“Top 10 Bankruptcy Myths Exposed” - Get the Free Report Today!
When it comes to filing bankruptcy, there are several facts that you need to understand. Bankruptcy is certainly not a good thing, and you should not file for the same willingly. It is a forced situation, but at the same time, it is also very important for you to understand that when all alternative doors are closed, it comes at your rescue.
Consumer bankruptcies are obviously a major focus of this blog. As bankruptcy lawyers, we have an interest in helping consumers attain a fresh financial start from debt by showing them how filing bankruptcy may be able to help them responsibly…
Deciding whether to declare personal bankruptcy is a difficult decision with a lot of things to take into account. Here are just three pros and three cons to help you decide whether the dreaded financial procedure is right for you.
Struggling with your finances is one thing. We all get those credit card bills that we struggle to pay off each month or a mortgage repayment that goes out late every now and again. However, the level of debt you need to have to even consider personal bankruptcy is huge.
If you are considering a bankruptcy you should know the basic facts so that you can get debt relief fast. The last thing you want to do if you are having credit problems is to file for Bankruptcy because it puts a bad mark on your credit report that can stay there for up to 10 years.
Bankruptcy court is a special court that handles all types of bankruptcy cases. You can file your petition regarding such cases in this type of a court. These courts have specially been established for this very purpose.
Think a bankruptcy is completely gone from your credit score in seven to ten years? Think again. If a potential lender wants to dig deep enough evidence of a bankruptcy could still remain. Start the credit repair process as soon as possible, and monitor your credit continuously.
For homeowners who file bankruptcy in order to save their homes, there is always a fear of falling behind on the payments and ending up back in foreclosure with their credit scarred even further. But the vast majority of homeowners who do file a Chapter 13 bankruptcy will end up back in foreclosure if they do not work with the right attorney and are not prepared to meet the requirements of the legal payment plan.
Bankruptcy is a last-resort option when you’re dealing with debt, partly because of the effect it has on your credit score. But if you have no other choice, what can you do (if anything) to repair your credit after going bankrupt?
Laws are ever-changing. They are continuously evolving towards perfection. Well, we all know perfection cannot be achieved, but we do not stop trying to attain it anyway.
Perhaps you are unaware or maybe you have indeed heard the statistic that 50% of all personal bankruptcies are caused due to medical bills. Often, far too often the folks actually had medical insurance, but the co-pays, deductibles or items not covered exceeded the ability of the patient or the patient’s family ability to pay. Most of these medical debtors were not lower class, rather middle class. The upper middle and upper class was able to weather the storm and onslaught of medical bills much easier. This tells us one thing, it tells us that the healthcare system is out of control and completely broken.
Considering declaring bankruptcy to erase your debt? The Dolans walk you through this tough decision and what to look for in professional help.
The bankruptcy laws are quite complicated and that has led to several misinterpretations among people. Especially, after the introduction of the new laws, these laws have become more complex than they were previously.
Bankruptcy records will be made public and will remain on your record for about 10 years. Your records will also be available to bankruptcy marketing services. These companies will find and place your name on a bankruptcy mailing list. This list will also be sold to other bankruptcy marketing service companies across the country as well to internet marketing firms. Your new no debt status is considered a gold mine to these marketers.
When it comes to bankruptcy information, it is imperative that you understand that the more informed you are, the more accurate would be the made decisions. Following are some of the most frequently asked questions in this regard.
Bankruptcy is a very difficult process but at times it is the best solution to financial difficulties. Prior to making any rash decisions it is important to consult with a bankruptcy lawyer or someone who is an expert in this area. There are many questions that need to be addressed before any course of action is chosen.
The economy is heading south, foreclosures are at an all-time-high, and if you are under serious financial pressure with the walls closing in, you’re not alone. In short, there are a number of factors in today’s economy that individually would not be of much significance to your financial situation, but this year they may all come into alignment to create financial hardships for millions of hardworking Americans. Despite the optimistic Congress that may generously be rebating you a few extra tax dollars out of the governments pocket this year, the “economic stimulus” package will not keep you out of bankruptcy.
Is bankruptcy for me? What is chapter 7 and chapter 13? How will bankruptcy effect any taxes I owe? Are there other options to bankruptcy? How will bankruptcy effect me?
Shortly after a bankruptcy discharge a bankruptcy marketing service will soon find your name in the courts published records. Your name will be added to a list of recent bankruptcies which they compile each week. This list is in turn sold to other bankruptcy market service companies that will begin to send you credit card offers and consumer credit offers.
The official declaration by a person of being insolvent is known as bankruptcy. It is a very multifaceted, intricate and a problematical legal process. Hence, in such a case, it is always advisable to seek for an advice of an accomplished and veteran lawyer specializing in bankruptcy cases.
