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Bankruptcy Fees

September 19, 2010 By admin Leave a Comment

Mary Mukami Gachonde

Bankruptcy Filing Fees

Author: Peter Gitundu

Filing for bankruptcy comes with some additional expenses. This is because, if you have to hire an attorney, you have to put into consideration the amount of money you will require. The attorney fees aside, you will also have to pay related expenses to the court clerk. These include the filing charges and other handling charges that in most cases are not less than $300.

The charges however will depend on which chapter you choose to file your petition under. In chapter 7, the petition is not accepted until you have accompanied it with a bankruptcy filing fee of $299. In chapter 13 on the other hand, the petition costs you $274 to file. These fees are subject to change every now and then, putting in mind that there are now new insolvency laws.

As for the attorneys fee, be prepared to part with anything between $1000 and $2000. One good thing about the lawyers fee is that you can negotiate with him to have it settled in installments not exceeding 3 years if you are filing under chapter 13.  To add to the good news, you can file for an application to have the filing fees waived or subsidized. At the end of the day, you may find yourself paying nothing for the petition other than the lawyers fee only.

If a debtor has filed for voluntary bankruptcy and wishes to have the filing fees waived, a few considerations have to be made. They are based on the poverty index of the social class to which the individual belongs. If the income of the debtor falls below 150% of the income levels of that class, then he will be considered for the waiver.

Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-filing-fees-910437.html

About the Author

Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Deal With Bankruptcy, Read More Of His Articles Here DEALING WITH BANKRUPTCYYou Can Also Add Your Views About How To Deal With Bankruptcy On His Blog Here DEALING WITH BANKRUPTCY

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Bankruptcy Rights

September 16, 2010 By admin Leave a Comment

Red White & Blue Refuel by sr22n1mr

Bankruptcy Rights

Author: Peter Gitundu

Financial distress happens due to many reasons, among them medical bills for uninsured illnesses and job loss, among other reasons. In most cases these are out of the debtors control. It is important that both the debtor and the creditor realize that once the petition has been filed, they have bankruptcy rights entitled to them and this should not be violated by anyone involved in the insolvency case.

Among the bankruptcy rights, the creditor is entitled to have a share of the insolvency estate according to their claim. In this case, the secured creditors are given the first priority while the unsecured creditors are only paid after the secured creditors have got a part of their claim. Depending on the amount of the estate available, the unsecured creditors may end up getting nothing at all.

In chapters 11, 12 and 13, the creditors will be entitled to be heard by the court in case they have anything on what the debtor may be planning to do as the case proceeds. They should be heard out on matters concerning the debtors liquidation assets and also on payments received from the bankruptcy estate. Before the court can begin the case, the trustee handling the matter will normally brief the parties on the insolvency rights that both sides are entitled to in order to clear any doubts.

As the case proceeds, the law allows the creditor to challenge any discharge that the debtor would be proposing. He can oppose his debt being discharged by the court. This will then be left for the court to decide whether or not to discharge the debt depending on the reasons forwarded.

Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-rights-920635.html

About the Author

Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Deal With Bankruptcy, Read More Of His Articles Here DEALING WITH BANKRUPTCY If You Enjoyed This Article, Make Sure You SUBSCRIBE TO MY RSS FEED!

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Business Bankruptcy

September 7, 2010 By admin Leave a Comment

Sign of the Times by stephenyeargin

Chapters You Can Use To File For Business Bankruptcy

Author: Peter Gitundu

A business, whether large or small, requires that finances be handled carefully. To do that, a situation where the enterprise will close down as a result of bankruptcy is avoided. However, it is not always very easy to survive for eternity without facing financial setbacks once in a while. Sometimes, they may be so bad that liabilities exceed assets and the only way out is to file for bankruptcy.

Many entrepreneurs find themselves in a dilemma when they have to file for business bankruptcy because, they do not have the necessary information on how to go about it. Information is power and as such, having tips on what the whole process entails goes a long way in saving you a lot of trouble. Filing for bankruptcy may have a negative connotation on your business image, but it should not spell doom for you because you can recover from the distress.

The first crucial thing to understand about filing for business bankruptcy is that there are many chapters in the bankruptcy laws in which one can file his petition. The chapters are categorized according to the various forms of financial distress there are. They include personal, business and government bankruptcy. Business bankruptcy is mostly filed under chapters 7, which allows you to liquidate your company assets and then use the proceeds from the liquidation to settle the bills with your creditors.

Note that the liquidation process must be overseen by an appointed trustee, who, in most cases is appointed by the bankruptcy court. Other chapters that exist are 11 and 13 but it is best to have full information on their terms and conditions before settling for anyone of them.

