What Will Happen To Your Business If You File Bankruptcy?

Business bankruptcy is a process designed to help a struggling business eliminate or repay its debts under the protection of the bankruptcy court. Depending on the type of bankruptcy filed by a business, business bankruptcies end in either liquidation or reorganization. There are three types of business bankruptcies that exist: chapter 7, chapter 13, or chapter 11.

In chapter 7 bankruptcies case, a company stops all operations and goes completely out of business. A trustee is appointed to liquidate the company's assets (split it among lenders) in order to pay off the business's debt. In essence, chapter 7 bankruptcies mean that the business is over. Only a sole proprietor can be formally discharged at the end of a chapter 7 bankruptcy; corporations and partnerships do not receive a discharge. This form of business bankruptcy is best for businesses that are overwhelmed with debt and is unable to be restructured.

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Bankruptcy - What Are the Different Types?

Have you ever gone haywire in debt? Are your creditors threatening to deal with your inability to pay up? If your answer is within the affirmative, you may need to become well informed concerning the topic of bankruptcy and its legal status today. Ignorance on the law is in no way an excuse; hence you will need to know what to do when you're drowning inside the ocean of debt.

Indeed, the term "Bankruptcy" is usually a legal term utilized to describe the inability of an individual to spend his or her creditor. It also refers to the inability of a firm or organization to pay up its creditors. In most instances, your creditor may possibly be a bank, a financial business or even a wealthy person from who you borrowed some funds. Bankruptcy as a legal issue might be involuntary when your creditor initiates the legal action against you. On the other hand, it could be voluntary when you're the initiator.

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Solve Your Problems with an Attorney Bankruptcy

If you, as an individual or as an owner of a business, have debts or other financial troubles, an attorney bankruptcy can be the ideal solution. Whenever how difficult and complicated a financial case can seem, attorney bankruptcy is the one you need.

Attorney bankruptcy is specialized in solving financial situations, providing necessary information about the bankruptcy law and legal methods to solve financial cases. You can benefit from the knowledge and experience of an attorney bankruptcy either solving debts issues or developing court-approved reorganization plans that suppose the presence and involvement of debts and creditors. There are some ways in which attorney bankruptcy solve credit problems and one of them is discharging debts by liquidating assets that are personal or belonging to a commercial enterprise. The assets or non-exempt property are turned into cash and distributed among creditors so that the difficult situation is solved. A discharge notice is received by the debtor after these proceedings.

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Will I Be Able to Keep My House If I File for Bankruptcy?

The answer, to this questions, depends upon what chapter bankruptcy you file and whether or not you are behind on your mortgage payments. If you are behind on your mortgage you can not save your house from foreclosure by filing a chapter 7 bankruptcy. However, you will be able to delay the foreclosure for a few months. So, when a chapter 7 is filed you will be able to live rent and mortgage free for around three months. But, the mortgage holder will eventually foreclose on your property.

When filing for a Chapter 7 bankruptcy, if you are up-to-date on your mortgage payments, you maybe able to keep your house. The ability to keep your house is dependent upon whether or not you filed for a homestead exemption. A homestead exemption allows you to save your house from the trustee when bankruptcy is filed. However, the maximum amount that can be saved, via a homestead exemption, varies from state. So, you need to contact a local attorney to find out the exact amount of your particular states homestead exemption.

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Is There Credit After Bankruptcy?

FUTURE CREDIT - One of the most frequent questions I receive as a Bankruptcy lawyer, is "How will Bankruptcy affect my future credit?" It is true that credit records are very important and getting more important every day. Many employers have started requesting credit reports, and certainly credit is necessary to purchase a house and in most cases a car. That is why I usually don't recommend filing bankruptcy if you have good credit. If you can avoid "ruining" your credit, you certainly should! Bankruptcy will bring down the infamous FICO credit score by at least 100 points immediately... but sometimes it can raise the FICO score by the same amount. Usually, within a year or so after the bankruptcy is over, and the Discharge is received, an individual's credit score is better than it was than before he or she filed bankruptcy.

