Chapter 7 or Chapter 13: Your Bankruptcy Options
Sunday, December 26th, 2010sundarsing1 asked:
information-get.com information-get.com
New Bankruptcy Laws - Niblock & Bueker Bankruptcy Attorney
Tuesday, October 26th, 2010NiblockLawChannel asked:
As an experienced Arkansas Bankruptcy Attorney, I understand that there are five (5) Chapters under the Bankruptcy Code, and each one has it’s own unique set of options. Chapter 7 is a liquidation of non-exempt property; Chapter 9 is for Cities and Municipalities; Chapter 11 is for individuals or businesses who owe large sums of money; Chapter 12 is for family farmers; and Chapter 13 is for individuals to reorganize their debts to keep their property. If you would like to discuss your options under the Bankruptcy Code in detail, contact the experienced Arkansas Bankruptcy Lawyers at Niblock & Bueker today. www.niblocklaw.com
Kansas City, MO Loan Modification & Bankruptcy Debt Relief
Tuesday, September 7th, 2010TVcommunity619 asked:
www.1800fixedhelpkansascity.com Get Kansas City, MO foreclosure and bankruptcy help. Tracy Robinson can help with debt consolidation, loan modification, Chapter 7 & Chapter 13 bankruptcy including foreclosure. Free initial consultation.
Pick The Gender Of Your Baby
Monday, July 5th, 2010
Peter Gitundu asked:
There are mainly two chapters under which a bankrupt company can file a financial distress case. These are chapter 7, also known as the liquidation chapter or chapter 11 which allows the company in debt to pay as they continue operating. When a corporate insolvency petition has been filed under chapter 11, the court appoints an official who takes up the responsibility of making financial decisions in the company while the managers continue with the day-to-day running of the company.
Corporate bankruptcy filed under chapter 11, gives the company a chance to reorganize as they pay their pending debts. There are proposed changes in the company financial distress petition. These are under the Bill C-55. Claims for unpaid wages and vacation pay will be given first priority. Presently secured creditors are given first priority, followed by unsecured creditors. This change will be enacted under the Wage Earner Protection Program, WEPP.
The WEPP, which will be under the ministry of labor and housing, was formed to compensate workers who have not received their monthly payments and vacation pay six months prior to the filing. This bill intends to protect workers under their umbrella in case their company decides to declare insolvency. This bill also seeks to protect employees retirement benefits and any retirement plans that the employee could have in case the company became insolvent. Any such retirement plans will be given priority above the secured creditors.
Corporate bankruptcy will also protect the contracts of the employees. The debtor company will have to serve the court with an order that, in order to restructure they might need to cut down the number of employees. The company has to convince the court that this step will help them come out of debt.
Bankruptcy Questions
There are mainly two chapters under which a bankrupt company can file a financial distress case. These are chapter 7, also known as the liquidation chapter or chapter 11 which allows the company in debt to pay as they continue operating. When a corporate insolvency petition has been filed under chapter 11, the court appoints an official who takes up the responsibility of making financial decisions in the company while the managers continue with the day-to-day running of the company.
Corporate bankruptcy filed under chapter 11, gives the company a chance to reorganize as they pay their pending debts. There are proposed changes in the company financial distress petition. These are under the Bill C-55. Claims for unpaid wages and vacation pay will be given first priority. Presently secured creditors are given first priority, followed by unsecured creditors. This change will be enacted under the Wage Earner Protection Program, WEPP.
The WEPP, which will be under the ministry of labor and housing, was formed to compensate workers who have not received their monthly payments and vacation pay six months prior to the filing. This bill intends to protect workers under their umbrella in case their company decides to declare insolvency. This bill also seeks to protect employees retirement benefits and any retirement plans that the employee could have in case the company became insolvent. Any such retirement plans will be given priority above the secured creditors.
Corporate bankruptcy will also protect the contracts of the employees. The debtor company will have to serve the court with an order that, in order to restructure they might need to cut down the number of employees. The company has to convince the court that this step will help them come out of debt.
Bankruptcy Questions
I am looking to file bankruptcy as affordably and effectively as possible? Any ideas?
Wednesday, December 2nd, 2009
ben asked:
I live in New York City and like most people looking to file bankruptcy its because I don’t have much money and certainly not enough to pay all my debt! I’ve looked into filing and it looks like from what I can tell to file a Chapter 7 will be around $1000-2000 in fees, court fee and lawyer fees. Is there a more affordable way to do it without sacrificing on the quality of the filing?
