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Bankruptcy Atlanta Attorney

August 15, 2010 By 10 Comments

Jonathan Ginsberg, Atlanta ...

Bankruptcy – Saving Your Home

Author: Lynn Vest

Do you own a home? Are you considering filing for bankruptcy? You need to take steps to protect your home if you want to keep it. First off, you can keep your home if you file a chapter 13 and have enough income to cover the monthly payment for three to five years until your debts are paid. For instance, if you owe two or three months of mortgage payments and say you owe two years back property taxes, you can save your house by filing a chapter 13.

You will need to have enough income to pay your monthly living expenses and enough leftover to pay the monthly bankruptcy payment. If you are filing a bankruptcy chapter 7, you need to be current on your mortgage payments and have very little equity in the home. The mortgage company holds the title to the home and the courts cannot make the sale to pay debts. You can save your house before filing for a chapter 7, by paying on time payments and keeping up with your property taxes before anything else. If you owe back payments on the house, you might lose the home if the mortgage company cannot agree on a payment.

If you have a large amount of unsecured debt and just a car loan or house payment, you could save your home during a chapter 13. You will need to keep up your monthly payments, insurance and property taxes to satisfy the mortgage company and the courts. Before you take the step to saving your home, make sure you will have enough income to pay the monthly expenses and the monthly payments to the trustee. It is very important that you do not send your monthly trustee payments in late. If you have late payments, you could void the agreement made to the creditors and the court.

Saving your home during a bankruptcy is up to you. If you make an agreement with the creditors and the court, you need to continue keeping that agreement for the time of the bankruptcy repayment plan. It is important that you not default on any payments. Keeping your home during a bankruptcy is not as hard as some people think. It is better to talk with a bankruptcy attorney before things get out of hand. You can get help and take the steps to save your home before filing for bankruptcy.

After talking with a lawyer and paying your down payment, you should not discuss any details with the mortgage company. Your lawyer will take care of all the communications so that there are no misunderstandings. Your lawyer and the trustee will work with you and the creditors to set up the payment plans and you should not receive any calls from the mortgage company after that unless you are late with your mortgage payment again. Since you have more than likely dealt with the mortgage company trying to resolve the problem before looking into a chapter 13, you know they can be a little unreasonable.

 

Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-saving-your-home-599376.html

About the Author

For more information about bankruptcy, go to www.debt-relief-advice.info



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Declaring Bankruptcy Guide

August 14, 2010 By 4 Comments
Bankruptcy: Information ...

Declaring Bankruptcy-Chapter 7, Chapter 13, Or None Of The Above

Author: Albert Alexander

Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due.

Bankruptcy is not something I recommend any more than I would recommend divorce. Along with a divorce, bankruptcy is listed in the top 5 life-altering negative events that we can go through, along with severe illness, disability, and loss of a loved one. In its simplest form, bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors.

Chapter 7 bankruptcy provides for the discharge, or elimination of, unsecured debts in order to start financial recovery. Chapter 13 bankruptcy provides a repayment plan for secured debts, such as a home mortgage. There are pros and cons to each of the consumer bankruptcy options as well as personal financial circumstances that may limit your options.

Because it completely rids you of your unsecured debt, Chapter 7 bankruptcy is the easiest way to come out of debt. Since all your debt is, in essence, wiped clean in a Chapter 7 filing, people have started abusing it. In a bankruptcy case under chapter 7, you file a petition asking the court to completely discharge your debts. Chapter 7 relief is available only once in any eight year period. Chapter 7 bankruptcy, which is sometimes referred to as total bankruptcy, stays on your credit report for 10 years.

Chapter 13 bankruptcy, more like a payment plan, stays on your credit report for seven years. Chapter 13 bankruptcy is the most common type of “reorganization” bankruptcy for consumers: You get to keep all of your property, but you must make monthly payments over three to five years to repay all or some of your debt. The specific amounts of your repayment are determined by the courts.

Although bankruptcy can help with your financial situation, it does not help in every circumstance. Debts that are not eligible to be discharged include child support payments, some taxes, and student loans. Debts that can be discharged include personal loans, credit card debts, and medical bills.