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When Bankruptcy Isn't an Option

Chapters 7 and 13 of the United States Bankruptcy Code offer individuals and families in our country with sweeping debt relief, but for many this approach is not an option. Whether you are concerned to avoid the negative credit consequences of a bankruptcy filing or if you would prefer to attack your problems with debt from another angle, there are several other strategies which may work for you.

Bankruptcy makes it possible for a debtor to discharge most or even all unsecured debts, as well as potentially freeing up financial resources to catch up on secured loans such as a home mortgage. It is perhaps the most immediate and comprehensive form of debt relief available, but it also brings negative repercussions-bankruptcy can negatively influence your credit for up to 10 years, making it difficult, though not impossible, to secure a loan in the future. For some, this is enough to keep them from choosing to take this course of action. Others would prefer to resolve their debts without bankruptcy as a matter of principle, and still others may be swamped in debt but do not yet feel desperate enough to decide that bankruptcy is the necessary approach.

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How Does Chapter 7 Bankruptcy Work?

Persons generally resort to Chapter 7 bankruptcy to entirely discharge them of their debts forever. Individuals who qualify for Chapter 7 bankruptcy have demonstrated the court that they have no realistic way to pay their debts over the course of the next three to five years. The only way out to pay one's debts is for him to sell all of his possessions. But then again, with assiduous planning, a Chapter 7 borrower is rightfully exempted from having to recompense any unsecured debts, and most debtors are able to save all of their possessions.

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If I File For Bankruptcy Can I Keep My Car?

Many financial victims wonder what will happen to their car if they file for bankruptcy. They fear their car will be taken, leaving them and their family stranded with no mode of transportation to get the kids to school and themselves to work.

More often than not, the real question is not "can I keep my car?," but rather which bankruptcy option is best for you for choosing to keep the car. The current economic climate and high rate of default contributes to a favorable environment for debtors in bankruptcy wishing to keep their vehicle.

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Bankruptcy Law Firms

Filing for bankruptcy can be an excruciating moment. Individuals or firms have the option of filing for bankruptcy as a last option when their debts are out of control. Bankruptcy is filed when the debt is extremely high and the creditors are practically camping at the door. Expenses due to medical, legal, or credit card expenses usually make a person lean towards the option of bankruptcy.

Even though bankruptcy provides the individual with a credit free life later, it affects the credit rating for about 10 years, so filing for bankruptcy is not really a very easy option. Also, some cases, such as those dealing with mortgage and alimony, may not even be considered in the court as proper reasons for bankruptcy. Bankruptcy must also be considered only when all other options have been exhausted.

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If I File Bankruptcy, Will Everyone Find Out?

The quick answer is no, but like all legal matters, bankruptcy is part of the public record. The catch is for the public at large to view bankruptcy filings they must have a Public Access to Court Electronic Records (PACER) account and pay $0.08 per page to view the records. I have never heard of a private individual with a PACER account. For the most part only attorneys or other legal professionals have PACER accounts.

So who does find out? The most obvious people that find out are the people or companies that you owe money to. The underlying goal of bankruptcy is to treat the people you owe money the same depending upon the type of debt that is owed. All creditors must be listed in the bankruptcy petition schedules to be treated properly. They will all receive notice of your bankruptcy case directly from the Bankruptcy Court via United States mail.

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Stuck In The Bankruptcy Box - Households That Make $50,000-$100,000 Per Year

Most people who file bankruptcy have a household income of $50,000 to $100,000 per year. They are stuck in the bankruptcy box. The reason is that if those households make enough money to have protectable assets, but not enough money to survive an unexpected financial hardship.

You see, if people have very little income they are what is called "judgment proof." Judgment proof means that even though a creditor can get a judgment against a debtor, there is nothing to seize from the debtor. If there is nothing to seize then a debtor is judgment proof, i.e. the judgment is uncollectible. At the opposite end of the spectrum are households with more than $100,000 income per year. If a household has more than $100,000 per year, then it is more likely that it will have sufficient savings to get through a rough patch.

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Credit Counseling Can Help You Avoid Filing Bankruptcy

Filing for bankruptcy is a drastic step, which makes most people feel overwhelmed. There is a great deal of paperwork that must be done, and filing can be emotionally taxing. Because the whole process is quite complicated, it's wise to get help to make certain that the chapter bankruptcy filing is done right.

