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July 15, 2010 By admin 10 Comments

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Top Ten Reasons People File for Bankruptcy

Author: Bankruptcy Home

1. Eliminate the legal obligation to pay many of your debts..
This process of wiping the slate clean is called a discharge of
debts. The goal of a discharge is to reduce debt to give you a
fresh start. Whether it is through straight bankruptcy (Chapter
7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy),
most or all of your debts can be cleared.

2. Stop foreclosure on you house and allow you to effectively
make payments to catch up on missed payments of your mortgage.
If your home is in foreclosure, Chapter 13 Bankruptcy will stop
the foreclosure any time prior to the sale. Bankruptcy does not
eliminate mortgages on your property without payment. Rather,
bankruptcy will structure a plan in order to repay your mortgage
arrears (the amount that you are behind). < href="http://www.bankruptcyhome.com/stopforeclosure.htm"
title="stop foreclosure on your house">stop foreclosure>

3. Prevent your car or other property from being repossessed.

Even if the creditor has repossessed your car, filing bankruptcy
can effectively force them to return your car or other personal
property (if the bankruptcy is filed quickly enough). The past
payments you have missed will be consolidated into your Chapter
13 Bankruptcy plan. After this you will no longer pay the
finance company, rather you will make monthly payments to the
trustee of your Chapter 13 Bankruptcy who will then pay the
finance company.

4. Reduce or even eliminate high medical bills.

Sometimes an unfortunate accident or major recently discovered
illness can completely ruin a family. Many families have to make
choices on allocation of bills. Often, bills that were once
important become insignificant to the large medical bills
acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly
reduce the amount of medical bills. 5. Recent loss of
employment.

Studies show that loss of work is one of the most common reasons
people file for bankruptcy. This is very easy to see. A family
can get comfortable on two maybe even one salary. They can take
on regular amount of debts, join clubs, and pay normal bills
with relative ease. All of a sudden one or both spouses lose a
job and a family must go from two salaries to one. Losing a job
is closely tied to high medical bills. Losing a job means this
family may be left without the protection of insurance that was
once provided by their employer. Often times these two factors
combined create an almost impossible mountain to climb without
the help of bankruptcy.

6. Stop harassing behavior from creditors.

Some creditors do not always take the right course of action
when attempting to collect a debt. Often, creditors will
persistently call the home of a particular debtor with demeaning
and abusive behavior. Not only is this unethical it can rise to
the level of unlawful. In essence, bankruptcy will put on hold
the demands of many creditors and stop the harassing phone calls
and other inappropriate behavior all together.

7. Restore or prevent your utilities from being shut off.

As you have probably seen many of these reasons overlap. Some
lead to another. If your home is in risk of foreclosure then
your utility bill may also be in risk of being terminated.
Filing bankruptcy can prevent the utility company from leaving
you in the dark.

8. Provide help for large amounts of student loan debt. < href="http://www.bankruptcyhome.com/studentloans.htm"
title="student loans">student loans>

While it is true that your student loans will not be eliminated
like several other types of unsecured debt, bankruptcy can
consolidate your student loan debt. This consolidation will
allow a debtor to make monthly payments through Chapter 13
Bankruptcy that are within the financial ability of the debtor.

9. End wage garnishments.

Chapter 7 Bankruptcy will stop wage garnishment. Wage
garnishment basically takes away your weekly earnings often
times leaving you without necessities. Chapter 7 Bankruptcy
allows you to purchase necessities for you and your family.
Chapter 13 Bankruptcy will also help in this regard.

10. Challenge certain claims of fraudulent creditors.

Bankruptcy will allow you to challenge these claims from
creditors who are trying to collect more money from you than you
really owe. An attorney can provide the support and the backing
you will need to step up to these creditors. Attorneys often
even the playing field between a big creditor and a single
debtor. Filing bankruptcy with an attorney can stop fraudulent
reporting by a creditor.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/top-ten-reasons-people-file-for-bankruptcy-831.html

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Get to Know the Bankruptcy Filling Process if This is your Option

March 23, 2010 By admin Leave a Comment


Filing for bankruptcy is a very personal decision. Heavy debtors may choose to file a bankruptcy if they see no other way out from their heavy debts. By declaring bankruptcy and filing a petition with U.S. Bankruptcy Court, the bankruptcy filer will be protected and relief from debts under the Bankruptcy Code.

Bankruptcy filing should be you last option if there are no better options available, because the consequences of filing a bankruptcy will follow you for 7 to 10 years. If bankruptcy is your only option, then by understanding the process of filing bankruptcy will get you more prepare to face it. Bankruptcy procedure and exemptions may vary from one state to another state. This article will walk through with you the general process of filing a bankruptcy.

The first part of the bankruptcy filing process is collecting your personal financial information. This includes your existing secured and unsecured debts and tax returns for past two years. Prepare all your deed documents which include real estate you own, car title, land title and other loan documents. You may want to order your credit report, it will provides you some helpful information on your past records.

Then, you either assign a bankruptcy attorney or you can choose to file the bankruptcy yourself. If you choose to file the bankruptcy yourself, you need to get the bankruptcy forms (you can get these forms online) and get them fill up. You have to fill in your current financial status and recent financial transactions (within last 2 years) into the bankruptcy forms. At the mean time, you need to decide to file under what type of bankruptcy; there two commons types which are Chapter 7 and Chapter 13, chapter 7 bankruptcy is the preferred one, but not all are eligible to file under chapter 7. If you choose to file under chapter 13, you need to enclose your proposed repayment plan with your petition. Once the bankruptcy petition is completed you will need to file the petition with your local United States bankruptcy court. If you have assigned a bankruptcy attorney to handle your bankruptcy case, the attorney will help you and guide you through the above process.