Add a link here 1
I live in New York City and like most people looking to file bankruptcy its because I don’t have much money and certainly not enough to pay all my debt! I’ve looked into filing and it looks like from what I can tell to file a Chapter 7 will be around $1000-2000 in fees, court fee and lawyer fees. Is there a more affordable way to do it without sacrificing on the quality of the filing?
Add a link here 1
Wednesday, November 18th, 2009
Joseph Kenny asked:
A lot of people are running into financial difficulty these days - especially with a lot of major corporations going through layoffs and buyouts. What this means is that a lot of people find themselves suddenly unemployed and it may take some time to get another good paying job. When financial difficulties come, and they stay around for awhile, the thought of declaring bankruptcy will come into some people’s minds - especially when the debt starts getting out of hand, with no light at the end of the tunnel. Here are some thoughts about bankruptcy that will help you to make that important decision of “Should I, or shouldn’t I?”
What Declaring Bankruptcy Means
Declaring bankruptcy is basically an indication that you are not able to pay the debts that you have legally incurred. For this reason, and the legal examination of your bills and the way you handle your finances, as well as the humiliation involved, makes it a rather stressful process. It means that you will have to seek credit counseling, too.
Because so many people are attempting to get out of their debts, for one reason or another, Congress has passed an Act, which was signed by President Bush in 2005, to place certain limitations on declaring bankruptcy and who can do it. This Act, called the “Bankruptcy Abuse and Consumer Protection Act,” seeks to make it more difficult to declare bankruptcy and to help the creditor to receive a higher degree of compensation. This Act called for higher bankruptcy filing fees, credit counseling, and making it more difficult to file under Chapter 7, making it necessary for more people to file under Chapter 13 bankruptcy. Many other details are also covered in the Act that place further limitations on bankruptcy.
Two Types of Bankruptcy
Filing under a Chapter 13 bankruptcy means that there is a “reorganization” of your finances, and it does mean that you do repay much of your existing debt. You are required to make a plan that enables you to pay back a lot of your existing debt in the next three to five years. This means the sale of some of your properties (or all of them) in order to satisfy the debt. It is the bankruptcy Trustee who will make the decision as to what needs to be sold - not you.
Filing under a Chapter 7 bankruptcy means, once again, that the various assets that you do currently possess will need to be listed, by requiring you to take a “means test,” and then a decision will be made as to what you can keep and what you cannot. Everything will fall under an “exempt” or a “non-exempt clause.” You keep the “exempt” items, and lose the rest. The “non-exempt” items will either be sold, or you will be required to pay them back. Some things that are not exempt are child support and education costs.
The cost for declaring bankruptcy can run up to about $1,500 for personal bankruptcy. This includes the filing charges, and the lawyer’s fees. The fees, however, are dependent upon how much of an income you have, and it will vary from one state to another. The process of obtaining a legal declaration of bankruptcy, assuming everything is in order, can take up to six months.
After The Declaration Of Bankruptcy
Once you have obtained a legal declaration of bankruptcy, all of your creditors know where they stand. For some, the debts are discharged, and others have received what will be paid to them, or they know what will soon be coming to them. However, it also means that your credit rates have been destroyed, and it will take years to fully repair it. The bankruptcy is placed on your credit rating and will remain there for the next ten years.
What Other Options Are There?
If you are now in a position where you need to consider bankruptcy, then there are some other options that may yet be available to you.
1. Get Credit Counseling
By this, it means work through a debt negotiation company who will take your case to the various creditors in an attempt to work out some kind of a deal. This could be a good step in the right direction because creditors know that if you declare bankruptcy, then they may not get anything. Oftentimes, they will work with you.
2. Renegotiate Your Loans
Once again, by talking with your creditors, you may be able to renegotiate for better loan terms. This could give you a greater leeway financially that could provide just enough of an edge to enable you to get through it with having to declare bankruptcy.
Bankruptcy Questions
A lot of people are running into financial difficulty these days - especially with a lot of major corporations going through layoffs and buyouts. What this means is that a lot of people find themselves suddenly unemployed and it may take some time to get another good paying job. When financial difficulties come, and they stay around for awhile, the thought of declaring bankruptcy will come into some people’s minds - especially when the debt starts getting out of hand, with no light at the end of the tunnel. Here are some thoughts about bankruptcy that will help you to make that important decision of “Should I, or shouldn’t I?”
What Declaring Bankruptcy Means
Declaring bankruptcy is basically an indication that you are not able to pay the debts that you have legally incurred. For this reason, and the legal examination of your bills and the way you handle your finances, as well as the humiliation involved, makes it a rather stressful process. It means that you will have to seek credit counseling, too.
