My Bankrupt

Why Should I File for Bankruptcy?

admin — Tue, 09 Mar 2010 21:26:03 +0000

Why Should I File for Bankruptcy?
Financial problems these days are very common and you shouldn’t be ashamed of admitting your too far into debt. Outstanding debts can occur in a variety of different ways. You could be swamped with overwhelming medical bills, laid off from work, or worse. Financial troubles loom everywhere, but luckily theres still one way out If your in too deep. Knowing when and when not to file a bankruptcy can sometimes be tricky, but maybe I can help. If your just overwhelmed with debt and can no longer pay then bankruptcy is definately an option for you. When you file a bankruptcy to wipe your debt completely clean its called a ‘discharge of debt’. Discharging your debt will start you over with a clean slate. It doesn’t matter if you file a Chapter 7 or a Chapter 13 bankruptcy both will wipe most, if not all, of your debt out. If you can no longer pay your mortgage and your house is up for foreclosure then bankruptcy is a viable option for you. A bankruptcy can help stop the sale of your house, but it will not wipe out the debt owed on your current mortgage. What a bankruptcy will do for your mortgage is help create a repayment plan for the payments your behind on. A bankruptcy can also help keep your car and various other pocessions from being repossed. If your car has been repossed already by the bank, a bankruptcy can force the bank to give you back your car. Unfortunately this is only the case if you file the bankruptcy quickly enough after your car is repossessed. Any debt you own for these items will then be consolidated into a ‘bankruptcy plan’. A bankruptcy plan means, that a bankruptcy trustee will be directly responsible for your debt, and all your payments will be paid to them instead of to the finance company. A bankruptcy plan is made to be in your best interest. If you plan to file a bankruptcy because of medical bills then that may be a good option. Whether you were in the hospital for a major illness, or from a car wreck, or whatever, sometimes your medical bills can pile up to an exponential amount. If you can no longer afford to pay these bills then a bankruptcy can dramatically reduce your medical bill debt. One of the major reasons people file bankruptcy is because loss of work. People easily become comfortable with their spending habits at the income their making. Sometimes the unthinkable occurs and you lose your job. The bills can quickly pile up. Often times this is compounded with medical bills also since a lot of people can no longer work because of medical reasons. If you have an incredible amount of debt, don’t be afraid to ask for a little help. Filing a bankruptcy can repair your financial burdens and get you back on your feet.'Why Should I File for Bankruptcy?' was brought to you by Legal Forms Bank .Biz where you can download 'do-it-yourself' legal forms online. They help average people just like you to file for Personal Bankruptcy.
Source: www.ArticlePros.com

Can I File for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Many people struggle with the decision to file bankruptcy. Usually this is because they have misconceptions about bankruptcy in general. Basically, bankruptcy is a legal way to level the playing field between an individual debtor and creditors. It is a legal proceeding that provides the debtor with a fresh start. The two types of bankruptcy that are most commonly available for an individual are: Chapter 7 and Chapter 13. Chapter 7, or straight bankruptcy, is what most people typically think of as bankruptcy. In Chapter 7 bankruptcy, a debtor s non-exempt assets are liquidated or sold and the proceeds are used to pay toward unsecured debts (credit cards, loans, medical bills, etc.). In the overwhelming majority of cases, however, people do not lose any property which means unsecured creditors get nothing. At the end of the bankruptcy, roughly 3-4 months after filing, the debts are discharged and the creditor can never collect on the debt. Chapter 13 is a debt reorganization or consolidation bankruptcy. If a person has a regular monthly income, their debts (mortgage arrears, car payments, credit cards, medical bills, loans, student loans, etc.) are rolled into one low monthly payment. Because the debtor is paying back his creditors through this repayment plan, the debtor does not risk losing any assets as he might under Chapter 7 bankruptcy. Furthermore, while in the repayment plan, typically 3-5 years, creditors are stopped from contacting the debtor without first going through the debtor s attorney and the court. Millions of people declared bankruptcy last year alone to get the fresh start they needed. Contrary to what many believe, bankruptcy does not permanently damage your credit, and you will still be able to have credit. The new bankruptcy laws that went into effect in 2005 changed bankruptcy very little.Michele Wallace, author of this article, writes for the MaliseLawFirm". Hire experienced "San Antonio bankrupty attorneys" with Malaise and get the debt relief you deserve.
Source: www.ArticlePros.com

