Should You File for Bankruptcy?

If you have accumulated overwhelming debt, you probably feel like you're in a lose-lose situation, but remember this: bankruptcy isn't the end of your finances. Bankruptcy laws are designed to help debtors by giving them a fresh financial start. On the other hand, bankruptcy isn't for everyone. In fact, unnecessary bankruptcies are filed every year. If you're facing money problems, make sure that bankruptcy is the best option for your circumstances.

First, understand the different types of bankruptcy. Generally speaking, you will probably qualify for either chapter 7 or chapter 13 bankruptcy. Chapter 7, also called liquidation bankruptcy, discharges your debt and liquidates your assets in order to pay you outstanding financial obligations. Typically, tax debt, child support and student loans will not be discharged. If you do not qualify for chapter 7, you may be able to petition for chapter 13 instead. Unlike chapter 7, chapter 13 allows you to keep your assets and establish a payment plan to satisfy you're your outstanding debts. In short, chapter 13 does not put your house, car, or other assets at risk of being liquidated.

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Top 5 Bankruptcy Mistakes To Avoid

More often than not, when people go to file for bankruptcy too many mistakes are made and any chance they had of discharging debts and hanging onto exempted property are lost. Seeking experienced counsel such as a bankruptcy attorney about these matters can end up saving you a lot of money in the end. However, before you seek out a bankruptcy lawyer, consider looking into the following five mistakes to make sure your filing runs smoothly.

1. The Transferring of Credit Card Balances: Do not transfer a large amount of credit card debt (over $1500) from one credit card to another, especially if filing for inability to pay debts within 60 days. It may alert a red flag and make the transaction appear fraudulent.

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Chapter 13 Bankruptcy - Be Careful Before Your File

For individuals seeking debt relief a chapter 13 bankruptcy can be the best and sometimes the only option. But, there are several caveats that all debtors should know before even considering filing a chapter 13 bankruptcy. This article will first, briefly go over, the differences between Chapter 7 and 13 bankruptcy and will then go into why you should be wary bout filing a Chapter 13 bankruptcy.

A chapter 13 bankruptcy and a chapter 7 bankruptcy differ greatly. Under a Chapter 7 bankruptcy, the debtor will not have to pay the majority of his debts. So, absent certain statutory exceptions, once a chapter 7 bankruptcy is filed and approved by the Bankruptcy Court, the debtor will be able to get a fresh financial start on his life.

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Importance of Bankruptcy Lawyer

Bankruptcy is a critical situation that most people face in their personal lives. The debts and bills to be paid overburden most of the people, thus resulting to mental strain and thereafter, various illnesses. One is declared bankrupt, when he/she is no longer able to pay all debt to the creditors or when the amount of debt is higher than that of the assets. During this condition, many people are unable to meet their financial obligations. This is a severe situation where a Bankruptcy lawyer is required to resolve the issues linked with it. A Bankruptcy lawyer helps a person in one of his/her most painful situation in life. Many individuals who file for bankruptcy try to work through the bankruptcy process on their own. Sometimes, it is possible to get through bankruptcy proceedings without a Bankruptcy lawyer. However, you are going to have much harder time to successfully go through the process.

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Is Using a Good Bankruptcy Lawyer Worth the Expense?

In today's economic and financial times, more and more consumers and businesses are facing bankruptcy as the only way out of their very poor financial situation. Let's assume for a moment that you have already thoroughly investigated all your possible options that could be used instead of bankruptcy and have already determined that bankruptcy is the best and only way out.

Not so fast. Have you really thoroughly checked into all possible options that could be used instead of filing for bankruptcy? People who are not intimately familiar with the financial industry may have alternatives that they were not even aware of, most of which would be significantly preferable to bankruptcy, which should only be used as your option of last resort. In addition, with the new bankruptcy laws recently enacted, you now need to be approved by the courts to file, and the ability to file is not automatically granted with a rubber stamp.

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Should I File Bankruptcy?

Bankruptcy isn't the monster that it might appear to be. When you have an amount of debt that holds you and your family back, it might be hard to imagine that anyone else understands what you are going through. But, over 2 million Americans who have experienced the same thing have filed for bankruptcy in 2009, and even more are expected to file in 2010.

When I was in college I had to file for bankruptcy when I lost my job working for GM. I was harassed by creditors who told me they were going to sue me, repossess my car, garnish my wages, and left me needing protection from foreclosure. My family was suffering.

