Joseph Devine asked:




Chapter 13 Bankruptcy Basics

Though much has been made in recent years about both the individual and corporate financial struggles that are being faced due to the credit crunch and other broad economic factors, the reality is that there have always been genuine challenges to fiscal security. The free availability of consumer credit and predatory mortgage lending practices have combined to create something of a perfect storm for the debt-strapped, and when you add into the mix the fact that developing a credit history is now an essential part of progressing into adulthood, the deck seems to be stacked against the unwitting consumer. In the most overwhelming circumstances, it may be appropriate to consider filing for Chapter 13 bankruptcy protection.

Even if you have been working steadily for years and manage your money responsibly, it is likely that a single accident, serious illness, or other unpredictable and substantial adverse life event can suddenly threaten to undo all that you have built. Part of this is attributable to the dramatically escalating cost of medical care in the United States, which has considerably outpaced increases in the average income of American workers over the past decade. If you are uninsured or exhaust the benefits available under your insurance policy, you can be stuck with tens of thousands of dollars or more in medical debts for even fairly minor injuries.

Elements of Chapter 13 Bankruptcy to Consider

The United States Bankruptcy Code exists to help debtors to resolve their outstanding financial obligations to creditors and service providers. There are forms of bankruptcy that are available to businesses and others that are solely accessible to individuals and families that are suffering from economic woes. Chapter 13 bankruptcies are restricted to individual filers who are employed at the time of the bankruptcy filing and who appear to have some degree of job security.

As each chapter of the Bankruptcy Code is designed to serve a different set of needs and parties, so, too is each of processes differently structured and requiring of distinctly separate qualifications. A few of the relevant details pertaining to Chapter 13 bankruptcy are:

Liquidation of assets is not a required step as it is with many Chapter 7 filings Chapter 13 bankruptcy filings stop and prevent foreclosure actions Debts are not erased, but rather the debtor has the opportunity to propose an extended repayment plan over a 3-5 year period Collection efforts must cease during the bankruptcy plan
For More Information

For further information about credit management and bankruptcy protection, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C.

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Anthony Russell asked:




If you also find yourself in such a case of mounting debts and torturing creditors then perhaps you should take the first appointment you get with a bankruptcy attorney. For bankruptcy lawyers it is their business and they know about everything that goes around in it so they will be able to sketch out a viable alternative for you which you might not even think can be worked out. So give in an expert and let them help you.

Along with repaying your debts and the bankruptcy attorney can also guide you to sell off your property in order to repay the creditors. And if selling off your property is not exactly your idea of getting rid of all your debts the bankruptcy lawyers can also assist you in making an arrangement with your creditors approved by the court to repay them in a pre-determined frame of time. Again, if you hire a bankruptcy attorney they are updated with every last bit of information regarding the United States Bankruptcy code. Bankruptcy is not an easily gliding procedure it can really confuse nonprofessional so a bankruptcy lawyer really can make things easy and facilitate them for you. The most common procedures in bankruptcy proceedings are Chapter 7 wherein you follow the debt liquidation or reorganization. The other one is arranging for repaying the indebted money under the Chapter 9, 11, 12, or 13 bankruptcies.

If you are thinking of filing for bankruptcy, a bankruptcy attorney is recommended. The rules of bankruptcy have changed and new norms have been introduced which a nonprofessional cannot be expected to know about. Again, the new rules have made it only difficult to file for bankruptcies all the more reason you will need bankruptcy lawyers to make your experience more pleasant after everything that you are already going through. They will be able to suggest you ways to get rid of your debt mountains, deal with your property and assets in a way that will benefit you and give you more time at hand. Bankruptcy Attorneys also work with the creditors and give them the assurance that their funds will also get recovered back. So a bankruptcy attorney is obviously a person you are going to thank once you see the benefits of hiring them.

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Deborah B. Hall asked:




More than ever these days, people are finding themselves in peril of losing all they own. It’s important for any individual to understand at times it may be necessary to protect yourself from the economic turn of events by finding a Chapter 13 bankruptcy attorney to fight for your rights. But with things the way they are at this time, can you afford to hire one and if so is this the best choice for your family?

Filing bankruptcy is not an easy process and hiring an attorney may not be the only option you have to save yourself from the embarrassment of bankruptcy. Instead of hiring a Chapter 13 bankruptcy attorney and increasing your debt however, you may be able to utilize a credit counselor or at the very least, find a free consultation to learn all the options you may have to proceed.

