Contemplating Filing For Bankruptcy?

Bankruptcy has many reputations, some people think that bankruptcy will take care of all their debts and life will be good. Some people file as often as they can, they have made it a way of life. Some people should file and don't because of what other people will think.

Filing for Bankruptcy does not get rid of all debts. Some of those debts include but are not limited to: Alimony, Child Support, Back Taxes, Student Loans, and Fraudulent debts, and recent large purchases of more that $550 for luxury item purchased within 90 days of filing.

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Why Choose an Attorney Who Specializes in Personal Bankruptcy?

When you trust someone to handle the process of filing for your personal bankruptcy, you need to be able to trust them to do the job well. Choosing the attorney with whom to place this trust can be a difficult process because of the many options that will be available, each claiming to be the best for various reasons. While you are sifting through your choices, you may want to keep these traits in mind:

Professionalism

This should be a relatively easy one to judge. Basically, you want someone who you know is going to take your case seriously and devote their best efforts to giving you the help you need. Oftentimes this will be a trait you can sense, but if you are still not sure, see if they have reviews or testimonials from previous clients.

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Bankruptcy Lawyers - Why Do You Need Them?

During difficult economic situations, an individual or a business firm often faces the problem of being grounded by huge debts. A person files a bankruptcy case when he is not left with any other option and cannot find any way to repay his creditors.

Factually, bankruptcy is the disability of an individual to pay his creditors. If an individual or a business chooses to file a bankruptcy case, he should hire a good bankruptcy lawyer. Understanding the legal ramifications of a bankruptcy is not easy. Bankruptcy lawyers would be able to give you a fair idea about the whole process.

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What You Must Know Now About Filing Bankruptcy

Filing bankruptcy is one of the many options that you have when it comes to eliminating debt. However, is it really the best option? There are many options to consider when you have become overwhelmed by debt, but bankruptcy should be the very last resort, after you have tried everything else. This article is going to give you the low down on bankruptcy, giving you the opportunity to form your own opinions and decisions.

A few years ago, filing bankruptcy was very easy. In fact, it was something you could do yourself. However, with the new laws involving filing bankruptcy within the United States, it is definitely not something that you could do yourself; now you would need a lawyer. The process is so complex and involved that it could be easy to forget a step. Forgetting a step could set the process back to the very beginning and require starting all over again, potentially delaying your filing by many months or longer.

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What Businesses Need to Know When They Want or Decide to Hire a Bankruptcy Lawyer

While filling bankruptcy suits, one needs to have a good bankruptcy lawyer to represent him/her in the process. It is important to choose a bankruptcy lawyer who is close to your locality although it is possible to hire from outside the locality. What is important is to ensure that you have more time together. Bankruptcy lawyer from one's locality will be in a better position to understand local laws regarding to bankruptcy in the given area. Bankruptcy lawyers from one's local area will be easy to reach as opposed to those from other areas.

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Paying Bills During Bankruptcy

If you are facing difficult financial times, you probably feel overwhelmed and stressed by all of the challenges you are facing. On top of having to pay regular bills, you may be getting phone calls from creditors asking you about past due debts. You may feel that there is nowhere to turn to get help with your finances. Thankfully, there is. Filing for bankruptcy is one way you can get a better handle on your finances and begin working towards a more stable future.

How to stay on top of bills during bankruptcy

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Chapter 7 Bankruptcy Forms

There are several things that you need to take into your careful consideration, while filling out the chapter 7 bankruptcy forms. The bankruptcy as defined under the chapter 7 is also referred to as straight bankruptcy, as per which, the court sells off all the assets and properties of the debtors, in an effort to settle the various creditors' claims. The main objective of this chapter is not to make things harder for the debtor, but in fact to help them by relieving from the current debts that they owe. The debtors in much deeper debt problems may take this chapter as an opportunity to fresh start their financial life.