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Tips For Understanding Bankruptcy

If you are currently in a foreclosure or are in-fact facing the foreclosure proceedings then you could be thinking if filing for the bankruptcy could in any way assist you in avoiding the foreclosure and thus saving your home. In this article we will talk about chapter 7. Most of the people usually file for the bankruptcy under this chapter as the debtors usually get rid of all their present debts without any hiccups. They thus get a fresh lease of life to start their life again.

Filing for the bankruptcy is not at all cumbersome and as you just need to go through the credit counseling and it is suggested that you also seek the services of a good bankruptcy attorney.

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Top Reasons That Drive People Into Filing Bankruptcy

Filing for bankruptcy can be a hard decision for most people to make; however, the circumstances surrounding their situation make it impossible for them to see any other way out. There are many reasons that normal trustworthy people, much like you and me, decide that filing for bankruptcy is their only option. These reasons include:

1. Job loss/unemployment - Many people have great paying jobs and rightfully decide to buy their family a nice home, good cars, and send their children to upscale schools. And why not? They have the money to pay for it. Unfortunately, right when some people are in the prime of their financial life, they find themselves suddenly laid off with little more than a severance package if they are lucky. While they are looking for a new job, the large mortgage, large car payment, and the children's monthly tuition is due. To top it off, many of these people will jump into new jobs that pay significantly less than their old one, just to get some of their bills paid. These people have now found themselves in an unforeseen situation that was beyond their control.

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Bankruptcy Lawyer Support for Better Financial Stability

The recent economic recession has forced many people to turn to bankruptcy lawyers to find ways of keeping afloat. Spikes in interest rates coupled with rising consumer prices, and the resulting decline in spending has left many individuals and businesses, with heavy financial burdens they find increasingly difficult to cope with. Loans that were once affordable a few years ago have become unsustainable today. Bankruptcy is not something one plans for, but is rather forced to do so as to attain some relief. Bankruptcy is usually a last resort. Just because you are suffering under the weight of heavy loan installments does not mean that this is the only solution to your problem. In recent years, many lending institutions have been forced to foreclose on homes and businesses of their defaulting borrowers. More often than not, they have been unable to recover even the principal outstanding by selling those properties. A bankruptcy lawyer should be in a position to help access your situation and see if there are alternative routes you can take.

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Crucial Details To Realize About Chapter 11 Bankruptcy

Chapter 11 bankruptcy is comparable to both Chapter 7 and also Chapter 13 bankruptcy in that it shields the general property and house of the people in financial trouble and/or the corporation. Much like within Chapter 7 bankruptcy, somebody or enterprise is offered charge of belongings and also assets of the individual in question, and settlement of dues is watched over directly by the individual in power.

Even so, within Chapter 13 bankruptcy, it is the debtor that keeps control over the assets, as opposed to a bankruptcy trustee. There could be cases where a bankruptcy trustee will be assigned, particularly if the borrower owning the particular property is found to be incompetent.

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The "Ifs and Buts" Concerning Wage Garnishment When Filing For Bankruptcy

When you file for bankruptcy, the automatic stay immediately stops any lawsuit filed against you and most actions against your property whether such action is taken by a creditor, collection agency, or government entity. The automatic stay may provide a powerful reason to file for bankruptcy particularly if you are at risk of being evicted, being foreclosed on, being found in contempt for failure to pay child support, or losing such basic resources as utility services, welfare, unemployment benefits, or your job because of wage garnishments.

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The Benefits of a Good Bankruptcy Lawyer

A bankruptcy lawyer may be the answer if you are having problems keeping up with your bills or simply cannot pay them anymore. These are trying times for any American. With many businesses failing, and an ever dwindling supply of jobs, many Americans are struggling. Perhaps filing for bankruptcy has been in your mind for awhile. If so, then you need to read on for some helpful advice that will save you time and money.

Finding an attorney to help you figure out your financial situation can be stressful. After all, you will have to trust someone to advise you on your future finances. They will be helping you make decisions that will alter your credit status for the next seven years or longer. After filing, you may be putting up some of your assets to be liquidated. This is a scary proposition, so you want a bankruptcy lawyer you can fully trust and who you know is successful.

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Knowing When to Hire a Bankruptcy Lawyer

With so many businesses and individuals facing what is known as the Second Great Depression, filing for bankruptcy is a step that more and more people are finding they have to take in order to save their most valuable assets, primarily their home. Although you can file for bankruptcy on your own, a good Houston bankruptcy lawyer is highly recommended to help you through the maze of legal mumbo jumbo that you may not understand.