The first place to go for assistance would be a credit counseling agency. Often they can assist people in avoiding filing for bankruptcy altogether. Credit counselors can recommend helpful ways to deal with debt collection, or work with creditors to lower monthly payments, reduce interest charges and late fees, or even totally eliminate them.

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Understanding Your Insurance Policies Can Help You Avoid Bankruptcy

Though there are many reasons a person may end up filing for bankruptcy, there are certain things that can be done ahead of time to minimize the likelihood that you will need to declare bankruptcy. One key way to protect yourself against a potential financial disaster is to fully understand each insurance policy you have. The most important policies to understand are the rules of your medical, car, and home insurance.

Medical insurance can be exceedingly complex to decode, but it is imperative that you ask questions of your provider to ensure you know how you will be covered in the event of a serious illness or injury. Some medical insurance can look appealing because of low monthly payments, but the tradeoff may be very little to no coverage when you need it most. These insurance details are "hidden" within the pages of your policy details.

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Debt Consolidation, Debt Settlement Or Bankruptcy - Debt Relief in Phoenix, Arizona

Debt consolidation loans are becoming increasingly popular in Arizona, including Phoenix and Scottsdale. As the consequences of the economic slowdown become apparent, overwhelming personal debt is a reality facing many. Debt settlement is increasingly gaining popularity. But what is the right choice for a given individual? The only true way to know is to read up on the options. Many will want to consult with several experts in different areas about their particular situation.

In addition to consulting with a Phoenix bankruptcy attorney, you may want to speak with a few other experts. A new breed of debt professional is the certified debt arbitrator. These experts are unique in their qualifications. They often have special relationships with creditors. They can quite possibly help you avoid bankruptcy. Since they are trusted by these creditors, they can negotiate in a way that is out of the question for most individuals. They are a good starting point for most people interested in really getting a handle on their personal debt.

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Application for Waiver of Court Filing Fee in Chapter 7 Bankruptcy

Ironically, it is not cheap to file bankruptcy. Don't misunderstand me. For most people who are struggling with their financial situation filing bankruptcy is much less expensive than repaying the debts to be discharged in the bankruptcy case. But there are costs associated with filing bankruptcy. These include attorney's fees, the court's filing fee, and costs associated with ordering a credit report and taking the credit counseling and financial management courses required by the Bankruptcy Code.

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Tools of the Trade in Bankruptcy

When a debtor faces the prospect of losing a large deal of their property to their creditors during a bankruptcy, some initial concerns may be raised. Especially in the situation of small business owners, manual laborers, and machine-dependent farmers, having to forfeit certain pieces of property would essentially destroy a debtor's ability to rebuild their life financially. However, in order to protect workers from these sorts of situations, many jurisdictions have enacted a special bankruptcy law that protects what are known as tools of the trade.

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More Reasons To Seek The Services Of A Bankruptcy Lawyer

There are many who believe in proceeding with filing for bankruptcy without utilizing the services of the bankruptcy lawyer. This can prove devastating if you are not familiar with the legal processes, documentation and most applicable options for your financial situation. There are many benefits offered when hiring legal representation to assist.

Reason 1) You can save a great deal of time and ensure that all legal matters are attended to according to regulation with legal representation. Many believe that not hiring a lawyer will prove more affordable in such matters. Unfortunately, this is not true as relying on a professional to guide you through the process will actually allow one to get more out of their bankruptcy claim.

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Small Businesses and Bankruptcy

The failures of large corporations in recent years have garnered intense media attention: from the infamous Enron case to the more recent bank collapses, corporate bankruptcy often has negative consequences for a large number of people. Small businesses, on the other hand, usually go unnoticed by the mass media.

Despite the greater number of people affected in cases like Enron, the effects of small business bankruptcy can be much more severe on the owners and any employees. Since they have more limited means than larger companies, small businesses can be more susceptible to fluctuations in local economies. Local restaurants, for example, commonly go out of business during economic downturns, because people are less likely to dine out when the economy is weak.

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How Are Incentive Stock Options Treated in Bankruptcy?