Is Bankruptcy The End Of The Road
When the modifications to U S Bankruptcy Code made it more difficult for people to declare bankruptcy and have debts forgiven, many consumer rights activists cried foul The credit industry worked hard to get this passed, and at first blush, it does appear to work against debtors . .On the other hand, the changes did debtors a favor in some respects By making it harder to seek bankruptcy protection, the new laws made it mandatory that those who might not need to declare bankruptcy go through credit counseling and enter a repayment plan if possible The changes also revealed just how desperate creditors are to keep your debts from being written off completely Armed with that knowledge, there are ways to avoid bankruptcy and right your personal financial ship . . .Pennies on the Dollar . .Everyone has seen or heard ads for law firms or other agencies that will work with creditors and settle your debts for virtually nothing This can happen, but there are some caveats One is that many such agencies are not reliable or trustworthy If they are full-fledged law firms, they will have some oversight from the state supreme court’s disciplinary counsel, as well as the local bar association Even so, be wary and investigate before signing on with anyone . .Further, these agencies collect your money for a time without paying your creditors Your accounts will get further behind while you pay them, knocking your credit score down nearly as much as a bankruptcy would If you are struggling to make ends meet but paying on time or nearly so, this is a fairly unpalatable option . .Finally, to the extent that these agencies do help, you may be able to do the same for yourself While some creditors are more willing than others to settle for lower dollar amounts, any of them would rather take something than nothing Thus, if you are already that far behind, you might try saving yourself some fees that would be charged by the agencies by negotiating for yourself . .Credit Counseling . .An adage that has been unfairly applied to lawyers is true in the area of credit counselors; 99 percent of them give the rest a bad name Class action suits against these groups abound, and internet message boards are full of angry stories A good credit counseling agency can help immensely . .The way such agencies work is to work out a payment plan with you based on what you can afford They then apply it to paying off your creditors based on preset rate reductions They are funded by the credit industry, which is a major turn off for some people However, the credit industry pays them to do something that helps the consumer; they help you pay your accounts off, at a lower interest rate than you might get otherwise . .Again, many of these agencies are unreliable, paying late or not at all Many creditors, upon your telling them you plan to work through a credit counseling agency, will try to talk you out of it for this reason When they do, listen You may be able to work out a better deal for yourself than the agency could The creditors want to be paid to the extent possible; they have no incentive to ruin your credit by forcing you into bankruptcy . .If you do decide to go through a credit counselor, investigate first Is the agency accredited? What complaints against them have been filed with the Better Business Bureau and how have they been resolved? Find a place you can trust . .Conclusion . .There are ways to avoid bankruptcy in most cases If you have lost everything with uninsured hospital bills, that is one thing Being behind on your bills and overextended on credit need not push most people over that edge Creditors want you solvent so they can collect something; you want yourself solvent so you can obtain credit again someday The U S government wants you solvent so you can contribute to the economy Look into your options and you will learn that you can usually find your way out of the bankruptcy hole before you hit bottom .
Source: www.rsstnx.com

Debtor's Rights - Credit Report

admin — Tue, 09 Mar 2010 01:02:03 +0000

Debtor's Rights - Credit Report
A bad credit report can prevent you from obtaining credit. If you have trouble obtaining credit, it might be because a credit agency has issued a bad report on you. You might be able to obtain a copy of your report and -if it contains false information - get it corrected. Can I see my credit report? If you are denied credit, you are entitled to a free copy of the consumer credit report that formed the basis of the denial. The creditor is required to tell you the name of the credit reporting agency that prepared the report on you. You must request a copy of your credit report from the agency within sixty days of the denial. The three major credit reporting agencies are: Experian, (800) 301-7195 Equifax, (800) 525-6285 Trans Union, (800) 680-7289 When the creditor tells you the name of the reporting agency that furnished the report, call them to find out their address. Then write a letter to the agency requesting a copy of your report. Even if you have not been denied credit, it is probably a good idea to check your credit report for accuracy periodically. They often contain mistakes, and when you want to get a loan, you may not have time to correct them. Because you haven’t been denied credit, the report isn’t free. The credit reporting agency is allowed to charge you no more than $8.00 for a copy of your report. What information is in a credit report? In general, your credit report will contain information about your credit history during the last seven years. It will show: Whomyou have borrowed money from The amount of the debt Whether or not you made the promised payment on time and in full The identity of any creditor who has requested information about you If you file bankruptcy, the information remains on your credit report for ten years. What if my credit report is incorrect? You have a legal right to challenge the completeness and accuracy of any item in the report. Write a letter to the credit reporting agency explaining that some of the information in the report is incomplete or inaccurate. The agency must investigate your claim - without charge - within thirty days. The agency is required to delete any information that is inaccurate or whose accuracy cannot be verified. If the credit reporting agency’s investigation does not resolve the dispute, you have the right to send the agency a brief statement (generally 100 words or fewer) explaining your position. Your statement will become a part of your credit report and will be disclosed to creditors together with the other information in your file. If you believe a credit reporting agency has violated your rights, contact the Federal Trade Commission or see a lawyer who specializes in consumer rights. Henry Dahut. Please Visit Us at www.GotTrouble.com
Source: www.ArticlePros.com

