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File Bankruptcy Online Florida

August 13, 2010 By 4 Comments

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The Steps to File Bankruptcy

Author: Jane Worthington

If you are someone who finds himself in a difficult financial situation, you might want to consider filing for bankruptcy. Most people are not familiar with bankruptcy laws unless they have gone to law school. Before you start seriously thinking about bankruptcy, you should try all of your other options first if possible. Try working with a finance specialist on reorganizing your budget. Assess all your debt and determine how long it would take at your current salary, minus all of your necessities, to pay off your creditors.

The one thing to remember about filing for bankruptcy is that it will show up on your credit reports for up to the next ten years. This feature on your credit report will make it difficult for you to borrow money during that time period but odds are that your credit is already in bad shape if you feel like bankruptcy is your only option. Therefore, the bankruptcy court can help you obtain a fresh start.

If you need to know how to file bankruptcy, these steps will give you a basic idea on how to do so.

1) After you have explored all other options, you should hire a lawyer. Some people decide to file without a lawyer, but it is highly recommended that you have one.

2) Explore what type of bankruptcy is right for your situation. The two most common methods for the individual filing are Chapter 7 and bankruptcy Chapter 13.  Chapter 7 is liquidation and Chapter 13 is a reorganization of your finances. Laws have changed recently and they require that you take a means test before you file for Chapter 7 bankruptcy; it will determine whether you are eligible for that type of bankruptcy.

3) Determine how much filing bankruptcy will cost. Your attorney cannot be your creditor for a Chapter 7 case so his fees need to be paid in full beforehand. Once your lawyer files the case, the automatic stay goes into effect and your creditors no longer have the right to hassle you for their money. All interactions from that point on must go through the attorneys. 

Your lawyer will help you with the rest of the steps because each case is unique. One note you should take under consideration is that you should not use your credit cards if you plan on filing for bankruptcy. If you create debt knowing that you will not be able to repay it, it will not be absolved in your bankruptcy case.

Article Source: http://www.articlesbase.com/bankruptcy-articles/the-steps-to-file-bankruptcy-756391.html

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Bankruptcy Ann Arbor Michigan

August 9, 2010 By 2 Comments
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Bankruptcy Law & Attorneys – Important Facts To Consider

Author: Dean Shainin

Bankruptcy law is a federal statutory law contained in title 11 of the United States codes. Congress passed the Bankruptcy Code under its Constitutional grant of the authority to establish a uniform law on the subject of bankruptcy throughout United States. States may not regulate bankruptcy though they may pass the laws that govern other aspects of the debtor-creditor relationship.

Bankruptcy allows a debtor, who is unable to pay his creditors to resolve his debts through the division of his assets among his creditors. Certain bankruptcy proceedings allow a debtor to stay in business and use the revenue generated to resolve his or her debts. A United States Bankruptcy court supervises bankruptcy proceedings and is where bankruptcy is litigated. Proceedings in bankruptcy courts are governed by the Bankruptcy Rules which were promulgated by the Supreme Court under the authority of Congress.

How Do Bankruptcy Proceedings Work?

Informally called "straight bankruptcy," The most common type of bankruptcy proceedings liquidation involves the appointment of a trustee who collects the non-exempts property of the debtor, sells it and distributes the proceeds to the creditors.

Chapter 11 is reorganization. In this chapter the debtors are allowed to continue its operations while paying their debts. The debtor can either enter the bankruptcy proceedings or it can be initiated by the creditors. The creditors may not seek to collect their debts outside the proceedings at the most part, after the bankruptcy proceedings is filed. The latest revisions of the bankruptcy law are now in effect. Before the debtor can file a bankruptcy case, they should undergo credit counseling, budgeting and debt managements before the debt is wiped out.

Bankruptcy Attorney – Choosing the Right One

Bankruptcy attorneys explain the applications of bankruptcy laws and its applications. If the debtors or their lawyers set off the bankruptcy it is called a voluntary bankruptcy. If the courts initiate the bankruptcy it is called an involuntary bankruptcy. A good bankruptcy attorney will take all the problems away from the bankrupt person or company and deal with every aspect of the bankruptcy.

6 Helpful Tips and Considerations For Finding the Best Bankruptcy Attorney

1. Find a bankruptcy lawyer at the circle of your acquaintances. Keep in mind that bankruptcy law is a specialty, so if your lawyer offers to handle the case as part of your usual retainer, make sure he knows his way around a bankruptcy court.

