Get Your Free Bankruptcy Evaluation From A Local Attorney
Would you like to know how to get fast, accurate, information about filing bankruptcy, that is specific to your individual situation?
All you have to do is fill out the secure form located to the right.
After you fill out the form, you will be contacted to schedule your free, confidential, no-obligation evaluation, with a bankruptcy attorney in your area.
This is the first step toward getting the information you need. This information will allow you to make an intelligent, informed, decision about filing bankruptcy.
The Basics Of Filing Personal Bankruptcy
General Information about Ch. 7 and Ch. 13 Bankruptcy
The 5 most dangerous words are, “Maybe it will go away”
Deciding to file bankruptcy can be difficult. It can also be a fresh start toward a new
life. The type of bankruptcy that is best for you depends upon your individual situation.
To learn some of the basics about the different types of bankruptcy and how they work, please read on. To discuss filing bankruptcy with a bankruptcy attorney, please fill in the Free, No Obligation Evaluation Form located to the right of this article. You will be contacted by a local bankruptcy attorney who will talk with you and help you evaluate the best course of action for your specific situation.
Just taking these first steps will help you feel better, and will help you take control of your financial future. Read more
Learn More About Chapter 7 and Chapter 13 Bankruptcies
The Two Types of Personal Bankruptcy
If you’re considering filing bankruptcy as a way of escaping debt, it’s important that you know as much as you can about bankruptcy before you move forward. Read on to get an idea of which type of personal bankruptcy, Chapter 7 or Chapter 13, would best suit your financial needs.
Chapter 7 Bankruptcy, or “liquidation,” allows petitioners to discharge most unsecured debts.
Chapter 13 Bankruptcy, or “reorganization,” allows petitioners to repay most secured debts over the course of three to five years.
Chapter 7 & Chapter 13: The Similarities
Whether you file under Chapter 7 or Chapter 13 of the Bankruptcy Code, you’ll have to fulfill certain requirements. Before actually filing your petition with the court, you’ll have to complete an approved Credit Counseling briefing. The purpose of the briefing is basically to introduce bankruptcy alternatives (like credit counseling, debt consolidation, etc.) and make sure that bankruptcy is your only viable option. Read more
Could Chapter 13 Bankruptcy Save Your Home From Foreclosure?
You May Be Able To File Bankruptcy And Keep Your Home
Times are tough. If you’ve fallen behind on your mortgage payments, you’re certainly not alone in your struggle. In fact, a foreclosure occurs every 13 seconds in the United States, according to The Center for Responsible Lending. But just because you may be facing bankruptcy, it doesn’t necessarily mean that you must lose your home to foreclosure. If you act quickly, you’ll likely have debt-relief options that could help protect your home. One of those debt-relief options may be filing Chapter 13 Bankruptcy.
How Does Bankruptcy Stop Foreclosure?
When a person files bankruptcy, the automatic stay typically goes into effect right away.
Under the stay, creditors are court-ordered to stop all collection efforts, which include:
• foreclosure
• repossession
• some lawsuits
• most wage garnishments
• harassing phone calls & letters
Millions of Americans with money problems, and facing foreclosure on their home, have sought the protection of the automatic stay, and filed Chapter 13 bankruptcy to save their homes. Read more
Life After Bankruptcy
Information and Help for Getting Back on Track
Filing bankruptcy can be an enormous relief if you’ve been struggling with debt and worrying about money, and rightfully so: bankruptcy can be the first step you take toward financial health and stability. But in order to make the most of the fresh financial start the U.S. government offers to bankruptcy petitioners, you need to understand that a bankruptcy filing is only the beginning of your new life.
Like physical fitness, financial fitness takes a while to develop – but is completely worth the time and effort you invest. Here are a couple of key behaviors that will help your post-bankruptcy life be as successful as possible. Read more
Filing Bankruptcy
Filing bankruptcy is a legal procedure and you need to have a bankruptcy attorney who can guide you in this federal court proceeding. The word “bankruptcy” may often give you the creeps but it can give you an opportunity to make a fresh financial start too. Filing bankruptcy wasnít a difficult task until 17th October 2005, when the new federal bankruptcy laws were enforced.
Since then, the manner in which bankruptcy is filed has changed drastically. The new laws were introduced mainly to restrict debtors from filing bankruptcy and to lower the incidence of the same. You file bankruptcy only after the bankruptcy alternatives fail to give you desired results. Some of the bankruptcy alternatives include debt consolidation, debt settlement and debt management plan.
In order to file bankruptcy, you have to undergo a credit counseling session. The credit counselor will guide you about your debts and assess if at all you need to file bankruptcy. These credit counselors have to be approved by the government. As per the new federal bankruptcy laws, you have to take a Means test to qualify for Chapter 7 bankruptcy.
In means test, your income is compared to the median income of a household of a similar size in the same state in which you are staying. If it is found that your income is lower than the median income, you are eligible for Chapter 7 bankruptcy. Alternatively, your bankruptcy attorney may ask you to opt for Chapter 13 bankruptcy. The means test was introduced so that debtors who are in genuine need of Chapter 7 bankruptcy can avail it.
In Chapter 7, also referred to as “liquidation” bankruptcy, the non-exempt assets are liquidated or sold off and the cash is distributed among your creditors. You can enjoy federal exemptions or state exemptions. However, a single debtor filing bankruptcy cannot enjoy both exemptions.
In Chapter 13 bankruptcy, you are given a repayment plan and if you follow the repayment plan religiously, you get out of debt in a span of 3 to 5 years. You donít have to lose your assets.
Filing bankruptcy can ruin your credit score. And if you have filed bankruptcy, it stays on your credit report for a period of 7 to 10 years. You may find it difficult to get fresh credit if you have filed bankruptcy. However, you can also improve your credit rating in due course by improving your financial habits.
How To Use This Site And It’s Resources
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The information contained on this website is intended to be educational only, it is not legal advice. Bankruptcy issues, and questions having to do with bankruptcy, tend to be very individual and can be complex. You should consult with a bankruptcy attorney licensed to practice in your state for advice about your particular situation.
The free, no-obligation evaluation, that is found on FilingBankruptcy.org, can be used to gain access to an attorney in your area. It is important to speak with a local attorney about your specific financial situation, before making any major decisions.