Filing bankruptcy is a very serious move, and you must consider your options in comparison to your financial future. Filing bankruptcy involves a series of steps that you must be aware of. Filing bankruptcy is a major decision, with many benefits, including its ability to stop foreclosure, wage garnishment and creditor harassment. Filing can provide borrowers with clean financial slates either by discharging debt so that the one no longer is liable for its repayment, or by instituting a realistic repayment plan under the discretion of the bankruptcy court.

Filing for bankruptcy may be one of the most difficult decisions a person can make. There will always be those who file bankruptcy because of irresponsible financial behavior while others have simply fallen into unfortunate circumstances. For many who are forced to consider bankruptcy, the actual decision to file is usually the hardest part. Even with the negative implications of filing bankruptcy, most who have filed will agree that the psychological relief is a huge strain removed from their lives. Filing for bankruptcy is not the end of the world.

Bankruptcy is not a substitute for financial responsibility. Bankruptcy is not a quick fix for all credit problems. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt. Bankruptcy is the process by which you are legally allowed to get rid of your debt. Filing bankruptcy should only be used as a last resort effort to help people crawl out of a credit hole and get back on their feet.

Article Source: http://www.articlesbase.com/non-fiction-articles/declaring-bankruptcychapter-7-chapter-13-or-none-of-the-above-244734.html

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BetterCreditSecrets is a resource site for those considering declaring bankruptcy or need bankruptcy advice. Visit us or check out our article directory for free article distribution.



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Bankruptcy Fort Worth Attorney

August 14, 2010 By 2 Comments
Attorney | Fort Worth ...

Bankruptcy Can Save Your Home From Foreclosure

Author: Rudy Rival

Fort Worth, TX – Imagine being a mother of two barely getting by on your paycheck when a slight setback puts you behind on your mortgage payments. That is what happened to Yvonne, who asked that we not use her last name.

After having already been through a Chapter 7 Bankruptcy when she was separated from her husband, Yvonne went looking for help to save her home for her children. She found Robert A Higgins, a bankruptcy attorney and founder of Robert A. Higgins & Associates.

Higgins helped Yvonne file Chapter 13 bankruptcy in order to reorganize her debt and keep her family in the house that they have called home for the past 13 years.

“I only fell behind by a couple of months. I was trying to work with them. Then in June I just couldn’t keep up, and they told me that they were ready to start foreclosure proceedings at the beginning of August,” she said. “I had to do something to protect my home.”

Yvonne and her family are not alone. In North Texas, over 2,500 homes a month are scheduled for foreclosure.

It may not seem like the best option to file bankruptcy, but Chapter 13 protections in Texas can save a home from foreclosure and allow homeowners who may have fallen behind some time to catch up with their obligations.

State bankruptcy exemptions in Texas include the person’s homestead, up to 10 acres, in a city or town and up to 100 acres in rural areas (200 acres for a family farm).

“The law was created to protect home and hearth,” said Higgins. “As a bankruptcy attorney the most satisfying part of my job is helping hard working people keep their homes.”

Higgins and his firm represent hundreds of bankruptcy clients each year.

“Even in good economic times, a family illness or dispute can force people into a financial crisis,” Higgins explained. “Bankruptcy law is there to help someone who is at risk of further victimization from their situation.”

And Yvonne appreciates the help.

“I had tried to file with another attorney before I contacted Higgins & Associates,” she said. “The case was dismissed and I never heard from them again. Higgins & Associates has been a lifesaver for me.”

In the 12-month period ending in June, 934,009 personal bankruptcies were filed in the United States. Of those, 8,585 were filed in the Northern District of Texas, which includes Fort Worth and Tarrant County.

The number of bankruptcy filings in Texas’ Northern District was up 6.1 percent in that 12-month period, according to information released by the courts.

“It seems like more and more people are getting in over their heads,” Higgins said. “I see several things that are to blame, divorce, loss of job, medical bills, loose lending standards, predatory lenders or the borrower that didn’t really know how far in debt that they were getting are some of the more common situations. What matters is that there is a way to get out of this mess.”

Robert A. Higgins is a leading bankruptcy attorney in Fort Worth and founding partner of Higgins & Associates, a firm that has helped thousands of clients protect their assets through personal bankruptcy filings.

For more information and for contact information for persons mentioned in this release, contact Robert Higgins at 817-228-0490 or email robert@higginsandassociates.com.

Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-can-save-your-home-from-foreclosure-563151.html

About the Author

Rudy Rival is an author and staff writer in the Bankruptcy and Social Security Disability areas.



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Corporate Bankruptcy Education

August 13, 2010 By 10 Comments
Conquering the Corporate ...

What Corporate bankruptcy Entails

Author: Peter Gitundu

When a public company goes bankrupt, the federal bankruptcy rules govern how it will come out of this financial situation. In this case, the Organization can file a petition under chapter 11 or under chapter 7 depending on the agreement the court will make with the management. Under chapter 11, a company that files for corporate bankruptcy will need to reorganize the business with the aim of becoming profitable again. The management will run all the day-to-day activities of the company but all major financial decisions will be made by the bankruptcy court.

Under chapter 7, or the liquidation chapter, the debtor will be required to sell all the property as a way of paying off the debts accumulated by the debtors. Depending on what type of a company it is, the company may retain their personal property. It if it a limited company, there are rules to protect the personal assets of the individuals involved.

Under the corporate financial distress the stockholders could loose more in case the company went down. Bonds are the debt that the company has promised to pay whereas stock is the unit of ownership that an individual has in a particular company. When the company is doing well the stockholders laugh all the way to the bank but when things are bad and the company is going down, the bondholders will have their turn to laugh all the way to the bank.

When a company has filed under chapter 11, their stock may not be very attractive. Investor may therefore not be willing to invest in this particular company. However, there is no particular federal law that prohibits trade under chapter 11.

Article Source: http://www.articlesbase.com/personal-finance-articles/what-corporate-bankruptcy-entails-912096.html

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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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Bankruptcy Garnishment Rules

August 12, 2010 By 10 Comments
on Montana specific rules ...

Chapter 7 Bankruptcy

Author: Randolph Goldberg

Chapter 7 bankruptcy, sometimes called a “straight bankruptcy”, is one of the simpler chapters to file under. In short it is the liquidation of the debtor’s property in order to pay off their outstanding debts. However, there are several alternatives to a chapter 7 which should be looked in to before filing.

Alternatives
Alternatives to a chapter 7 include filing a chapter 13 or a chapter 11 if you own a business and wish to stay in business. A chapter 13 allows you to save your home from foreclosure and to catch up on outstanding debts by making a repayment plan. A chapter 11 bankruptcy is generally for business owners who wish to say in business. This is done by either adjusting the debt that is owed by reducing it or extending the repayment time. The owner may also seek reorganization, which is more comprehensive.

Eligibility

To be eligible to file a chapter 7 bankruptcy your income must be below average for your area. If this is not the case then you must pass a means test to determine whether you are eligible to file a chapter 7, or if you must file a chapter 13 instead. This will be determined when you meet with your attorney to file for bankruptcy. A chapter 7 also does not take care of all debts. Debts that it does not cover include taxes, child support, student loans, fines and restitution, and alimony. Filing a chapter 7 also does not mean you will lose everything.

“Will I Lose Everything?”
A common concern that people have is whether or not they will lose everything. The answer is no, some of your property is exempt from liquidation. These include your car, your home, clothing, and anything else necessary for survival and to earn a living. This comes as a relief to a lot of people worried that they may lose their home and general livelihood due to a bankruptcy. This is one of the many benefits of filing a chapter 7 bankruptcy.

Benefits of Chapter 7
There are many benefits to filing a chapter 7 other than just keeping your house and car. Speed is a big factor when it comes to chapter 7. As opposed to a chapter 13 which can take up to 5 years to complete, a chapter 7 only takes about 5 months. There is also no repayment plan to deal with which means less hassle in the long run. While filing you are also protected from annoying creditors. This means no more phone calls, wage garnishment, repossessions, and foreclosure proceedings. Also you will benefit from an improved credit rating. This may sound weird, but it’s true, most people come out of a bankruptcy with a higher credit rating in the long run. For tips on how to do this see “Your Credit After Bankruptcy”

Cost
In addition to attorney’s fees, a chapter 7 does not cost much. There is a required filing fee of 0 due to the bankruptcy court, and a credit counseling course before and financial management course after filing as required by the new bankruptcy law in 2005. These can cost anywhere from to per course.

Article Source: http://www.articlesbase.com/bankruptcy-articles/chapter-7-bankruptcy-1160781.html

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-Randolph Goldberg


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