Top 4 Reasons People File For Bankruptcy

admin — Mon, 08 Mar 2010 04:42:06 +0000

Top 4 Reasons People File For Bankruptcy
Bankruptcy can be a way out for many families who find themselves overwhelmed with too much debt It is a big decision with long-term consequences, and you should never be entered into lightly Nevertheless, it does provide relief for many people who need drastic assistance in debt relief . .Here are four common reasons people file for bankruptcy . .1 Avoiding foreclosure . .Chapter 7 bankruptcy can wipe out many consumer debts, but it doesn’t guarantee that you’ll get to keep your assets For example, if you owe credit card debt, chapter 7 can protect your home from creditors Credit cards are unsecured debt, which means that there is no collateral backing up the loan . .However, if you are behind on your mortgage payments and are facing foreclosure, you may need to file Chapter 13 bankruptcy and establish a payment plan so you can catch up on your mortgage payments This is because Chapter 7 does not eliminate your obligation to the lien holders such as the mortgage company or bank . .2 Prevent repossession of your vehicle . .Just like your house payments have to be made even if you file for bankruptcy, your car loan has to be paid off if you intend to keep the vehicle You can use Chapter 13 bankruptcy to form a repayment plan for your debts, usually over the next three to five years . .3 Medical bills . .A common reason why many families have to end up in bankruptcy court is the high cost of medical bills Catastrophic events like the need for emergency surgeries can overwhelm a family who is uninsured or underinsured . .4 Unemployment . .Many unfortunate people have lost their jobs or had their hours reduced during this economic downturn This reason doesn’t need much explanation, since it’s obvious that a reduction in income will make it more difficult to keep up with your bills What we should say is that filing Chapter 7 or Chapter 13 can help with your situation, but you should explore all options carefully before making a decision . .Sometimes simple solutions like getting a part-time job or using debt negotiation can solve your problems without resorting to legal action that can damage your credit score for years to come .
Source: www.rsstnx.com

Bankruptcy Explained
Whether or not we want it to or mean it to, often times our debt can become out of hand, to the point that we can no longer control it. It does not occur because we expect it, it occurs because we live in an age where credit is everything. In fact, many people do not even accept cash for a variety of things, for example, online shopping. All online shopping opportunities takes credit cards only. We will use credit for so many different items, that before we know it we begin to become overwhelmed and have the inability to pay the credit when the time comes. When it comes to bankruptcy, this means that you are legally declaring that you have the inability to pay your creditors. Bankruptcy was formed in efforts to allow the debtor to have a fresh start within their life, this will allow the debtor to be relieved of most of the debts they have incurred. Additionally, bankruptcy gives creditors some rights as well, because it can allow them to recoup some of their money to the extent of the debtors ability to pay. There are various laws in place that allow the debtor to make use of non-exempt property in efforts to pay the creditors. Many pieces of your property will be exempt; however, it is possible that you have some non-exempt items. Within the United Kingdom, the word Bankruptcy only applies to partnerships and individuals. Corporations are required to declare other types of legal insolvency such as administration, liquidation, and administrative receivership. The typical bankruptcy procedures last no more than one full year, often less depending upon the trustee in bankruptcy. When a person has filed for bankruptcy, all credit collection must end. Companies are not allowed to pursue, call, mail, visit, repossess, or otherwise sue the debtor, for the purposes of debt collection. If a company chooses to do so, they will likely be held responsible by the court of law and to the debtor. Bankruptcy is to be used as a last result; there are many other steps you could take to help eliminate your debt prior to filing for bankruptcy. Other options available to you include debt consolidation, credit counseling, and negotiation with your creditors, make a formal proposal with the creditors, and learn to manage your money yourself. It is important that you fully investigate all of your options and learn what steps you can take to obtain a debt free life. Tim Renolds is the owner of Debt Consolidation Loan providing Uk homeowners with a free loan quote service. Visit us today for a free no obligation quote.
Source: www.ArticlePros.com

