Bankruptcy Questions Answered

David Siegel asked:


Can You Guess The Main Causes Of Bankruptcy Filings? There are several common causes leading one to file bankruptcy. These include, but are not limited to the following:

1. Lawsuits/Garnishments

Nobody wants to be sued and brought to judgment. Nobody wants to have 10%-15% of their hard earned wages deducted from their pay. In many cases, the taking of 10%-15% of one’s wages leads to the inability of that person to pay his rent, utilities or auto payment. Just the thought of the employer potentially having to garnish wages leads many to panic. Debtors do not want their employers or co-workers knowing of their financial troubles.

2. Auto Repossessions

Auto lenders will do whatever it takes to get you financed, regardless of whether you are actually capable of affording the car. They realize that if you can’t pay the installment, they can take back their vehicle and re-sell it before it fully depreciates. They do this through the use of auto auctions where the vehicle often sells for substantially less than what is owed. This leads to a deficiency amount which the lender seeks to recover from the debtor.

3. Unpaid Medical Bills

With more and more Americans going without medical insurance (45.8 million, per the U.S. Census Bureau press release dated 8/30/05), they risk losing whatever they have earned throughout their lifetime should a major medical problem occur. Most claim that they can’t afford to carry medical insurance. In reality, they can’t afford not to. The rising cost of health care could significantly deplete one’s savings should a serious illness or injury occur. Even those with co-payment coverages are having a difficult time meeting their burden of the bill.

4. High Interest Loans

There have always been high interest personal loans from many sources. In recent times, the advent of the payday loan has surfaced. These loans have exorbitant interest, which is often carried over and extended further by way of additional loans. People who cannot survive until their next payday are giving up a huge portion of their paycheck to get the money in advance. This dangerous cycle leads to further borrowing with less and less money actually going into the individual’s pocket.

5. Driver’s License Suspensions

Many states have begun to suspend the licenses of drivers who have been involved in auto accidents without insurance. These drivers are typically given three options: Pay the actual damages to the person(s) involved in the accident; work out an installment payment plan to pay the damages to the person(s) involved in the accident; or file bankruptcy and send proof thereof to the motor vehicle licensing department. If the person continues to drive without rectifying the situation, they risk arrest and/or imprisonment for driving on a suspended license.

6. Foreclosures

The pride and joy of being a homeowner can be easily tempered by the hard work and cost of maintaining the home. The mortgage needs to be timely paid no matter what your special circumstance may be. Real estate taxes and homeowner’s insurance are also required to be paid regularly or you face a foreclosure suit. Changes in employment, health, income and marital status can lead to one’s failure to make timely payments. Many take second mortgages or lines of credit which simply create an additional, financial burden on the homeowner. When faced with the reality that they cannot afford the home, debtors can vacate the home and extinguish any mortgage liability through Chapter 7 bankruptcy.

7. Overzealous Lending

How many credit card applications have you received in the mail this year? If you are like many Americans, the applications continue to appear regularly. Have you received convenience checks or offers for additional lines of credit? If so, you may have taken advantage of the use of the credit without any feasible way of repaying the debt. Many people are receiving pre-approved credit applications when they are in fact, not credit worthy. The credit card lenders point fault at the debtors for accepting the credit without the means to repay it. It seems more logical to fault lenders who do not undertake to check the credit worthiness of particular debtors.

8. Consumer Overspending

Many people see what they want, acquire it, and decide later how they will pay for it. People want to possess the latest clothing, jewelry, electronics, etc. Most stores now offer the ability to take the product home through the use of store credit cards or outside financing. You may even get a modest percentage discount off the purchase price if you open or use the store charge card. Many people charge their groceries, restaurant and transportation expenses believing that if they just make the minimum payments everything will be alright.



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Peter Gitundu asked:


Filing for bankruptcy comes with some additional expenses. This is because, if you have to hire an attorney, you have to put into consideration the amount of money you will require. The attorney fees aside, you will also have to pay related expenses to the court clerk. These include the filing charges and other handling charges that in most cases are not less than $300.

The charges however will depend on which chapter you choose to file your petition under. In chapter 7, the petition is not accepted until you have accompanied it with a bankruptcy filing fee of $299. In chapter 13 on the other hand, the petition costs you $274 to file. These fees are subject to change every now and then, putting in mind that there are now new insolvency laws.

