Bankruptcy Questions Answered

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SlavaTenenbaum asked:

Bankruptcy - We Can Help | Slava Aaron Tenenbaum, Chartered | LAW OFFICES | Chicago Metropolitan Area, Illinois, USA | We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code | Bankruptcy, Bankruptcy Help, Bankruptcy Code, Bankruptcy Discharge, Debtors,…

SlavaTenenbaum asked:

Bankruptcy - We Can Help | Slava Aaron Tenenbaum, Chartered | LAW OFFICES | Chicago Metropolitan Area, Illinois, USA | We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code | Bankruptcy, Bankruptcy Help, Bankruptcy Code, Bankruptcy Discharge, Debtors,…

Larence Hubert asked:


If you are in need of a copy of your bankruptcy records due to loss from an accident such as a flood or fire or personal negligence, you can find relief in record replacement online. You can contact a bankruptcy record site online to send for a copy of your records online through a search by name, state or social security number. You can get this copy free of charge, though numerous sites charge a fee ranging twenty to thirty dollars per search/copy. These copies can be sent by email or through the U.S. mail. This is all a matter of personal preference.

Since section 107 of the bankruptcy code makes any filing in a bankruptcy case public record, this information is now even more accessible due to technology such as the Internet. This can raise concerns for many people who are worried that their personal bankruptcy record information is available for all to see. With identity theft/ identity fraud in full swing it is easy to see that this concern is a valid one. Privacy and protection methods are said to be in place for this specific purpose. Information such as a debtors name, address, attorney, and case number, filing type and file date and location are all located in one easily searchable bankruptcy record document. Assets, liabilities, figures and case status are also included in most bankruptcy records.

If you need a list of previous creditors or a copy of discharge papers to correct your credit report you can find these documents online as well. You can find them through an online search using an online investigative firm. You can find any bankruptcy from the past ten years by name, state or social security number. Though this is helpful for the person who was the previous debtor it can also be hindering as well. Some employers choose to look up bankruptcy filings to base job hire upon. Though this can seem unfair, it is not illegal.

The ability to replace your bankruptcy records is easily available to you. Once you have replaced your records it is best to keep your bankruptcy records on file in a safe place such as a lock box or locking file cabinet for safekeeping. This will better prevent you from making another search for records online saving you time and money.

Anyone who has ever been late on a bill knows creditors are more than happy to give you a call to remind you of your balance. Many times the calls turn a little harsher in demeanor. There are laws to protect consumers on harassment from creditors, however most collection agencies could care less about following these laws and will take them to the limit to try to harass people into paying them.

Most often creditors will threaten to call your employer, threaten to print your name in the paper and threaten to take your car. They are nasty people who are simply out to get the money you owe…no matter what the cost. If you’ve got one creditor calling, chances are they aren’t the only one.

If you file for bankruptcy, you’ll find the calls will stop. It may about a week for the creditors to be notified of the pending action and calls may still be made until they are notified. When the creditors are notified they will be advised to contact the bankruptcy attorney for all information. If they continue to call after being notified of the bankruptcy filing, they can be held legally accountable.

If you’ve ever tried applying for a loan, you know how important your credit report can be. Whether you’re buying a car or a house, your credit can not only determine if you get the loan but also the interest rate you qualify for. Since interest rates ultimately determine how much you pay for something in the long run, it can be important to get low rates on large purchases.

A credit report contains a lot of information about you. Your name, addresses, and other necessary information in included on each report. Credit reporting agencies compile these reports and allow them to be available to potential lenders, with your approval. They keep a cumulative report on you, from your first credit account forward.

The federal law called the Fair Credit Reporting Act regulates credit-reporting agencies. The purpose of this law is to make sure that the credit reporting is fair and accurate. Credit reporting agencies give out the credit information to companies and individual consumers. You can gain access to your credit report at any time.



Bankruptcy Questions

MIKE SELVON asked:


Chapter 7 bankruptcy is the type of discharge that most people associate with the idea of bankruptcy. Chapter 7 is also the option that most people commonly choose because it offers a fresh financial start without the obligation to repay the debts that the debtor has incurred.

Although there are several other options that debtors can choose to deal with their financial troubles, Chapter 7 bankruptcy is ideal for people who have no way to repay the huge amount even with a repayment plan. However, according to the law, bankruptcy involves a variety of options and guidelines to help people make an informed financial decision.

Although Chapter 7 bankruptcy provides many people with bankruptcy alternatives and a new beginning concerning their finances, it is not a panacea for their problems. The courts do not just grant a complete discharge for debts without fully investigating the circumstances surrounding the debt. People who file for a discharge are obligated to undergo a “means test,” which is a comparison of the person’s monthly income to that of the state’s median income.