I’m not sure if you are aware of how filing for chapter 13 will affect your credit history. The downside to filing is having this bankruptcy on your credit history for up to 10 years. Most lenders will not want to deal with you or consider you to be too much of a credit risk and charge you the highest rate of interest allowed by law. I know this doesn’t make sense, but by letting the creditors know you’ve had a hard time making ends meet in the past they compensate for taking a risk by charging you higher rates. You can also forget about that new home you’ve had your eye on or new car you’ve been dreaming of. Your credit history will be damaged and even your new employer will have a chance to look at your credit report and possibly hire the next person in line.

Finding information on the best course of action to take is always best and having an expert guide you through the process is the best advice I can offer you. I can tell you from personal experience that going it alone is not something I would recommend. The information needed to file and the paperwork involved is not something I would attempt without the knowledge of a professional. Listening to the options offered by a credit counselor during your free consultation will at least give you an idea of how things work. The fact is, the longer you wait the harder things may get for you and your family. And with laws changing practically overnight this may be the best time for you to take care of the financial burden causing your family all their current anxiety.

Finding a Chapter 13 bankruptcy attorney may be easy and I’m sure they will advise you that working with them may be the best course of action for you to take; but please take my advice. Get a free consultation today and learn of the different options you may have to solving your financial dilemma. Taking control of your family’s finances may be easier to do with the help of a professional by your side. Information is power and finding this information is easier now with the help of the internet.

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Todd Going asked:




In the United State, Chapter 7 bankruptcy is the most common type of bankruptcy filed. It is the process of liquidation

When an individual files for bankruptcy they are many times allowed to keep certain exempt properties such as real estate mortgages. Other, non-exempt assets are then used for liquidation to pay back creditors. Other types of exemptions that are common include child support, taxes, student loans etc.

One bad aspect of filing for personal bankruptcy is that it will stay on your credit report for ten years. Obviously, this makes applying for new credit less favorable, although there are too many factors involved to say that conclusively.

Businesses can also file for Chapter 7 bankruptcy which means that the business intends to sell all its assets and distribute the proceeds to its creditors, before ceasing operations. This sometimes means that employees will lose their jobs, but sometimes entire sections of the company are sold intact to other companies.

In 2003, there were 1,156,284 filings for Chapter 7 bankruptcy by individuals, and 21,008 filings for businesses. According to the Administrative Office of the U.S. Courts, bankruptcy cases filed in 2004 fell 2.6 percent.

Filing for bankruptcy can be one of the most important financial decisions one can make. It is always best to have someone who is experienced and knowledgeable in bankruptcy law there to help you through the process. Contact an experienced bankruptcy lawyer today.

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Elijah Marks asked:




Bankruptcy often carries a negative stigma. However many people today would benefit from filing a bankruptcy petition. I am not a lawyer so please verify any information you read here and consult a licensed attorney if you need legal advice. I have filed for bankruptcy before however that was way before the bankruptcy reform act of 2005 which changed everything.

Bankruptcy before 2005 was often a means for which the not so honest person was able to run up a bunch of debts and then easily kiss them goodbye forever. Of course not everyone who filed before 2005 was dishonest. I am not saying that. But today it is more difficult to have your chapter 7 bankruptcy discharged. Chapter 7 bankruptcy is where you pay back no one. Today the more popular bankruptcy is the chapter 13 where you can get as long as 5 years to repay your creditors, usually 100% of what you owe them. But this can be helpful as it will lower your payments and give you time to repay what you legitimately owe.

As a mortgage broker I found many people with bankruptcies that were still able to get home loans and lenders were willing to do loans for them because once you file and your debts are discharged, it frees up your money. But as of late, loan underwriting has become very stringent and it is harder to get a home loan even if you have not filed for bankruptcy.

Bankruptcy is nothing to be ashamed of and often is a consumers best option when buried in debt and unable to get someone to bail them out with a big fat loan like the government gave to the irresponsible banks. So by all means if you are getting harassed by creditors and are honestly unable to pay or unemployed for an extended period of time and just can’t make ends meet, just do it, your credit score will actually be better off sooner by not putting off the inevitable.

