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Bankruptcy Filings California

July 5, 2010 By admin 6 Comments

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Bankruptcy – What Can We Expect in 2010

Author: Thomas Ajava

There is little doubt that most people and businesses are glad to see 2009 pass, but what does 2010 hold in store particularly when it comes to bankruptcy filings? Let's take a look.

The 2009 calendar year saw the bankruptcy filings of companies that were once thought impervious to such a development. Two that immediately come to mind are Chrysler and General Motors. Both filings were fairly quick because the nature of the reorganizations were figured out before the filings were made. This presents us with our first trend in 2010.

We can expect to see more pre-packaged bankruptcy filings this year by large businesses. This type of bankruptcy has always been around, but it was turned into an art form in 2009. The basic idea is to put the screws to the creditors while threatening a bankruptcy filing. Those creditors that don’t agree to the deal being offered are then washed away in bankruptcy while those that agree come out the other side with some interest still in the company, often an equity interest.

The second trend we will see in 2010 is the continuation of huge bankruptcy filings. The difference is you and I will not recognize many of the names. These companies will be behind the seen entities. The number on industry where this will occur is in commercial real estate. Everyone from mall owners to brokers to, well, anyone associated with the industry is going to be in big pain. 2009 started the commercial real estate market implosion, but 2010 will see the biggest bloodletting.

The third development will be the continued “hidden” second great depression. People say we were saved from a great depression, but this isn’t true. The key is the banks. More banks failed in 2009 than 2007 and 2008 combined. The government is just doing a good job of keeping the news under wrap. Ah, and what about unemployment? Well, the reported rate is just over 10 percent. In truth, it is closer to 20 percent. The official rate does not include people who are working part time or haven’t had a job in a year. All of this will lead to more personal and business bankruptcy filings.

Is there any economic hope in 2010? Yes. The good news is we’ve stabilized from a confidence stand point. That is important because it means people will go out and spend at least a bit on things. I just bought an exercise bike! Regardless, the panic of 2009 has ended and one can expect a bit of stability in 2010. Will there be a recovery? Technically, we are already in one, but the effects won’t be felt by people like you and I until the end of 2010 or early 2011. Still, that is better than where we were in January 2009.

Article Source: http://www.articlesbase.com/bankruptcy-articles/bankruptcy-what-can-we-expect-in-2010-1677236.html

About the Author

Thomas Ajava writes for BankruptcyAttorneysandLawyers.com - where you can find bankruptcy attorneys and lawyers in your area that will put an end to your financial misery.



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Bankruptcy Fraud Punishment

July 5, 2010 By admin 2 Comments
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Claiming Bankruptcy

Author: Steven Medvin

Bankruptcy is a legal proceeding that occurs when an individual or business cannot repay debts, and there is not another option to satisfy the collection effort.  Although this process may devastate an individual or business's credit for several years, it will lessen the immediate embarrassments and stresses of bill collection and unpaid debts.

Bankruptcy may become a process that is tedious and difficult to overcome.  There are numerous state regulations, exemptions and forms that must be completed to fulfill a lawful statement of bankruptcy.  A lawyer can not only assist in completing the necessary paperwork, but can also help choose which Chapter of bankruptcy best fits your financial situation.

There are four types of bankruptcy under law:

Chapter 7 - This type is referred to as 'liquidation' or 'straight' bankruptcy.  In Chapter 7, the individual in debt is to liquidate all properties that exceed exemption limits, to pay off collecting creditors.  With straight bankruptcy, a petition to the court is filed to eliminate all debts, in exchange for your property.  Chapter 7 can only be filed six years after the date of the previous filing.

Chapter 11 - This type of bankruptcy is mainly used by businesses.  Very few individuals file Chapter 11 bankruptcy.  Although, if a debtor has an extremely large amount of debt, a lawyer may refer this option.

Chapter 12 - This chapter of bankruptcy is reserved only for family farmers.

