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Bankruptcy Search

October 19, 2010 By admin Leave a Comment

Sample Bankruptcy Search

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.

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Bankruptcy Procedure

October 18, 2010 By admin Leave a Comment

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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

Filed Under: Bankruptcy information Tagged With:

Corporate Bankruptcy

October 17, 2010 By admin Leave a Comment

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Corporate Bankruptcy Details You Should Know

Author: Poly Muthumbi

When a public company files for bankruptcy, everyone with a stake in the company, from employees to creditors to bondholders, is concerned about the future of the company and the outcome of the bankruptcy proceeding. As a result many tend to wonder who protect the shareholders interests and whether the old securities have any value when and if the corporation is restructured. Corporate bankruptcy refers to the legal filing process undertaken by businesses that have been overtaken by their debts.

Federal bankruptcy laws govern how companies go out of business or recover from huge dangerous debt crisis. A bankrupt company, the -debtor might use Chapter 11 of the Bankruptcy Code to restructure its corporation and try to become cost-effective again. Management continues to run the day-to-day business operations but all important business decisions must be approved by a bankruptcy court.

Under Chapter 7though, the company stops all operations and goes completely out of business. A trustee is appointed to sell or if you like liquidate, the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors. The investors who take the slightest risk are paid first such as the secured creditors take less risk because the credit that they extend is usually supported by collateral, like assets of the company. They know they will get paid first if the company declares bankruptcy.

Bondholders have a larger potential for recuperating their losses than stockholders, because bonds signify the debt of the company and the company has agreed to pay bondholders interest and to return their principal. Stockholders own the company, and take greater risk. They could make more money if the company earns good profits, but they could go down money if the company does badly. The owners are last in line to be reimbursed if the company does not succeed. Bankruptcy laws determine the order of disbursement.

A company's securities may carry on to trade even after the company has filed for bankruptcy under Chapter 11. In most occasions, companies that file under this chapter of the Bankruptcy Code are generally incapable to meet the listing standards to continue to trade on the New York Stock Exchange. However, even when a company is deleted from one of these major stock exchanges, their shares may continue to trade since there is no federal law that bans trading of securities of corporate bankruptcy kind.

During corporate bankruptcy, bondholders will stop receiving interest and principal payments, and stockholders will stop receiving dividends. If you are a bondholder, you may receive new stock in exchange for your bonds, new bonds, or a combination of stock and bonds. If you are a stockholder, the trustee may ask you to send back your old stock in exchange for new shares in the restructured company. The new shares may be less in number and may value less than your aged shares. The restructuring plan will spell out your rights as an investor, and what you can expect to receive, if anything, from the company.

If the company does come out of corporate bankruptcy, there may be two different types of common stock, with different indicator symbols, trading for the same company. One is the old common stock -the stock that was on the market when the company went into bankruptcy, and the second is the new common stock that the company issued as part of its reorganization plan.

Poly Muthumbi is a Web Administrator and Has Been Researching and Reporting on Debt for Years. Visit Her Site at CORPORATE BANKRUPTCY

Article Source: http://www.articlesbase.com/banking-articles/corporate-bankruptcy-details-you-should-know-389070.html

About the Author

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After Bankruptcy

October 16, 2010 By admin Leave a Comment

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Tips To Improve Your Credit Score After Bankruptcy

Author: Thomas Jhon

When the court declares a person as bankrupt, it has direct adverse effects on his/her credit record. If you are one of those who are facing this painful situation, you must know that life does not end with bankruptcy. There are still plenty of ways to improve your credit score after bankruptcy. However, in order to know how to do that, you must first have a good understanding of how getting bankrupt affects FICO score. Lack of awareness may prove to be very costly for you. Once you get the right picture about that, you can easily figure out the steps you need to follow to improve your situation.

Effects Of Bankruptcy On Credit Score

If you are in a situation where filing for bankruptcy seems to be the only option, you are very much likely to have a very low credit score at this point. But, it is important for you to keep in mind that when you are declared as bankrupt, a large part of your credit record is deleted. Most of the negative items, such as late payments are removed from your report. The deletion of all these negative items offsets the mention of bankruptcy on your credit report to a great extent. It means your credit score after bankruptcy is not going to fall much further down. You will see a very little difference – if at all there is a difference.

You Are In A Different Category

Another thing that is very important for you to understand that the FICO score system has special provisions for people in bankruptcy. You will be put into a separate category, where the past financial history will not be taken into account to determine credit score after bankruptcy. Only the future use of credit is taken into consideration.

Monitor Your Credit Record

Monitoring of your credit record is very crucial at this stage. There are three major credit agencies and you can get a free copy of your FICO report annually from each of them. The idea behind monitoring is to make sure that your report is free from any kind of errors or omissions.

Pay Your Bills In Time

If you are serious about improving your credit score after bankruptcy, you must make it your top priority to pay all your bills in a timely manner. Any default at this stage is going to be very expensive for you. Even if you are in a situation where you think you are going to run late on payments, you must contact your lender and ask him to make some arrangements.

Likewise, you must also pay down your outstanding debts as soon as possible, as it will help you achieve a better credit score after bankruptcy at a faster pace.

Article Source: http://www.sooperarticles.com/law-articles/immigration-law-articles/tips-improve-your-credit-score-after-bankruptcy-25633.html

About Author:
Having been declared bankrupt by the United States bankruptcy court, you are bound to have adverse effects on your credit record. after bankruptcy. You may also look forward to paying your outstanding debts as soon as possibledebt consolidation loan.

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Avoid Bankruptcy

October 15, 2010 By admin Leave a Comment

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How To Avoid Bankruptcy

Author: Jason

Generally speaking, in the United States today bankruptcy is considered a measure of last resort and virtually every other debt relief method out there – debt consolidation, debt settlement, and so on – is designed to help debtors avoid filing for bankruptcy. The old days when people could simply borrow extensively, default on everything and run to the bankruptcy courts for relief and debt discharge have been over since 2005, so virtually all efforts to reduce your debt or restructure it in order to make it more manageable are effectively ways of avoiding bankruptcy.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 mandated that all individuals considering filing for bankruptcy have to undergo credit counseling immediately – within 180 days – of filing their petition with the courts. This credit counseling has to be done through government approved credit counseling agencies which will carefully review your entire financial situation and determine whether or not bankruptcy is the right option for you to take. In fact, the bankruptcy court will not accept your petition unless you have a certificate issued by an approved credit counseling agency saying that you have undergone this counseling. The result is that you will have to have real experts review your situation and offer viable alternative to bankruptcy before you can even file a petition for Chapter 7 relief.

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 also instituted a means test that determines whether or not you even qualify to file for bankruptcy. Prior to this, anyone could file for bankruptcy relief, and the court had the discretion to determine whether or not it was warranted, but the 2005 law did away with this. Now, if the court determines that your means are too high to qualify for bankruptcy protection you no longer qualify for this at all. The result is that bankruptcy is now sincerely a measure of last resort, and most people that qualify and get the approval of their credit counselors really have no other options available. 

Article Source: http://www.articlesbase.com/bankruptcy-articles/how-to-avoid-bankruptcy-1917201.html

About the Author

It is best to be proactive to address bankruptcy issues before they occur. Speaking to a bankruptcy lawyer can really make sense if you have debt issues. Learn how to get at Orange County Bankruptcy Assistance at http://www.consumerbankruptcyattorney.com

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