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August 24, 2010 By admin Leave a Comment

Bankruptcy Info by Mooty Web Design

Bankruptcy Confirmation: Chapter 13 Bankruptcy Information

Author: Simon Volkov

Bankruptcy confirmation is required under the United States Bankruptcy Code for all debtors filing Chapter 13 protection. Commonly referred to as "reorganization bankruptcy", debtors must submit proposed repayment plans at the time of filing or within 15 days of petitioning the court.

The purpose of bankruptcy confirmation hearings is to ensure debt repayment plans adhere to new bankruptcy laws. Chapter 13 payment plans must include payment amounts to each creditor along with payment dates.

Once bankruptcy refinance plans are approved, debtors submit payments to the court Trustee. Chapter 13 payments are generally paid on a bi-monthly or monthly schedule. Trustees distribute payments to creditors until debts are repaid.

Shortly after bankruptcy petitions are filed, notification to creditors is sent out to inform them of the bankruptcy filing and scheduled date of the 341 creditors meeting. 341 meetings give debtors the opportunity to meet face-to-face with creditors and explain their financial situation and ability to repay debts. Creditors can agree to accept a reduced payoff, lower interest rates, or remove late fees and penalties.

Information obtained at creditor meetings is given under oath. Debtors who provide false information are subject to criminal charges and their petition of bankruptcy will be denied.

In 2005, Congress enacted new bankruptcy laws which have made filing bankruptcy protection more difficult. The Bankruptcy Abuse Prevention and Consumer Protection Act require debtors to repay a portion of their debt and undergo credit counseling.

Few people can abide by BAPCPA regulations without legal counsel. Unfortunately, locating bankruptcy attorneys has become more challenging and expensive because the new laws hold lawyers accountable for information provided by their clients.

Several bankruptcy lawyers changed to other legal fields; leaving a deficiency of lawyers willing to assist with petition filings. Those who have remained in this field of law charge higher fees to cover increased business insurance premiums and potential litigation fees.

Debtors filing for Chapter 13 bankruptcy are required to undergo the means test to determine the amount of debt to be repaid. The means test compares debtors' income to that of their states' median income level.

When income is equal to or greater than median levels, debtors must file Chapter 13 and develop a confirmed debt reorganization plan. If income falls below median income, debtors might qualify for Chapter 7 which discharges all outstanding debts.

Bankruptcy repayment plans typically extend between three and five years. Debtors are prohibited from incurring new debt during the repayment period without court authorization. Chapter 13 payments are in addition to normal household expenses. One unexpected expense could cause debtors to fail out of bankruptcy.

If debtors are unable to adhere to bankruptcy repayment plans, creditors can petition the court seeking dismissal. If approved, debtors lose protection from the court and creditors are allowed to proceed with collection actions.

Bankruptcy confirmation can help debtors overcome financial hardships. However, individuals should become informed about the advantages and disadvantages of this action. Research bankruptcy alternatives including: debt consolidation, debt settlement, credit counseling or budgeting, to determine if similar results can be achieved.

Article Source: http://www.articlesbase.com/bankruptcy-articles/bankruptcy-confirmation-chapter-13-bankruptcy-information-1901742.html

About the Author

Simon Volkov is an author and real estate investor who specializes in buying houses to help homeowners avoid foreclosure and bankruptcy. He has published numerous articles about personal bankruptcy, bankruptcy confirmation, tips for hiring bankruptcy lawyers, failing out of bankruptcy and bankruptcy alternatives via his website at www.SimonVolkov.com

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Pre Bankruptcy Credit Counseling Nj

August 8, 2010 By admin Leave a Comment
New Jersey Bankruptcy ...

Best Credit and Debt Counseling Advice - Where Is It?

Author: Hector Milla

Are you able to follow directions?

You may be feeling the pinch in your pocket or just looking for some advice on managing credit that could go out of control at any minute. The need for help and advice regarding these two financial dilemmas may be pretty much urgent in your case, so finding a solution quickly is what you require.

Hector Milla Editor of the "Credit Card Debt Counseling" website -- http://www.CreditCardDebtCounseling.biz -- pointed out;

“…If you are able to follow a few simple instructions and requirements to fix your financial problems, then you will be well on your way to becoming debt free, or more credit savvy….”

No matter what you do from now and until you have put in place a solution to your cash flow crisis, you have to be resilient. Without resilience and curbing any overspending then you are surely going to stay on the path to severe debt and bankruptcy.

