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Bankruptcy Creditor Laws

July 17, 2010 By 10 Comments

Most Affordable Bankruptcy ...

New Bankruptcy Laws – Why You Must Avoid Bankruptcy Now?

Author: Mark Cella

The New Bankruptcy Laws – Truth about the unconstitutional new BK law changes. On April 20, 2005, George Bush signed the new “Bankruptcy Abuse and Consumer Protection Act” into law.

Bankruptcy Abuse? Do you know anyone personally who has abused the Bankruptcy laws, and are consumers really protected? Or, should this new bankruptcy bill be called the “Abuse the Consumer and Protect the Fraudulent Banks Act”?

We’ll soon see…

In order to understand these unfair new bankruptcy laws, and to help you see that you must avoid bankruptcy, lets cover the original purpose of the BK laws.

According to U.S. Bankruptcy Courts, the primary purpose of the old bankruptcy Chapter 7, bankruptcy Chapter 11 and bankruptcy Chapter 13 laws were: 1) to give an honest debtor a “fresh start” in life by relieving the debtor of most debts, and 2) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

Apparently the primary purpose of the new credit card bank BK laws is: 1) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

However, with the new BK laws, giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with.

The finance companies and credit card banks all blame the necessity of the bankruptcy changes on the .003% of abusers of the old bankruptcy laws.

Sponsors of the bill claim that most bankruptcy personal cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors so the new BK legislation, will eliminate “filing bankruptcy for convenience”.

There is NOTHING further from the truth then these claims alleged by the credit card banks and finance companies. And, as you dig deeper into these pages, you’ll see who’s really abusing who in America’s credit, finance and banking game.

They claim that bankruptcy costs the credit card banks billions of dollars each year and that those costs are passed on to customers in the form of higher interest rates.

That of course would be true if the credit card banks were actually lending any of their own money, or their customer’s deposited money. For more details, read our page a history of money and banking secrets that banks don’t want published.

And, by making bankruptcy filings harder for those with financial trouble, legislators say that more people will pay their bills, the credit card companies will save billions of dollars, and the resulting savings will be passed on to consumers in the form of lower interest rates.

We’ve never ever heard of a credit card company lowering interest rates voluntarily, and we know they never will.

New Bankruptcy Law Highlights

The key highlights of the credit card banks new bankruptcy laws are:

The new bankruptcy laws apply a means test for people filing bankruptcy. If a debtor has at least 0 per month left over after an IRS determined monthly expense plan, (can you picture that?) the debtor will be forced to file Chapter 13 and pay for five years.

Just imagine life after bankruptcy now.

They will not be able to file Chapter 7 of the Federal bankruptcy code, which would have eliminated all of their unsecured debt.

There are no provisions in the bankruptcy law for debt problems caused by job loss, illness or other traumatic events, despite studies that show that these are the cause of most bankruptcy cases.

Can you say Debt Slave?

With these new, credit card BK laws, attorneys are now responsible for the accuracy of paperwork filed by their clients. So in other words, your attorney must now search your dresser drawers for those hidden family heirlooms.

This will no doubt result in fewer bankruptcy attorneys, with the remaining ones raising their fees in order to cover this additional liability.

With the new bankruptcy laws most consumers are now completely unprotected from losing a job or having medical problems. They can no longer start over by filing for bankruptcy Chapter 7.

They will have less affordable help from capable BK attorneys due to the new bankruptcy law liability stipulation.

Giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with completely thanks to the new bankruptcy laws.

However an amazing discovery has been made that you cannot miss learning about. Now that you must avoid bk as there is no PROTECTION for consumers provided by the new Bankruptcy Abuse and Consumer Protection Act if filing bankruptcy under the new bankruptcy laws.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/new-bankruptcy-laws-why-you-must-avoid-bankruptcy-now-22319.html

About the Author

Mark A. Cella, Founder of the Federal Debt Relief System. You must read this article today.



Filed Under: Bankruptcy information Tagged With: , , ,

New Bankruptcy Law

July 8, 2010 By Leave a Comment

Owensboro Kentucky Chapter 7 13 Bankruptcy

New Bankruptcy Laws – Why You Must Avoid Bankruptcy Now?

Author: Mark Cella

The New Bankruptcy Laws – Truth about the unconstitutional new BK law changes. On April 20, 2005, George Bush signed the new “Bankruptcy Abuse and Consumer Protection Act” into law.

Bankruptcy Abuse? Do you know anyone personally who has abused the Bankruptcy laws, and are consumers really protected? Or, should this new bankruptcy bill be called the “Abuse the Consumer and Protect the Fraudulent Banks Act”?