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Personal Bankruptcy

As mentioned earlier, personal bankruptcy can be filed for under Chapter 7(for almost complete elimination of debts) and the more conditional and restrictive Chapter 13 of the federal bankruptcy code. Basically, the provisions under personal bankruptcy allow a genuinely insolvent individual to wipe the slate clean and make a fresh beginning. If the case is bona fide and the proper procedure is followed, the debtor is guaranteed freedom from financial and mental harassment and by creditors.

People file for personal bankruptcy for various reasons. The most common ones are debt incurred by credit card misuse, divorce proceedings and eventual alimony/child support expenses, sudden illness entailing major medical expenses, accidents, etc.

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Filing For Bankruptcy - Should I Do It?

As we all know, in today's economy it is getting harder and harder to pay off the bills, not just the every monthly bill, but everything else in between. Just the word bankruptcy puts thoughts into people's heads that one cannot handle their debts and are looking for an easy way out as to not paying what they owe. For many people yes, that is true, there are those who think it solves all their problems. Others feel bankruptcy is the last resort if at all.

It was at one time so easy to file for bankruptcy, whether it is personal or business. Since new laws came into effect in 2005, it is much harder to do so. Before going with filing bankruptcy eliminate all other possible solutions such as taking out a loan to pay off all debts, therefore you would only have one bill to pay per month; many will try to negotiate with the companies you owe money to, many of them will work with you.

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File Bankruptcy Under Supervision of a Bankruptcy Lawyer

Bankruptcy is a section in federal law that governs those laws and regulations pertaining to people who end up in so much debt that they cannot recover from it. This section of the federal law is designed to enable such people to recover from their debt and make a fresh start. This is done by giving them a longer time period margin in which they have to pay back all their debt and by even reducing the total debt amount by a certain percentage. All bankruptcy laws are distinguished from each other based on the chapters of the Bankruptcy Code in which they appear. There are a total of five chapters for all types of debtors and out of these five chapters three pertain to individuals. These chapters are Liquidation (chapter 7), Reorganization (chapter 11), and Reorganization (chapter 13).

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When Enough is Enough - Choosing to File For Bankruptcy

The popular culture and overwhelming desire to live up to one's financial obligations can -- as noble as that goal is -- tremendously complicate an individual, family, or organization's efforts to eliminate debts and proceed in a more fiscally responsible manner. By creating the impression that the inability to meet payment schedules constitutes some sort of personal or moral failing, these cultural barriers can cause people to strain themselves physically, emotionally, and monetarily well beyond the point of reason. Though bankruptcy is not simply an easy out and should not be looked at as an escape valve at the first sign of financial distress, there are many circumstances under which it represents the best and most sensible option.

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Filing Bankruptcy? What Happens Before Your Case Is Filed

The first thing you will need to decide is whether you will be filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Approximately 80% of all bankruptcies filed are Chapter 7 cases. There are only certain circumstances under which you should file for Chapter 13. These may include: recent Chapter 7 filing; income too high; trying to save a house in foreclosure; or the possibility of losing property by filing for Chapter 7.

Whichever way you go, before filing bankruptcy, you will need to complete a credit counseling course from a credit counseling agency approved by the Department of Justice. The course will take between 1 and 2 hours and can be completed by telephone or over the internet. You will receive a certificate of completion that expires in 180 days. If you don't file within this time frame, you will need to re-do the course a second time.

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New Bankruptcy Laws

The U.S. Government recently approved a bill that brought about some major changes in the bankruptcy laws on April 20, 2005. The bill is called the "The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005". As per this bill, about 25 changes have been made in the existing bankruptcy laws. However, since it takes at least 6 months from the time the bill is passed for it to be put into action, only some parts of the law have become effective. Hence, all the rest of the new laws are yet to be put into effect.

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Bankruptcy Means Being Insolvent

Not a lot of people actually understand what happens to a company when it declares bankruptcy. It isn't always the end of the world.