Many companies that are publicly held companies and privately held give employees incentive stock options each year. These shares usually vest at a predetermined percentage each year the employee stays employed by the company. The company allows the stock to vest over a period of time to ensure the employee to make continued efforts on behalf of the company to receive the full grant of stock options. The language of incentive plans may differ significantly. This article discusses how purely incentive stock programs are treated if the stock incentive plan is not a qualified retirement account. The specific language of a plan may make this article not applicable. To determine the treatment of your incentive stock options when filing bankruptcy you should seek the counsel of an experienced attorney in your jurisdiction.

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Marital Adjustment and Bankruptcy

With the tax season in full swing the issue of back taxes may be on your mind. You can use a Chapter 7 Bankruptcy filing to eliminate all income taxes except the following tax liabilities:

a. The taxes are for a tax return due within three years (plus extensions) prior to the date of the filing of your bankruptcy.

For example, despite taking every deduction imaginable and creative accounting you were shocked to find that you still owed Uncle Sam in your 2007 tax return. The due date for your 2007 tax return would have been April 15, 2007. Therefore, these income taxes cannot be discharged by filing bankruptcy on or before April 15, 2010 (plus the time of extensions). If you get an extension do not forget to account for it. File too early and you lose the ability to discharge the tax liability.

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When Are Bankruptcy Lawyers Needed?

Misconceptions regarding bankruptcy restrict people from opting for it. Bankruptcy is a legally admitted inability to repay debts. Bankruptcy Law has been written to bail out people wailing under debt and assist them to make a fresh start. Bankruptcy is a legal course that aims at giving both the debtor and the creditor a level playing field. Bankruptcy lawyers help people decide their course of action if it becomes difficult or impossible for them to honor their obligations.

When are Bankruptcy Lawyers needed?

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7 Actions to Avoid Before Filing for Bankruptcy

If you are considering filing for bankruptcy, here are 7 things you should NOT do.

1. Do not pay back money to friends or relatives. If you have borrowed money from family members or friends, now is not the time to pay them back. If you make any payments like this within one year prior to filing your petition, you must disclose those payments on your bankruptcy petition and to the trustee at your meeting of the creditors. The bankruptcy court considers these to be preferential, insider payments. That means, you are using money that could go to your other creditors to pay to people you know. It also means that the court can recover those payments from the person you paid. Imagine your mom getting a letter or call from your trustee saying she owes the court money.

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Find Out If Bankruptcy Or Debt Consolidation is Best For You

Sometimes people don't even realize how much debt they have built up until it is too late. Bills keep building up and the payments keep getting harder and harder to make. Soon debt collectors are calling everyday and eventually these calls start to be ignored because you simply just don't know what to tell them. You know you need help but you don't know where to turn.

You may even have an idea of how to find your way out of your financial situation, but the thought of asking for help is just too embarrassing. These situations can not only affect your finances, but can also result in things like depression, anxiety, and stress. When things get this bad, it may be time to put aside your pride and seek the help of a debt relief attorney.

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Free Bankruptcy Evaluation - Find Out What Your Options Really Are

If you're going to file bankruptcy and you're having a hard time finding someone in your area who you trust to work with and who is aggressive in getting your debt's reduced and helping you through the hard times during this process, then you're not alone. Because finding the right person is very hard, companies have set up programs where attorneys have to apply in order to be able to work with the public.

So if you need someone to help you go through this process then you may want to check out a free bankruptcy evaluation that can give you options so you can find out if you're working with the right person are not. A company that has a birds eye view on attorneys can give you correct information so you get the correct information and to your debt reduced as much as possible.

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Keeping Your Vehicle in Bankruptcy

Debts can quickly get become out of control. It does not take much time to get to the point where someone may ask themselves if they will be able to recover their debts. It is at this point when bankruptcy should be considered. This form of debt relief is available to individuals who can prove they are beyond the point of recovery.

Especially in today's difficult economic times, there are more and more people filing for bankruptcy, and more and more people feeling comfortable doing so. Understanding the laws surrounding bankruptcy can make the filing process much less scary. One piece of reassuring information is that not all possessions will have to be sold. Depending on the individual situation, people may be able to keep retirement funds, cars, and even their homes.