Consumer Bankruptcy Lawyers Why You Need One
There are some people who love to do everything by themselves They hate to ask for directions on the highway, and they never read a manual in putting together some home equipment They’re the kind of people who don’t think they need help from anyone, even when declaring bankruptcy Do they really need a consumer bankruptcy lawyer? . .I think it’s admirable to try to do things by yourself, but there is of course a limit There are situations where you need someone’s help, whether that help comes from a friend or a professional advisor If you’re looking to declare bankruptcy, you obviously have some serious financial problems and need some outside help . . .After all, chances are you did not see the situation coming, and your choices were not effective in preventing financial turmoil I don’t mean to be harsh, and there may be other circumstances that people are simply not aware of Sometimes an outside force seems to wreak havoc in our financial life, and problems like medical emergencies or other issues may force us to declare bankruptcy even if we’d been keeping up with our bills each month . .In any case, you have now reached a point where you need help to solve your financial problems whether you like it or not In the case of bankruptcy, the situation is complex (especially with the recent changes in the bankruptcy code), and you truly need the assistance of a good bankruptcy attorney to help you through the process . .The consumer bankruptcy lawyer is best because you need someone with experience in bankruptcy law and not just general practice In addition, you want someone experienced in helping consumers file Chapter 7 and Chapter 13 bankruptcies instead of some sort of corporate lawyer who specializes in Chapter 11 (business restructuring) . .Even before you find a consumer bankruptcy lawyer, however, you should go ahead and do your homework before choosing bankruptcy Look at your other alternatives and see if you can find a better way to solve your problems Also, try to read other articles and find out the basic rules regarding bankruptcy so you can see how they would apply to your situation This kind of background is good and will help save time when you speak to your lawyer Of course, time is money, especially when speaking with a lawyer!.
Source: www.rsstnx.com

The New Bankruptcy Law — How Will It Affect Debt Negotiation?

