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Bankruptcy Petition

September 24, 2010 By Leave a Comment

Unusual suspect bankrupt ($2.3million) but still praising the Lord! by RinkRatz

Beginning The Bankruptcy Process With A Petition

Author: Legal Helpers

For those in debt that surpasses their ability to pay, bankruptcy can be a solution to regain financial freedom. Debts can be discharged through the filing of bankruptcy. Under a specific chapter of the bankruptcy code most debts can be absolved while a filer is still able to keep some personal property. There are federal and state exemptions for homestead, jewelry, life insurance policies and more. For a full listing of this contact your bankruptcy attorney. Consumer bankruptcy or personal bankruptcy is the most commonly filed. Chapter 7 and Chapter 13 are often filed in consumer bankruptcy. The whole purpose for bankruptcy is to allow debtors to be given a clean slate to build a positive financial history on.

You can begin your bankruptcy process by filing a petition, which is a document that includes a debtor’s financial information. Depending on your situation you will either choose or have a specific chapter of bankruptcy suggested for your debt relief benefit. A creditor can also file a bankruptcy petition on your behalf. This petition is filed with the U.S bankruptcy court clerk. A debtor has 20 days to file objections. If objections are filed, the case can go to trial. If there are no objections filed the bankruptcy will proceed. Involuntary bankruptcy can only be filed under two chapters, which are chapter 7 and chapter 13 of the bankruptcy code.

You are susceptible to being a part of an involuntary bankruptcy if you are not paying your debts period. If you are missing significant payments or you are regularly missing sizable payments you can be subject to involuntary bankruptcy. The court enters an order of relief and the creditors expenses and attorney fees are dispensed immediately. Creditors who are not hasty in being paid at least a portion of their owed debt will choose to file involuntary bankruptcy. Some creditors will use this as only a last resort as if the judge was to view the charges as unjust the creditors themselves could obtain fees and charges. For additional information on this area of bankruptcy or others you can simply search bankruptcy or bankruptcy petition online. You can also speak to a bankruptcy attorney for a free consultation for your bankruptcy questions.

It is understood that due to job loss, terminal illness and death of a spouse can throw people into severe debt. The most common cause for bankruptcy is still in fact largely due to credit card debt. It is key to speak with a bankruptcy attorney for a free consultation. You can do this online or by contacting a local attorney out of the phone book. An experienced attorney can steer you in the right direction when making the choice to file bankruptcy. In general chapter 7 converts your non-exempt assets into cash to pay off outstanding bills. Chapter 13 is a form of financial reorganization. With chapter 13 you are given time to pay off your bills, stopping foreclosures and maintaining the majority of your property. Bankruptcy can provide financial freedom but should be used as a last resort as opposed to paying bills off through debt consolidation practices.

Article Source: http://www.articlesbase.com/finance-articles/beginning-the-bankruptcy-process-with-a-petition-319882.html

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Bankrupcy Information

September 4, 2010 By Leave a Comment

Bankruptcy Chapter 7 13 jpg

Real Bankruptcy information – How to file bankruptcy

Author: Alexander Travis

If you are thinking about filing bankruptcy, you must know how to declare bankruptcy.  Before you can file either Chapter 7 or 13, you must be able to pass under what is called a “means test”. The means test identifies which people have the financial capacity to continue to pay a significant portion of their bills to creditors. The means test involves comparing the persons’s income to the average income of the state or county in which the debtor resides. If the debtor’s gross income is above the average, another set of calculations (based on ratios of debt to income) will identify whether he or she can file a Chapter 7 liquidation or Chapter 13 repayment case.

It does not matter where you are located, in order to file bankruptcy, there is a lot of paperwork to file. The bankruptcy process begins with the filing of a petition and many forms with the local bankruptcy court. These forms consist of itemized lists of all your assets, debts, income, expenses, as well as other very important personal background and financial information. In addition, you must file a certificate of credit counseling, tax returns (or transcripts) for the recent tax year; all tax returns that were filed with the IRS while your bankruptcy case is pending; copies of pay stubs or other proof of income received 60 days prior to filing; statement of currently monthly income and any reasonably anticipated changes in income or expenses after filing.

While in a Chapter 7 (liquidation) case, the bankruptcy court will appoint a trustee to represent the interests of your creditors. After a month or so from the date of the filing, you have to be present at a “meeting of creditors” in which the trustee will answer all questions regarding your assets, debts, and other financial information. Despite the name, banks and creditors hardly ever are at these meetings. Once finished with the meeting, the trustee liquidates the property that may be taken from you.  He or she will then take the cash and split it amongst the creditors. Once liquidation is done, the court will schedule one last hearing and discharge all debts. At this point, you no longer legally owe your creditors and they are forbidden from trying to collect anything from you.