2. Attorneys must be certified by the American Bankruptcy Institute.

3. Spend a day at a bankruptcy court.

4. What time frame do you have for this bankruptcy?

5. How much access will I have to an attorney during my bankruptcy filing?

6. Because bankruptcy law is a volume business, the time you’ll actually be working with a specific attorney may be small. Don’t hire the cheapest lawyer.

Article Source: http://www.articlesbase.com/bankruptcy-articles/bankruptcy-law-attorneys-important-facts-to-consider-34061.html

About the Author
Dean Shainin offers valuable online debt solutions, news, tools and resources on bankruptcy and debt relief at his Bankruptcy site.

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Pre Bankruptcy Credit Counseling Ny

August 8, 2010 By Leave a Comment
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The New Bankruptcy Law: Information you Need to Know Before you File

Author: Liz Roberts

The new bankruptcy law is in effect, and the climate has drastically
changed for people who are considering bankruptcy. In this article we
will touch on some of the details of the new law, and explain exactly how
these new changes will affect you.

First, let’s touch on the new counseling requirements. According to
the new law, you must complete credit counseling with an agency approved
by the United States Trustee’s office before you can file for
bankruptcy under either Chapter 13 or Chapter 7. Because this counseling is to
decide whether you need to file for bankruptcy, or if an informal
payment plan would be a better alternative for your situation. The counseling
is mandatory for everyone, even for people who know for certain that a
repayment plan is not what they want.

However, you are required only to join in the counseling; you do not
have to go with any repayment plans the agency recommends. But if you are
given a plan, you will have to present the plan to the court with a
certificate showing that you attended the counseling before you can file
for bankruptcy. Once your bankruptcy case is over, you will have to
attend another counseling session focused on learning personal financial
management skills to complete your bankruptcy and erase your debts.

Another major change that comes with the new law effects many people
who want to file chapter 7 bankruptcy. Under the old law, most people
filing could choose between Chapter 7 and Chapter 13,and most people
chose Chapter 7. Because of the new law, many filers with higher incomes
will be prohibited from using Chapter 7.

The first step in determining whether or not you can file for Chapter 7
is to compare your current monthly income to the median income for a
family of your size in the state you live in. In the context of the new
law, your current monthly income is not your income at the time you
file, but your average income over the last six months before you file.

Once you have determined your income, measure it against the median
income in your state. If your income is equal to or less than the median,
you can file for Chapter 7. If it is more than the median, you must
pass a requirement of the new law called the means test. The means test
requires you to determine your amount of “disposable income” by
subtracting different variables from your current monthly income.

If your current monthly income after subtracting these amounts is
under 0, you pass the means test, and will be able to file for Chapter
7. If you income is more than 6.66, you will be prohibited from
using Chapter 7. Those in the middle of these incomes will be able to file
for chapter 7, but will be required to still pay a percentage of their
debt.

Yet another important change caused by the new law is that lawyers may
be harder to find, and possibly more expensive. The new law has added
many complex requirements to the process of filing for bankruptcy that
will make it more time consuming for lawyers to represent their clients
in bankruptcy cases. The end result being that attorney fees for
representation will increase. Also, the amount of time that lawyers must put
into the new regulations has increased and it is likely that it may be
harder to find a lawyer that solely specialized in bankruptcy in the
future. Many experts are predicting that the stress of these new
requirements may drive some bankruptcy lawyers out of the field completely.

Now that you know many of the changes the new bankruptcy laws hold for
your situation, be aware and file with care.

Article Source: http://www.articlesbase.com/finance-articles/the-new-bankruptcy-law-information-you-need-to-know-before-you-file-51523.html

About the Author

Liz Roberts is a loan consultant with NewHorizon Finance and has been providing consumers and business owners with financing since 1989. Join our mailing list for FREE tips on building and repairing your credit . We also have a list of recommended bad credit credit cards
Copyright 2006


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Bankruptcy Faq Colorado

August 2, 2010 By Leave a Comment
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Top Ten Reasons For Filing Chapter 7 Bankruptcy

Author: Gus Sparagis

There are many good reasons for parties in trouble with their creditors. The following is a non-exhaustive list of 10 reasons Chapter 7 bankruptcy makes sense for debtors:

1. Eliminates liability for dischargeable debts incurred prior to the filing of a bankruptcy petition. Bankruptcy can eliminate credit cards, repossession deficiencies, mortgage deficiencies, rent deficiencies, utility bills, medical bills and attorney’s fees that were not incurred fraudulently. 