As for the attorneys fee, be prepared to part with anything between $1000 and $2000. One good thing about the lawyers fee is that you can negotiate with him to have it settled in installments not exceeding 3 years if you are filing under chapter 13.  To add to the good news, you can file for an application to have the filing fees waived or subsidized. At the end of the day, you may find yourself paying nothing for the petition other than the lawyers fee only.

If a debtor has filed for voluntary bankruptcy and wishes to have the filing fees waived, a few considerations have to be made. They are based on the poverty index of the social class to which the individual belongs. If the income of the debtor falls below 150% of the income levels of that class, then he will be considered for the waiver.



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justin narin asked:


Student Loans Aren’t Discharged by Bankruptcy

That’s the bad news. Due to bankruptcy reforms in 1998 and 2005, it’s almost impossible for the average person to discharge federal or private student loans through bankruptcy. You may be able to get help with your payments through a bankruptcy filing, but there are better options for repaying your student loans.

The Student Loan Bankruptcy Exception

As with all rules there is one exception: you can discharge a student loan in bankruptcy due to undue hardship. Undue hardship is defined as the permanent physical inability to work. You must prove in bankruptcy court that:

You’re physically unable to work You’re likely to be unable to work for most of the loan term You’ve made a good faith effort to repay the debt Paying it would prevent you, your spouse, and your dependents from maintaining a “minimal” standard of living.

If you believe you qualify under these guidelines, see an experienced bankruptcy lawyer for help filing an adversary proceeding as part of your bankruptcy case.

How Bankruptcy Can Help with Student Loans

Although your student loan can’t be discharged in bankruptcy, a bankruptcy court may be able to ease an overwhelming debt burden. Some courts may discharge a portion of your student loans, but this is rare and varies by court.

In most cases, the judge will incorporate your student loans into your debt repayment plan under Chapter 13 bankruptcy. Any balance remaining after the payment plan ends will still be due, but your other debts should be paid off by then.

What to Do if You’re Heading Toward Bankruptcy

If your total debts have reached an unsustainable level and you feel you must file for bankruptcy, don’t simply stop paying your student loans. Not only are student loans not dischargeable in bankruptcy, but also the federal government has the right to assess stiff penalties, seize tax refunds and other government assistance money, and garnish your wages.

Lenders want to help you avoid default. Contact them for help applying for a deferral, forbearance, or extended repayment plan before the situation gets worse than it already is.

Solutions for Student Loans You Don’t Owe

If a lender is demanding payment for a student loan you don’t think you owe, it’s best to resolve the situation before you wind up in bankruptcy court.

The most typical situation is a miscalculation of the actual loan balance, especially if the loan has changed lenders multiple times. If you think the lender is requesting more than you owe or hasn’t properly credited payments, write to them with your evidence. If the issue is not resolved, then a court can intervene to determine the amount you actually owe. A bankruptcy judge may also do this as part of a bankruptcy proceeding.

Your debt may be cancelled if a few situations apply:

Situation 1: Your school closed before you completed your education and you couldn’t complete it elsewhere. You don’t qualify if you voluntarily withdrew before the school closed. You may be entitled to a loan reduction if you voluntarily withdrew and the school improperly withheld any remaining student loan funds.

Situation 2: Your school or another party signed the promissory note in your name without your approval or the school falsely certified you as eligible for a student loan when you were not.

Situation 3: You were forced to withdraw due to a disability that developed while you were in school, or that certifiably worsened after you accepted the loan.

For all three situations, it’s best to contact the lender or the federal student loan program for assistance in resolving your unowed debts. Although a bankruptcy court can sort it out for you, other solutions are simpler and better for your financial future.

Student Loan Cancellation Programs

Several federal and state agencies offer programs to help you cancel or reduce all or a portion of your student loan debt without filing for bankruptcy. Most programs involve teaching, nursing, or military service.

In most cases, bankruptcy won’t erase your student loans. Although bankruptcy is still a viable solution for desperate financial situations, it’s best for your future financial well being to avoid it. Contact your lenders as soon as a problem develops in order to avoid worse financial repercussions.