Because so many people are attempting to get out of their debts, for one reason or another, Congress has passed an Act, which was signed by President Bush in 2005, to place certain limitations on declaring bankruptcy and who can do it. This Act, called the “Bankruptcy Abuse and Consumer Protection Act,” seeks to make it more difficult to declare bankruptcy and to help the creditor to receive a higher degree of compensation. This Act called for higher bankruptcy filing fees, credit counseling, and making it more difficult to file under Chapter 7, making it necessary for more people to file under Chapter 13 bankruptcy. Many other details are also covered in the Act that place further limitations on bankruptcy.
Two Types of Bankruptcy
Filing under a Chapter 13 bankruptcy means that there is a “reorganization” of your finances, and it does mean that you do repay much of your existing debt. You are required to make a plan that enables you to pay back a lot of your existing debt in the next three to five years. This means the sale of some of your properties (or all of them) in order to satisfy the debt. It is the bankruptcy Trustee who will make the decision as to what needs to be sold - not you.
Filing under a Chapter 7 bankruptcy means, once again, that the various assets that you do currently possess will need to be listed, by requiring you to take a “means test,” and then a decision will be made as to what you can keep and what you cannot. Everything will fall under an “exempt” or a “non-exempt clause.” You keep the “exempt” items, and lose the rest. The “non-exempt” items will either be sold, or you will be required to pay them back. Some things that are not exempt are child support and education costs.
The cost for declaring bankruptcy can run up to about $1,500 for personal bankruptcy. This includes the filing charges, and the lawyer’s fees. The fees, however, are dependent upon how much of an income you have, and it will vary from one state to another. The process of obtaining a legal declaration of bankruptcy, assuming everything is in order, can take up to six months.
After The Declaration Of Bankruptcy
Once you have obtained a legal declaration of bankruptcy, all of your creditors know where they stand. For some, the debts are discharged, and others have received what will be paid to them, or they know what will soon be coming to them. However, it also means that your credit rates have been destroyed, and it will take years to fully repair it. The bankruptcy is placed on your credit rating and will remain there for the next ten years.
What Other Options Are There?
If you are now in a position where you need to consider bankruptcy, then there are some other options that may yet be available to you.
1. Get Credit Counseling
By this, it means work through a debt negotiation company who will take your case to the various creditors in an attempt to work out some kind of a deal. This could be a good step in the right direction because creditors know that if you declare bankruptcy, then they may not get anything. Oftentimes, they will work with you.
2. Renegotiate Your Loans
Once again, by talking with your creditors, you may be able to renegotiate for better loan terms. This could give you a greater leeway financially that could provide just enough of an edge to enable you to get through it with having to declare bankruptcy.
Bankruptcy Questions
Thursday, November 12th, 2009
Doug Sauerhaft asked:
This is an article about direct mailing lists, it isn’t an article on how to capitalize on others misfortunes…er…not really. Honest.
Lets face facts here folks, the economy is down the tubes—almost every day we hear of another financial icon going belly-up—housing sales are non-existent, mortgage lending is impossible. And I’m an optimist! No wonder record numbers of individuals are filing for Bankruptcy protection, even as the restrictions for such actions become tougher to qualify for.
So, for the people who find themselves helplessly upside-down, Bankruptcy moves from an option to reality. Once it is reality, what are they to do? Are they to disappear, of course not, they need to live and they hopefully will be working toward remedying the life/lifestyle circumstances that put them inexorably behind the proverbial eight-ball in the first place.
Isn’t this about Marketing?
Ok, so as a Marketer, don’t I want to avoid these folks like the plague…especially in today’s tenuous economic environment? Depends. Depends upon what you do, and who you offer it to.
But before I go into this in more depth, let me tell you about the two types of Bankruptcy mailing lists that are available.
Types of Bankruptcy Mailing Lists
Bankruptcy Fresh Filers - Consumers who have just filed for Bankruptcy protection (Chapter 7,11,12 or 13). This type of file can be selected by Filing Date as well as the aforementioned Chapter type. These people seek a “fresh start” to begin the road back to fiscal responsibility. This type of list is updated Monthly.
Bankruptcy Discharged Filers - Consumers who have just met the requirements of their Bankruptcy filing and had their case successfully discharged. Discharged date and Chapter type (7, 11, 12, or 13) are also selectable and this file is also updated Monthly.
In both cases above, lists like these should be selectable by a host of demographic (Age, Income, Education, Gender, Marital Status, etc…) overlay data to enable you to target a specific type of prospect.