Due to the new law, bankruptcy petitions are subject to greater scrutiny than in previous years and they require the signature of a lawyer. Bankruptcy filings in the past year also affect the status of one’s petition according to the new guidelines. This helps the courts to decide if the person is even eligible for a complete discharge.

The new bankruptcy code guidelines are designed to discourage abuse of the system. If an investigation finds abuse, the court can cancel the bankruptcy or require the debtor to repay their creditors through other means.

Suspected abuse includes multiple bankruptcy filings or trying to get debts discharged immediately after an expensive shopping spree. In the end, the court and its officials make the final decision regarding a Chapter 7 bankruptcy before debtors are granted relief.

Chapter 7 bankruptcy is not the only bankruptcy alternative for a debtor. Other bankruptcy options, such as Chapter 13 bankruptcy, allow the debtor to repay the debts in a 3-5 year repayment plan set up by the bankruptcy courts.

The court’s trustee assesses the debtor’s income and debts and decides on a plan in which the money is taken directly out of the debtor’s income for the purposes of paying the creditors. This option is often settled out of court with the creditors and is often used as a means for debtors to save their home from foreclosure.

Before filing for Chapter 7 bankruptcy, the best thing you can do is to talk to an attorney. Maybe you can avoid bankruptcy. Bankruptcy attorneys are familiar with the entire process and can advise you as to your best options before rushing into such a drastic measure.

If the attorney feels that you should file, they will also tell you which chapter of bankruptcy is the most advantageous to your particular case. Whether you decide to file or not though, focusing your efforts on changing your behavior is best so you do not end up in this situation again.



Bankruptcy Questions

Legal Helpers asked:


Since federal law governs bankruptcy, it does not matter where someone lives, the procedures will all be the same. If a person live for example in Illinois bankruptcy proceedings will be the same as those living in California. An attorney is always recommended for those contemplating going through the process, as they can make sure the petitioner qualifies for the type of bankruptcy for which they file.

Even as the changes in the bankruptcy code affected filings across the nation, for those filing for bankruptcy relief in the Windy City the timed release from debt is sometimes a bitter pill. Seeing many Chapter 7 applications switched over to a Chapter 13 debt adjustment instead, there is some question as to whether filing for Chapter 13 Chicago debtors seek timed release or are simply doing the best they can with what is offered to them.

The fresh start that used to be the hallmark of a bankruptcy filing is not open to such debtors, yet at the same time they do not stand to lose their homes and assets either. Even if they are behind in mortgage payments, they will still have the option of curing that deficit and thus holding on to the family home, offering stability to their families rather than the fire sale of the primary residence that will result in having to move into a potentially less desirable neighborhood and home.

The biggest selling point Chapter 13 Chicagoans realize is the fact that debts may be restructured to suit the needs of the payer, not the payee. In addition to the foregoing, remember that a Chapter 13 filing - although negative on the credit report - will not be as bad on paper as a Chapter 7 filing. Sure, you are stuck making payments, but all in all you can point to the good faith effort you have made at meeting your financial obligations. Additionally, the extra time that you buy by filing for this bankruptcy protection is often enough to ensure that your family is not forced to involuntarily relocate to a neighborhood or home that does not fit your needs.

There are two types of personal bankruptcy, Chapter 7 and Chapter 13 that offer debtors protection from unruly creditors or collectors. There may some key points about the person’s state of residence that is pertinent to filing bankruptcy, even though it is a federal court procedure. There are exemption limits to some personal possessions, meaning that the petitioner can protect certain assets from liquidation. Depending on length of residency in Illinois bankruptcy attorneys can help determine if they should use state exemptions or federal exemptions.

When contemplating bankruptcy an experienced attorney can help debtors sift through the paperwork quickly and easily and make sure that everything the petitioners puts into their petition is true and accurate. Today’s bankruptcy judges will hold attorneys responsible for false statements made by the petitioner they represent to make sure that the debtor and creditor are both treated fairly under the new laws.

Additionally, persons petitioning the courts for protection under federal bankruptcy laws will have to attend counseling sessions from firms approved by the court to help keep them financially healthy in the future. By preventing repeated bankruptcy not only are the credit companies made more healthy, but the debtor learns to be more responsible with their credit.



Bankruptcy Questions

Nickie G asked:


The bankruptcy trustee told me to ammend my exemption schedule to include my 2007 return, but I don’t know the code.
I filed with out an attorney, so I have to find the code by myself.