We’ll soon see…

In order to understand these unfair new bankruptcy laws, and to help you see that you must avoid bankruptcy, lets cover the original purpose of the BK laws.

According to U.S. Bankruptcy Courts, the primary purpose of the old bankruptcy Chapter 7, bankruptcy Chapter 11 and bankruptcy Chapter 13 laws were: 1) to give an honest debtor a “fresh start” in life by relieving the debtor of most debts, and 2) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

Apparently the primary purpose of the new credit card bank BK laws is: 1) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

However, with the new BK laws, giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with.

The finance companies and credit card banks all blame the necessity of the bankruptcy changes on the .003% of abusers of the old bankruptcy laws.

Sponsors of the bill claim that most bankruptcy personal cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors so the new BK legislation, will eliminate “filing bankruptcy for convenience”.

There is NOTHING further from the truth then these claims alleged by the credit card banks and finance companies. And, as you dig deeper into these pages, you’ll see who’s really abusing who in America’s credit, finance and banking game.

They claim that bankruptcy costs the credit card banks billions of dollars each year and that those costs are passed on to customers in the form of higher interest rates.

That of course would be true if the credit card banks were actually lending any of their own money, or their customer’s deposited money. For more details, read our page a history of money and banking secrets that banks don’t want published.

And, by making bankruptcy filings harder for those with financial trouble, legislators say that more people will pay their bills, the credit card companies will save billions of dollars, and the resulting savings will be passed on to consumers in the form of lower interest rates.

We’ve never ever heard of a credit card company lowering interest rates voluntarily, and we know they never will.

New Bankruptcy Law Highlights

The key highlights of the credit card banks new bankruptcy laws are:

The new bankruptcy laws apply a means test for people filing bankruptcy. If a debtor has at least $100 per month left over after an IRS determined monthly expense plan, (can you picture that?) the debtor will be forced to file Chapter 13 and pay for five years.

Just imagine life after bankruptcy now.

They will not be able to file Chapter 7 of the Federal bankruptcy code, which would have eliminated all of their unsecured debt.

There are no provisions in the bankruptcy law for debt problems caused by job loss, illness or other traumatic events, despite studies that show that these are the cause of most bankruptcy cases.

Can you say Debt Slave?

With these new, credit card BK laws, attorneys are now responsible for the accuracy of paperwork filed by their clients. So in other words, your attorney must now search your dresser drawers for those hidden family heirlooms.

This will no doubt result in fewer bankruptcy attorneys, with the remaining ones raising their fees in order to cover this additional liability.

With the new bankruptcy laws most consumers are now completely unprotected from losing a job or having medical problems. They can no longer start over by filing for bankruptcy Chapter 7.

They will have less affordable help from capable BK attorneys due to the new bankruptcy law liability stipulation.

Giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with completely thanks to the new bankruptcy laws.

However an amazing discovery has been made that you cannot miss learning about. Now that you must avoid bk as there is no PROTECTION for consumers provided by the new Bankruptcy Abuse and Consumer Protection Act if filing bankruptcy under the new bankruptcy laws.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/new-bankruptcy-laws-why-you-must-avoid-bankruptcy-now-22319.html

About the Author

Mark A. Cella, Founder of the Federal Debt Relief System. You must read this article today.

Filed Under: Bankruptcy information Tagged With: , , ,

Bankruptcy Creditor Meeting

July 7, 2010 By 10 Comments
part of schedule d creditors ...

Business Bankruptcy and Corporate Debt

Author: Simon Volkov

Last year more than 43,000 business bankruptcy petitions were filed through the court system. By mid-2009, over 30,000 privately owned businesses filed for protection under the U.S. Bankruptcy Code. If business owners continue filing at the current rate, corporate bankruptcy could increase by nearly 30-percent by the end of the year.

Business bankruptcy affects everyone. When small business owners close their doors the effects are usually contained within community. When corporations and banks file for bankruptcy protection, the fallout can stretch around the globe. Regardless of the size of the business, bankruptcy is rarely beneficial to anyone.

Fortunately, business bankruptcy offers business owners the opportunity to revive a financially-ailing business by restructuring debt. Sole proprietors can seek relief under Chapter 13. This bankruptcy chapter allows debtors to develop a repayment plan which extends for three to five years.

Partnerships, corporations and limited liability corporations (LLC) can file for reorganization of debt under Chapter 11. When businesses petition the court for Chapter 11 protection they are required to repay a portion of debts through a repayment plan which is supervised by a bankruptcy Trustee.

Farmers and commercial fishermen can obtain bankruptcy protection under Chapter 12. Similar to Chapter 11 bankruptcy, farmers and fishermen are allowed to retain assets by establishing a debt repayment plan.