Source:  http://www.bills.com/student-loan-bankruptcy/



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Smith Bryan asked:


Bankruptcy works by protecting you from your creditors when you are no longer able to pay your debts. The most powerful function of a bankruptcy is called the “Automatic Stay”.

The automatic stay goes into effect the second your bankruptcy case is filed with the court. The automatic stay is like a wall that goes straight up and blocks your creditors. This wall leaves creditors behind you on the other side of the wall. They are unable to report more bad information on your credit report were collected at area you are on the safe side of the wall from these creditors. You can leave them behind and move forward with your life getting the fresh financial start that you need.

Many people think that if their bankruptcy is dismissed, they could just file again. While it is true that generally speaking, you can re-file for bankruptcy, the 2005 amendments to the bankruptcy code created a potential to seriously limit what is the main advantage of a bankruptcy to a debtor who is filing for bankruptcy. The Automatic Stay!

This is an order by the bankruptcy court that immediately stops, or stays, all collection actions against you. This means that foreclosures, garnishments, attachments, lawsuits, collection calls and letters and even regular monthly bills are stopped.

Some creditors willfully violate the automatic stay when their debtors file bankruptcy. Once a court has held that a creditor has violated the automatic stay, it turns to the issue of damages. Certainly verifiable out of pocket expenses suffered by the debtor are fully recoverable. So are the bankruptcy attorney fees incurred for having to bring the motion or adversary proceeding.

But are the emotional damages recoverable by the debtor? Many, if not most bankruptcy courts have held that emotional damages are recoverable from a creditor who has violated the automatic stay. They concluded that the intent of Congress was to compensate for emotional damages because of the stated legislative intent to give debtors a breathing spell from creditor harassment. Recently, the firm on bankruptcy court held that; “Emotional distress is an actual injury. Legitimate human emotions are brought to bear when one’s rights are trampled on.”

If you file a second bankruptcy to extend the automatic stay, do not think that the judge will automatically extend the automatic stay because you are good people. The judge is not there to give sympathy to he or she, but there to decide issues of law solely. You are presumed to file for bankruptcy the second time in bad faith. It is your job to prove to the judge that this is not bad faith but rather that you have stepped up to the plate and changed your circumstances in order to successfully complete your case. It is your job to take an active interest in your bankruptcy case. Ask questions and stay informed about your bankruptcy filing. You will only be successful in your bankruptcy if you get involved stay involved throughout the entire process of your filing. This is your life, take control and regain financial control.



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Rick Hendershot asked:


Chapter 13 Bankruptcy is a legal process that differs from traditional debt consolidation in many important ways. If you are trying to decide between these two processes, this article will help you make your decision.

While a Chapter 13 bankruptcy is actually a type of debt consolidation, it differs from traditional debt consolidation in certain important legal aspects. The most glaring and important difference is the power it wields. Backing up Chapter 13 bankruptcy is the Federal Bankruptcy Code, which can be a huge advantage when you are needing relief from debt.

Chapter 13 Protects You Immediately

An automatic stay will lock into place as soon as you file a Chapter 13 bankruptcy. It’s in the form of a Bankruptcy Court injunction which effectively stops most recovery efforts that have been launched against you. Garnishments, repossessions, foreclosures, creditor harassment and license suspensions will cease. Your creditors will be forced to stop all such actions because this injunction has the legal chops to back it up. In reality it’s a court order that mere debt consolidation services cannot provide.

Chapter 13 Covers Most Debt

In Chapter 13 bankruptcy, such specific debts as tax debt, child support arrears, car payments, and mortagage arrears can be rolled into one monthly payment. This is good news because the majority of traditional debt consolidation services allow only specific debts in the settlement plan. Wouldn’t you rather have protection from every one of your creditors?

Chapter 13 Severely Reduces The Total Debt

With the power of a Federal judge ordering your creditors to stick to the repayment plan, you may be allowed to pay as little a 10% of any unsecured debts. Of course there are certain qualifications you must meet. If you can meet these qualifications the other 90% will be eliminated. You’ll be able to pay off your debts much more quickly because of the severe reduction in principal owed. This is something that traditional debt consolidation plans cannot do. They can only ask the creditor to lower the interest rates and reduce the balances owing.

