Two Questions Regarding Filing For Bankruptcy

Posted by on February 8, 2016 in Uncategorized | Comments Off on Two Questions Regarding Filing For Bankruptcy

Becoming trapped under debts can be one of the most stressful experiences that a person can go through. If you have found yourself in this situation, you may be facing aggressive actions by your creditors. In addition to filing lawsuits, it may be possible to have your wages garnished as well as property confiscated. Fortunately, bankruptcy can offer a person a way out of this type of situation, but it is common for individuals to lack the knowledge or experience needed to make an informed decision about pursuing this legal option. If this applies to you, learning the following couple of questions and answers should help to make this choice easier. What Happens During Bankruptcy Proceedings? The process of filing for bankruptcy can be rather lengthy, but one of the first steps will be for the courts to thoroughly evaluate your financial history and standing. This is necessary because it must be determined how much of the debts you will be able to repay. Depending on the type of bankruptcy you file, this may or may not involve liquidation of some of your assets. Fortunately, many clients may find that they are able to negotiate friendlier repayment terms and debt forgiveness without having to lose any assets through this process. However, only your attorney will be able to help you determine which type of bankruptcy will be best for you. Will Your Credit Ever Recover From A Bankruptcy? There are many individuals that may be hesitant about filing for bankruptcy because they are concerned about whether or not they will ever be able to rebuild their credit. While it is commonly believed that a bankruptcy will destroy a person’s credit for many years, this does not have to be the case. Following a bankruptcy, it is generally possible to be qualified for a secured credit card by making a deposit with a card issuer. This type of card can allow you to build a positive payment history without the risk of taking on excessive debt because these cards have low limits. By making sure to always make these payments on time, it is possible to establish a positive repayment history, which will help rebuild your credit. Filing for bankruptcy can be the best option for individuals that have found themselves in an impossible financial situation. By understanding what is involved during in filing for bankruptcy as well as the fact that it is possible to build your credit relatively rapidly, you may find it is easier to make a choice about using this option to achieve a fresh financial start. Visit for more...

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Rising Costs Of Living Getting You Down? Why Chapter 7 Might Be Right For You

Posted by on August 27, 2015 in Uncategorized | Comments Off on Rising Costs Of Living Getting You Down? Why Chapter 7 Might Be Right For You

It seems that prices are going up on everything. The monthly news about the costs of gas, groceries, or other goods is rarely one that benefits consumers. Many people with financial stability can take these kinds of gradual hikes in stride, but if you are already operating in the red due to excessive credit card debt, a few more dollars at the grocery store can have a big impact on your family. Because you are the provider for your children, they look to you to care for them. Do they too often see anxiety in your face as you approach the checkout line? If so, you are probably tired of living hand to mouth and carrying the heavy weight of credit card debt around your neck. Chapter 7 bankruptcy might just be the choice that frees you from this kind of desperate living. What is Chapter 7? Many people hear about the two most common forms of bankruptcy, Chapter 7 and Chapter 13, but don’t know the difference between them. Chapter 13 is a restructuring of a person’s debt, on which he/she makes monthly payments for several years before having the bulk of it forgiven. It works well for those who have steady incomes but can only pay part of their overwhelming debt. Chapter 7, however, is known as “straight” bankruptcy; in other words, you are declaring that you can not pay your debts at all. This is probably your scenario if you cannot accommodate small increases in the cost of living. How can Chapter 7 help me? Chapter 7 bankruptcy wipes your financial slate clean. The moment your attorney files the case, your creditors must stop contacting you. During the next three to six months, a bankruptcy trustee will review your financial affairs, and you will appear in court to answer questions about them. At the end of the bankruptcy process, your debts are discharged and you have a brand new financial start. Will I lose my house? This may be the most common question asked by people considering bankruptcy. Theoretically, your assets can be sold to offset your debts. It is true that, in some cases, those filing Chapter 7 will have to forfeit their homes. However, if you do not have much equity in your house, it will not make financial sense to the court to seize and sell it, as the profit made on the sale would not pay down your debt significantly. Your attorney can advise you about the particulars of your circumstances. Where do I start? If you think Chapter 7 might be the solution for you, contact a bankruptcy attorney in your area and schedule a free consultation. He/she will review your total financial situation and then offer the best legal advice for you and your family. For more information, contact Licata Bankruptcy or a similar...