Chapter 13 - Chapter 13 bankruptcy requires a debtor to create a payment plan for which to repay collectors of unpaid debts.  With this, collectors will receive their payments from substantial withdraws from a current income.  This chapter will allow an individual to keep property such as a house or vehicle, which may be lost in other bankruptcy filings.  The court system must accept your payment plan, for the filing to take place.  Chapter 13 bankruptcies can be filed at any time, without a waiting period between filings.

Any of these filings can take between seven to ten years to clear from your credit record.  It is important to attempt to rebuild your credit score, while these claimant years take place.  Beware of fraudulent advertisements for an easy rebuild of credit.  There is not a simple fix to starting a fresh credit report, although with time, your credit may be stronger than it was initially.

There are several financial problems that bankruptcy cannot cure.  To name a few:  child support, alimony, criminal fines, some taxes and variant student loans.  Debts that also occur after bankruptcy has been filed will not be cleared after the filing has been submitted.  Also, if anyone has co-signed on an individual's loans or unpaid debts, the co-signer may have to repay the debt completely.

There is much information to gather before and after filing for bankruptcy.  Although bankruptcy may assist with the financial problems of the moment, there is much that makes up a lawful bankruptcy filing.  As always, it is in your favor to understand the law and its requirements.

Article Source: http://www.articlesbase.com/bankruptcy-articles/claiming-bankruptcy-2727751.html

About the Author

Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit: http://www.smpadvance.com



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Bankruptcy Fees

July 2, 2010 By admin 10 Comments
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Act Quickly As Bankruptcy Fees Are Set To Rise Next Month

Author: Steve Thatcher

Time is fast running out for those of you seeking to go bankrupt before the Official Receivers' deposit raises from £360 to £450 on 6th April 2010. The fee rises are part of the governments plan to make the Insolvency Service self funding.

It cannot come at a worse time however for those seeking relief from their debts. It is hard enough now for a potential bankrupt to find enough to cover the petition costs and deposit without a 20% rise in these costs.

It actually may also not be possible to get into court and have your petition heard before the 6th April even if you could get your paperwork completed. Each county court up and down the land have different rules as to how they wish you to present your petition for bankruptcy to them.

Operating across the midlands we have come across the following procedures:-

Leicester:- You can attend at court on any day Monday to Thursday between 11 and 3 to present your petition and then you come back the next day to collect the order. It is rare that you need to see the District Judge.

Coventry:- You need to book an appointment. These can be as much as three weeks ahead now. You attend at the set time and the paperwork is checked. Their system is designed for the petitions to be heard at 2pm, but experience shows that they will try to get you before a District Judge within about 20 minutes, other appointments permitting. You will see a Judge but you will be dealt with in one day.

Stoke on Trent: Very similar to Coventry, except that they only need one set of papers, not three like every other court.

Birmingham: Again similar to Stoke and Coventry except there is a bit of running around to have papers checked at one counter, pay a fee at another and see a Judge on another floor, then back up again to collect the order.

Nottingham: Similar to Coventry, but appointments begin very early and they try to get you seen as quickly as possible.

Northampton:- You can turn up here any day at 10 am. They will check the paperwork, and then you leave. The District Judge considers the papers within 24 hours and the order is sent to you by post within about five days. Very quick and very simple procedure.

If you need help and advice on bankruptcy please call me

Article Source: http://www.articlesbase.com/debt-consolidation-articles/act-quickly-as-bankruptcy-fees-are-set-to-rise-next-month-2046210.html

About the Author

Contact Steve Thatcher a qualified solicitor with Help With Debt (UK) Limited the total debt solutions company. For all further reading see http://www.helpwithdebtuk.com

For personal contact, email sthatcher@helpwithdebtuk.com. If you have any debt problem whatsover either personal or corporate make Steve your first call on 0808 160 5577. All telephone advice is free.



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Bankruptcy Filings

July 2, 2010 By admin 9 Comments
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Bankruptcy Filings - 2008

Author: Ryan Tenney

According to some recent stats, both personal & corporate bankruptcy filings increased from 2007 to 2008. Bankruptcies seem to be rising in many states & some people think that the numbers will only continue to rise in the immediate future...

