Bankruptcy Questions Answered

eHow asked:

The current bankruptcy law in legislation is the Bankruptcy Abuse Prevention Consumer Act that became effective in October of 2005. View the current bankruptcy laws over the Internet with insight from afamily lawyer in this free video on bankruptcy. Expert: Robert Todd Bio: Robert Todd is the managing partner and president of Robert M. Todd, PA and Family Law Solutions. Filmmaker: Christopher Rokosz

The248Lawyers asked:

Bankruptcy does not have to be intimidating. There are a lot of misconceptions about the new Michigan Bankruptcy laws. Did you know that, in most cases, you can keep your car, home, and other assets? Its not easy however. You’ll need a successful and proven lawyer. Get the best trial lawyers in Michigan. Put our 90% win record to work for you. More info on bankruptcy at 248 Lawyers can be found at: 248lawyers.com

agn2au asked:

Basic beginning information on what you need to know and what not to tell your lawyer

eHow asked:

Protecting money and assets during bankruptcy proceedings is difficult because you are required to report all cash, real property and personal property to the court. Consult a specialized lawyer to discuss the protection of certain assets during bankruptcy with insight from afamily lawyer in this free video on bankruptcy. Expert: Robert Todd Bio: Robert Todd is the managing partner and president of Robert M. Todd, PA and Family Law Solutions. Filmmaker: Christopher Rokosz

cecilia holmes asked:


Before you declare yourself bankrupt, you should take time to carefully consider all of your options as there may be better alternatives in your situation. You may be able to pay off your debt over time by bringing in additional income, or you can try working with creditors to reduce your overall obligation.

Even something as simple as transferring your credit card balances to another card with a lower interest rate can be quite helpful. Before you take this strategy, however, you should be careful since this is just another loan that you have to worry about. It will not solve your problems by itself, and if you continue with your current spending habits you could find yourself in an even deeper hole. Transferring to a lower interest rate can bring some relief, though, as part of a more comprehensive debt reduction program.

After going through all the alternatives, you may come back to bankruptcy as the best or only option for you in your current circumstances. This may be a bit discouraging for you, but it should not be a reason for despair. You do need to make sure that your decision has been well researched and that you understand the basic process.

You need a good lawyer to help you with your case because the process has become more complex with the recent changes in the bankruptcy code. There are also various laws which vary by states, even though there are Federal laws that provide some uniform standards. For example, declaring bankruptcy in California may not be the same as declaring bankruptcy in Texas, especially when it comes to your homestead exemption.

The homestead exemption, by the way, protects your house from creditors if you file for bankruptcy. For example, if you’re trying to get rid of tens of thousands of dollars of credit card debt, your creditors cannot go after your house if your state has a homestead exemption. Of course, you still have to pay your mortgage, and you may still have to deal with foreclosure if you don’t pay your lender for your house payments.

Don’t let the fear of your debt take over your life. Get the facts about bankruptcy and learn how to get control of your debt. To learn more about declare yourself bankrupt visit us at http://personalbankruptcyquestions.org



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Ginger asked:


I hear it is very hard to file for the type of bankruptcy where they abolish all of your debt. However, what about the type of bankruptcy where you pay back some of your debt? If you file this type of bankruptcy, will you definitely get accepted, even if you make a high income? How much of your debt do they make you pay back and in what timeframe? How much does it cost to file for bankrutpcy nowadays? Do you have to pay a lawyer up front? Does a lawyer guarantee you will be accepted for filing bankruptcy? THANKS!

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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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Bryan Burbank asked:


Before filing for a bankruptcy it is important that you know what is involved. You need to understand what the impact will be on your family and your credit history once you decide to file for bankruptcy. The actual filing fees are not very expensive but you need to find a lawyer that has experience to help you fill out the proper forms. Once you file for bankruptcy it can stay on your credit report for up to 10 years and during this time it may be difficult for you to get a loan on a new car or at home. You may want to consider all factors involved in the side if a bankruptcy is your best option.

Know the: Bankruptcy Filing Process

You need to decide whether filing a bankruptcy is the only option you have available to you. If you are in a situation where you have a lot of debt there can be other options available. It may make more sense for you to get a debt consolidation loan than having a bankruptcy on your credit report for 7 to 10 years. There are many places where you can consolidate all the debt you have and roll it into one easy to manage loan payment. Make sure you talk to an expert and find out all the positives and negatives there are two officially filing for bankruptcy.

How to: File Bankruptcy for Free

Remember that your last option should be fine for bankruptcy when you are in debt. There are many options are available to you including getting a consolidation loan where you can have all of your debt into one easy to manage payment. Before filing you need to understand that a bankruptcy will stay on your credit for 7 to 10 years. During this period of time it may be difficult for you to get approved for a loan for a car or a house.



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