Chapter 13 Bankruptcies Don’t Drag On

You’ll only have to wait between 3 and 5 years for Chapter 13 bankruptcy to conclude, at which time all dischargeable debts are eliminated. Conversely, a more traditional consolidation could drag on indefinitely while you struggle with balances that remain high and continue to accumulate additional interest and finance charges.

Chapter 13 Takes No Late Fees or Interest

With Chapter 13 bankruptcy, the payments you make towards your unsecured debt will usually be put against the principal, thus drastically shortening the amount of time it will take you to repay that debt. In fact, debts that exist before filing bankruptcy will not accrue late fees, and in most cases will be repaid free of interest, unlike the usual debt consolidation process.

Chapter 13 Attorneys Work For You

Unlike a debt consolidator, your Chapter 13 attorney will vigorously represent only your best interests. He has a legal and ethical obligation to do so, and must comply with his obligations as regulated by state law. Many times debt consolidation companies are privately run, and may, in fact, be sponsored by the creditor themselves. With a Chapter 13 attorney on your side, you have the unique opportunity of having your rights backed up under strict legal requirements.

Chapter 13 Protects Your Property

You won’t be required to post any collateral in order to proceed with Chapter 13 bankruptcy if you cannot afford the proposed monthly payments. Many home equity loans and traditional debt consolidation companies force you to risk losing your home and your property.

Chapter 13 Takes Care of Your Important Debts First

Most of your secured loans will be paid off first at the conclusion of a Chapter 13 bankruptcy plan. This includes such things as mortgage and automobile payment defaults. Unsecured debt payments such as credit cards and medical bills are taken care of after secured and other important claims have been paid. You will probably incur penalty charges under a normal debt consolidation company in return for delaying payments to unsecured creditors. These companies also give preferential consideration to home finance companies and car payments, which leaves little for the remaining claims. The bigger the balance owing, the bigger the penalty charges.

Chapter 13 Requires the Creditor to File A Proof OF Claim

Under Chapter 13 bankruptcy all unfiled claims are eliminated if the creditor fails to file a proof of claim with the Bankruptcy Court. It happens fairly frequently that a creditor may be listed in the Chapter 13 bankruptcy file, but forget to do the proper paperwork, thus effectively eliminating themselves from the consolidation. If you complete the terms of your Chapter 13 repayment plan, such claims are ruled invalid, and you never have to pay them back.



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MIKE SELVON asked:


Contrary to what many people believe, not all debts are dischargeable regardless of your bankruptcy filing options. For debts like student loans and mortgages, a debtor must enter into some type of repayment agreement rather than have these debts completely discharged.

In many cases, the court will appoint a trustee to liquidate your assets so the proceeds can be used to repay your creditors. The courts have established these guidelines as a way of preventing abuse and harm to society.

Bankruptcy filing does not solve all of a debtor’s financial problems. Courts have deemed that debts which could be harmful or unproductive to the nature of society are non-dischargeable in a typical bankruptcy. The idea behind this is so that people cannot relinquish their obligations to pay child support, alimony, and other money that contributes to the good of society.

This idea of non-dischargeable debts also spreads to student loans because of the amount of money granted by the government each year for college educations. Student loans are possibly the most difficult types of loans to get discharged through bankruptcy. Until recently, they were covered under the types of debt that were dischargeable under loan bankruptcy guidelines, but recent amendments to the code have changed this.

In terms of bankruptcy, business filings are often forced into a plan to repay the business’s creditors. The bankruptcy courts often see completely discharging the debts of a business as detrimental to society because of the ramifications involved. With a Chapter 7 bankruptcy, business assets are typically liquidated and the company shuts down.

This results in a loss of jobs that help to pump money into the economy. This is why businesses are often forced into a Chapter 11 bankruptcy because their debts can be reorganized and the creditors can be paid in installments while the business continues to operate.

For people who have fallen behind on car payments or home mortgage payments, bankruptcy filing can grant a temporary protection from their creditors. Chapter 13 is designed in such a way that homeowners or consumers with other types of secured debts can retain their property even if they have fallen behind in the payments.

The debtor makes arrangements with their court-appointed trustee to make payments along with extra money to help them catch up on missed payments with this type of bankruptcy. Mortgage companies are willing to work with debtors because they would rather afford them some leeway rather than go through the trouble of court proceedings involved with foreclosures.