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3 Things to Know About Filing Chapter 7 Bankruptcy

Posted by on August 10, 2015 in Uncategorized | Comments Off on 3 Things to Know About Filing Chapter 7 Bankruptcy

It’s not always easy getting your bills paid on time. The challenges and demands of life can result into financial problems. If you find yourself in a financial bind that you simply can’t seem to dig your way out of, you may want to consider filing for a Chapter 7 bankruptcy. However, before doing so, there are certain things you should know about filing for this status. The Fees When you don’t have a lot of money on hand to pay your bills or your debt, the last thing you want to be faced with is high court fees to file for this legal status. The good news is that the total administrative and court fees for filing for this type of bankruptcy is $335 as of June 2014. The Forms It’s a great idea to know the types of forms you will need to complete to qualify legally for this status. There are several forms that the court system will ask you to complete and these are listed below: Debt—You must have the exact amount of debt you owe and who it’s owed to when filing for this type of legal assistance. It’s ideal to have the full name of your lender, the address and phone number listed, as well. Income—The amount of your income will need to be confirmed by you and listed on one of the bankruptcy forms. You should attach a copy of a past W-2 to this form. Expenses—It’s necessary for you to list the precise amount of what it costs you to live each month. This should include your rent, clothing and other costs for your monthly survival. The Time It’s ideal to know how long it will take for your bankruptcy to be completed. It’s typical for you to only have to wait 90 days before this entire process is complete, and you will be free of debt. However, once you have filed for bankruptcy, you’re creditors will be unable to contact you or harass you in any way. Dealing with a serious financial problem can be very devastating and cause you a great deal of stress. The best way to handle this issue may involve taking the necessary steps to complete this legal process. Be sure to rely on the expertise of a local law firm like Wiesner & Frackowiak, LC that will know how to advise you correctly and help you navigate the...

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2 Reasons To Hire A Bankruptcy Lawyer

Posted by on June 24, 2015 in Uncategorized | Comments Off on 2 Reasons To Hire A Bankruptcy Lawyer

A bankruptcy lawyer is going to be your best resource if you are dealing with too much debt for you to handle, mostly because of the many ways in which he or she can assist you. A bankruptcy attorney can deal with aggressive creditors and help you choose the best type of bankruptcy for your situation. Creditors One of the worst parts about falling behind on your debts is having to deal with creditors and collection agencies. While many of the creditors and collection agencies will be quite professional and polite while trying to collect, there are some that can become very aggressive and threatening. Your attorney can help you eliminate all contact with your creditors. The reason for this is that once your attorney files your bankruptcy case, a notice is sent to all of your creditors ordering them to cease all phone calls, mailing, and other collection activities. If any creditors continue contacting you, you can simply inform your attorney and he or she will contact the creditor or collection agency and order them to stop. Type Of Bankruptcy A difficult part of the bankruptcy process is trying to decide which type of bankruptcy to file, with chapter 7 and 13 being the two most common types of personal bankruptcy. If you are unemployed or completely unable to pay your debts while still paying for your basic living expenses, an attorney will recommend a chapter 7 filing. This is because a chapter 7 filing will completely discharge almost all types of debts so that you can start over with a clean slate. A chapter 7 bankruptcy is not going to be able to assist you with discharging any debts to the IRS, student loan debts, or alimony/child support payments. In addition, a chapter 7 bankruptcy is often going to require that you surrender some property, such as any cash that you may have in your accounts, investments, or vehicles. A chapter 13 is the type of bankruptcy that your attorney will recommend if you are in a position to pay back your debt, but only if the debt is restructured. A chapter 13 bankruptcy will create a payment plan that will lower the overall amount of debt that you will pay, while also lowering your monthly debt payments. The great part about this type of filing is that it will not require you to surrender property, as you will still be paying your debts. Speak to a bankruptcy attorney today in order to discuss the many ways in which he or she can help you out. A bankruptcy attorney like Arthur M Richard can help you determine the best type of bankruptcy for your particular financial situation, while also providing you with relief from creditors and collection...

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