A Chapter 13 (wage earner) bankruptcy case begins by filing the same papers as under a Chapter 7. In addition, you must file a workable plan for repaying your debts with the bankruptcy court, which will approve the plan. You start sending payments directly to the chapter 13 trustee shortly after filing. The trustee then pays your creditors according to the terms of the court-approved plan. When you have repaid your creditors according to the plan, a court hearing will be held and you will be discharged. The debtor is protected from lawsuits, garnishments, and other creditor actions while the plan is in effect.

Chapter 13 is often preferable to chapter 7 debt relief because it enables the debtor to keep a valuable asset, such as a house, and because it allows the debtor to propose a “plan” to repay creditors over time – usually three to five years. Chapter 13 is also used by consumer debtors who do not qualify for chapter 7  under the means test.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/real-bankruptcy-information-how-to-file-bankruptcy-1744366.html

About the Author

Find more information on how to file bankruptcy at http://www.realbankruptcyinfo.com If you are interested in debt relief visit http://www.relieve-debt.com

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Filing Bankruptcy San Antonio

August 15, 2010 By 8 Comments
... san antonio bankruptcy

Will Filing For Bankruptcy Haunt Me Forever

Author: Eulalia Allmand

You may have filed for bankruptcy or are thinking about filing for bankruptcy, and are worried that it will haunt you forever.

Rather than focus on the perceived negative aspects, you should concentrate on the positive ones.

Bankruptcy Will Not Stay With You Forever

While it is true that bankruptcy will stay on your credit record for a period of 10 years after you have filed, you will still be able to increase your credit rating if you manage to clear all your debts.

Do not be worried about your credit rating when you file for bankruptcy. Chances are that it is in a bad state anyway, as you would have already been late on or defaulting in your payments.

Your credit rating will have reached its lowest point by the time you file for bankruptcy. After the filing, you will be able to concentrate on raising your rating again by making prompt payments in the future.

You Can Still Get a Loan after Filing for Bankruptcy

If you have maintained your new repayment schedule after filing for bankruptcy under chapter 13, then you can probably get a loan within a period of 2 years.

You will also be eligible for a secured credit card, where you might have to put up collateral equal to the amount of credit that you will be given.

As time passes by and your credit rating improves, you will be able to get a regular, unsecured card. The interest rates that you will be eligible for will probably start coming down as well, as you will be viewed as a better credit risk.

Keep in mind that if you file for bankruptcy for a second time within a span of a couple of years, it will definitely send up a red flag to potential lenders.

Bankruptcy Can Give You another Way to Repay Your Debt

Instead of thinking that your bankruptcy will haunt you forever, look at it as another way of getting another chance to repay your old debts in a much less stressful way.

This can slowly restore your confidence and self-esteem. Your lenders will also be appreciative if you stick to your repayment schedule. So stay mentally strong and control your finances, and give top priority to clearing off your old debts first.

Try to analyze the problems that caused you to file for bankruptcy and avoid falling into the same trap again. Keep an eye on your credit rating and get updated reports from the credit bureau regularly.

Keep Your Chin Up

Don’t let filing for bankruptcy get you down. Treat it as a challenge, which will enable you to emerge as a stronger person.

Bankruptcy can be very testing financially and mentally. You should be prepared for a rough ride, but only for a limited period of time. Once your finances are in better shape and you have set a new level of control, then that period will soon be just a faded memory.

Remember that a bankruptcy will stay only for 10 years against your credit record. If you stick to your financial recovery plan, then you will be back on your feet in no time!

Article Source: http://www.articlesbase.com/finance-articles/will-filing-for-bankruptcy-haunt-me-forever-465572.html

About the Author

Allmand & Lee are Bankruptcy Attorneys who specialize in consumer bankruptcy and offer dallas bankruptcy services that help good people through one of the toughest times in their life. For more information please visit us at http://www.allmandandlee.com/


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Bankruptcy Atlanta

August 15, 2010 By 9 Comments
Storehouse faces sale after ...

The Truth About Paying Collection Accounts

Author: Daniel J Harris

When you encounter a tough financial time, chances are, you just want to get your debt paid off as soon as possible, with the hope that a collection account won’t become a permanent addition to your credit report.  Because after all,  you want is your score to improve, right?  Unfortunately, once a collection account creeps its way onto your report, it finds a home there, as part of your credit history.