It is important that you prepare a list of questions for any Houston lawyers you feel would make a good candidate for your bankruptcy claim. Filing bankruptcy is an extremely drastic step and it takes a great deal of time to build your finances and credit back up. Consult a lawyer with your concerns and ask whether bankruptcy is right for your situation, what the long-term effects will be, which chapter you need to file, and how you and the lawyer will go about filing for bankruptcy. Your lawyer should be sympathetic to your situation, but confident about whether filing bankruptcy is the best option for you.

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How to Hire a Good Bankruptcy Lawyer

What is worse than having to file for bankruptcy is to hire a bankruptcy lawyer only to find out that he or she was not fit for the job. The demand for bankruptcy lawyers is constantly on the rise and these lawyers are making great business cashing from debtors who are facing financial problems by giving them inferior quality legal services in return. Therefore you have to be really careful when hiring a bankruptcy lawyer especially in the state of Orange County so that you don't end up having ripped off by just another person.

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Income Limits and Bankruptcy

Persons who are used to making higher salaries and taking home larger monthly paychecks may find themselves in serious financial struggles, even though it may be hard for others to understand or believe. When it comes to money and financial planning, even people who seem to have no issues with money may find it hard to pay their bills and maintain responsibility for their debts.

Financial strife can be caused by many different factors and can strike people who have high salaries as well as individuals working for low hourly wages. The market and flow of business can easily cause a person's cash flow to rise and fall dramatically. If a company is forced to close it's doors or lay off employees, persons who were used to making large salaries may just as easily find themselves standing in the unemployment line as others further down the corporate ladder.

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Bankruptcy Counseling

Being declared bankrupt or finally realizing that you can no longer pay your creditors can be quite frustrating. In fact, most people get so stressed up and eventually withdraw into their own cocoons. Fear engulfs them, especially when they imagine that they may lose their valuable possessions like their homes or cars.

This need not be the case though. There are many ways to deal with insolvency and just in case you are not aware, there are even laws that govern insolvency and anyway, they are there to protect you, the debtor, as well as your creditors. In regard to this, there should be no ugly scenes arising as the creditor tries to recoup his assets and the debtors tries to protect himself.

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Considering Filing Bankruptcy Papers?

If you are thinking about filing bankruptcy, you have found yourself in a situation where debt is something that you can't seem to get away from. Every year, there are many people who file for bankruptcy, and for some of them, it is a wise decision. On the other hand, it is important to remember that bankruptcy isn't a cure all. Filing for bankruptcy is something that should really be used as a last resort and if you are thinking about whether it is a good option for you, there are definitely many things to consider first before jumping in with both feet.

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The New Bankruptcy Laws - How Do They Impact You?

Within the past couple of years, new bankruptcy laws have been put into place. These laws make some sweeping changes to the old laws, and in some places, certain regulations were completely revamped and almost rewritten. The reason for this change was because people were taking advantage of the old laws in a big way. For example, you used to be able to file bankruptcy almost on a whim, and you could do so frequently, which meant that many people would file, then get themselves into financial trouble again in very short order, then repeat the whole process.

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When to Not File For Bankruptcy

You should not file for bankruptcy if:

You have not done extensive research on your monthly budget. If you do not know exactly how much money you take in monthly [after taxes] and where the money goes you should hold off on filing for bankruptcies. I realize that living paycheck to paycheck is tough and it is tough to keep your head above water financially in this economy, but the majority of bankruptcies could be avoided if individuals practiced more discipline and restraint financially. Cut back on spending on every non necessity for a few months. Start packing your lunch at work, staying in on the weekends, buying off brand food at the grocery store... You'll save hundreds of dollars monthly and hardly notice any differences.

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Bankruptcy Pre-filing and Post-Filing Credit Counseling Requirements

Among the new requirements introduced by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, were the requirements that every debtor seeking to file for bankruptcy protection complete the pre-filing bankruptcy debtor credit counseling course offered by numerous new US Trustee-approved course providers. 
 
The new requirements mandate that consumer debtors must complete one of these US Trustee approved programs of "Credit Counseling" prior to filing either Chapter 7 or Chapter 13 bankruptcy. Your bankruptcy attorney must receive a copy of the course completion certificate prior to filing your bankruptcy and file this certificate along with your Chapter 7 or Chapter 13 bankruptcy petition to the US Bankruptcy Court or face a motion to dismiss your case for failure to file such a pre-filing bankruptcy credit counseling certificate.
 