Once you have submitted your petition to the bankruptcy court, you will be immediately protected under the bankruptcy code. Your creditors are not allowed to make direct contact with you or making a claim to any of your property from the date of filing. About 1 month later, the trustee will call a first meeting with all your creditors and your creditors' lawyer. Objections are typically resolved by negotiation between you as the debtor and your creditors. If there is no challenge raises in the meeting, you should receive a notice from court after 4 to 6 months stated that your bankruptcy has been discharged; otherwise, if compromise can be reached by all parties, a judge will intervene.

In Summary

Bankruptcy filling is a long process, it may takes up 6 months to a few years if a court case involve. You must be prepared to face it and if you have no confidence to get through yourself, it's better to assign an attorney to handle the bankruptcy process.

Cornie Herring is the Author from http://www.StudyKiosk.com/creditbasics. "StudyKiosk-Credit Basics" is an informational website on credit basics, debt consolidation and bankruptcy.

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Filing Bankruptcy – The Process and What To Expect

March 11, 2010 By admin Leave a Comment


Filing for bankruptcy can be a long and tedious procedure, with mountains of paperwork to overcome and a lot of hassles to face. Once you've decided that bankruptcy is your only option to financial freedom, what can you expect?


Credit Counseling:

Under the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCPA") of 2005, every person filing bankruptcy in the United States must first undergo extensive credit counseling with a court-approved counseling service.


A Big Decision:

You may have thought that deciding to file for bankruptcy was the biggest decision you'd have to make. Wrong! Next, you must decide which type of bankruptcy to file: Chapter 7 (which is a straight or liquidation bankruptcy that clears you of all your debt), or Chapter 13 (which is a repayment plan). Those wishing to file Chapter 7, must prove to the courts that they make under the average income in their state and can not repay their debt, regardless of any repayment plans devised by the courts.


Hiring a Lawyer:

It may seem stupid to pay high legal fees at a time when you're trying to get rid of your debt, not take on even more, but most financial experts agree that a good bankruptcy lawyer can save you even more in time and money. They know the laws in your state better than anyone and may be able to advise you to things you would have never known about otherwise. Besides, once you retain a lawyer, all creditors must go through his office. They are no longer permitted by law to contact you regarding unpaid debt.


A Meeting with Your Creditors:

Once your lawyer submits your bankruptcy petition to the courts, you will be notified of your date for a meeting of creditors (or a "341 meeting," named after the section of the Bankruptcy Code requiring it). This meeting is a way for you to prove to your creditors that you have answered honestly to all of their inquiries and that you completely understand the entire bankruptcy procedure and how it may affect you in the future. Your lawyer will ask you to list all of your assets for your creditors to review.


The Inability to Use Your Credit Cards:

If you are thinking about filing a bankruptcy case, stop using your credits cards immediately! If you continue to charge items even though you intend to file for bankruptcy, a creditor can challenge the discharge of the debt owed or even your right to discharge any debt.


Liquidating Assets:

In a chapter 7 case, the trustee will determine whether or not there are assets that can be liquidated and used to repay your creditors. If you're filing Chapter 13 bankruptcy you may be allowed to retain ownership of your assets, as long as you can devise a 3 to 5 year repayment plan to repay your debt.


Waiting For Your Creditors to Respond:

Your creditors have 60 days after your meeting to challenge the discharge of a particular debt or your entire discharge. If no such lawsuits are filed, shortly after that 60th day you will receive notification of a discharge of debt if you filed chapter 7. If you filed chapter 13 bankruptcy, discharge notice will be given about two months after you make your final payment.


Remember, not all debt is excused under either form of bankruptcy including student loans and certain taxes, so you may not be completely relieved of the obligation to repay all debt. So be certain that filing bankruptcy truly is the right decision.

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The general process of filing for bankruptcy

February 15, 2010 By admin Leave a Comment


Declaring bankruptcy is just one of the many methods that victims of extreme debts could openly make use of to survive the collections efforts from the creditors.

So many people not at all desire this method, for it is like shouting to the entire world that you are completely ruined economically.

However, those who file for bankruptcy are normally after the court ruling that discharges all or some of their debts, or gives them a reasonable plan and time allocation to pay back to the creditors.

This nevertheless is a complicated process that requires expert guidance to go through it successfully.

Generally, those who declare themselves bankrupt do so in the courts and to start with;

Let someone ease your Bankruptcy Filing

As mentioned earlier, bankruptcy-filing process is complicated and finding the best lawyer in this expertise will be a plus for a start.

His or her role is offering you guidance all through the procedure and this guarantees safety with the law.

I believe such a professional will begin the process by asking about the nature of your debts and probably how you reached a decision like this one.

If it still looks feasible to him or her, they then compile all this personal information and file the intended petition in court.

Once such documents are filed at the bankruptcy court, a trustee will be delegated to you and his task for one will be ensuring that all the information that is needed is collected from you and is truthful.

Next, alerting your creditors follows; so that they stop all actions they might be taking up against you to get your payments.

Later actions includes meeting the various parties who are involved in your bankruptcy case, together with your creditors and if probable your creditors' lawyers.

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Chapter 7 Bankruptcy: How Long the Process Takes to Complete

February 13, 2010 By admin Leave a Comment

If you're considering filing Chapter 7 bankruptcy, you're probably wondering how long the process will take - after all,  you want to get on with your life and make a fresh start, so you're in a hurry to get the stress and worry of debt behind you as quickly as possible.

If you

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