Truth 1: Paying Off a Collection Account Doesn’t Improve Credit Score

Any appearance of a collection account on your personal credit reports lowers your credit scores.  Unfortunately, once the collection account appears on your credit report, it’s part of your credit history, and it doesn’t really make a difference whether you pay it off or not. 

Truth 2: The Original Amount of a Collection Account Doesn’t Make a Difference

The fact of the matter is that the amount of money (big or small) on the collection account is virtually irrelevant, regarding the effect it has on your credit score.  Maybe it’s 0 maybe it’s ,000 – the bottom line is that anything from a collection agency that appears on your credit reports will lower your credit score, no what the amount of money is.

When Was the Last Time You Checked Your Credit Reports for a Collection Account?

Check your credit reports regularly: Go to myfico.com and pay attention to any negative items in the Public Records section.

Subscribe to a credit monitoring service: This allows you to monitor all activity on your credit reports.

Other Items in the Public Records Section That Are Similar to Collection Accounts…

– Federal and state tax liens (released and not released)
– Judgments and satisfied judgments
– Bankruptcy

Similarly to collection accounts, when any of these items show up on your credit reports, your FICO credit scores go down.

The Amount You Can Expect Your Credit Score to Plummet…

Unfortunately, there’s no specific number, but it can easily go down by 100 points, or more.
If you pay off the collection, it will show up as a balance of [POST CONTENT] on your credit report.  Nevertheless, your credit scores will decrease whether the public record item is paid or not.

Basically, once a collection account appears on your credit report, simply paying your debt off, will not make it go away! Pay off all your debts promptly and be mindful of what’s on your credit report, so that a collection account won’t land on your credit reports to begin with!

For more information on collections accounts, understanding your credit reports, or fighting a particular debt, don’t hesitate to contact the Adkins Firm, your Atlanta Bankruptcy experts!

Article Source: http://www.articlesbase.com/bankruptcy-articles/the-truth-about-paying-collection-accounts-2760837.html

About the Author

Article written by Michael Mroz.

For debt relief assistance in Atlanta, Georgia. Contact Marty Adkins of the Adkins Law Firm for the best advice on becoming financially successful and bankruptcy legal advice



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Bankruptcy Claim Letters

August 13, 2010 By 10 Comments
Selecting the best words is ...

Finding The Perfect Bankruptcy Attorney

Author: Legal Helpers

Who has not – at one point or another – received a letter from a collection agency asserting that there was an outstanding balance owed to a debtor? Perhaps it is a medical bill, which has gone by the wayside since so many medical billing offices are hopelessly running behind in their overall billings. Conversely, perhaps you have moved and a bill got forgotten or misplaced and the creditor never caught up with you and eventually wrote off your debt, only to sell the accounts receivable files to a collection agency for pennies on the dollar.

Finding a bankruptcy attorney can be difficult or it can be as easy as turning to your local Yellow Pages. The phone book is actually an easy way to start your search. You can use the Yellow Pages to find what attorneys are in your area. In addition, most of the business listings will group attorneys by specialty so finding one that specializes in bankruptcy should not be challenging.

You can also find the perfect bankruptcy attorney by searching online. You can often gather information about the history of the attorney and any cases he or she has successfully been assigned to. Remember, just because you see a big online ad for an attorney’s office doesn’t mean you should use them. Just like any other ad, any company who throws down the money for the ad spot can gain access to it. Ad spots are not given on merit.

If you feel comfortable in doing so, you can also seek the opinions of people you know who have filed for bankruptcy in the past. They may be able to give you a personal opinion about the attorney they used in their bankruptcy case.

Overall, you should feel comfortable working with your bankruptcy attorney, or you should find another!

This may then find you at the receiving end of a letter, facing a collection agency claim. Bankruptcy, for those whose letters reveal rather substantial sums, sometimes is considered a viable option to just make it all go away, but for those who are hanging on, no matter how tentatively, and are still trying to pay all of their bills on time will find that the negatives of bankruptcy by far outweigh the positives.

Thus, filing for bankruptcy protection should be considered very carefully and advisedly. Perhaps the first course of action should be a close scrutiny of the outstanding debt, especially in light of its age. Depending on the state in which the debtor resides or the debt was contractually incurred, the statute of limitations on collection of that particular debt may have already expired.

For example, a Californian receiving notice of a medical bill incurred more than four years ago may be able to defend against the claim by pointing out that written contracts are only enforceable for four years, after which the statute is said to have run out. In the District of Columbia the time is three years, while in Ohio it is 15. Know your rights with respect to debt collection before seeking bankruptcy protection!

Article Source: http://www.articlesbase.com/finance-articles/finding-the-perfect-bankruptcy-attorney-319878.html

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Bankruptcy Attorneys



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