In addition, prior to obtaining a bankruptcy discharge, the debtor must also complete a subsequent course of "Debtor Education" purportedly aimed at teaching the average consumer how to handle consumer credit and debt. Whether such debtor education will curb future bankruptcies is of course subject to debate. 
 
Just as with the pre-filing credit counseling, prior to obtaining a bankruptcy discharge, one must file a pre-discharge "debtor education" certificate filings in order to obtain the discharge and complete the bankruptcy filing.
 
For a detailed explanation of both pre-filing and pre-discharge counseling and debtor education course requirements please visit our website which includes links to the US Trustee approved course providers.
 
Always seek the advice of a licensed and experience bankruptcy lawyer when considering whether to file for bankruptcy protection.

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Top Bankruptcy Law Firms - How To Choose The Right One

If you are in a financial fix at the moment, you probably know the benefits of looking for top bankruptcy law firms. The right attorneys can assist you with the necessary paperwork and they will ensure that every record is properly kept in order to prevent rejection of your petition by the courts. However, how can you be sure that you are actually working with the right attorney? Before deciding on one, you may want to consider the following pointers to ensure that the best possible lawyer is hired to represent your case.

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Bankruptcy - Why Do You Need a Lawyer?

Bankruptcy cases involve pretty diverse court proceedings. Individuals or business firms who do not have any option to pay off their debts. Tough economic conditions often lead to such difficult times for a few people and companies.

Factually, bankruptcy is the legal procedure in which the court unburdens an individual by either liquidating his assets or by reorganizing them, depending upon the type of bankruptcy chapter one is filing petition under. It is an intricate process that is hard for a common man to understand. Hiring a bankruptcy lawyer can be of great help in this regard.

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Cheap Bankruptcy

Many people considering a bankruptcy are down on their luck, down to their last dime and don't feel that they have the money to hire a bankruptcy lawyer. While it is strongly discouraged by most, it is possible to file a cheap bankruptcy and avoid attorney fees. Just as someone can represent him or herself in a criminal case, so can an individual or married couple represent themselves through a Chapter 7 bankruptcy. Representing one's self is referred to as filing Pro Se. Filing Pro Se is by far the most affordable way to file Chapter 7. The process of filing Pro Se involves many steps for the self-represented Chapter 7 filer. At a minimum, one must:

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You Need Not Fear the Possibility of Bankruptcy

If you find yourself struggling with mounting debt and trying to juggle minimum payments in order to avoid falling further behind, then take action now before things really get out of hand.

Most of us desperately want to take care of things ourselves, gamely pushing onward and hoping things will get better. The thought of seeking help or consulting a lawyer is alien and distasteful to us.

Unfortunately this attitude has become all the more prevalent in these difficult economic times. People are waiting until they have completely run out of options before going after professional help.

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How A Good Bankruptcy Lawyer Can Help You

Bankruptcy laws are extremely complicated and nearly impossible for the average person to understand. With the new bankruptcy laws that have been recently put into action, the laws have become even more complicated. This is why it is important to hire a bankruptcy lawyer if you are considering filing bankruptcy. He or she can help you choose the right chapter of bankruptcy for you.

A bankruptcy lawyer specializes in the laws as they pertain to filing bankruptcy. However, not every lawyer is versed in the laws of your particular state. That is why it is very important to go with a local lawyer who is familiar with the bankruptcy laws of your state. The laws can be considerably different from one state to another. So make sure that the lawyer you choose not only has experience working in your state, but is licensed to work with cases in your state as well.

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Buried in Debt? Filing Bankruptcy? In All Things Still Be Thankful

When you are buried under a mountain of debt and having creditors constantly calling and you are now considering filing bankruptcy to get them off your back, it's pretty hard to be thankful during this holiday season. The Bible speaks strongly about giving thanks even during the tough times. In Philippians 4:6 it says, "be anxious for nothing, but in everything by prayer and supplication with thanksgiving let your requests be known to God." Just because you're buried under a mound of debt and filing bankruptcy doesn't mean you don't have anything to be thankful for. If you live in the US and are free, you're better off than about 90% of the world. Living in America we take so much for granted and the Thanksgiving holiday gives us time to reflect on truly what is important. We get to sit down with our families and gorge ourselves with good food and company. We really don't realize how blessed this great nation is.