Your solution may be found in some of the best consumer credit and debt counseling agents, they can be of great help to people troubled with debt and looking to find a way of controlling spiraling credit card bills and loans payments.

What will I find helpful with regard consumer credit and debt agency advise?

• They have the ability to contact your creditors and hammer out a financial agreement that is of benefit to both you and your creditor – including total payment write offs in some cases.

• With a better Business Bureau registered and National Foundation for Credit Counseling accredited agency, you will find low set up fees ( or less) and monthly payments ( or less).

• A good agency will have many options open to help you; you may need help with a pre-rental on a property or even foreclosure relief. You may be in need of some help sorting out those debts and credit purchases; or you may just need educating on spending control in which case a debt management plan (DMP) could work for you.

A common mistake for most people getting involved with debt control is not being honest with debt amount. Do not hide anything – for instance if you are going to get help via a debt management plan you will need to place all you debts into your profile, or it simply will not work.

“…You will find some fantastic advice in regard to these methods of debt and credit help on these free advice pages. Have a good browse around and while you are here get in touch with some of the available agents that are there to help you…” added H. Milla.

Further information about how to get the most of your credit counseling process by visiting; http://www.CreditCardDebtCounseling.biz

Article Source: http://www.articlesbase.com/finance-articles/best-credit-and-debt-counseling-advice-where-is-it-1523022.html

About the Author

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.


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Consumer Bankruptcy Counseling Project

August 3, 2010 By admin Leave a Comment
Consumer Credit Counseling ...

How Will Consumer Credit Counseling Services Eliminate My Debt?

Author: Abby Reid

Participating in a debt management plan can initially seem uncomfortable, new or intimidating. Even though trained credit counselors help financially-troubled families and individuals avoid bankruptcy, changing your attitude toward money can be somewhat scary. If you’ve taken a step toward financial freedom by enrolling in a bankruptcy education course, you may be curious as to how your current financial situation will change. Many people who enlist the aid of a consumer credit counseling service may wonder, what happens next?

  • Be patient. Accept that changes to your financial situation may come slowly. You didn’t get into debt overnight. It probably took many months or years to dig yourself into an economic ditch. It may take even longer to reach financial stability. Don’t become discouraged or upset if your progress is not immediately apparent. Significant change takes time. Celebrate small accomplishments during your debt repayment plan. Remember that your goal is to avoid digging yourself into further debt – even if it is a slow process.

  • Research bankruptcy and debt management. You’ve already taken a step in the right direction – you’ve obtained the financial help of a free consumer credit counseling service. Make sure that you listen to your counselor and closely follow the debt management plan and economic advice that he or she provides. Most counselors have helped an endless number of people who are facing the same financial difficulties as you. Sign up for e-mail newsletters that offer money-saving and budgeting advice. Check out a book at the library on how to create a budget and increase your assets. Look into free online debt management and bankruptcy courses. You will learn invaluable information that can help you make the most of your consumer credit counseling services.

  • Look for ways to increase your income outside of your regular job. If you feel that you’ve earned it, ask your boss for a raise. Get a second job. Sell items online. There are many different ways to make money. Increasing your take-home pay can help you get out of debt much faster. You do not have to work extra hours permanently, just until you are able to put some money toward your debt management plan.

  • Reduce your spending. Many consumer credit counseling services suggest that you try to temporarily live below your means. It will make a considerable difference in your overall debt management plan. Learning to live on less money can also help you develop sensible spending habits that will help you avoid bankruptcy in the future.

  • Change your lifestyle. Become an expert at saving money and being frugal. Rent videos and books from the library. Dine out at restaurants less often. Shop at thrift stores or discount retail chains. Buy foods in bulk. Don’t purchase anything that isn’t necessary. It may not be fun, but it will help you put more money toward your debt management plan.

Article Source: http://www.articlesbase.com/credit-articles/how-will-consumer-credit-counseling-services-eliminate-my-debt-642380.html

About the Author

Advantage CCCS is a free consumer online credit counseling service that helps families and individuals avoid bankruptcy and develop a debt management plan.


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Bankruptcy Credit Counseling Online Certificate

July 30, 2010 By admin 4 Comments
Online Counseling ...

How To File Chapter 13 How To File Chapter 13 Bankruptcy

Author: LJ Adama

Chapter 13 bankruptcy is a repayment plan for all your debts.  It is away to reorganize what you owe, get lower interest rates and have 3 to 5 years to pay them back.  The reason some people like to file this bankruptcy instead of chapter 7, is because you will get to keep your assets.

