Bankruptcy Questions Answered

attburr110 asked:

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Smith Bryan asked:


If you are in the process of having to file bankruptcy, and you are unsure of what you should do with your bankruptcy forms, then you should think about going to a bankruptcy attorney for advice. You will be able to get the forms needed, as well as help in filling them out. This way, you can be sure that you are filling out all the forms that you need to. The downside to this is you will need about $3000 to complete the entire process. One alternative to this is to hire an online bankruptcy service that will do basically the same thing as an attorney without the high costs or if with these services you will be able to get any information that you need regarding which of your belongings are exempt from the proceedings. If you are not sure which type of bankruptcy to file, you will also need to give advice as to whether Chapter 7 or Chapter 13 is best for you.

When you decide that filing bankruptcy is your only way out, you will have to collect all the forms specifically for your state. The bankruptcy forms you will need to fill out to complete your bankruptcy filing are as follows, voluntary petition bankruptcy, real property and personal property statements, list of exemptions, secured debts, priority debts and unsecured non-priority debts. You will be asked to provide contracts or lease verification and co-debtor information. Additionally, you will have to fill out detailed income and expense sheets and bankruptcy forms that list creditors. You will also be required to complete a statement of intention if you choose Chapter 7 protection.
A bankruptcy case is started by the filing of a petition. You must also file a statement of your assets and liabilities, and you must list all your creditors. If you choose to file a bankruptcy petition without the help of an attorney, you can obtain the required bankruptcy forms online. There is a range of filing fees for bankruptcy cases, depending on the chapter of the bankruptcy code under which you file. For information on the different chapters of the bankruptcy code, go to the US courts government website and go to the bankruptcy basics page which will have a large amount of information and descriptions of the codes.

If you’re trying to file bankruptcy on your own, one thing that you need to do is to make sure your forms are for your state. It is a fact that the laws are a little different in every state, so if you’re not careful you get into with the wrong form for your state. You should also check to make sure that you are actually getting legitimate and official bankruptcy forms, that way you will know that your filing was done correctly. Depending on where you look for your bankruptcy forms, you may be able to find some instructions that will help you figure out what information you need to get before you can fill out the bankruptcy forms. Make sure that you follow the instructions well, otherwise you might end up unable to file for bankruptcy, or you might not list the right assets or get the right things exempted from the bankruptcy proceedings.



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Phillip Allen asked:


Bankruptcy is a serious issue. In general bankruptcy is a legal action taken against the borrower who fails to repay the loan amount to his creditors. In this case the creditors have the authority to file a bankruptcy petition against the person. As we know that the bankruptcy filing remains in the credit record for at least 6 years hence it can have an effect on your future finances or financial decision which is one of the disadvantages of Bankruptcy. Moreover if you are filing for bankruptcy you will definitely lose your credit cards and nonessential belongings, you may not get finance for several years and most importantly you will face financial embarrassment.

We know that there are some benefits filing for bankruptcy but you also have a negative impact on your credit record. You will face difficulties obtaining credit in the future, and if you manage to get loans then the interest rate may be very high. For many people, the worst drawback of bankruptcy is the shame of having to declare themselves as bankrupts when carrying out certain dealings publicly.

Disadvantages of Bankruptcy
Here are some of the important drawbacks of bankruptcy:

• If you are a businessman or a business owner and have been declared as bankrupt then your business will get closed as soon as the bankruptcy order is made. And then your employees will also get dismissed. 

• You will also have to submit all your valuable assets or belongings to the trustee.

• By becoming bankrupt your bank as well as building society accounts also gets closed and your credit cards will be taken away.

• Your service prospects will be prejudiced.

• You will not be given authority to hold any public offices.

• People who are in leasing process or willing to buy any product on hire, the product will be taken away and it will be returned to the actual owner.

• It can even hinder your future career prospects.

Hence, bankrupts can find it very hard to purchase or rent a house, and obtaining security clearance will not be easy for them. They may also find difficulty in acquiring insurance and purchasing a car on lease. This will lead to various other problems. So, it is advisable to avoid bankruptcy for a better and safer future.  There are alternatives to Bankruptcy such as IVA’s and these options should be discussed with a Debt Management Company or Insolvency Practitioner who will be able to review your situation and advise you on the best debt solution.



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Peter Gitundu asked:


Once a debtor has decided that he wants to file a bankruptcy petition, he will be required to present the court with various statements that will enable them to determine under which chapter the debtor should file. The debtor is also expected to present a list of all the creditors and a list of the assets that are under his name.

This way, the court will be able to weigh the options available and determine whether they are applicable in the case of that particular debtor. Once the debtor has filed a personal insolvency it is important that they understand what the court will do with the debts accumulated. They might wonder what will happen to the students loan, the tax or any other debt in their name.