admin — Sun, 07 Mar 2010 07:52:09 +0000

The New Bankruptcy Law — How Will It Affect Debt Negotiation?
In April 2005, Congress made sweeping changes in U.S. bankruptcy law that will go into effect on October 17, 2005. It’s called the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” and it means big trouble for Americans struggling with debt problems. What effect will the new bankruptcy law have on the practice of Debt Settlement (also called Debt Negotiation)? Will creditors still be willing to negotiate with consumers seeking to avoid bankruptcy? Will lump-sum settlements for 30%, 40%, 50% still be possible now that this tough new law has been passed? The short answer is “YES.” It will be “business as usual” in the collection industry. People that choose to file bankruptcy will definitely be affected for the worse, as I’ll outline below, but those who choose to privately negotiate their way out of debt will notice very little difference. Creditors will still negotiate. Deals will still be made. And nothing much will change in the world of collections. In fact, a viable alternative to bankruptcy will be needed more than ever. The credit card banks lobbied with millions of dollars to get this law passed. They’ve been working at it for about a decade. Now they are celebrating. These are the folks who think the bankruptcy system has been abused by wealthy individuals, who have defrauded creditors when they could have repaid their debts. The facts tell a different story: 1. During the period from 1995 to 2004, bankruptcy filings doubled, while in that same period, credit card industry profits TRIPLED. 2. Credit card companies have not been held accountable for their targeting of “easy credit” to individuals who could not afford such loans, which in turn has contributed to the wave of bankruptcies over the past decade. 3. For people 60 or older, 85% of bankruptcies are caused by medical bills or job loss. 4. A divorced woman is 300% more likely to file bankruptcy than a married woman. 5. African-American and Hispanic homeowners are 500% more likely to file bankruptcy than white, non-Hispanic homeowners. 6. Approximately half of all bankruptcies are filed because of medical expenses due to lack of health insurance, or lack of adequate coverage leading to uncovered expenses. 7. The median income of bankruptcy filers is $25,000. (So much for the “rich” abusing the system.) The new law was a GIFT to the credit card banks, pure and simple. Some estimates show that it will add another $5 billion to the industry’s bottom line. In other words, the bill is about profits and not much else. Since my whole approach is about avoiding bankruptcy, I won’t go into a detailed analysis of the provisions of the new law. But just to summarize, the net effect is that many (if not most) people seeking relief under Chapter 7 bankruptcy will be forced to file under the Chapter 13 version instead. In plain English, that means that most filers will be forced to pay back a portion of the debt over a 5-year schedule set by the court. One of the worst aspects of the new bill is the use of IRS “allowable” expense schedules for determining your monthly budget. In other words, your actual living expense are thrown out the window in favor of the IRS standards (and we all know how generous the IRS can be!). So if your actual rent is $1,300 per month, and the IRS says it should be $1,045 for your county and state, that’s TOUGH! The court will only allow the $1,045, period. In short, people attempting to file bankruptcy after October 17, 2005 are in for an extremely rude awakening! Goodbye cell phones, cable TV, high-speed Internet access, movies, meals with the family, and anything else beyond the minimum allowable expenses as determined by the IRS and the courts. So what makes me so certain that the banks will be as eager as ever to settle with consumers for 50 cents on the dollar or less? Simple. Two words: Stealth Bankruptcy. Hundreds of thousands of Americans are going to discover the new reality of this tough law, and they are going to forgo the court system of filing bankruptcy in lieu of what I call “stealth bankruptcy.” A stealth bankruptcy is when you move (with no forwarding address), change your phone number, and drop off the radar screen to live on an all-cash, no-credit basis. Many people already choose this path rather than deal with the invasion of privacy that comes with formal bankruptcy. After the new law goes into effect, more people than ever will take this approach. Besides the problem of stealth bankruptcy, there are other good reasons the banks will settle as they always have. Consider these points: A. The creditor doesn’t know whether or not you’ll still qualify for Chapter 7 or Chapter 13 bankruptcy. They still face the risk that you will qualify for Chapter 7 and end up discharging your debt in full, which means they get NOTHING. B. Even if you file Chapter 13 under the new guidelines, the creditor will still only receive 30-50% of the debt on average (much less in some cases). C. Under Chapter 13, it will still take the creditors 3-5 YEARS to recover that 30-50%. D. A lump-sum of 30-50% TODAY is far better than the same amount collected over 3-5 years. Of course, I certainly expect debt collectors to use the new law to harass and intimidate people who don?t know and understand their rights. You can expect them to say things like, “You can?t file bankruptcy under the new law, so you?d better pay up today!” They will bully and threaten as always, but at the end of the day, they will still accept reasonable settlements. After October 17, 2005, it will still be “business as usual” in the world of debt collections. Charles J. Phelan has been helping consumers become debt-free without bankruptcy since 1997. A former executive in the debt settlement industry, he teaches the do-it-yourself method of debt negotiation. Audio-CD material plus expert personal coaching helps consumers achieve professional results at a fraction of the cost. http://www.zipdebt.com
Source: www.ArticlePros.com

Bankruptcy Around the World
Wherever you go in the world, finance is a language that is spoken fluently by some, and a completely indecipherable one for others There is such a wide range of topics connected with finance that a strong command of rules, regulations and options coupled with an ability to recognize money-making opportunities can bestow real purchase power upon an individual However, the world of finance is so fast-moving that if you take your eye off the situation for even a moment, you can end up in serious difficulties No matter where you are in the world, the circumstances that lead to bankruptcy exist And where the circumstances exist, so does the practice Just like in America, people go bankrupt all over the world Many of the practices are much the same - but there are some differences . .In Australia, for example, the process of filing for bankruptcy is largely similar to that in the United States You can commence proceedings yourself, or it can be the subject of a petition from a creditor looking to realize some of their asset - your bad debt - before you become a “won’t pay” customer However, a bankruptcy term in Australia is three years, but with the potential to pay it out If, before the three-year period is up, you can pay the debts off in full the bankruptcy will be annulled This encourages individuals to see bankruptcy as an opportunity to learn sound financial practice It is also possible to raise an Offer of Composition, which pays each creditor a certain percentage of what they are owed If they accept the settlement, the bankruptcy can again be annulled . .In Canada, it is possible to file a consumer proposal as an alternative to bankruptcy if your debt amounts to more than $5,000 and less than $75,000 The higher figure does not include the mortgage on the debtor’s home For debts larger than $75,000, it is necessary to file for bankruptcy under which there are additional rules and requirements, which include the appointment of a “Proposal Administrator” who is given the task of overseeing the debt to ensure that it is fully analyzed In many cases, creditors will choose to accept the consumer proposal even though it generally entails paying a reduced amount, because they will receive less under bankruptcy rules . .In the United Kingdom the Enterprise Act of 2002 made it possible for a bankruptcy to last less than 12 months This has led to a larger number of people filing for bankruptcy and a suspicion that many of those filing are people for whom bankruptcy is simply another financial service However, the banks themselves are markedly reluctant to lend money to a recently bankrupt individual, and in most cases it will take six years for bankruptcy to roll off an individual’s credit record, making it virtually impossible to get credit on anything resembling reasonable terms While some lenders have begun to offer loans and credit cards at prohibitive rates of interest, individuals are strongly discouraged from taking them . .Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal advice on any subject matter .
Source: www.rsstnx.com