2. Eliminates tax liabilities that qualify for discharge. Bankruptcy can eliminate tax liabilities that were due more than 3 years prior to the bankruptcy filing where the tax return was filed more than 2 years prior to the bankruptcy filing and if the tax liability was assessed at least more than 240 days prior to the bankruptcy filing and the failure to pay the assessed tax was not willful. 

3 .Stops all creditor collection efforts and harassment, legal proceedings to collect a debt and utilities from being shut off. Upon filing a bankruptcy the automatic stay provisions of the bankruptcy code go into effect and literally stay or stop collection activity giving you the opportunity to catch your breath and get your feet back under you. 

4. Loss or reduction of employment income. In the event that you suffer an unforeseen negative change in your employment circumstances, bankruptcy can assist you in eliminating your legal obligation to pay certain debts, which allows you to better allocate your financial resources towards payment of your household necessities like mortgage payments or car payments. 

5. Financial difficulty due to divorce. First, there is the obvious difficulty associated with going from a dual income household to two single income households with corresponding increases in expenses, which bankruptcy can help by eliminating the amount of monthly debt service. However, for couples that are splitting amicably, filing a joint bankruptcy prior to the divorce simplifies the divorce proceedings by eliminating the necessity of assigning debt that was typically incurred for the joint benefit of the spouses to only one spouse. 

6. Eliminates liabilities guarantee on behalf of a business. Most creditors require small business owners to personally guaranty the liabilities of the business. In the event the business fails, the creditor will look to the guarantors assets to satisfy the debt. Bankruptcy cuts off the business creditor’s right to pursue the individual for these liabilities. 

7. Protects your wages from garnishment. Creditors enforcing judgments in Illinois can garnish up to 15% of the gross wages of a judgment debtor. Filing bankruptcy stops the garnishment and may allow some debtors to recover some their garnished wages from the creditor. 

8. Prohibits the placement of liens against your residence or other real property. Creditors enforcing judgments in Illinois can record a memorandum of judgment against your residence, which could ultimately result in the creditor foreclosing on your home. Filing bankruptcy allows debtors to protect their home from such activity by creditors if the bankruptcy is filed before the lien is perfected. 

9. Allows you to take control and responsibility for your liabilities. Ultimately the only thing the law, society in general and your creditors expect is for you to take responsibility for your financial situation. Most people experiencing financial difficulties have taken responsibility for their bills by dutifully paying them over the course of many years. If you are unable to continue to pay your bills due to an unfortunate or unexpected negative change in circumstances, bankruptcy allows you to responsibly take control of your financial situation in a controlled and orderly manner through court regulated proceedings. 

10. Allows you to achieve a fresh start and begin rebuilding your credit. One of the primary goals of Chapter 7 of the bankruptcy code is to allow honest but unfortunate debtors a “fresh start.” Primarily this is achieved by allowing debtors who qualify the opportunity to discharge their debt through proceedings under Chapter 7. It also allows people with homes or cars to keep those assets so long as they can afford them and there is not an excessive amount of equity in those assets. Most people filing for Chapter 7 bankruptcy have better credit after their case is discharged than they did in the period immediately preceding the case filing. Continuing to maintain a good credit history after discharge allows you to continue to rebuild your credit over the course of the rest of your life.

www.atbankruptcy.com

Article Source: http://www.articlesbase.com/bankruptcy-articles/top-ten-reasons-for-filing-chapter-7-bankruptcy-1121734.html

About the Author

www.atbankruptcy.com

Konstantine “Gus” Sparagis
Gus Sparagis is a partner with the Law Offices of Konstantine Sparagis, P.C. His experience includes a wide range of bankruptcy litigation, including:

Representation of consumers in Chapter 7, Chapter 11, and Chapter 13 bankruptcy cases
Preference and fraudulent conveyance suits
Automatic stay and cash collateral litigation
Out of court restructurings
Work outs and liquidations
Gus has represented both debtors and creditors in Chapter 7, Chapter 11, and Chapter 13 bankruptcy cases and has lectured at the Chicago Bar Association (CBA) on bankruptcy and bankruptcy-related subjects.

Admission to Practice:
He is a member of the Trial Bar of the United States District Court for the Northern District of Illinois, and is licensed to practice in the State of Illinois and in the United States District Courts for the Northern and Central Districts of Illinois.

Professional Memberships and Affiliations:

National Association of Consumer Bankruptcy Attorneys (NACBA)
American Bankruptcy Institute (ABI)
Chicago Bar Association (CBA)

Education:

J.D. – The John Marshall School of Law
B.A. – Northern Illinois University



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Legal Helpers Bankruptcy Law Firm

August 1, 2010 By 2 Comments
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Do You Need The Help Of Bankruptcy Law And Law Firm?