I have consulted a local bankruptcy attorney in Richmond Virginia and am unfortunately myself considering that bankruptcy may be my best option. The government duped me into the spend spend spend mentality and then very poor economic conditions set in and I blew through my savings, renters quit paying rent, loans quit coming in. I cannot find a decent high paying job and boom. I am up to my ears in debt with little money coming in.

I consulted a surprisingly kind lawyer who surprised me with their kindness and concern. My general feelings towards lawyers are not all that good as a rule. Experience tells me that lawyers don’t do anything for free but there are actually some attorneys who will take the time to listen and understand your situation, answer any questions you have, reveal their fees up front, and offer genuine caring advice. Some even offer payment plans. I didn’t think I could afford to file as it isn’t cheap. And yes I think I am still putting off the inevitable and have not filed yet. But I keep telling myself something has to break, but so far it hasn’t.

The U.S. Bankruptcy court has a nice basics page loaded with info at:

http://www.uscourts.gov/bankruptcycourts.html I found a bunch of info there, but it was easier to talk to a professional for free. I couldn’t beat the price. So for me I think bankruptcy will be good, at least for my credit. And if I choose the chapter 13 option, it will allow me to pay everyone 100% of what I owe them on a payment plan I can afford!

http://rexkaufman6721.xanga.com/700025422/using-chapter-thirteen-bankruptcy-to-stop-foreclosure/

Josh Ramos asked:




Having the right knowledge and skills is critical to your financial success.

Why You Need a Chapter 7 Bankruptcy Attorney is a post from: Chapter 13 Bankruptcy Rules

Tags: Chapter Seven, Honest Advice, Declaring Personal Bankruptcy
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Mark Langer asked:




A lot more men and women previously will find themselves confronted with serious financial complications. If you’re able to bring up, it is necessary that you know the state of the actual economic climate is not ones failing. There are many method to place your hard earned money worries behind you, as well as obtaining a Chapter 13 bankruptcy attorney is perhaps a possible chance. Although can it be the most effective option?

Declaring personal bankruptcy isn’t to be used gently, and presently there are periods when a lawyer might be useful. The primary issue is that if you’re currently in a stick along with your cash, then working with a attorney might be unthinkable in your case. There’s a difference among looking legal representation and having the ability to pay for this.

With regards to styling points out, it’s much more reasonable to prevent digging a much deeper hole. To put it differently, discovering less expensive methods for acquiring help will help you to maintain more of the cash you presently have.

An inexpensive option to hiring a Chapter 13 bankruptcy attorney is by using a credit counselor or perhaps a location that provides free of charge financial consultation services. Get started by doing this means spending much less money in advance, if any at all.

Simply because these types of choices tend to be less expensive, you may get started on them immediately. The truth is it does not matter how bad problems may seem to be, the more you wait around…the more painful they’ll get. Benefiting from consumer credit counseling or perhaps a consultation you can get on the actual road to economic recovery significantly quicker.

There’s an additional disadvantage in working with a bankruptcy attorney. As soon as you file for Chapter 13, it’ll remain on your credit report for a complete 10 years. Getting that type of black mark on your report will make it practically not possible to purchase a brand new automobile, a residence, or maybe get a employment. Additionally, you will be regarded as a credit risk therefore any kind of loans you do obtain will be at a significantly greater rate of interest.

Along with each of the bad factors of getting an attorney, even if you ultimately achieve this, you may decide to think about going with one of your additional options first. And that is a significant factor as well. Lots of bankruptcy attorneys are fast to speak about how fantastic they’re, and just how using them is an uncomplicated solution. But the things they fail to point out is actually that there are additional options that you can utilize.

No one enjoys to find themselves within the tight of cash troubles. And you may bet personal bankruptcy is only understood as a last resort. The good thing is that getting a Chapter 13 bankruptcy attorney isn’t a thing you will absolutely need to do. By utilizing credit counseling or obtaining a free consultation, you are getting domination over your finances as well as making your problems a thing of the past.

http://chapter13bankruptcynow35.blogspot.com/2009/04/using-chapter-thirteen-bankruptcy-to.html

William Perry asked:




You want to know the chapter 13 rules that apply so that you can determine whether or not this is the right form of bankruptcy to file for? Here are some quick tidbits on this particular law to help you find out if this method would be right for your situation.

The first thing you need to know about chapter 13 is hat it involved financial re-organization under the watchful eye of the bankruptcy court, and it doesn’t involved you selling off all your assets to pay off your creditors, as does chapter seven.