Not a day goes by that we don't read about another company going under and declaring bankruptcy. The statistics are dismal and the numbers keep getting higher as 2009 progresses. Who really knows where it will all end, or if it will?

When a company decides that it needs to declare bankruptcy, it doesn't always mean that they have reached a dead end. This is because bankruptcy is considered to be a legal state where a debtor is judged to be insolvent. Once this happens, their property is distributed to creditors and while they may be insolvent, they have a way to still protect themselves. This applies to corporations, as well as individuals.

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Bankruptcy Lawyers in Complex Political Issues

When is it advantageous to hire a lawyer with no bankruptcy experience to handle the bankruptcy finances of a local government? Harrisburg, Pennsylvania, the capital city of a U.S. state, showed that this is feasible. When complex political issues are involved in city bankruptcy cases, it is best to hire a lawyer well versed in the politics of the area rather than the intricacies of the laws of bankruptcy. Politicians are tough when it comes to saving their necks for the next elections and therefore, it does not pay to ask them to sacrifice their future just to settle an on-going city bankruptcy case. Politicians are very result-oriented like any other businessperson and therefore it is essential to point out to them the probability of accomplishment rather than lay out actions that will antagonize voters.

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Getting Out Of Deficit With Chapter 7 Bankruptcy

If you are thinking about bankruptcy, you will have a couple different options to consider. Having a standard understanding of how they work will help you determine what filing of bankruptcy will work for you. Here you will understand how Chapter 7 bankruptcy functions, how to qualify, and what category of debt it gets rid of. Step one is knowing what Chapter 7 bankruptcy normally is. Chapter 7 bankruptcy is a legal procedure that involves selling your non-exempt assets to pay off your debt, in turn letting you keep most of your essentials. You will turn over all your non-exempt assets to a court-ordered trustee to sell off your assets and evenly distribute funds amongst your creditors.

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Rules For Personal Bankruptcy

Given the struggles in today's economy, it is understandable if you do not wish to burden friends and family with your financial problems. When you are barely making ends meet and unable to pay certain bills to satisfy others, there comes a sense of shame that you would rather not expose. Filing for personal bankruptcy may become an option, but know that doing so doesn't necessarily mean failure. People come to this point through different circumstances, and it's important to know the rules of personal bankruptcy before you proceed.

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When To File Bankruptcy

The timing of a bankruptcy petition can be critical to how useful the bankruptcy is to any particular debtor. If timing is not a significant issue, then this article will serve only to reinforce the fact that it does not really matter whether you file today, tomorrow or next week.

But many debtors need to have this factor analyzed so they can take full advantage of their legal rights under the bankruptcy code. A bankruptcy can be used as a trampoline to catapult you back into financial stability. If not used correctly, however, many people will continue to struggle even after getting rid of much of their debt.

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Bankruptcy - Knowing When It's the Right Choice

The past few years have included many economic upheavals in the United States. Not only have corporations that were once thought to be untouchable admitting to years of dishonest business practices, but many more were forced to lay off thousands of people or even shut their doors forever. These occurrences have had dire consequences for hardworking families all over the country, as regular people have seen their savings slip away, while credit card bills and mortgage payments continue to build up. If you're at the end of your financial rope, you should know that declaring bankruptcy is your right.

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Making Considerations While Selecting a Bankruptcy Lawyer

In today's time, there are many capital concerns. Many businesses have already hired bankruptcy lawyers who are very well aware of their finances. Our lives are purely based on money, whether we accept this fact or not. We have to deal with the lack of finance or funds to pay off our ever increasing costs. For example, even if you are an average person living in a small family, there may be times when you find your income is barely enough to finance expenses such as education, payment of mortgages, medical expenses, utilities, transportation etc. These are just a few of the expenses one has to incur in life. Just like an average family incurs expenses which sometimes are difficult to pay, businesses go through the same turmoil. In fact, sometimes, the circumstances are so critical that there are barely any funds to make payments at all and people who own businesses may find their debtors and creditors calling them personally to settle debts. What should one do in such circumstances? Is there any options available to people who face such stressful situations?