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Chapter 13 and 7 Bankruptcy, Can They Save A Home From Foreclosure?

The commercials on TV about it are endless. You can put your life on the right track and save your home in one fell swoop by filing bankruptcy. Is this accurate, though? The answer might come as an unexpected surprise.

We'll begin with Chapter 13 bankruptcies first. You can file this bankruptcy as a person or on the part of a company. Instead of canceling out debts, as many advertisers claim, it instead enables you to suggest a reimbursement plan to your creditors. You can benefit from filing bankruptcy due to the fact that if the payment plan is accepted, you will likely be paying a lot less than you otherwise would have. Try proposing new mortgage terms as well for this sort of bankruptcy, because if your proposal is approved, it just may save your home from foreclosure.

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You and Bankruptcy: The Things You Should Know and How to Deal

Your financial standing can easily dictate the person you are. When you are constantly stressed about funds, you can feel alone and depressed. When you are over your head in debt, seek relief by filing bankruptcy. There are millions of Americans out there who are experiencing financial hardships for reasons that are not their fault: Job loss, divorce, pay reduction, or medical bills. Filing bankruptcy can provide you with a fresh start, and bring the harassing creditor calls to a stop. The best part of filing bankruptcy may entitle you to legally eliminate some or all of your debts, while keeping some or all of your assets. There are three different types of bankruptcy, and you need to decide which you classify under. If you are unsure, your attorney can help you in determining. Here are the three most common types of bankruptcy that are important to understand:

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How Will Bankruptcy Affect Employment Opportunities?

If you have declared bankruptcy in the past, or are considering doing so in the immediate future, you may be wondering: Can an employer choose not to hire me based on a bankruptcy filing? While you should certainly be sure you contact an attorney before filing Chapter 7 or chapter 13 bankruptcy, here is a brief overview:

No. Based on the Bankruptcy Act and Fair Credit Reporting Act, it is illegal for an employer not to hire you based on a past bankruptcy. However, many companies do pull a credit report in the later stages of the hiring process, and may use the information found there as part of their final decision. This is especially likely if you are applying for a job that can affect the company financially (accounting, payroll, etc.). While a bankruptcy alone is unlikely to prevent you from getting a job, poor credit preceding bankruptcy may be used as a determining factor that sets another candidate just a little bit ahead of you and helps the hiring company make a final decision to go with someone else.

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Where You Can Turn For Bankruptcy Advice

At some point in your life, you may need bankruptcy advice. Although it is not something you may not like to consider, there are times in life when bills become more than you can handle and you have no other alternative but to file bankruptcy. Therefore, if you are in the midst of making the decision whether or not to file bankruptcy, it is important that you have a full understanding of the different types of bankruptcy, as well as what can and cannot be included in the bankruptcy case.

If you have lost your job, whatever the reason may be, it may be very difficult, even impossible to pay your monthly payments. If this is the case, then you may want to consider bankruptcy advice on Chapter 7. With Chapter 7, you are able to eliminate a majority of your debt and start fresh. This will give you the opportunity to get back on your feet, once you have found another job.

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Lee Schwilm Talks About Bankruptcy Versus Debt Settlement Companies

I was honored to have in my studio local bankruptcy attorney Lee Schwilm of Schwilm Law Firm. Lee is originally from Albuquerque, N.M. He passed the North Carolina Barr in 1997 and deals with Chapters 7, 11 and 13 bankruptcies. In addition, he covers debtor's rights, personal injury, auto accidents, workers compensation and social security disability appeals. Lee has filed thousands of Chapter 7 and 13 bankruptcies since starting his practice in Charlotte and is dedicated to providing consumers with the very best advice based on their particular set of circumstances. He states that, "If filing bankruptcy is not for you, he will be the first to tell you." He states that, "Most people just wait too long to come and get the advice." He reverberates, "Don't wait". The sooner a person comes in to the office, he says, the less damages they will suffer in most cases.

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Duties of a Bankruptcy Lawyer

Filing a petition for bankruptcy is usually the last resort of anyone. During the difficult economic situations, it becomes tough to pay back the debts. There are many debt relief options that are available and an individual can opt for any one of them to shed off his debts.