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Top Bankruptcy Law Firms Hiring the Perfect Attorney

The legal system has taken some negative hit due to the activities of some profit driven lawyers. It does not take away the fact that there are some other lawyers who have upheld the high standards in the industry. When you are seeking for an attorney who would help get you out of your financial rumble, you may want to search for top bankruptcy law firms. These attorneys will give you almost certainty that your financial case will be cleared. It's very important to choose carefully who you are going to work with since you will be spending a lot of time with the person. The following guide will help you choose the right attorney when looking for top bankruptcy law firms for your case.

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Responsibilities of a Bankruptcy Lawyer

Many organizations will only consider filing for bankruptcy as a last resort. They will struggle very hard to pay their creditors. Yet, sometimes bankruptcy is inevitable because of the stringent economic times being experienced. Recessions have resulted in the declaration of bankruptcy by many and this has led to an increase in the demand for bankruptcy lawyer services. Bankruptcy is defined as being unable to offset your debts. It is fully recognized by the law and some countries even have bankruptcy laws put in place to regulate the way debtors and creditors relate when a debtor has filed for bankruptcy.

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Which Chapter of Bankruptcy Should You File?

While millions of people and businesses are struggling financially, no two economic hardships are exactly alike. Whether it's a middle class family of four, a real estate tycoon, or a Fortune 500 company, no individual or institution is infallible to the threat of default; in fact, it happens everyday. Sometimes this is due to poor decision-making, but often times, people find themselves in this difficult financial situation due to plain old bad luck. It would be unfair to punish people with insurmountable levels of debt that was pushed onto them due to factors not entirely within their control. It is this reason that the United States Bankruptcy Code was put into law: to provide debtors an equitable solution to their problem.

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Bankruptcy - What Options Do You Have?

Bankruptcy is a legal way to declare the inability of a person or a business to pay off his debts to creditors. It is usually the last option that anyone chooses. Bankruptcy gives a chance to a person to start over afresh with his finances by clearing all the debts or allowing a debtor to pay back all the debts over a certain period of time.

By filing for a bankruptcy case, one gets to avail several bankruptcy options.

The two most preferred bankruptcy options are explained as follows:

Chapter 7 - This chapter is also known as 'liquidation of debts'. This option of bankruptcy allows an individual to give up all his non-exempt assets to a court-appointed trustee. This trustee is in charge of liquidating all the assets and reasonably distributing them among the creditors involved. This is the most common preference when it comes to filing for bankruptcy.

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What Is The Difference Between The US Trustee and A Bankruptcy Trustee?

In the event that you are considering consumer bankruptcy, you have perhaps heard the word 'trustee' put to use more than once, also in more than one way. When it comes to bankruptcy Chapters 7, 13 and 12, a trustee shall be designated for your bankruptcy proceeding; meanwhile, there is also a United States Trustee's agency responsible for protecting the integrity of the current bankruptcy program, and examining falsified bankruptcy petitions. In what ways are they different, and how do they work together for a common end goal?

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Filing Bankruptcy and Credit Card Debt Go Hand-In-Hand

As the economy is still continuing a downward spiral with no signs of bottoming out, foreclosures are getting a lot of media attention lately. It's interesting that no one reports on the continued large amount of credit card debt that Americans are carrying. Credit card debt accounts for many more bankruptcy filings than foreclosures. Many of the actual causes of foreclosure can be attributed to a large amount of credit card debt also. A lot of people who fall behind on their mortgage payments do so by trying to keep up on their card payments as well ending up in foreclosure. Having credit can be addictive and a bad habit that is hard to break. When people filing for bankruptcy are told that they will have to cut up their cards and not be allowed to keep any, they have a tough time understanding how they will live without credit.

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What Will My Life Look Like After Bankruptcy?

There can be moments after any bankruptcy discharge when a person feels enormous relief.

Upon completion of your bankruptcy filing, creditor harassment, once a rampant feature in your life, will likely cease.

And, if you don't have time to spend time avoiding creditors, then you can spend time focusing on getting your financial life back on track.

Nevertheless, post-bankruptcy situations can also be very alarming. A common rumor is that you won't be able to get credit for ten years following your bankruptcy filing.

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How Will Foreclosure, Short-Sale, Deed-In-Lieu of Foreclosure, and Bankruptcy Affect A Credit Score?

Every day we have more and more clients ask us the question of how foreclosure affects their credit score vs. bankruptcy, or whether it may be more beneficial to short-sale a house rather than a bankruptcy, and the answer is always, "It Depends." This may seem like an evasive lawyer-like answer, but it is true. The answer always varies depending on each particular person's individual situation. No two people's credit situation is exactly alike; therefore, the answers will tend to change depending on the person's spending habits.

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