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Chapter 7 Bankruptcy Laws

Chapter 7 is one of the bankruptcy laws that can be used to file a petition if the borrower has an excessive amount of debt and has no way to repay it. The law is for individuals wishing to file for bankruptcy. This law allows a trustee to keep some property belonging to the debtor as a security for the payment. Also, the creditors can no longer take necessary action to collect the debt from this individual unless it is relation with the necessary lien. Most popular instances where the debtor files for a Chapter 7 case are medical expenses and credit card debts.

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Bankruptcy Or Death?

Exactly how far would you go to avoid bankruptcy? Would you change your phone number? Move out of state? Flee to another country?

How about faking your own death?

The Story of Marie Adney

Alright, we're going to preface this story by admitting that Marie Adney didn't actually kill herself to absolve herself of bankruptcy debt. What she did do, on the other hand, was a bit more creative and admittedly a bit humorous at the same time.

Marie Adney, a French citizen, had decided to launch a small boutique gallery in the tiny town of Bourges, France. After putting herself into serious debt she spent just over two years attempting to make her business soar. After seeing no results, and with her pile of bills growing each month, Adney decided she needed to take serious action.

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Bankruptcy Lawyers - Can They Help You To File Bankruptcy?

Do you know that more than 2 million people filed for bankruptcy in the US in 2006?

Now, as the global economy is still repairing itself after surviving the slowdown, financial experts have put forth a view that more citizens could be filing for bankruptcies. These people will be (probably) filing such petitions while they consider debt consolidation programs and seek other financial help to save themselves from being harassed by the creditors or credit providing corporations.

When it comes to the bankruptcy law, it has been noticed that people are filing for such petitions either under Chapter 7 or Chapter 13, depending on their individual situations and necessities. Now, if you are looking to file for bankruptcy under these postulates, you need to realize that there are several factors that need to be considered before you go ahead with the filing procedure. Firstly, you need to be well- acquainted with the bankruptcy law and its various provisions, your qualifications and disqualifications and the paperwork that needs to be documented while filing such petitions. This is exactly where a bankruptcy law firm can help you. From helping you with the initial paperwork to seeking relief from home foreclosures and repossessions - a good bankruptcy law firm can be your guiding star, throughout!

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The Pros and Cons of Reaffirming a Debt in Bankruptcy

When you reaffirm a debt, you sign a contract to continue making payments to the lender. Think of this contract as taking your vehicle loan or mortgage totally out of the bankruptcy. This means that if you ever stopped making payments on the debt, the lender would be able to repossess the vehicle and collect the balance owed from you.

There are several pros to signing a reaffirmation agreement. First, since the debt does not show as discharged on your credit, you will continue to receive the positive impact on your credit from timely monthly payments. Also, since we are doing a great benefit to the lender by making it so that you cannot walk away from the vehicle in the future, lenders are often willing to negotiate better terms on your existing loan. We can often get interest rate deductions which help make your monthly payments more affordable, and can sometimes get principal balance reductions too. You also have the security of knowing you are complying will all laws, so the lender cannot repossess the vehicle unless you stop making your payments.

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Necessary Steps in Filling For Bankruptcy

The Bankruptcy Process

At first the bankruptcy process can seem intimidating. The complexity and requirements of the process can be nuanced and not always intuitive. Maneuvering through bankruptcy's many different steps can be the difference whether or not you can achieve your desired outcome or not. To help you navigate through these many hurdles you should speak with an experienced bankruptcy attorney. The following are brief outlines of the bankruptcy process depending on whether you are choosing to file for Chapter 7 or Chapter 13:

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Does Receiving a Lump Sum Social Security Payment Affect My Bankruptcy Case?