Where home foreclosures seem to be commonplace, and where debtors have few options to stop a foreclosure, when the bank does not want to negotiate with the debtor, a chapter 13 filing may be the only way out. The bankruptcy code has set a time frame which a debtor can not file and obtain a discharge in a chapter 13 case, if they have already filed another chapter.
In today’s poor economy, where home foreclosures seem to be commonplace, and where debtors have few options to stop a foreclosure, when the bank does not want to negotiate with the debtor, a chapter 13 filing may be the only way out. The bankruptcy code has set a time frame which a debtor can not file and obtain a discharge in a chapter 13 case, if they have already filed another chapter. When a debtor is forced to file a chapter 13, in order to protect their home, many trustees will simply file a motion to dismiss the case without taking into consideration the strict language of the code. The code does not in fact prohibit a debtor from filing a chapter 13, even if they are still in another 13 or 7, but rather, prohibits a discharge. As such, many trustees do not consider that a debtor may be seeking the protection of certain chapter 13 benefits outside of a discharge.
There is some, although limited case law on point, which would protected the homeowner seeking to save their home, by using the automatic stay, at least for a period of five years. In a 2008 case, the trustee contended that, because debtors were ineligible for discharges under 11 U.S.C.S. § 1328(f), they should not be allowed to file a Chapter 13 petition. The court held that a debtor was not precluded from filing in good faith a new Chapter 13 bankruptcy case even though he was ineligible for a discharge under § 1328(f). … Whether an individual may be a debtor under Chapter 13 is established under 11 U.S.C.S. § 109(e) 11 U.S.C.S. § 1328(f) never mentions the word “filing,” speaks only of “discharge,” and does not purport to limit the eligibility provisions of 11 U.S.C.S. § 109(e). Therefore, the plain language of 11 U.S.C.S. § 1328(f) does not prohibit a debtor who is ineligible for a discharge from filing a Chapter 13 petition. Branigan v. Bateman (In re Bateman), 515 F.3d 272 (2008). The Bateman decision further held, 11 U.S.C.S. § 1328(f) does not prevent a debtor from filing a Chapter 13 bankruptcy case even though he is ineligible for a discharge.
In Branigan v. Khan (In re Khan), Bankr. L. Rep. (CCH) P80,820 (2006), the court held a Chapter 13 debtor may not always be motivated by the availability of a discharge, so courts would be wrong to impute bad faith to a Chapter 13 petitioner simply because discharge was unavailable. Although the availability of a discharge is undoubtedly the main reason Chapter 7 cases are filed and Chapter 7 debtors view the bankruptcy discharge as “the holy grail,” a Chapter 13 debtor ineligible for a discharge may file a Chapter 13 case and utilize the tools in Chapter 13 to cure a mortgage, deal with other secured debts, or simply pay debts under a plan with the protection of the automatic stay. Thus, in many Chapter 13 cases, it is the ability to reorganize one’s financial life and pay off debts, not the ability to receive a discharge that is the debtor’s “holy grail.”. The court father held, Congress has expressly prohibited various forms of serial filings in 11 U.S.C.S. § 109(g) (no filings within 180 days of dismissal), 11 U.S.C.S. § 727(a)(8) (no Chapter 7 filing within six years of a Chapter 7 or Chapter 11 filing), and 11 U.S.C.S. § 727(a)(9) (limitation on Chapter 7 filing within six years of Chapter 12 or Chapter 13 filing). The absence of a like prohibition on serial filings of Chapter 7 and Chapter 13 petitions, combined with the evident care with which Congress fashioned these express prohibitions, convinces the Supreme Court of the United States that Congress did not intend categorically to foreclose the benefit of Chapter 13 reorganization to a debtor who previously has filed for Chapter 7 relief. … The language of 11 U.S.C.S. § 1328(f) is clear and unambiguous. It prohibits only the grant of a discharge under Chapter 13, and does not address the circumstances, set out in 11 U.S.C.S. § 109, under which a Chapter 13 bankruptcy petition may be filed.
The goodwill and compassion of certain individuals at the big corporations can make a tremendous difference. The smart companies are having a change in attitude. Now the margins are a little tighter and the big companies are beginning to work with people to help keep them on their feet.
Acquiring credit cards after bankruptcy is relatively easy. However most of the offers received in the mail are nothing short of scams. If you carefully read the credit card agreement carefully you will find that there are many pit falls that will quickly cause financial problems.
Many people have the misconception that filing bankruptcy will erase all their liabilities. There would be no obligation to pay the amounts that they owe to their various creditors. However, this not true at all. There are certain kinds of loans that have been considered as non-dischargeable ones.
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