Get Business Financial Relief from Bankruptcy Filling
Business is a situation in which a business organization has more liabilities than assets and is no longer capable of meeting its financial obligations. Any type of business can file for this bankruptcy. Actually it is common part of business, no matter what market you are in. It occurs especially among companies owned and operated by everyday people who place everything they have in order to succeed. There are many times when even successful companies become entangled in debt forcing them to consider a business bankruptcy as their only option. This bankruptcy occurs when a business organization has more liabilities than assets. They are no longer capable of meeting their financial obligations. Bankruptcy is the filing of Chapter 7 or Chapter 11 by corporations and partnerships. On the filing of a Chapter 7 petition, the court appoints a trustee. The trustee’ primary duty is to sell the assets of the bankruptcy estate, and then make distributions to creditors. Businesses, unlike individuals, cannot have any property exemptions, so all assets are to be sold and distributed. Many businesses file for bankruptcy because of the relief it provides owners drowning in credit problems with no way out of debt. The good thing about a business bankruptcy compared to a personal bankruptcy is they fact that so many companies do it as a way of restructuring their business that there is not the negative stigma around it. The bankruptcy filings sources are Automatic Display Files (ADF). When you search any of these sources, the system automatically displays a content and/or coverage description. For additional details about these sources, review their source description. Consult your LexisNexis product Help for instructions on retrieving source descriptions. The bankruptcy law can provide relief to the business owners who are overwhelmed with credit problems and cannot find any other way out of debt. However, business owners must also face the fact of losing one s business and damaging one s credit standing and endure embarrassment is a possibility. There is not much stigma attached to Business Bankruptcy because it is, in fact, used by many businesses to restructure their companies. Business bankruptcy state if filed in court can lead to a situation where you can loose your business completely and thus destroying the chances of recovery. The disadvantages of filing business bankruptcy therefore are many and some are enumerated below: If you file bankruptcy in court, you will have to hire attorney to present your case but as you are aware that attorney fees is not nominal and you shall have shelve down heavy fees. The litigation costs are very expensive and time consuming. Therefore, don’t expect decision or relief in court. After filing the case, the court has control over your assets as such you loose the control on your business and therefore improving your business does not arise. Even Mortgage after bankruptcy will also not bring any relief under the situation on account higher interest rates are being normally charged in such cases. Despite filing bankruptcy case, you have to pay for your pending taxes as such you wont get any relief on your backlog taxes.More details at http://www.bankruptcyinformations.com/ and http://www.bankruptcyinformations.com/florida/bankruptcy-law/
Source: www.ArticlePros.com

Faqs Bankruptcy Questions You Probably Have About Bankruptcy

admin — Sat, 06 Mar 2010 10:16:06 +0000

Faqs Bankruptcy Questions You Probably Have About Bankruptcy
Declaring personal bankruptcy is no laughing matter It’s a serious step that you will have to study carefully before making your decision, since filing Chapter 7 or Chapter 13 will affect your family’s finances for a long time to come That’s why this article will cover some frequently asked questions about bankruptcy . .How much does it cost to declare bankruptcy? . . .Well, at the time of this writing, the cost for Chapter 7 bankruptcy filing is $274, while Chapter 13 would cost you $189 Keep in mind this is only the court filing fee and does not include your legal fees . .Has the new bankruptcy law made it more difficult to declare bankruptcy? . .The new bankruptcy law passed in 2005 by Congress and signed by President George W Bush has made the process more complex However, contrary to popular misconception, bankruptcy is still available for many Americans who need help There are some changes such as mandatory credit counseling and having to go through something called a means test in order to determine your financial needs based on income and expenses This was supposed to keep people from abusing the bankruptcy process when they didn’t really need it . .Do you really need a lawyer to declare bankruptcy? . .Following up on the previous question regarding the new bankruptcy law, you have to understand the process has become more difficult You really need a good bankruptcy lawyer who has kept up with all the changes and can give you the best possible advice for your particular scenario Going it alone is really not a good option, and you should make sure that your attorney is paying attention to your needs and answering your particular questions Generic advice is not good enough . .There are many more questions that you probably have regarding bankruptcy, and you would do well to continue to research the process before visiting a lawyer This will help you become more informed so you can make better questions during your visit, and you may even save some money by not wasting time asking the most common questions Keep in mind that a lawyer charges by the hour, and saving money is a good idea if your situation is bad enough to consider bankruptcy .
Source: www.rsstnx.com