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Legal Helpers asked:


For those in debt that surpasses their ability to pay, bankruptcy can be a solution to regain financial freedom. Debts can be discharged through the filing of bankruptcy. Under a specific chapter of the bankruptcy code most debts can be absolved while a filer is still able to keep some personal property. There are federal and state exemptions for homestead, jewelry, life insurance policies and more. For a full listing of this contact your bankruptcy attorney. Consumer bankruptcy or personal bankruptcy is the most commonly filed. Chapter 7 and Chapter 13 are often filed in consumer bankruptcy. The whole purpose for bankruptcy is to allow debtors to be given a clean slate to build a positive financial history on.

You can begin your bankruptcy process by filing a petition, which is a document that includes a debtor’s financial information. Depending on your situation you will either choose or have a specific chapter of bankruptcy suggested for your debt relief benefit. A creditor can also file a bankruptcy petition on your behalf. This petition is filed with the U.S bankruptcy court clerk. A debtor has 20 days to file objections. If objections are filed, the case can go to trial. If there are no objections filed the bankruptcy will proceed. Involuntary bankruptcy can only be filed under two chapters, which are chapter 7 and chapter 13 of the bankruptcy code.

You are susceptible to being a part of an involuntary bankruptcy if you are not paying your debts period. If you are missing significant payments or you are regularly missing sizable payments you can be subject to involuntary bankruptcy. The court enters an order of relief and the creditors expenses and attorney fees are dispensed immediately. Creditors who are not hasty in being paid at least a portion of their owed debt will choose to file involuntary bankruptcy. Some creditors will use this as only a last resort as if the judge was to view the charges as unjust the creditors themselves could obtain fees and charges. For additional information on this area of bankruptcy or others you can simply search bankruptcy or bankruptcy petition online. You can also speak to a bankruptcy attorney for a free consultation for your bankruptcy questions.

It is understood that due to job loss, terminal illness and death of a spouse can throw people into severe debt. The most common cause for bankruptcy is still in fact largely due to credit card debt. It is key to speak with a bankruptcy attorney for a free consultation. You can do this online or by contacting a local attorney out of the phone book. An experienced attorney can steer you in the right direction when making the choice to file bankruptcy. In general chapter 7 converts your non-exempt assets into cash to pay off outstanding bills. Chapter 13 is a form of financial reorganization. With chapter 13 you are given time to pay off your bills, stopping foreclosures and maintaining the majority of your property. Bankruptcy can provide financial freedom but should be used as a last resort as opposed to paying bills off through debt consolidation practices.



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Lender411 asked:


Bankruptcy used to be the stigma laden option for consumers who were simply too deep in debt to find a way out. In the past Chapter 7 filings could lighten the debt load for filers by simply doing away with credit card bills and other unsecured loans. In some cases, homeowners could even keep their homes and cars, depending on their ability to repay the loans and of course also the amount of equity contained within the asset.

When changes to the bankruptcy code were submitted – making it much more favorable for unsecured creditors like credit companies – and kept consumers repaying outstanding balances as part of their filing requirements, the fast paced return to a life without fiscal woes was greatly curtailed. As the housing boom bottomed out, and a waning economy sent more and more homeowners into bankruptcy, the amounts of seized parcels of real property skyrocketed and empty homes litter residential streets, driving down home prices.

Since there is hardly a waiting number of consumers for these foreclosed properties, a number of state attorneys general have now come out in favor of a further amendment to the bankruptcy code that would put the bankruptcy court in the position to order banks to proceed with mortgage loan modifications. Proponents believe that this step will protect large numbers of bankrupt homeowners from actually having their homes seized and added to staggeringly high inventory of already foreclosed homes.

Bankers and mortgage investors are not too keen on the idea, since it essentially places the risk of bad mortgages back on them, leaving them to figure out how to make a home affordable for a debtor who is essentially out of disposable income. Banks argue that such a move would greatly increase the cost of mortgages for all consumers, since banks would have to protect themselves against the potential for high impact costs this kind of program might have for them.

The current political climate in Washington, however, does not have a lot of sympathy for creditors and for banks that are crying foul and as such the Obama Administration is favored to see this measure through. What is more, since proponents crunched the numbers, they came to the realization that the actual increase would only be about 0.15 points to current mortgage rates, keeping them still rather competitively priced for those considering the purchase of a home or the refinance of an existing home.

With so much opposition, it is not surprising that banks might find themselves in the unenviable position of having to change their business practices. While thus far they have been extremely slow to let go of the bailout money they previously received for the funding of consumer loans, they might before long find themselves to be court ordered to do so. It is anyone’s guess what the long tern effect of this kind of financial climate will be. As it stands, beleaguered homeowners appreciate the opportunity to remain in their homes, even as their finances are in shambles.

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