Bankruptcy is a legal procedure of relieving debts. By filing a bankruptcy petition, an individual declares his inability to pay off his debts. It is a process in which a debtor can choose to pay his debts, completely or partially, depending on his situation and the bankruptcy option he is opting for.

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Bankruptcy Laws That Are Debtor Friendly - Why It's Easier For Congress to Throw Money Up in the Air

My perspective may be different than in Washington, but as a San Antonio bankruptcy attorney I cannot agree with how things are done on Capitol Hill. Back in 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act BAPCPA passed with the blessing of 74 senators both Republican and Democrat. Now that our economy has gone south it still seems to difficult for Congress to do the right thing. They do not hesitate to spend trillions of dollars on bailouts benefiting corporate America, yet they cannot seem to enact simple reforms that benefit regular Americans such as those who need to modify their home mortgages.

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When to File for Bankruptcy

In times of financial stress it can be difficult to determine what your options are for wading out of the growing dept piling up around you. Whether your business finances or personal finances are becoming burdensome, it is important you are aware of the option of bankruptcy. By better understanding what bankruptcy is and when it can be effective to file for it, you can better protect your mental and emotional health as well as your future financial well-being.

What is Bankruptcy?

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Liens in Bankruptcy Cases

A lien is, in short, a claim by a creditor on the property or assets of a debtor. They are designed to assure the creditor receives compensation (payment or other satisfaction) of a debt. In the event that the individual owing the creditor money cannot pay or refuses to pay the money they owe, the lien may allow his or her property to be foreclosed on and sold, providing the creditor with the compensation they are owed.

Some liens are voluntary (or consensual), meaning that they are put in place by a contract between the creditor and debtor. Consensual liens include mortgages, security interests, car loans, and chattel mortgages. Chattel is defined as moveable property like vehicles, home furnishings, or livestock as opposed to "real" property like land.

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Tips to Save Face When Facing Bankruptcy

In the ongoing economic downturn, many people will find themselves drowning in debts which they find hard to pay. In years gone by they would have lost everything but these days, a bankruptcy attorney will do his best to salvage the homeowner from this sticky situation. Bankruptcy lawyers will have all the necessary information to help the distressed person to at least keep something.

These days, those with huge credit card debts do not have to go into insolvency proceedings. There is Chapter 7 which will allow the person to hang on to some of his belongings and literally wipe out the credit card debt as long as some criteria are met.

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Bankruptcy Myths

Filing for bankruptcy ruins your credit for 10 years.

Not True. As with any other credit information, the fact of the bankruptcy can stay on your credit report for 7 to 10 years. (Remember, if you are considering bankruptcy it is highly likely that your credit rating has already been damaged, especially for the purpose of obtaining a home loan.) You can start rebuilding your credit, however, even before your bankruptcy is completed. Continuing to make your house or car payment on time can help you reestablish a good credit rating, as can making timely payments on a Chapter 13 plan or on any new loans.

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Do I Even Need an Attorney?

You may have an independent streak in you. There is absolutely nothing wrong with that. When it comes to financial issues though you may not have a choice but to ask for help. Asking for help can be an extremely humbling experience. No one wants to admit that they can no longer take care of their own affairs. The good news is you can still retain some dignity even by seeking the help of an attorney. How can this be? While a lawyer can assist you and inform you, it is still you who are making the choices and you who is going to be responsible for the results. Believe it or not, taking the final step to file for bankruptcy may be the best thing that ever happens to you.

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What Are the Different Chapters of the Bankruptcy Code?

The Bankruptcy Code is found in Title 11 of the United States Code. There are nine chapters of the Bankruptcy Code (Chapter 1 General Provisions; Chapter 3 Case Administration; Chapter 5 Creditors, the Debtor, and the Estate; Chapter 7 Liquidation; Chapter 9 Adjustment of Debts of a Municipality; Chapter 11 Reorganization; Chapter 12 Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13 Adjustment of Debts of Individual with Regular Income and Chapter 15 Ancillary and Other Cross-Border Cases.

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What Is Bankruptcy and What to Expect From Lawyers?