Article Source: http://www.articlesbase.com/personal-finance-articles/chapters-you-can-use-to-file-for-business-bankruptcy-1337735.html

About the Author

Peter Gitundu Creates Interesting And Thought Provoking Content on Small Business. For More Information, Read More Of His Articles Here BUSINESS BANKRUPTCY If You Enjoyed This Article, Make Sure You Read My Most Recent Posts Here SMALL BUSINESS

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Student Loans Bankruptcy Debtor

August 15, 2010 By admin 10 Comments
Student loan repayment ...

Student Loan After Bankruptcy

Author: Peter Gitundu

It is a good thing to be well conversant with the laws governing bankruptcy. If you do, then you will know that student loans are among the debts that you can never get away with. If this is the case, what about getting access to a student loan after filing bankruptcy? To begin with, there are two types of such loans; private and government.

Government loans are much more flexible to access and this is for one reason; they are not necessarily based on your credit worth. In any case, the government has a responsibility to ensure that you get access to basic social amenities like education. The aim of the government is to make your life better regardless of your background.

Private student loan lenders on the other hand will require to know your credit standing before they can offer you anything. Again, private lenders will tend to charge you higher interest on your installments because they are in lending  business.

One limitation with the government loan is that there is a certain limit to the amount you can get. If in case you decide to take the loan but feel it is not sufficient, you can consider other options. This may be tough but it calls for sacrifice. You can consider having part time classes and a part time job to supplement on the loan. Although it will take you a longer time to complete your studies, you will be able to rely on a loan that has a fixed interest rate and which you will comfortably be able to repay over the years.

Article Source: http://www.articlesbase.com/personal-finance-articles/student-loan-after-bankruptcy-891796.html

About the Author

Peter Gitundu Researches and Reports on Bankruptcy. For More Information On Loan After Bankruptcy, Read More Of His Articles Here LOAN AFTER BANKRUPTCYYou Can Also Add Your Views About Loan After Bankruptcy On His Blog Here LOAN AFTER BANKRUPTCY


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Corporate Bankruptcy Employees

August 13, 2010 By admin 9 Comments
... for bankruptcy protection

Business Bankruptcy Not Always Best Option

Author: Kevin Muir

When a company is in dire straits, often a business bankruptcy seems enticing. Your debt will disappear, and, if the company has filed under Chapter 11 bankruptcy, the "fresh start" offered by the reorganization is hard to pass up. But it is not all it's cracked up to be.

Good Reasons Why Business Bankruptcy Not Always Best Solution

But doing a filing isn't always the best answer. For some companies, it could be the wrong answer, while for others, there might be better options. Here are some reasons why it isn't always the best choice.

1. You could lose much of the control over your company. Many executives believe the bankruptcy laws allow them to control their company's activities during a Chapter 11 bankruptcy. But this is misleading. Bankruptcy experts say business owners must understand that other individuals will oversee and direct their decisions during a business bankruptcy. Some of these people include debtors, shareholders, and the court trustees.

2. Business bankruptcy is expensive. Depending on the size of your debt, it might be more expensive to file than to continue to run your business and try to save it. If you choose to file business bankruptcy, you'll have to hire good counsel, and often other professionals who will charge a hefty fee for their services. These costs often surprise business owners so consider them before you decide to go down this path.

3. Business bankruptcy can take more time than you expect. This process isn't a quick fix. You don't file bankruptcy, see a quick turnaround of your fortune, complete the bankruptcy and return to business as usual. Depending on your jurisdiction, court may only hold hearings once a month. Sometimes, the court may delay these hearings that are essential to the day-to-day running of your business. This will slow down the whole course of the process. If you choose to file, understand that there will be numerous "sit down and wait" moments for you.

4. Your employees might flee during the process. Even if the you are filing a Chapter 11, or reorganization bankruptcy, many employees might mistakenly believe the company is in such dire straits as their job is in danger. Even if you reassure your employees, you are sure to lose a few or more as people seek more stable employment elsewhere. During this already difficult time, you'll have to hire more employees, or make do with fewer people if hiring new employees is not possible. If you do hire more people, consider the cost of hiring, training and "breaking in" new workers.

Before you decide to file, make sure you know all your options. If Chapter 11 still looks like a good choice, do your homework. Find out about the filing process and know what to expect. Also make sure you get a competent bankruptcy lawyer to represent you and your company. The future of your business depends on it.

Article Source: http://www.articlesbase.com/management-articles/business-bankruptcy-not-always-best-option-102628.html

About the Author

BusinessBankruptcy911.com provides information and advice on business bankruptcy for small business owners and entrepreneurs. You can get more help by clicking business bankruptcy.



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