Consumer Bankruptcy Lawyers Why You Need One

admin — Fri, 05 Mar 2010 11:58:02 +0000

Advice To Help You Choose The Best Bankruptcy Lawyer

admin — Thu, 04 Mar 2010 12:44:03 +0000

Advice To Help You Choose The Best Bankruptcy Lawyer
Bankruptcy is a heartbreaking situation, and in these difficult economic times it is no surprise that many people who thought they were financially solvent are now finding themselves in situations where they have to declare bankruptcy . .If you are a Dallas resident and find that you are faced with the definite or possibility of having to declare bankruptcy, you might want to consider hiring a bankruptcy attorney to assist you You can do a bit of research using the Internet, where you will find sites for many Dallas bankruptcy firms Most professionals now have a website, and luckily many of these include professionals in the legal field . . .A very important thing to remember is that the first Dallas bankruptcy lawyer you come across is not always going to be the best for your situation If you are looking at the attorney’s website, try to find a portfolio that describes the firm’s specialty, as well as background information and experience This can be evident in a win/lose ratio, where the lawyer went to school, how long they have been practicing law, and where they have practiced before . .You’ll also want to look at the cost of an attorney Granted, you don’t want a bargain basement bankruptcy attorney; but you do want someone who’s not going to rob you blind You are after all in a financial mess, and there’s no reason to dig yourself farther into the hole . .It is safe to assume that in a city as big as Dallas, you will have a massive amount of Dallas bankruptcy lawyers to choose from, so it’s okay to be a little finicky when it comes to choosing one Your case is important and you should only choose an attorney which you feel you can get along with so you can easily communicate and discuss your options You are entrusting not only your case, but your trust and confidence into this person, so be sure you do your homework and choose wisely!.
Source: www.rsstnx.com

Is Bankruptcy The End Of The Road

admin — Wed, 03 Mar 2010 14:40:04 +0000

How To Keep A Bankruptcy List To Make Your Bankruptcy Problems Private

admin — Tue, 02 Mar 2010 18:42:04 +0000

How To Keep A Bankruptcy List To Make Your Bankruptcy Problems Private
Nowadays, you see many commercials on TV trying to convince you that your credit score will determine just about every aspect of your future They tell you that you may not be able to get the job you wanted, the car you were dreaming about, or even the right spouse if you don’t have the right credit score Okay, so maybe they don’t mention the spouse, but I’m sure that will be coming up in the future commercial . .They make it seem like your whole world is going to come crashing down if you miss a few payments and have a negative credit rating So I can just imagine what they would say about someone who declares bankruptcy Not only will your credit be damaged, but your name and financial information may end up on some sort of bankruptcy list for everyone to see Is it really that bad? . . .Well, the truth is that bankruptcy is a big deal, and it should be treated as such Also, your bankruptcy filing will become a matter of public record, which means that people may find out about it and do some digging Are you going to be blacklisted when you try to apply for a job and make any kind of financial transactions? No, I don’t think so . .That’s not to say that bankruptcy won’t have its negative consequences After all, you just had your debts wiped out, and this will make creditors think twice (or three times) about giving you a loan But you will be able to gradually improve your credit score, especially if you are willing to pay higher interest rates In fact, some lenders even seek those who have just filed for bankruptcy because they don’t have any other debts to worry about! . .The bottom line is that you must do what is best for your family and your financial future, and you’ll only know this if you look over your situation carefully and discuss things with a bankruptcy lawyer Otherwise, don’t worry about being put on any kind of bankruptcy list Do what you need to do for your family, and don’t worry about what other people think .
Source: www.rsstnx.com