The Plight of a Discharged Bankruptcy Filer
Once a person or persons is discharged, they have to re-establish a positive credit history before they can apply for a credit card or a loan. Marketers offering “secure” credit and other forms of payment options will be of benefit to these individuals until the person re-establishes his or her credit. Discharged bankruptcy filers have to find financial institutions, banks or merchants who are willing to give credit cards or financing alternatives.
Bankruptcy filings continue to increase. From a marketing perspective, this means that these types of Consumers will continue to provide a significant quantity of prospects to market to. So if you are one of the above, or are a creative marketer, then using Bankruptcy lists is something you should add to your marketing mix.
If you are interested in finding out more information on Bankruptcy lists, or other mailing or email lists, visit www.GreatMailingLists.com, and for more Marketing Tips, check out the Blog “What About the Mailbox with No Spam In It?”.
Bankruptcy Questions
This is an article about direct mailing lists, it isn’t an article on how to capitalize on others misfortunes…er…not really. Honest.
Lets face facts here folks, the economy is down the tubes—almost every day we hear of another financial icon going belly-up—housing sales are non-existent, mortgage lending is impossible. And I’m an optimist! No wonder record numbers of individuals are filing for Bankruptcy protection, even as the restrictions for such actions become tougher to qualify for.
So, for the people who find themselves helplessly upside-down, Bankruptcy moves from an option to reality. Once it is reality, what are they to do? Are they to disappear, of course not, they need to live and they hopefully will be working toward remedying the life/lifestyle circumstances that put them inexorably behind the proverbial eight-ball in the first place.
Isn’t this about Marketing?
Ok, so as a Marketer, don’t I want to avoid these folks like the plague…especially in today’s tenuous economic environment? Depends. Depends upon what you do, and who you offer it to.
But before I go into this in more depth, let me tell you about the two types of Bankruptcy mailing lists that are available.
Types of Bankruptcy Mailing Lists
Bankruptcy Fresh Filers - Consumers who have just filed for Bankruptcy protection (Chapter 7,11,12 or 13). This type of file can be selected by Filing Date as well as the aforementioned Chapter type. These people seek a “fresh start” to begin the road back to fiscal responsibility. This type of list is updated Monthly.
Bankruptcy Discharged Filers - Consumers who have just met the requirements of their Bankruptcy filing and had their case successfully discharged. Discharged date and Chapter type (7, 11, 12, or 13) are also selectable and this file is also updated Monthly.
In both cases above, lists like these should be selectable by a host of demographic (Age, Income, Education, Gender, Marital Status, etc…) overlay data to enable you to target a specific type of prospect.
The Plight of a Discharged Bankruptcy Filer
Once a person or persons is discharged, they have to re-establish a positive credit history before they can apply for a credit card or a loan. Marketers offering “secure” credit and other forms of payment options will be of benefit to these individuals until the person re-establishes his or her credit. Discharged bankruptcy filers have to find financial institutions, banks or merchants who are willing to give credit cards or financing alternatives.
Bankruptcy filings continue to increase. From a marketing perspective, this means that these types of Consumers will continue to provide a significant quantity of prospects to market to. So if you are one of the above, or are a creative marketer, then using Bankruptcy lists is something you should add to your marketing mix.
If you are interested in finding out more information on Bankruptcy lists, or other mailing or email lists, visit www.GreatMailingLists.com, and for more Marketing Tips, check out the Blog “What About the Mailbox with No Spam In It?”.
Bankruptcy Questions
How much will bankruptcy effect being able to rent a home?
Thursday, October 1st, 2009
AshleyD asked:
I had to file a chapter 7 a few months ago. I am now looking to rent a home, will my bankruptcy effect me being able to do so?
Fill This Out For Free Bankruptcy Evaluation!
I had to file a chapter 7 a few months ago. I am now looking to rent a home, will my bankruptcy effect me being able to do so?
Fill This Out For Free Bankruptcy Evaluation!
Saturday, September 12th, 2009
Poly Muthumbi asked:
Businesses that are faced with overwhelming fact that their debts have full-fledged to such a huge amount that they might have to settle for bankruptcy filing might not have a clue about how to go about this path. Such businesses are normally in a situation in which they have more liabilities than assets and are no longer capable of meeting their financial obligations.
Any type of business can file for this bankruptcy. Essentially it is common part of business, no matter what market you are in. It occurs especially among companies owned and operated by ordinary people who place everything they have in order to succeed. There are many times when even successful companies become knotted in debt making 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 competent of meeting their financial obligations.