Chapter 7 is used when business owners do not possess the financial means to repay debt. Also known as “liquidation bankruptcy”, debtors are required to sell off valuable assets to repay creditor debts. Outstanding balances are discharged; releasing the business from repayment and dissolving the business entity.

Business owners must submit a petition to the bankruptcy court. Currently, no law exists requiring courts to grant business bankruptcy approval. Businesses must undergo specific protocol and appear in front of a bankruptcy judge.

Once a business bankruptcy petition is filed, an automatic stay goes into effect. The stay prevents creditors from contacting debtors or engaging in collection activities. Business owners attend a 341 creditor meeting to present their proposed repayment plan. The plan is then submitted to a bankruptcy judge for approval.

Sole proprietors must undergo the ‘means’ test which compares their income against their states’ median income level. If debtors’ income is equal to or greater than the median income, they will be required to file Chapter 13. If income levels are below average, the bankruptcy judge might allow debtors’ to file for Chapter 7.

Business bankruptcy should be overseen by a qualified bankruptcy attorney. In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act to stop frivolous bankruptcy petitions. The new bankruptcy laws are complex. If debtors neglect to file specific documents or miss a filing deadline their bankruptcy petition could be dismissed.

It is never an easy decision for a business owner to file bankruptcy. However, if bankruptcy is used properly, business owners can regain control over debts and return the business to a valuable asset that provides benefit to the owner, employees, customers and community.

Article Source: http://www.articlesbase.com/small-business-articles/business-bankruptcy-and-corporate-debt-1184633.html

About the Author

Simon Volkov is a successful real estate investor and business owner who offers solutions to individuals and corporations facing business bankruptcy. Simon’s website offers an abundance of business related articles and provides resources for bankruptcy alternatives. Learn more by visiting www.SimonVolkov.com.



Filed Under: Bankruptcy information Tagged With: , , , , , , , , , , , ,

New Bankruptcy Laws

June 3, 2010 By Leave a Comment

first anniversary of new bankruptcy laws bapcpa bmp

New Bankruptcy Laws – Why You Must Avoid Bankruptcy Now?

Author: Mark Cella

The New Bankruptcy Laws – Truth about the unconstitutional new BK law changes. On April 20, 2005, George Bush signed the new “Bankruptcy Abuse and Consumer Protection Act” into law.

Bankruptcy Abuse? Do you know anyone personally who has abused the Bankruptcy laws, and are consumers really protected? Or, should this new bankruptcy bill be called the “Abuse the Consumer and Protect the Fraudulent Banks Act”?

We’ll soon see…

In order to understand these unfair new bankruptcy laws, and to help you see that you must avoid bankruptcy, lets cover the original purpose of the BK laws.

According to U.S. Bankruptcy Courts, the primary purpose of the old bankruptcy Chapter 7, bankruptcy Chapter 11 and bankruptcy Chapter 13 laws were: 1) to give an honest debtor a “fresh start” in life by relieving the debtor of most debts, and 2) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

Apparently the primary purpose of the new credit card bank BK laws is: 1) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

However, with the new BK laws, giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with.

The finance companies and credit card banks all blame the necessity of the bankruptcy changes on the .003% of abusers of the old bankruptcy laws.

Sponsors of the bill claim that most bankruptcy personal cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors so the new BK legislation, will eliminate “filing bankruptcy for convenience”.

There is NOTHING further from the truth then these claims alleged by the credit card banks and finance companies. And, as you dig deeper into these pages, you’ll see who’s really abusing who in America’s credit, finance and banking game.

They claim that bankruptcy costs the credit card banks billions of dollars each year and that those costs are passed on to customers in the form of higher interest rates.

That of course would be true if the credit card banks were actually lending any of their own money, or their customer’s deposited money. For more details, read our page a history of money and banking secrets that banks don’t want published.

And, by making bankruptcy filings harder for those with financial trouble, legislators say that more people will pay their bills, the credit card companies will save billions of dollars, and the resulting savings will be passed on to consumers in the form of lower interest rates.

We’ve never ever heard of a credit card company lowering interest rates voluntarily, and we know they never will.

New Bankruptcy Law Highlights

The key highlights of the credit card banks new bankruptcy laws are:

The new bankruptcy laws apply a means test for people filing bankruptcy. If a debtor has at least $100 per month left over after an IRS determined monthly expense plan, (can you picture that?) the debtor will be forced to file Chapter 13 and pay for five years.

Just imagine life after bankruptcy now.

They will not be able to file Chapter 7 of the Federal bankruptcy code, which would have eliminated all of their unsecured debt.

There are no provisions in the bankruptcy law for debt problems caused by job loss, illness or other traumatic events, despite studies that show that these are the cause of most bankruptcy cases.