If you file for bankruptcy, you need to be aware that under 11 USC §541, all your legal and equitable interests belong to the bankruptcy estate. This means that all of your assets (such as household goods like furniture and electronics, vehicles, and real estate) no longer belong to you at the time you file for bankruptcy unless they can be protected. The bankruptcy code usually allows you to keep all of your assets by using exemptions to protect these assets. Please check our blog shortly for an explanation of the available exemptions to protect your assets in California.

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Common Bankruptcy Misconceptions

The prospect of filing for bankruptcy is thought by many to be frightening and humiliating. In the view that has been sown and spread by creditors and neighborhood gossips everywhere, a bankruptcy filing represents a personal failure of the greatest magnitude. The reality of the matter is that most people are driven to bankruptcy not as a result of their own recklessness and irresponsibility but as a consequence of adverse life events that are largely beyond their control. Medical bills, for example, are one of the leading triggers for personal bankruptcy. Divorces, job losses, natural disasters, and serious accidents can also prompt one to consider bankruptcy protection.

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Numerous Benefits of Filing for Bankruptcy

Bankruptcy is quite common these days and it may happen either to a person or a firm. You would be able to come across numerous bankruptcy lawyers in the market, however, it is always recommended to do some research before choosing the right attorney to fight your case. Numerous US citizens, residing in some of the major cities like Henderson (NV) and Pahrump (NV), who have been through financial crisis before, would always advice to take your time before you decide upon a bankruptcy law firm.

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Bankruptcy Lawyer - Things You Need to Keep in Mind When Choosing One

Capital concerns are at their peak in today's time. Most businesses have taken precautionary measures for themselves and have hired a bankruptcy lawyer to handle their finances and legal matters pertaining to the finances. Whether we like to admit it or not, our lives mostly revolve around money; how to make more money? How to lose less money? How to save our money? How to increase our wealth for the future? These are just a few of the basic questions, we ask ourselves on a daily basis. Because we are so money minded, we sometimes have to deal with having fewer finances and increased amounts of debts and expenses. Sometimes, our incomes don't just amount much and we find ourselves in a liquidity crisis or worse, bankrupt.

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Appoint Property Damage Attorney to Deal With Your Insurance Company

Property damage of some kind or other has become quite a regular phenomenon these days. It can be either a manmade disaster like an automobile accident or any natural calamity that may cost you a fortune. Though there are insurance companies to pay the compensation, getting reimbursement from these companies are often difficult. This is where you will need an efficient property damage attorney to fix the deal on your behalf.

However, before continuing with the roles and responsibilities of a property damage attorney, it is necessary to understand the two major types of property damage you need to get insured against. These include insurance against damages done to your property by a natural calamity or by a third party and insurance against the damages you have caused to someone else's property.

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Bankruptcy Myths and Facts

For persons who are in serious debt, it is common to consider bankruptcy as an option to help relieve financial pressures People may feel trapped by their debts and may have concerns about filing for bankruptcy. When filing your claim with the bankruptcy court, the judge may not approve the bankruptcy claim or the result may not be exactly as you expect. People often worry about parts of the bankruptcy process due to misinformation or inaccurate details that they have heard from others.

The following are some of the myths about bankruptcy that people may worry about and some of the real facts about them. If you have specific questions about bankruptcy, the Arizona bankruptcy attorneys are there to help you with your claim.

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Understanding the Alternatives to Filing for Bankruptcy

When dealing with your debt, the one thing that can be said is that there is no one-solution-fits-all. Every person will have different circumstances that brought them to their debt and will be dealing with different extenuating factors. For that reason, it is important that you do not attempt to give a blanket answer to your case. Just because you are dealing with debt does not mean that you file for bankruptcy. Again, it doesn't necessarily mean that you shouldn't file - it just means that it is a topic that deserves careful deliberation and thought.

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How to File For Bankruptcy - Chapter 13

So many people are finding themselves looking into bankruptcy chapter 13 as they are in financial troubles that they simply cannot find a way out of. In such types of cases, many people are flocking to file a chapter 13. A chapter 13 is where the courts will take your total claimed debts and find a repayment plan that fits in with what you can realistically afford.