In fact, in 2008, the number of bankruptcy filings is expected to exceed 1 Million! One of the more common reasons that some people file for bankruptcy are large medical bills that can't be easily paid back. Another common reason is the loss of a job. And finally, unsecured debt, like credit card debt, can get very large, very quickly, if not properly managed.

Furthermore, as many consumers have recently discovered, debt levels become unmanageable when they are the result of large increases in fixed expenses. If more money goes out than comes in every month, debt levels can become difficult to manage.

For instance, imagine a hypothetical consumer who signed up for an adjustable rate mortgage in 2005. If that consumer's mortgage payment was originally 00 per month & it readjusts to 00 per month, where will the 00 difference be made up? If that particular consumer doesn't get a substantial raise to cover the difference, how can the increased amount be paid every month? The extra 00/month has to come from somewhere....With current U.S. savings rate at 0%, is it realistic to think that people will be able to come up with the extra amount every month?

During the 1990s, some banks started extending generous credit lines to consumers through credit cards. Credit was easy to get & consumers used credit cards to purchase just about everything imaginable. The added reward points & bonus' made credit cards very convenient for a lot of consumers. Credit cards can make life easier for a lot of consumers because they make it easy to manage and track expenses.

However, as stated above, principal amounts & fees can compound very quickly if they are not paid off.

Nationwide, courts are seeing double digit increases in the number of people filing for bankruptcy protection. And, not surprisingly, bankruptcy filings are reported to have increased substantially in many states that experienced both the "housing bubble" & the resulting wave of foreclosures...Arizona, California, Florida & Nevada are four states that have seen double digit increases in the number of bankruptcy filings from 2007 to 2008.

Furthermore, according to some statistics, while some costs have increased recently, incomes have not kept up with increased expenses. Especially energy costs. Take a look at the latest gas or power rates. According to the latest BLS.gov CPI stats, energy costs have been increasing more than 15% per year for the last 6 years at least! Have incomes increased enough to match the increased expenses?

Probably not.

So, are expenses that over run incomes the reason why so many more people are filing for bankruptcy protection? These are not easy questions to answer today, given the apparent contradictions in both inflation and deflation, not to mention many other factors that aren't easily identifiable.

However, more people are apparently filing for bankruptcy protection & some experts think that the trend may continue.

Article Source: http://www.articlesbase.com/finance-articles/bankruptcy-filings-2008-541928.html

About the Author
Get 100% live bankruptcy news & information, click here: http://www.bankruptcyaccess.com.



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Know How to Declare Yourself Bankrupt

February 13, 2010 By admin Leave a Comment

Before you declare yourself bankrupt, you should take time to carefully consider all of your options as there may be better alternatives in your situation. You may be able to pay off your debt over time by bringing in additional income, or you can try working with creditors to reduce your overall obligation.

Even something as simple as transferring your credit card balances to another card with a lower interest rate can be quite helpful. Before you take this strategy, however, you should be careful since this is just another loan that you have to worry about. It will not solve your problems by itself, and if you continue with your current spending habits you could find yourself in an even deeper hole. Transferring to a lower interest rate can bring some relief, though, as part of a more comprehensive debt reduction program.

After going through all the alternatives, you may come back to bankruptcy as the best or only option for you in your current circumstances. This may be a bit discouraging for you, but it should not be a reason for despair. You do need to make sure that your decision has been well researched and that you understand the basic process.

You need a good lawyer to help you with your case because the process has become more complex with the recent changes in the bankruptcy code. There are also various laws which vary by states, even though there are Federal laws that provide some uniform standards. For example, declaring bankruptcy in California may not be the same as declaring bankruptcy in Texas, especially when it comes to your homestead exemption.

The homestead exemption, by the way, protects your house from creditors if you file for bankruptcy. For example, if you're trying to get rid of tens of thousands of dollars of credit card debt, your creditors cannot go after your house if your state has a homestead exemption. Of course, you still have to pay your mortgage, and you may still have to deal with foreclosure if you don't pay your lender for your house payments.

Don't let the fear of your debt take over your life. Get the facts about bankruptcy and learn how to get control of your debt. To learn more about declare yourself bankrupt visit us at http://personalbankruptcyquestions.org

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