In the past, before 1998 all student loans in the United States of America were discharged under the liquidation chapter. This would be done in case the first payment was expected to be paid seven years or more before the petition was filed. The new law allows student loans to be discharged under chapter 13. Personal bankruptcy filed under the wage earner chapter allows for the students loan to be consolidated along other outstanding balances.

It is also possible that the attorney handling the case to arrange for a free interest repayment plan. This way the debtor will be freed from harassment from student loan agencies. Tax relief can only be gotten if an individual files a personal bankruptcy petition more than three years after filing a timely truthful tax return. In case the court does not receive this in time, then you are advised to wait for two years to get the tax relief.



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Peter Gitundu asked:


Just like there are two sides to every coin, there are advantages and disadvantages to bankruptcy, and in particular, personal insolvency. It is said to be an option to filing for insolvency, but be well advised, take note that it should only be considered when all else fails. You should then weigh the pros and the cons and see whether you really need to go the personal bankruptcy way.

Personal insolvency, like all other forms of relief from financial distress, puts you under a lot of scrutiny financially. Any firm you approach for lending will want to know about your credit history. At the mention of insolvency, many may shy away and not be willing to extend any loan facilities to you. If they do, they will charge you a high interest.

You may also receive a bankruptcy restriction order if the circumstances leading to your insolvency were activities of mere carelessness like gambling and speculation. If this happens, your name remains in the records for a period of 15 years. This will again affect your credit rating and most of your business transactions will be conducted through the bank.  

With personal insolvency, you risk losing your family home. Remember that personal insolvency has been defined as a situation whereby you give up a portion of your property to get a discharge from your debts. Some of the assets you will have to give up are both the movable and immovable properties and this includes your own home. If your home is sold off and the proceeds are still not enough to cater for the debts, they will still come for more of your assets till you have nothing more that can be sold off.



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Dean Shainin asked:


You’ve got some serious debt problems. Take heart in the fact that a lot of people do these days. The key to getting out from under debt is to evaluate the situation you’re in, and then to decide if you’re willing to do what it takes to change it. Are you going to stop using the mall as your playground? If so then you have a chance to get out of debt without resorting to bankruptcy.

In fact there are many tactics to try before you even think of heading to a bankruptcy lawyer. Here are some important considerations and alternatives to help you avoid bankruptcy. New bankruptcy laws make it more difficult to file than it used to be.

From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy.

What About The New Bankruptcy Laws?

There is now a new law for bankruptcy that was passed called the “Bankruptcy Abuse Prevention and Consumer Protection Act”. People struggling to pay their credit debts are now going to have to deal with this new bankruptcy law.

3 Effective Alternatives To Help Avoid Filing Bankruptcy

1. Contacting creditors is an alternative to bankruptcy. Instead of filing for bankruptcy, you work out payment options with your creditors. In many cases they are very willing to work with you. It’s to their advantage to keep you as a customer. The creditors know the alternatives for bankruptcy will bring them more profits if you don’t file for bankruptcy.

2. Getting a debt consolidation loan is a good alternative for bankruptcy. Financial services can combine all your debts into one loan payment every month. A consolidation loan as an alternative for bankruptcy, can help pay off debts. For bankruptcy consolidation loans, you can shop online for the best terms and rates. Lenders are very competitive to earn your business online.

3. You may also consider a debt workout for bankruptcy alternatives. With a debt workout, an attorney contacts your creditors and makes arrangements. In most cases the monthly payments will be less than if the credit account was settled in full. For some cases they want the payment in full, but over a longer period of time than originally stated on the credit agreement.

Filing Bankruptcy And How To Find A Good Lawyer

If you have decided there is no alternative to filing bankrupty,you may be asking yourself, “how do I find a good bankruptcy lawyer? The best way to find a good bankruptcy lawyer is through referrals. Family members and friends who filed bankruptcy in the past can refer you to a good bankruptcy lawyer. The yellow pages in a phone book is another great place to find reputable bankruptcy lawyers. Another invaluable place to find a good bankruptcy lawyer and services in on the Internet. When you search for a lawyer, try to find a lawyer that deals with your type of bankruptcy. You can get free advice with the first meeting.

What Will I Need For My Bankruptcy Lawyer?

With your first visit, it’s important to bring everything you can on the first consultation. You will need a list of all the creditors and how much you owe for your bankruptcy lawyer to consider. This includes any insurance, medical bills, auto loans, taxes, student loans and any personal loans. Your bankruptcy lawyer can give you the advice you need with this important information. This will make the filing process easier if you do decide to file bankruptcy.

If you’re not going to be able to change your behavior enough to get your debts under control, then you may, at some time, have to resort to bankruptcy.



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