Although it might be difficult, many people can still receive mortgage loans after going through a bankruptcy. Mortgage companies that do manual underwriting are more likely to grant a mortgage loan, but it will typically have a higher interest rate as well as strict repayment guidelines. If your bankruptcy was the result of a solitary life event, mortgage companies will also take that into consideration if your finances are in order other than that.

People who decide to go through bankruptcy will undoubtedly experience a life changing event. Bankruptcy filing can affect a person’s finances for several years following the discharge and oftentimes the debtor is still left with some debts that were not dischargeable. Unfortunately, once a person has gone through a bankruptcy, mortgage loans and other types of credit will have an unusually high interest rate attached to their repayment requirements.



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Peter Gitundu asked:


A bankruptcy case begins with the creditor filing a petition in court after which the debtor is summoned. This petition should always be backed with a proof. In cases where one objects to the claims, he can move to court to seek a dismissal of the objection. This will require the creditor to produce proof that indeed his claims are true.

There are three modes of debt collection. The first is where the pledged property is seized and sold at an auction by the DCO. The second mode is where the unsecured property is seized and auctioned in a bid to pay the outstanding debt. This will only work if the debtor is not a registered commercial entity. The last mode deals with the registered commercial debtor.

In cases where the assets proceeds are not enough to cover the overall debt but can cover at least the cost of the case, then the officer in charge of the case publishes a bankruptcy suit in the Official Gazette of Commerce to ask for their proof of claims. This is followed by several court proceedings to approve the claims. Once the claims are validated, the assets are no longer contested. A meeting is held in which the liquidation method is determined. Liquidation in this case is through an auction held in the presence of the two parties and the DCO or direct sale of the assets.

Once the liquidation process is over, the proceeds are discharged to the creditors according to their ranks. In cases of bankruptcy cases against businesses, workers are given the first preference. In case some of the creditors still remain unpaid, they receive certificates to prove this but they cannot continue with the insolvency case against the debtor unless they confirm that he has acquired new assets.



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philip lawrence asked:


Hiring Legal Service to file bankruptcy

Is your business doing bad, is it reached a bankruptcy stage and you run out of all option to pullback your business? Are you pondering filing bankruptcy an end point to your daunting business for a time period now? Then you may have some of query on the way to go about bankruptcy filing. You might imagine of what are all of the documents needed and all forms to be filled to file bankruptcy and to project the maximum amount of our assets as possible . You’ll also puzzle how long a bankruptcy filing will take, How much it cost and Do I need a lawyer to do bankruptcy for me or I am able to do it on my own.

As you’re looking to go for bankruptcy then your financial position won’t be good so you may wish to reduce as much cost as practicable in bankruptcy filing and you could imagine having a lawyer for filing bankruptcy could be too costly. But this isn’t true, you can get a lawyer for a fair price, even they may prepare to do it for much cheaper . Lawyer will help you to file your bankruptcy without any trouble and also help you project maximum of your assets.

If you are not familiar with legal proceeding and liquidation of a company, it’s best practice to approach a lawyer. The lawyer will steer you and give timely information on what direction to take while filing your assets under bankruptcy. You want pro lawyer service to reduce your asset liquidation in the middle of filing.

A good lawyer will significantly scale back your stress and stress from your banks that you have been working with for a period of time now. If you want to get maximum benefit from filing bankruptcy, you must hire a best of class lawyer. In most bankruptcy case you may basically have good chance to loose your home, car and personal assets, by getting a service of an expert lawyer you are able to save all your private assets.

there is a good possibility the filing bankruptcy with good experience of how the filing process works may cost all your assets and make you a beggar, if it’s not properly handled. To make your process a smooth one and put a cap on all your business and fiscal problem you want expect recommendation and you can get one by hiring an expert attorney who specialised in bankruptcy. You can get an expert lawyer to handle your bankruptcy filing from our legal site dedicated for lawyer service.

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Peter Gitundu asked:


In most countries around the world, bankruptcy is either voluntary or involuntary. A debtor can file a petition with the official receiver, otherwise known as the insolvency and trustee service. Along this petition, the debtor must also submit a copy of the statement of affairs which is simply a summary of the assets involved. If the filing is done voluntarily, the insolvency period commences immediately. However if a petition is filed against the debtor by the creditors, the court may take time to determine when the period begins.

