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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