For those who have some money to spend on their creditors each month, but that may not have enough to pay what the creditors want from them, the chapter 13 is the way to go. This type of bankruptcy chapter 13 will allow a person to come through and pay everything they owe but there will be a bad marking on the credit report for going through such a process.

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How a Bankruptcy Lawyer Can Help You With Financial Distress

Many people in need of bankruptcy relief feel overwhelmed by their financial situation. The amount of debt they face can make them feel helpless and hopeless. Fortunately, an experienced attorney who specializes in bankruptcy law can make all the difference in the world for normal average Americans that have found themselves in financial distress.

Many lawyers will give a free consultation, and you should use this time to see if the lawyer is a good match for you. Does the attorney listen to what you have to say? Is he compassionate about your situation? How many years of experience does he have? Does his philosophy of dealing with debt and creditors coincide with your values? These are important questions, and you shouldn't hesitate to ask for information.

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Texas Bankruptcy Laws Are Liberal For Debtors

Texas bankruptcy laws are not the same as in other states. Therefore, if you want the court to give judgment in your favor, make sure that you are aware of these laws and know when and how to use the same.

Texas Bankruptcy Courts

Texas has the specific set of laws that are followed by the courts in the state to deal with the various liquidation cases. There are twenty courts where you can file for bankruptcy. These courts have been categorized in four regions as Eastern District Court, Northern District Court, Southern District Court, and Western District Court.

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Are You Eligible For Georgia Chapter 13 Bankruptcy?

Filing Chapter 13 bankruptcy in Georgia has many clear advantages, even over Chapter 7. It used to be the latter was prominent, but with changing economies and foreclosures common, it's now different.

Filing for bankruptcy is about filing for help. But what are the eligibility levels for filing Chapter 7 and Chapter 13? This guide highlights mainly Georgia, but most of the tips can be used for other states too.

Chapter 7 Eligibility
You can file under this if you are below the following stats. If you live in another state, simply find out your median income, often starting around $40,000-$45,000 annually, and you can see if you're eligible.

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Facing Bankruptcy? Know Your Alternatives

If unmanageable debt has left you suffering financially in ways deeper than you can comfortably afford, it is not uncommon to believe that bankruptcy may be your only option. However, for many debtors there are plenty of other options that could act equally as effectively in reducing a person's financial mishaps without ever having to go through the bankruptcy process. The alternatives available to those contemplating a declaration of bankruptcy will depend largely on their reason for doing so. For example, if a relentless creditor or lending company has taken to harassing you on a regular basis in their attempts to secure the money owed to them, an end to this problem can be sought without declaring oneself bankrupt. Very specific state and federal laws exist which were established specifically to prevent the mistreatment of debtors by creditors, and when creditor harassment becomes a part of your life there is reason to involve a legal professional to put these behaviors to a halt. Rather than filing for bankruptcy, the discomfort caused by harassing creditors can instead be avoided and/ or prevented with the help of a bankruptcy lawyer who can fight off these abuses and save you from declaring bankruptcy.

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Bankruptcy Filers

Bankruptcy has held a negative connotation for years, being seen as the financial response of those too careless or thoughtless with their money. However, this idea of bankruptcy is far from reality. Especially with the economic crisis of the past several years, many individuals and couples have turned to bankruptcy as a real solution to their severe debt problems. According to some of the figures cited in Harvard law professor Elizabeth Warren's 2001 The Fragile Middle Class: Americans in Debt, bankruptcy is much more the result of tragic circumstances than personal faults.

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Who Is Defined As an Insider When Filing Bankruptcy?