When debts fall due, and the individual is unable to pay them, one of the options they could pursue is liquidation. After a declaration of destitution, the first time bankrupt will usually be discharged in approximately a year. Although destituteness is publicly advertised, and has a bad stigma attached to it, it must be considered when dealing with insolvency cases of individuals.

Faced with the prospect of liquidation, individuals should immediately look for alternatives. One such alternative could be the IVA or Individual Voluntary Arrangement. For debts that cannot be paid, insolvency is one of the solutions. With repudiation proceedings, you can make a fresh start, freed from the overwhelming debts, provided some restrictions are followed. You also make sure that the assets owned by you are shared equally or fairly among your creditors.

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Common Mistakes to Avoid Prior to Filing Bankruptcy

Filing for bankruptcy protection is an anguishing decision few take lightly. The decision of when to file bankruptcy is often driven by urgent factors beyond one's control, such as a looming home foreclosure, sudden job loss, wage garnishments, or a lawsuit.

But if you have the luxury of time on your side and can do some planning, you can avoid some major pitfalls that can negatively affect not just you but friends and family as a result of your bankruptcy.

1. If you think you may need to file bankruptcy in the near future, STOP using your credit cards! Whether you ultimately file Chapter 7 or Chapter 13 bankruptcy, a legal presumption is raised that you were already insolvent during the 90 days prior to filing bankruptcy. During this 90 days, any new debts you incur, such as new credit card purchases or cash advances, may give the credit card company or other creditor reason to sue you in your bankruptcy case. The Bankruptcy Code gives such creditors the benefit of a legal presumption that new debts incurred to them during the 90 days prior to the bankruptcy filing were incurred through fraud. The legal presumption means that the burden of proof switches to the debtor, who must prove that there was no fraud. If the creditor sues over such new debts, what do they stand to gain? After all, the debtor is already in bankruptcy, right? The creditor stands to have that new debt declared non-dischargeable by the bankruptcy court. Debt that might otherwise be discharged, can be declared by the court to be non-dischargeable, and thus survive the bankruptcy.

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Bankruptcy Myths Busted

Bankruptcy Myths:

Myth 1: The new bankruptcy laws have made it too difficult to eliminate your debt.

False. The new bankruptcy laws only changed the method by which consumers qualify for the different types of bankruptcy. They don't prevent people from filing under either Chapter 7 or Chapter 13 and in most cases people are still able to get the same relief now as before the law changed.

Myth 2: I'll lose everything I have.

Not true. While every state has different exemption laws, In Oklahoma, most people who file bankruptcy do not lose anything they want to keep.This is because Oklahoma has strong exemption laws that protect certain property like your house, your car, household goods, IRAs, retirement plans and a major portion of you personal injury claims from being seized by your creditors. In the rare event you have property that cannot be protected with an exemption you can file a Chapter 13 bankruptcy that allows you to catch up on late payments, puts a hold on spiraling interest rates and enables you to keep your house, car or truck as long as you continue to make the current payments.

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Divorce and Bankruptcy

Divorce and bankruptcy can each create a difficult time in a person's life. Unfortunately for some couples, financial problems are what lead them to divorce. While an impending bankruptcy and divorce can seem very overwhelming, there are a few things to know to help ease the process.

First you will want to decide which comes first. For most people, filing for bankruptcy together works best for them. You and your partner got into financial trouble together, so you should get out of it together. Filing for bankruptcy before divorcing can actually help simplify divorce by settling how the remaining debts will be divided. Also, since you will file together, you will be saving money on one case versus two.

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Frequently Asked Questions About Bankruptcy

Between the lawyer's lingo, tons of forms and also the job of organization, there are several elements of personal bankruptcy that might overwhelm those looking to file. Here are just a few FAQ's concerning bankruptcy procedures and working with them.

Do I Need To petition for Chapter 7 or Chapter 13 bankruptcy?

Chapter 7, often called straight bankruptcy or liquidation, is intended for people with minimum cash flow at the moment, who are ready to pay back their debts by way of selling their belongings or properties. Chapter 13 is ideal for an individual who, using their existing earnings, will make a sensible repayment schedule by which to deal with their outstanding debts over the next 3 years.

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Is It True That Chapter 7 Bankruptcy Is Better Than Chapter 13?