10 ways to protect your self from bankruptcy caused by prolonged illness.
Accidents and prolonged sickness can be a drain both emotionally as well as financially. Sometimes money crunch is caused by the inability to hold a job, or when the medical bills escalate and it becomes increasingly difficult to balance expenses. Further, medical insurance may prove insufficient or will not cover long term medications. Life has become such that one needs to think about and plan for any eventuality. Experts recommend the following: 1. Ask your doctor for samples of medication. 2. Often an older drug is effective and cheaper. Request the doctor to write a prescription for a drug that is more affordable. According to studies you can save up to 75% this way. 3. Find out the generic name of the medication and choose to purchase it instead of branded medication —the saving can amount to as much as 70%. 4. Very often companies sell higher dosages of medication for a marginally higher cost. Be prudent, buy the higher dosage and spilt the medication in half, one-third, or quarters. The savings you can make are almost 50 %. 5. Order 90-day supplies in bulk from discount mail order pharmacies or online services. The savings are considerable and many doctors help long term patients reduce costs by putting the patients in touch with distributors. 6. If a particular medication is very expensive ask the doctor to recommend a substitute. This is known as therapeutic substitution. 7. Do try comparison shopping. You will find that the same medication is priced differently in local pharmacies, online outlets, and chain stores. Online pharmacies like http://www.walgreens.com/, www.costco.com , or http://www.drugstore.com/ offer medications at affordable prices. 8. There are several patient-assistance programs that offer free or discounted medication to those who cannot afford long term illness. Companies like Merck have programs that benefit uninsured patients. Medicines are given at discounts of 10-40%. 9. If you or a family member travels frequently you could buy your medicines abroad. Often the same medicine manufactured by the same company is much cheaper overseas. One can also order medicine by mail from Canada where medicines cost 30-50% less than the US. But do check the laws before you attempt this. 10. Start a health saving account where you can save pre tax dollars towards unforeseen medical expenses. This has a high deductible. Find out if you or other family members are eligible. Use an insurance broker who always thinks of you. He must keep you updated on all new developments as far as health schemes are concerned and make sure you reap all the benefits of the insurance scheme. You could also consider a critical illness policy in addition to a regular health insurance. Paul Wilson is a freelance writer for http://www.1888Discuss.com/home-improvement/ , the premier REVENUE SHARING discussion forum for Home Improvements Forum including topics on buying, selling and insuring, automobile, electronics and more. He also freelances for submit free press release http://www.1888PressRelease.com/Legal-0-23.html
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Filing For Bankruptcy

admin — Mon, 01 Mar 2010 21:34:02 +0000

Filing For Bankruptcy
Bankruptcy should be seen as the last resort for people who have got themselves into too much debt. It may seem the answer to all your prayers but bankruptcy is only able to solve certain debt issues. Remember, if you have filed for bankruptcy you may find it difficult to obtain credit in the future unless your bankruptcy has been cleared, or discharged for a number of years. Bankruptcy is very good for wiping out credit card debt. Unless you have a special secured credit card, your credit card balance is an unsecured debt. That means that the credit card company has no hold on anything that belongs to you if you do not pay back your debt. This is specifically the kind of debt that bankruptcy is designed to remove. Apart from credit card debt, you may have other unsecured debts, and bankruptcy can eradicate these as well. However, bankruptcy will not discharge your obligations to some other kinds of debts, including child support, alimony, tax debts, student loans, and any secured debts. If you are reading this then the chances are that you are considering filing for bankruptcy. Your debts have got to the point where you cannot afford the monthly payments that your creditors are demanding. However, there are numerous bankruptcy alternatives. The most important thing is not to panic and to sit down and look at your financial situation. If you reach the stage where you are in so much debt that you are considering bankruptcy then there are a number of measures that you can take to avoid bankruptcy. Firstly, you should cut up all of your credit cards. This may seem drastic, but it is the only way to avoid bankruptcy by guaranteeing that you do not increase your level of debt by charging more onto your credit cards. All lenders would prefer to receive some money rather than none at all and when you file for bankruptcy a number of your creditors will receive little or none of the proceeds. This is especially the case with your unsecured loans, such as credit cards. You should contact all of the people that you owe money to and explain the situation. Most will work out a repayment schedule with you as a bankruptcy alternative, giving you longer to pay off what you owe and sometimes even freezing the interest. John Rivers is owner of Financial Advisory Network. His website offers information on financial planning, estate planning, and investment management.
Source: www.ArticlePros.com