The question of whether a creditor is a considered an "insider" in a bankruptcy case is an important distinction. When you repay one creditor and not others, it is considered a "preference" because you are providing special treatment to a single creditor. All creditors of the same priority need to be treated equally under bankruptcy law. Therefore, when you pay one person or one entity and not others, the bankruptcy trustee has the right to avoid that transaction and bring the money back into your bankruptcy estate so that all your creditors will be paid a percentage. If a creditor is an "insider" and you paid them all or a portion of the debt within one year prior to filing for bankruptcy, the bankruptcy trustee may avoid the transaction as a preference under 11 U.S.C. §547(b). The preference period for a normal creditor (like credit card companies) is 90 days versus one year for an insider, because insiders are more closely scrutinized.

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How Bankruptcy Can Prohibit Creditors From Irritating You

If you are having financial troubles and falling behind on some of your bills and credit cards payments you may have found yourself hitting that ignore button on your phones quite often. As soon as you are past 30 days overdue on any kind of payment you are going to find creditors calling and harassing you at night and day.

This can be very irritating, especially when you are checking a voicemail just to find a machine saying to call back this very important number. If you are in financial trouble and stressed out all ready the last thing you need is unvarying harassment from creditors at all hours of the day and night.

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Positives and Negatives of Bankruptcy

The idea of wiping out debts and ending nasty phone calls from debt collectors sounds too good to be true for anyone faced with a large amount of debt. It can be done; But be careful, it will not get rid of your student loans and as good as it my seem, bankruptcy has long and short term disadvantages. A bankruptcy can stay on your credit report for 10 years, making it difficult, if not impossible, to keep accounts with banks and credit card agencies. This will also impact your chances of buying or leasing a home or car. In addition, bankruptcy could quite possibly keep you from getting a job. Today, many employers look into your credit history before deciding whether or not to hire you. So you should only look at bankruptcy as a last resort rather than a quick fix.

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Bankruptcy Information: Some Basics

Finding yourself in a difficult financial situation can be scary. Facing the possibility of dealing with bankruptcy can be even scarier, especially since most individuals or businesses don't spend time making themselves aware of the legalities that go along with the process. Since many debtors are ashamed of the situation, they often fear asking too many questions regarding the process. As bankruptcy is one of the most important financial decisions a business or individual will ever make, it is essential to have correct bankruptcy information before getting starting with the process.

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Considerations to Make When Hiring a Bankruptcy Lawyer

Our lives are full of capital concerns these days. Businesses that are smart and are managing their operations efficiently have hired bankruptcy lawyers well ahead of time, and have kept them aware of their financial information. Money is the most important element in our lives these days and we need money to live our day to day lives and keep our businesses running. The average person may barely find their income enough to meet their ever increasing expenditures of health, insurance, rentals and utilities. Similarly, businesses may encounter somewhat the same situations that have to do solely with operating a business. This goes to show that just like a family can fall into a debt crisis, businesses are prone to the same hazards as well. The situation may be worse for businesses because clients and creditors press for payments when they hear of a business going into bankruptcy. So what do businesses do in such situations? They hire a bankruptcy lawyer. Smart businesses already have a bankruptcy lawyer working for them well before the need ever arises. But if you are just deciding to hire one for your business, you are new to the game and will need to make certain considerations. In order to help you with the process of hiring a bankruptcy lawyer for your business, we will be discussing some of the considerations you need to make.

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The Characteristics of a Good Bankruptcy Lawyer

Bankruptcy is the state whereby a person is left in a financial difficulty as a result of a troubled economy or a personal crisis. It can also be referred to as being insolvent. A bankrupt individual is usually unable to pay his or her debts. At this point, a person has to begin a fresh life. Therefore, when filing for bankruptcy, it is advisable to hire the services of a capable and reputable bankruptcy lawyer. Having a competent attorney is very vital. This is because you get to understand the functions and implications of bankruptcy laws. In addition, the attorney helps you apply the laws efficiently. This helps in beginning a new life. The process of getting a lawyer should not be rushed. This is because a bankruptcy law suit is very complex. Therefore, it requires some planning as well as research. There are vital aspects to consider. For instance, you should look for one of the most experienced lawyers to handle your case. He knows everything about the financial problems and can provide solutions.

