Declaring Bankruptcy

Bankruptcy Fees

September 19, 2010 By admin Leave a Comment

Mary Mukami Gachonde

Bankruptcy Filing Fees

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

Filed Under: Bankruptcy information Tagged With: bankruptcy, Bankruptcy Attorney, bankruptcy forms, bankruptcy laws, Bankruptcy Lawyers, bankruptcy records, business bankruptcy, chapter 13 bankruptcy, chapter 7 bankruptcy, credit card bankruptcy, declaring bankruptcy, filing bankruptcy

Bankruptcy Rights

September 16, 2010 By admin Leave a Comment

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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!

September 5, 2010 By admin Leave a Comment

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Chapter 13 Bankruptcy Rules - Declaring Bankruptcy

Author: Alexander Travis

There are many chapter 13 bankruptcy rules that you will need to know about if you are considering filing. Of course the first piece of bankruptcy information you need to know is which chapter to file.

Chapter 7 (liquidation) bankruptcy is a full "pardon" of all debts and is considered the grandaddy of all bankruptcies. In Chapter 7, 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 the full 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.

Chapter 13, on the other hand is a restructuring bankruptcy in which not all of the debts are resolved, because the debtor still has the ability to pay some of the bills. 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.

Of course, if you have been having financial difficulties and are considering declaring chapter 7 bankruptcy or chapter 13 bankruptcy, you should always first consult a bankruptcy attorney. He or she can go through the many chapter 13 bankruptcy rules and can assist you in any type of filing or debt consolidation or debt settlement.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/chapter-13-bankruptcy-rules-declaring-bankruptcy-1750475.html

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For more bankruptcy information and Chapter 13 bankruptcy rules, visit http://www.relieve-debt.com

Filed Under: Bankruptcy information Tagged With: chapter 13 bankruptcy, chapter 13 bankruptcy rules, chapter 7 liquidation bankruptcy, declaring bankruptcy, declaring chapter 13 bankruptcy, file bankruptcy, filing bankruptcy

Student Loans Bankruptcy Debtor

August 15, 2010 By admin 10 Comments

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

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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

Corporate Bankruptcy Education

August 13, 2010 By admin 10 Comments

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

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!

Bankruptcy Fees

Bankruptcy Filing Fees

Bankruptcy Rights

Bankruptcy Rights