The foremost step to take is to put your bankrupt status in writing by filing for bankruptcy through the bankruptcy court. Bankruptcy is the filing of Chapter 7 or Chapter 11 by corporations and partnerships. On the filing of a Chapter 7 plead, the court select a trustee whose prime duty is to sell the assets of the bankruptcy estate, and then make distributions to creditors. Businesses, unlike individuals, cannot have any property exclusion, so all assets are to be sold and distributed accordingly.
Many businesses opt for bankruptcy filing because of the reprieve it provides owners sinking in credit crisis with no way out of debt. The good thing about a business bankruptcy compared to a personal bankruptcy is the fact that so many companies do it as a way of streamlining their business that there no threats around it as a result of a lot of arrears. The bankruptcy filings sources are Automatic Display Files. When you search any of these sources, the system automatically displays a content and coverage description.
The bankruptcy law can provide reprieve to the business owners who are plagued with credit disaster and cannot find any other way out of debt. However, business owners must also face the fact of losing almost all of the business and damaging again almost all of the credit standing and tolerate humiliation is a possibility. There is not much stigma attached to Business Bankruptcy because it is, in fact, used by many businesses to streamline 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 specified as follows.
A step of bankruptcy filing in court will press one to engage an attorney to present their case and since the attorney fees are not ostensible one might have to organize heavy fees plan. The proceedings costs are very pricey and time consuming. Therefore, one must not expect the decision of the court to provide an automatic reprieve, in any case the court has instant control over your assets.
As a result you loose the control on your business and thus you can not have any plans to improve it at such a given period that is unpredictable. Even Mortgage after bankruptcy will also not bring any reprieve 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.
Poly Muthumbi is a Web Administrator and Has Been Researching and Reporting on Debt for Years. Visit Her Site at BANKRUPTCY FILING
Add a link here 1
Businesses that are faced with overwhelming fact that their debts have full-fledged to such a huge amount that they might have to settle for bankruptcy filing might not have a clue about how to go about this path. Such businesses are normally in a situation in which they have more liabilities than assets and are no longer capable of meeting their financial obligations.
Any type of business can file for this bankruptcy. Essentially it is common part of business, no matter what market you are in. It occurs especially among companies owned and operated by ordinary people who place everything they have in order to succeed. There are many times when even successful companies become knotted in debt making 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 competent of meeting their financial obligations.
The foremost step to take is to put your bankrupt status in writing by filing for bankruptcy through the bankruptcy court. Bankruptcy is the filing of Chapter 7 or Chapter 11 by corporations and partnerships. On the filing of a Chapter 7 plead, the court select a trustee whose prime duty is to sell the assets of the bankruptcy estate, and then make distributions to creditors. Businesses, unlike individuals, cannot have any property exclusion, so all assets are to be sold and distributed accordingly.
Many businesses opt for bankruptcy filing because of the reprieve it provides owners sinking in credit crisis with no way out of debt. The good thing about a business bankruptcy compared to a personal bankruptcy is the fact that so many companies do it as a way of streamlining their business that there no threats around it as a result of a lot of arrears. The bankruptcy filings sources are Automatic Display Files. When you search any of these sources, the system automatically displays a content and coverage description.
The bankruptcy law can provide reprieve to the business owners who are plagued with credit disaster and cannot find any other way out of debt. However, business owners must also face the fact of losing almost all of the business and damaging again almost all of the credit standing and tolerate humiliation is a possibility. There is not much stigma attached to Business Bankruptcy because it is, in fact, used by many businesses to streamline 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 specified as follows.
A step of bankruptcy filing in court will press one to engage an attorney to present their case and since the attorney fees are not ostensible one might have to organize heavy fees plan. The proceedings costs are very pricey and time consuming. Therefore, one must not expect the decision of the court to provide an automatic reprieve, in any case the court has instant control over your assets.
As a result you loose the control on your business and thus you can not have any plans to improve it at such a given period that is unpredictable. Even Mortgage after bankruptcy will also not bring any reprieve 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.
Poly Muthumbi is a Web Administrator and Has Been Researching and Reporting on Debt for Years. Visit Her Site at BANKRUPTCY FILING
Add a link here 1
How long once you file bankruptcy does it take to have it discharged?
Thursday, September 10th, 2009
aleiah126 asked:
I am looking into filing bankruptcy and wondering how long it takes for everything to be finalized? I think we are able to do chapter 7, does anyone know the income limits for chapter 7?
Fill This Out For Free Bankruptcy Evaluation!
I am looking into filing bankruptcy and wondering how long it takes for everything to be finalized? I think we are able to do chapter 7, does anyone know the income limits for chapter 7?
Fill This Out For Free Bankruptcy Evaluation!