Filing for Chapter 7 bankruptcy when unsecured debt becomes overwhelming, is often the only feasible option. When an individual is paying the minimum on large credit card balances it will take years to reduce the principal. If that person either loses their job, or accrues huge medical bills, the situation becomes insurmountable. The debtor is left with two choices; filing for bankruptcy under Chapter 7 or Chapter 13. Which option is best?

First, it is wise to consult with a bankruptcy or debt relief attorney to see which path you qualify for. The size and scope of your debt will determine what you are eligible for.

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Bankruptcy - It is Time For Getting a Fresh Start

Let's start at the beginning, you started borrowing money to improve your life. You are 21 and back from the Armed Forces. Life looks good and you are looking forward to your new life. Sounds like your life so far or close to it. Then it happens, we meet the love of our lives and decide to get married. Now there is more than just yourself, there is your wife to think about also.

Life moves to the next phase, an apartment together, each of you has a car that has a loan that is due every month along with your monthly rent payment. During this time period, there were multiple credit card offers that were accepted and now there is also a monthly credit card payment of one or two. Life is great, buy what ever both of you want and enjoying life together. Your wife wants furniture, so guess what, a new bedroom suite along with another monthly payment. Payments are starting to creep up and you realize, wow, there is not enough money to live on. What do we do?

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Finding Chapter 13 Attorney

After the recession and liquidity crunch of 2007, due to high price rise many people are facing hardship in making payments toward credit bills or mortgage. As a result they cannot keep up with their monthly debt payments. To save themselves from this financial crisis many are opting for Chapter 13 bankruptcy. Prior to filing for bankruptcy a person should consult a Chapter 13 attorney. Louisville, KY is a place where many attorneys offer their services.

In Chapter 13, the court prepares a repayment plan that doesn't attract any interest rate. A written plan is worked out that has details of the entire plan. It includes details of transactions that are likely to take place and tenure of the entire program. A person should start making repayments as per the new repayment within 30 to 45 days from the date the case commenced. In case of Chapter 13, the same procedure doesn't exist. The creditors are required to support the repayment plan and while the consumer is making payments as per the new repayment plan, creditors are not allowed to make any claims from debtors.

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7 Steps to a Fresh Start after Bankruptcy

Bankruptcy is one option to consider in order giving yourself a "fresh start," when you have more debts than you have assets. There are in fact many types of bankruptcy provided under the law but the most common is Chapter 7 bankruptcy, which is also known as liquidation.

When filing under Chapter 7 bankruptcy, all your assets, excluding those that are exempt under the law of your state, are dissolved and liquidated. Generally, the person tasked to do this is the court-appointed official, called a trustee.

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Felonies and Bankruptcy

In our legal system, if you have been convicted of a felony, life can become more challenging because certain rights have been taken away from you. If you are facing financial difficulties, there are still legal options available to help you get out of debt and even if you have felonies on your record, you may still be able to secure the protection of bankruptcy as you get your finances back under your control.

Anyone can slip into debt, no matter their background or individual circumstances, and should have the same resources available to help them that everyone else is entitled to.

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Building Credit Post-Bankruptcy

If you are someone who has needed to file bankruptcy, I would like to first congratulate you for taking the first real step to your recovery. The decision no doubt was not an easy one, however, if you have followed the advice of a competent bankruptcy attorney, you will find that you can make a very healthy recovery and land squarely on your feet. If you act responsibly and commit to the following tips I have outlined for you, you will be the better for it in a relatively short period of time.

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The Cost of Bankruptcy

Almost two years ago, Congress passed a law making it much tougher for Americans to file for bankruptcy. Since the passing of these new bankruptcy laws the cost of bankruptcy has taken a dramatic rise.

According to a recent press release, and various websites devoted to low cost bankruptcies, the average cost of filing a bankruptcy is around 1800, and that's not including filing fees. With most attorneys quoting 2,000-2,500 for a completed bankruptcy.

With the economy in shambles, many good hearted and honest people find themselves in a real financial bind. With the rise of the cost of completing a bankruptcy many potential filers have chosen to go it alone, which in most cases creates more problems than the creditor's harassing calls.

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