Author: Susan Kapoor

The fact is, people understand when they go bankrupt. In most of the cases they delay the decision of bankruptcy filing as they still hope against hope to be able to figure out another alternative; some postpone the idea of bankruptcy filing because of the fear of losing assets; while some avoids it due to the fear of staking their reputation. However the reality is harsh and as a matter of fact, postponing a decision and suffering alone when you are insolvent cannot be a solution to cope with the harrowing reality. It is advisable to take the legal help and consult with the bankruptcy attorneys to understand the legal process.

Bankruptcy law has made its presence felt as a counter reaction to the abuses of the ‘debtor prisoners’ (the debtor who failed to repay their debt were brutally imprisoned and abused. This was in fashion in the 19th century). In those days, borrowers languished in prison for years, surviving on what their family brought to them! Although today it sounds like a scary tale but it’s a fact.Bankruptcy Law was then created to provide a second chance to those hapless, in debts. That was just the beginning of a legal concept of helping the hapless to start afresh and after that there was no looking back.

The bankruptcy law now defines that the bankruptcy petition is basically a formal request to the federal court for relieving you from your growing debts whilst restructuring the debts, legally.  In fact, the bankruptcy law concentrates on an array of proceedings under the Bankruptcy Code, which helps the individual or the partnership or business debtors in satisfying their debts. Under the Bankruptcy Code, there exist several types of bankruptcy like the Chapter 7, Chapter 11(structured typically for the business entities), Chapter 12 and Chapter 13. The decision to declare bankruptcy is indeed not an easy one and it should be the last resort as the legal system meant it to be. As a matter of fact, bankruptcy appears on your credit and stays there for years so it’s better to consult the Bankruptcy attorneys when filing bankruptcy.

However, to make any decision it’s always better to stay informed about the advantages and disadvantages of different types of bankruptcy. Chapter 7 is basically the liquidation proceeding, involving the collection and distribution of all the property of the debtors to the creditors, by a trustee. On the other hand the Chapters 12 and 13 typically involves the rehabilitation and reorganization of debts rather than liquidation of the debt. Chapter 12 bankruptcies is ideally structured for the anglers and the farmers; if you earn from family fishing or farming and if you have a steady income flow in the previous years, then you are eligible for filing Chapter 12 bankruptcy.

Let’s discuss about the advantage and disadvantage of Chapter 7 and Chapter 13 now.
Chapter 7 Bankruptcy, the advantages:  Chapter 7 bankruptcy, typically allows you to have a fresh start. In fact as soon as the chapter 7 bankruptcy petition is discharged, the associated debts are also erased permanently.

Chapter 7 Bankruptcy, the disadvantage:  The main downside of the chapter 7 bankruptcy is, it requires all the eligible assets to be liquidated to satisfy the petitioner’s debts. Also, chapter 7 bankruptcy makes a serious mark on the credit score and remains there for long.

Chapter 13 Bankruptcy, the advantage :    This is also reckoned as the wage-earner’s petition, and this ideally reduces the debt obligation without disturbing the debtor’s  personal possessions.

Chapter 13 Bankruptcy, the disadvantage   The downside of this kind of bankruptcy is it compels you in following all the financial guidelines that the federal court regulates for you.

Imagine, what if when your negotiations with creditors fail, repossession looms large and your monthly income fails to pay the monthly bills!  Confused, what to do at this stage? Well, it’s the time to consider bankruptcy. And if you are in Massachusetts, then look no further than Massachusetts Bankruptcy Center, your legal partner, to help you to get rid of debt with dignity. The Massachusetts bankruptcy center with its various locations, speckled all across Massachusetts and with the team of expert bankruptcy attorneys and support staff, offers you customized solution to regain your financial stability.  The full service bankruptcy law firm offers case specific solution to befit every requirement. The attorneys have the expertise to hold your hand throughout the daunting legal proceedings and the firm utilize almost every opportunity in bankruptcy i.e., Redemption, Selling real estate in Bankruptcy, Avoid Liens on Property and many more.

Do not suffer alone, instead look for the expert advice, when you need the best legal help.

Article Source: http://www.articlesbase.com/bankruptcy-articles/do-you-need-the-help-of-bankruptcy-law-and-law-firm-2354895.html

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For more information,click on Massachusetts Bankruptcy Center .



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