In some cases, bankruptcy is delayed for an extra two to five years. This is especially done by the official receiver in cases where the debtor fails to comply with the demands of the court. Financially distressed persons have restrictions such as, they are not allowed to travel outside their country. They are also not allowed to keep some assets once the petition has been filed.

There are many options available for bankruptcy filing. One should always consult with an expert on these matters before they can file for insolvency. It is easy to get experts online which is cheaper and fast. Once a person has filed a petition, the official receiver appoints a trustee to monitor the case.

An insolvent person can remain in this state for a period of three years if there is no objections. Some objections such as failure to disclose all debts to the creditor during the 341 meeting can extend the bankruptcy period to 5 years. Other objections such as failure to disclose change of address may extend the period to 8 years.



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Peter Gitundu asked:


Bankruptcy gives you an opportunity for a fresh start financially, but it does not come so easily. This is because, you have to part with some money to make the process successful. To cater for the services that you will receive from the court, you will need to pay some specified fees through the court clerk.

If you decide to work with a lawyer during the process, remember that he too will need to be paid.  Most of the other charges you will have to cater for will depend on which type of petition you want to file.  The charges for each chapter of the law are very different from all the others. They are very specific to the circumstances leading to the insolvency.

Other fees that must be catered for are re-opening fees. These are not very commonly talked about because not many cases are closed only to be revisited later. So if you decide to terminate a case halfway through then decide later on to have it followed to completion, you should be ready to pay for this.

If your case falls under chapter 7, the reopening fees are $200. Those for chapter 13 are $150. For the chapter 7 charges, you have to pay up front immediately after reopening the case. As for the other chapter, you can choose to file for a petition asking to be allowed to complete paying for the fees in installments. This means that monthly installments for your debt settlement will include these charges.



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Smith Bryan asked:


People who took out bad mortgages or bought houses they couldn’t afford once interest rates reset shouldn’t be helped. “I acted responsibly,” they said. “Why should someone who acted less responsibly than I did be rewarded by a better deal then I got?” Others say that the collective impact of these mortgages going into foreclosure and people filing bankruptcy have such a negative effect on the economy that something needs to be done to staunch the hemorrhaging.

The problem is that all of the solutions discussed thus far seem to carry a high price tag. Buying the bad mortgages would cost hundreds of billions, as would giving government benefits directly to people with bad mortgages.

Also when it comes to mortgages, there are many people that have been scammed by a mortgage broker, promised one loan and given another. To the untrained eye, unless those flaws are obvious in the loan documents, the future holder of the loan is not liable for that claim. If proper assignments were not completed until just in time for court, the consumer may have plenty of rights to offset the claims made by the servicer. But consumers will never know the option is there if the lender can hide the chain of assignments behind smoke and mirrors. Bankruptcy courts are federal courts. Federal courts are constitutionally limited to addressing only a case or controversy between parties who have a true stake, something to win or lose in the outcome. Someone claiming such a stake has to be able to prove it.

Recently decisions have been made requiring the lending industry to disclose what it has been doing with loans. It’s a small thing but very important. Homeowners rarely understand how their loan ended up where it is. Sometimes they have conflicting information about who is entitled to the payments. Servicers don’t always talk to each other coherently when they pass paper between themselves, so how can a consumer not trained in mortgages be expected to understand it? Consumers may discover they have rights and claims which should be vindicated. Consumers don’t know when their rights are violated, in fact, they often are outraged by things which are lawful while only confounded by the unlawful. A lot of these consumers never find out any of this until they file for bankruptcy and are being foreclosed on.

Bankruptcy filing is or can be the most powerful foreclosure tool if used properly. In fact bankruptcy is probably the most powerful financial tool one can use in this country. And in these tough economic times, it’s not so it’s a question of whether a bankruptcy filing can stop foreclosure, but more of a question of what else cans bankruptcy due in addition to stopping the foreclosure. For instance, it may be possible to attach the mortgage itself and entirely strip off the property if there is an enforceability issue. Likewise, if new legislation is passed, arrears may no longer be an issue since the home loans will be entirely restructured into one mortgage reduced to a fair market value, with a lower interest rate, a lower payment, and spread over 40 years.



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