Step by step How To File for Chapter 13 bankruptcy

  1. You must attend a approved credit counseling class under the United State Trustee's Office.  You cannot do anything else until you get a certificate that says you have taken the class.
  2. File with court
  • The certificate for the credit counseling class
  • Federal tax return for previous year
  • list of assets and liabilities
  • current income and expenditures
  • contracts of un-expired leases
  • statement of financial affairs
  • a debt repayment plan (this is what you will accomplish in credit counseling class)
  • Evidence of payment from employers
  • statement of monthly net income and any anticipate increase
  • Record of any interest that you may have in federal or state qualified education or tuition accounts.

3.  Now you must provide information to the Chapter 13 case trustee:

  • A copy of tax return for most recent tax year
  • Tax returns filed during the case
  • Tax returns for prior years that had not been filed when case began

Bankruptcy Forms:

  • A list of all creditors and the amounts and nature of their claims
  • the source, amount and frequency of your income
  • A list of all your property
  • Detailed list of monthly living expenses

4.  When the filing is done you will be appointed an impartial trustee to administer the case.

5.  After 20 to 50 days after you file the your trustee will hold a meeting of creditors.  This is where you meet with all you creditors and answer any questions they may ask.

6.  Unsecured creditors will file their claims with the court within 90 days of the creditors meeting

7.  After the meeting you, the trustee and creditors will go to court to hear the repayment plan.

8.  The court will then decide if your bankruptcy is approved.

Article Source: http://www.articlesbase.com/credit-articles/how-to-file-chapter-13-how-to-file-chapter-13-bankruptcy-819299.html

About the Author

LJ Adama writes articles on financial advice and bankruptcy help. To get a better understanding on how to file bankruptcy and to learn about chapter 7 as well as chapter 13 please visit bankruptcychapter7and13.com


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Bankruptcy Credit Counseling Ohio

July 30, 2010 By admin 4 Comments
... Ohio :: Credit Counseling

When to take Advantage of Free Bankruptcy Counseling in Ohio

Author: William Hauselberg

Few things can be more frustrating than being in debt up to your eyeballs. What makes it all worse is knowing that you can't pay it back or even make your monthly payments. Not only do you think about this unmanageable debt day and night, but you also have collectors calling you daily. This in and of itself is time consuming and frustrating because even though you tell them today that you can't make the payment, they call again tomorrow asking the same thing. Your life may feel like it is spiraling down the toilet, but the truth of it all is that there are things you can do to get out of your situation. It may sound unbelievable, but there is bankruptcy counseling in Ohio that can really help you with your current financial situation. How exactly does it work?

Don't Underestimate the Seriousness of Bankruptcy

Many Americans who find themselves in financial despair automatically think that bankruptcy is the answer. What they don't realize is that even though society has made the word "bankruptcy" seem very light, the effects are extremely heavy. A bankruptcy lasts on your credit for 7 years and takes away a lot of your buying power. What we mean by this is that if you declare bankruptcy, you will not be able to buy a home in Ohio or elsewhere until it has been 4 years since the bankruptcy discharged. Now we realize that bankruptcy is an option to help people, but it should be your last resort. You should always first seek the services and help that a credit counseling agency can offer. These agencies take a look at all of your debt, monthly payments, and also calculate your total net worth and income values. They then can give you great advice, including bankruptcy advice and bankruptcy counseling if it resorts to that.

Bankruptcy Counseling can Help

In many cases a credit counseling agency can help you start on the legal process of settling on some of your debts for a fraction of the price. In order to file for bankruptcy in Ohio, you must first get an Ohio Bankruptcy Certificate. This certificate says that you and a certified advisor have gone over your financial options. This bankruptcy counseling is very important as there are different bankruptcy options. Not every bankruptcy wipes the slate clean however. For example a Chapter 13 and Chapter 11 have repayment terms of up to 5 years where a Chapter 7 is a clean slate. What you may not realize however is that you must meet specific guidelines and depending on your income and situation, you may not qualify for a Chapter 7 bankruptcy. This is why getting bankruptcy counseling is so important.

Article Source: http://www.articlesbase.com/finance-articles/when-to-take-advantage-of-free-bankruptcy-counseling-in-ohio-1478137.html

About the Author

The author of this article has his expertise in Online event management. He is also an expert in sell event tickets online. He has planned many successful Online event management strategies.



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