Assuming you have sufficient income and levels of debt to qualify, you will get a court plan specific to your situation that you are required to file in order to fulfill your debts and receive a full discharge from those obligations.

The chapter 13 rules show that the plan needs to be executed within a three to five year time period, and in this time the creditors cannot try to get their money from you except through the bankruptcy court.

Keep in mind, this is not for incorporated businesses, but for personal and self employed bankruptcy claims. Also, partnerships usually are not covered under chapter 13 rules, and therefore either need to go for chapter 7 or 11.

Keep in mind, while this form of bankruptcy obviously sounds good, as you get to keep your personal possessions and business if you have one, you are not totally relieved of your debts. As I stated above, you need to use a lot of your income you generate over the next several years to pay this off.

As opposed to a chapter 7 plan, where your debts are completely voided after selling off your assets, under chapter 13 rules you are obligated to continue paying off those debts. Therefore, in some instances you might actually prefer a chapter 7 bankruptcy, as you can at least wipe the slate clean and start over.

With that said, more often than not, if you manage your money correctly, it is definitely best to keep your assets while paying off your debt, but it is not always easy to qualify. In order to do so for chapter 13, you need to have a relatively stable income stream, secured debts which total under eight hundred and seventy thousand, and unsecured debts under two hundred and ninety grand.

Therefore, whether or not you qualify depends completely on your individual situation. A good lawyer will be able to advise you on all the specific chapter 13 rules, and help you determine whether or not you’d make a good candidate for this form of bankruptcy.

http://www.zimbio.com/chapter13bankruptcynow35/articles/2/Using+Chapter+thirteen+Bankruptcy+Stop+Foreclosure

Patrick Campbell asked:




Turn on CNN on any given day and you will continually be reminded of how many people have been laid off from their jobs, companies that are closing their doors, and families who can no longer afford to live in their homes due to increasing interest rates on mortgages, and declining home equity. The economy has tumbled down like a house of cards after a gust of wind has blown through it.

As a result, I have seen a tremendous increase in online attorney postings offering bankruptcy legal services, as well as an increase of inquiries to my freelance paralegal company. Many of the inquiries I am receiving lately are coming from attorneys of various areas of practice who are now looking to enter into bankruptcy law.

As law firms look for qualified bankruptcy paralegals to assist with their growing or emerging bankruptcy practices, I have noticed positions not being filled, but rather remaining open for months on end. This leads me to wonder why there is increasing work but lack of appropriate talent to fill these positions. This presents one classic example where a freelance bankruptcy paralegal would be an excellent solution for a firm that is in a state of limbo with an overflow of work and no qualified support staff to take on crucial assignments that are relevant to chapter 7, 11 or 13 bankruptcy cases.

In these situations, with plenty of bankruptcy cases coming in the door but not enough staff to meet the demand, a bankruptcy legal practice can run the risk of not servicing their clients thoroughly and professionally, inhibiting that firm’s growth. Hiring and taking the time out to train a temp or to correct their mistakes can cost a bankruptcy practice time, money and even the trust of their clients. In these cases, contracting work out to an experienced and qualified freelance bankruptcy paralegal can save a bankruptcy practice priceless amounts of time and money.

Another plus to working with a freelance bankruptcy paralegal is taking advantage of their extensive experience which they have inevitably accrued through working with many different bankruptcy attorneys. Most freelance bankruptcy paralegals are well versed in how a bankruptcy practice should be run from an administrative standpoint, and it is their job to keep abreast of the changes in law and court procedures as it is a freelancer’s primary focus to remain on top of such issues in order to perform well for their attorney clients.

Freelance paralegals are not 9 – 5 employees, which means that there are no time limits for assignments and no worries about an employee going home before work is completed or the demands of overtime compensation. Since most freelancers work from home offices, they are more flexible to communicate with their clients and receive assignments at any time of day or night. Unencumbered by rigid office hours or office distractions such as secretarial duties, a freelance bankruptcy paralegal can focus on the specific task needed to be done to properly file a client’s motion.

Firms with multiple areas of practice can also take advantage of a freelance paralegal whose expertise lie in one of the firm’s areas of practice. With a freelancer, a firm can devote that freelance paralegal to one area of expertise without worry that the paralegal is being distracted by other tasks or other departments within the firm.