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Bankruptcy Can Be Avoided If Expert Help Is Sought

The one thing that most people absolutely hate about drowning in debt and that is the thought of failing to meet expectations. Those who have juggled their money around to try to pay everyone who is demanding payment have often failed to meet the deadlines of creditors. When this happens they often feel too pressurized and want to seek out the services of a bankruptcy attorney so that they can get some relief from the constant harassment. A bankruptcy lawyer will certainly be capable of guiding the debtor through all the legal matters concerned with the filing.

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Bankruptcy To Stop Foreclosure - Don't Let Ignorance Get In The Way

Many people don't have to lose their homes or suffer as much as they suffer when it comes to foreclosure. But the sad truth is that they do and this is because they don't know what else to do when issues like foreclosure comes lurking. That's why ignorance is certainly NOT bliss at all. Ignorance will cost you a lot. For example, if you know a lot about how to use bankruptcy to stop foreclosure, you can. But many people don't know that.

The people who don't know always panic immediately they are faced with foreclosure and they end up doing all the wrong things, instead of the right things. So, whether you are faced with foreclosure right now or not, it's important for you to spend time to study the subject. Don't wait until it happens to you before you make a move to learn about foreclosure and what options are available o you. Yes, there are lots of options available to help you stop foreclosure and declaring bankruptcy is one of such ways.

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What Are Bankruptcy Exemptions?

When you are filing bankruptcy, unavoidably you will encounter the term exemptions. In layman's terms, exemptions are the things you get to keep when you apply for bankruptcy shelter. Other than the federal exemptions when you are filing bankruptcy, many states have their own set of exemptions as well. You have a choice of using the federal or the state's exemptions when you are filing for bankruptcy. By declaring something exempt when you are filing for bankruptcy, you have successfully protected this assets from the creditors.

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When Will A Credit Card Company Object To Your Bankruptcy Discharge?

Study Notes:

• A Credit card company may file an objection to the full or partial discharge if there is evidence that the card was obtained by fraud, if there is evidence that the cardholder never designed to reduce the credit card debt that has accumulated, or a debtor made false statements that mislead a creditor to extend credit

• Adversary proceeding: case within a case

• Per-se rule: creditor need not prove debtor's intent (i.e. fraud), and needs to show only that the transactions meet the criteria stated

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Chapter 13 Bankruptcy Laws

Chapter 13 is a bankruptcy law under which a petition can be filed by an individual or company. Chapter 13 dictates that the debtors repay the debt amount from their monthly earnings in installments. The court decides the time within which the decided amount has to be repaid to the creditors. Most of these will be for a maximum period of five years.

Employees and firms who have a steady income, in spite of all the debts incurred, can file a bankruptcy under this law. Since this law does not require any assets to be secured as liens, most people prefer this to the Chapter 7 law. This allows the debtor to keep a mortgaged home or car even while he's paying his creditors from the monthly salary.

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What Does a Bankruptcy Judge Do?

So you've decided to go ahead with the bankruptcy filing. You may be nervous. You may be hopeful. And you may be worried perhaps you will make a mistake, that in front of the judge something will go wrong, or that your lawyer will fail to live up to his price.

There of course is a reason your nervous, hopeful, and worried. Bankruptcy is perhaps the biggest financial decision you and your family will ever make. Why?

Bankruptcy Advantages
Before we go over the basic services of a bankruptcy judge, you may be curious why you need to file at all. While there are literally thousands of articles and studies on bankruptcy, sometimes the numbers are your best bet. It's estimated over 1 million people filed bankruptcy in the U.S. in 2009. Tens of thousands of homes were lost to foreclosure, thousands more saved. The reason many filed were to save their home from foreclosure, to get relief from high medical debt, and to discharge credit card debt.

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