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There has been much doom and gloom written about the bankruptcy means test under the new laws and how much more difficult it's going to be to file Chapter 7. It's true that there are more hoops to jump through under the new bankruptcy code and it's true that the bankruptcy means test will result in some people having to file Chapter 13 instead of chapter 7. However, the vast majority of chapter 7 bankruptcy filers is still available with very little extra effort. If you're in a financial...
Bankruptcy Attorneys Thrive In An Economic Recession
A terrible recession should be a great time for a bankruptcy lawyer. With so many people and businesses in financial trouble, a bankruptcy attorney certainly has a lot of demand for their services. Bankruptcy lawyers are told their business is countercyclical, meaning that they are at the busiest with the economy is the worst. But interestingly, that's not entirely true. Clients are in far worse shape than when the economy was thriving. Working for people with good jobs but too much debt is a...
Get Rid of Credit Card Debt by Filing Chapter 7 Bankruptcy
Credit card debt is one of the most troubling financial issues for American families today. Over 23 million Americans currently can't make more than the minimum payment on their credit cards. Nearly half of all credit card holders missed at least one payment in 2008 and nearly 25% of families are worried about how they will pay for their credit card bills at the end of the month.
If you find yourself in similar situations to the ones described above, remember that you're not alone and that...
How Long Is A Foreclosure While In Chapter 7 bankruptcy
Houses and other property can be sold while someone is in bankruptcy, but there are specific rules that must be followed when you do it. You must get court approval before the property is sold. Until a final decree has been issued in a bankruptcy filing, the property will be tied up. The final decree may not have been issued even though the bankruptcy debtor has received a bankruptcy discharge. Permission from the bankruptcy court must be sought even if the secured lender, usually a mortgage...
Why Should You Choose Bankruptcy? The Automatic Stay
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 βAutomatic Stayβ.
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...
File Bankruptcy to Protect You from Collectors
In many circumstances, the consumer has rights against the collector which might avoid the need for bankruptcy relief. One weapon is the Fair Debt Collection Practices Act or FDCPA.
The FDCPA prohibits contracts from third parties if the collector knows the debtor is represented by a bankruptcy attorney, otherwise contact with third parties is permitted but only to locate the debtor. In practice, writing is required in advising of bankruptcy attorney representation to avoid he said she said...
Do I Need Bankruptcy Attorney And What Forms Will I Need
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...
Try To Avoid To File For Bankruptcy
If you're trying to avoid filing bankruptcy, you have a few options and these should be initiated by you, not by your credit card companies. One possibility is a debt consolidation plan. Let's say you have four credit cards with the total balance of $22,000, you could arrange financing through another source for one loan, have better terms than your current cards provide, lower interest rate with a longer payback term. Instead of being required to make ever increasing minimum payments to four...
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