Can you say Debt Slave?

With these new, credit card BK laws, attorneys are now responsible for the accuracy of paperwork filed by their clients. So in other words, your attorney must now search your dresser drawers for those hidden family heirlooms.

This will no doubt result in fewer bankruptcy attorneys, with the remaining ones raising their fees in order to cover this additional liability.

With the new bankruptcy laws most consumers are now completely unprotected from losing a job or having medical problems. They can no longer start over by filing for bankruptcy Chapter 7.

They will have less affordable help from capable BK attorneys due to the new bankruptcy law liability stipulation.

Giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with completely thanks to the new bankruptcy laws.

However an amazing discovery has been made that you cannot miss learning about. Now that you must avoid bk as there is no PROTECTION for consumers provided by the new Bankruptcy Abuse and Consumer Protection Act if filing bankruptcy under the new bankruptcy laws.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/new-bankruptcy-laws-why-you-must-avoid-bankruptcy-now-22319.html

About the Author

Mark A. Cella, Founder of the Federal Debt Relief System. You must read this article today.

Filed Under: Bankruptcy information Tagged With: , , ,

Corporate Bankruptcy Attorney

June 2, 2010 By Leave a Comment

cropped private image jpg

Bankruptcy Attorneys: Reasons You Need A Lawyer When Filing Bankruptcy

Author: Simon Volkov

Although hiring bankruptcy attorneys is not a requirement to file bankruptcy, going it alone can be the biggest financial mistake you will ever make. The new laws enacted under the Bankruptcy Abuse Prevention and Consumer Protection Act have made filing personal and business bankruptcy complex and complicated. One mistake could cause your bankruptcy petition to be dismissed.

Bankruptcy attorneys specialize in helping debtors obtain financial relief through appropriate bankruptcy chapters. Most lawyers specialize in either corporate or personal bankruptcy; although some represent all clients.

Personal bankruptcy includes chapters 7 and 13. Chapters 9 and 11 are used for corporations and partnerships, although certain individuals can apply for Chapter 11 bankruptcy if they meet certain criteria. Chapter 12 is reserved for farmers and fishermen.

In order to make the best selection, financial experts recommend consulting with a minimum of three bankruptcy attorneys. Realize you will be working with a legal team consisting of your lawyer, paralegals and office staff members.

Paralegals are oftentimes responsible for the bulk of the bankruptcy paperwork. This allows lawyers to maintain affordable fees because paralegals are compensated at a lower hourly rate than attorneys. When consulting with potential bankruptcy attorneys request the presence of paralegals and staff members who will work on your case.

It is important to work with attorneys familiar with the new bankruptcy laws. Under BAPCPA, debtors are required to undergo the ‘means’ test to determine the amount of debt which must be repaid. Nearly all debtors filing for personal bankruptcy are required to petition the court for Chapter 13.

Several options exist for locating bankruptcy attorneys. If you have a lawyer handling other legal affairs, ask for a referral. Most attorneys network with colleagues and are familiar with their areas of expertise.

Ask friends, relatives, co-workers or neighbors who have filed bankruptcy for a referral. Since this can be a delicate matter, it is best to discuss this topic in private. It is not a good idea to broadcast your need for a bankruptcy attorney in the presence of co-workers or those who participate in gossip.

The American Bar Association provides a nationwide list of bankruptcy attorneys. ABA does not provide direct referrals; however, a list of licensed lawyers and their contact information is published at abanet.org.

After compiling a list of bankruptcy lawyers call each law firm to arrange a consultation. Most attorneys provide complimentary consultations to determine if they are the appropriate lawyer to represent your case.

Bankruptcy lawyers will require financial documents including a list of income and expenses, banking and investment statements, mortgages, credit card debts, inventory list of valuable assets, and previous years’ tax returns. These documents can help bankruptcy attorneys determine which chapter is most appropriate for your needs.

In closing, it is important to work with lawyers who are receptive to your needs, answer your questions, and place you at ease. Undergoing bankruptcy is a stressful process. There is no need to add additional frustration by working with a lawyer who is impatient, non-responsive or rude.

Article Source: http://www.articlesbase.com/bankruptcy-articles/bankruptcy-attorneys-reasons-you-need-a-lawyer-when-filing-bankruptcy-1901639.html

About the Author

California real estate investor, Simon Volkov, specializes in buying homes from people facing bankruptcy and foreclosure. Simon has published multiple articles about personal bankruptcy, bankruptcy alternatives, and tips for hiring bankruptcy attorneys via his website at www.SimonVolkov.com.

Filed Under: Bankruptcy Lawyers Tagged With: , , , , , , , ,
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