You must choose one radio button under the "Location (within)" label, for example 20 miles. Click the "Search" button. It should give you a location map with markers and a list of lawyers and law firms that are inside the area coverage that you selected. If the list is too many, you can narrow down the results by selecting a smaller area coverage under the "Location (within)" label, for example 5 miles.

Some Warning On Choosing A Bankruptcy Attorney

An attorney can either represent the creditor or the debtor. Make sure the bankruptcy attorney that you are getting is a "pro consumer" and not a "pro creditor." Remember that bankruptcy is not an easy matter, you do not want your attorney to miss the intricacies and complexeties that could save you money and property in the long run. Never assume that free or cheapest is better. Experience always counts.

A Quicker Solution:

Are the above procedures too difficult for you? If you do not have enough time to call and visit bankruptcy lawyers then try the simple 3-stage process of finding cheap bankruptcy lawyers. Check the instructions on how to easily locate your low-cost bankruptcy attorney using a free service located at http://www.bankruptcylawyersandattorneys.com/cheap-bankruptcy-lawyers.html

Article Source: http://www.articlesbase.com/bankruptcy-articles/cheap-bankruptcy-lawyers-how-to-quickly-find-them-in-10-minutes-or-less-650484.html

About the Author

Roilee Mandeville is the author of "Cheap Bankruptcy Lawyers: A Faster Way of Finding Them Online", a free 10-minute guide on how to quickly get a reasonably priced bankruptcy lawyer to prepare your bankruptcy petition.

Chapter 7 Bankruptcy Procedures

Author: Steve

After filing your bankruptcy petition in the bankruptcy court, you will need to go through some certain procedures until your debts are finally discharged.  You officially start your bankruptcy petition by filing your bankruptcy papers but even before that, during the preparation of your bankruptcy papers, you need to do things the right way.  Preparing your papers is no child’s play.  You have to be aware of what you are doing, especially, if you prepare your papers without any professional help.  Mistakes in your papers can be costly in the end.  A person can lose a lot of assets this way.

The first step in chapter 7 bankruptcy procedures is filing your bankruptcy papers in the bankruptcy court.  You will physically bring your bankruptcy forms in the court and file them.  Some people think they can do this online but there is no online bankruptcy court where you can file as of now.  After the petition has been filed, the bankruptcy court will then send a mail to your creditors notifying them of your bankruptcy filing.  After this, the bankruptcy court will assign a bankruptcy trustee for your case.  This person is a crucial part in your bankruptcy procedure and you will have to hand over your latest tax return to your assigned bankruptcy trustee.

After providing your tax return, you will have to go through a process called means test that you need to pass in order to continue with your bankruptcy procedure.  The bankruptcy trustee will either convert your bankruptcy chapter 7 to a chapter 13, amends other legal requirements or decline your bankruptcy.  This depends on the result of your means test.  If your income is less than the average income with regard to the state that you live in, it is more likely that you will pass the means test and continue with your bankruptcy process.

Then a meeting of creditors will be held and you will be questioned by the bankruptcy trustee about your finances and about the information you provide in your bankruptcy petition.  Sometimes creditors will attend this and this can be the only time that they would show themselves.  This meeting probably lasts about a few minutes only.

Negotiations are then made by the bankruptcy trustee with regards to your properties.  This is all about separating the nonexempt properties from the exempt properties.  You have to hand over to the bankruptcy trustee all your properties that are considered nonexempt.  These properties will be used in paying your creditors.  Other debts that were not paid after the liquidation are said to be forgiven and you are not obliged to pay for it anymore.

The last thing that will happen in a chapter 7 bankruptcy procedures is the bankruptcy court granting the discharge of your debts and closing your case.  This is the commencement date of your bankruptcy status in which, for a chapter 7, will last for 8 years before you can get your bankruptcy status discharged or file another type of bankruptcy.  For more support on how to file bankruptcy, visit the link below.

Article Source: http://www.articlesbase.com/finance-articles/chapter-7-bankruptcy-procedures-1448660.html

About the Author

Steve Young is the author of The #1 Secret On How To File Bankruptcy. To get your free CD on How to File Bankruptcy Without an Attoney, go to www.onlinebkassist.com