Sole practitioners and smaller bankruptcy legal firms benefit greatly from the use of a freelance bankruptcy paralegal on many different levels. When it comes to smaller firms, the name of the game is generating revenue while conserving company resources. That is the basic formula for any small business, and attorneys are no different. Many sole practitioners are in the building stage of their legal practice and they require the support that a good paralegal can offer without the burdens of payroll tax, health insurance, full time salaries, workers compensation and many of the other expenses that come along with hiring a full time staff bankruptcy paralegal.

By hiring a freelance or outsourced bankruptcy paralegal, a small firm is getting the advantages, expertise and inside knowledge that a senior level bankruptcy paralegal can provide without the hefty price tag that larger firms pay. An experienced freelance bankruptcy paralegal can provide quality work on petitions, motions, proof of claims, correspondence and other matters of bankruptcy procedure, and is familiar with all of the popular software programs such as Best Case and EZ- Filing. They are also invaluable in providing administrative tips and helping guide a bankruptcy attorney to help their practice run more smoothly.

Some freelance bankruptcy paralegals are aware of the many changes currently taking place with the housing market and with the new bankruptcy laws that are affecting second mortgages and are now offering assistance in the drafting of motions in accordance to these changes. Knowledge of these laws are helping attorneys to attract more clients. Within my own company, Outsourced Paralegal Services, LLC, we have made it a point to stay on top of these new laws and are helping our attorney clients to incorporate it into the services they offer to their consumer bankruptcy clients.

Hiring a freelance bankruptcy paralegal also allows bankruptcy attorneys and consumer bankruptcy law firms the ability to grow along with the freelancer, learning changes in the laws and nuances in how the courts operate and applying it to the practice. Working with a freelancer creates a synergistic and loyal relationship without the possible risk that comes along with hiring someone new on staff, training and growing with them and then possibly loosing that staff member. A relationship with a freelancer can grow and evolve for years to come, and avoids the unfortunate revolving door syndrome that often occurs with staff employees.

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Reethi Rai asked:




The word bankruptcy gives rise to an image of utter helplessness. This is primarily due to the fact the there are many mis-conceptions associated with it. Often, people resort to it without even understanding its full meaning. The decision to file for bankruptcy must be based in facts. This is possible only when a person seeks expert advice.

People with multiple debt problems juggling with payments often consider bankruptcy. They feel it can offer some respite from the debt problems. If a bad credit score is attached with multiple debts, the situation can get worse. Such borrowers can make use of bankruptcy bad credit mortgage loan.

Accessing these loans is not that difficult. Bankruptcy mortgage loan experts can guide any person to get a suitable loan.

One can use the loan for either buying a new house, refinancing, home improvement purpose, payoff credit cards, etc. There are many lenders in the loan market who offer such loans. One can choose from the most competitive programs. A borrower can easily get rid of credit cards, missed payments and high interest mortgages.

A bankruptcy information lawyer can guide a person considering bankruptcy make a right decision. As is said earlier, the decision to file for bankruptcy must be base on facts, one should consider other alternatives if available on way to bankruptcy.

One can easily resolve debt problems by seeking their service. Following some simple steps will ensure one gets rid of all the debt problems in a short period of time. There are many debt elimination services that one can make use of. One can hop back to normalcy without filing for bankruptcy, IVA or borrowing more money that will have a person drowned in debt.

A bankruptcy lawyer can let you know the pros and cons of filing for bankruptcy. The prime purpose of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts. A person considering filing for bankruptcy can benefit form the service of these lawyers.

What does Chapter 7 Bankruptcy say?

A Chapter 7 bankruptcy wipes out a borrower’s debts usually within four months. The debtor has no assets that he or she would lose as a consequence of filing for bankruptcy. Chapter 7 bankruptcy gives a person a relatively quick “fresh start”. One can begin life afresh.

Chapter 13 bankruptcy

Chapter 13 bankruptcy, on the other hand is meant for people who want to pay off part of their debts over a period of three to five years. Visit our FAQ’s, which give information on most of your questions. Also visit our Audio Clips, which provide information on many of the most common concerns about debt. If your questions are still not answered we have an “Ask our Bankruptcy Lawyers” feature so you can ask one of our bankruptcy lawyers in your area a question. Filing Chapter 13 Bankruptcy can prove to be helpful if a debtor has a regular income, and thus can afford to request for such adjustments or reductions.

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