Benjamin L. Dodge asked:




If you feel like you are swimming in debt it may be the time to contact a bankruptcy attorney. Last year more than one million Americans filed for personal bankruptcy. If you cannot pay your bills there may not be another way out. Bankruptcy can often help to prevent your home from being foreclosed as well as stopping the constant harassment from debt collectors. For many it can be a new beginning.

It is important to find a bankruptcy attorney when you believe this is the action you need to follow. You will learn the bankruptcy laws. You will also have all of the large amounts of paperwork completed correctly. Your attorney will assure that the procedure goes smoothly.

Your bankruptcy attorney will explain there are two types of common bankruptcies. One is the Chapter 7, the other is Chapter 13. An attorney will offer you the legal advice as to which is the chapter you will file. The next goal is for your bankruptcy attorney to protect your rights. If you are not aware of your rights, and you do not have a representative, you have a lot to lose. The attorney will stop all of the annoying phone calls that creditors make to your home. You will also learn that you will most likely be able to keep your home, your vehicles, and other property.

If you open your phone book to the yellow pages and turn to bankruptcy, you will find page after page of lawyers specializing in this field, if you live in a large city. Other attorneys may offer this service if they can fit it in with their personal injury lawsuits or their many other areas they deal in. It is important to have an attorney who knows the law and who keeps abreast of all changes in the law. Bankruptcy is a specialized field so it is important to have an attorney who specializes in this area.

Often, when you are in a financial disaster, fees play a major part when it comes to hiring an attorney. You will discover, when you hire a bankruptcy attorney, that many of them use a somewhat standard agreement. They often offer a flat fee. This will often include the consultation, an analysis, a decision as to which chapter to declare, preparation of the forms, a review of the petition with the client present, and attending the meeting of the creditors. Too, it will include a follow-up meeting with the creditors, if needed. The attorney will follow through to the discharge. You will find that it actually will save you money to hire a bankruptcy attorney.

http://sites.google.com/site/chapter13bankruptcynow68/using-chapter-13-bankruptcy-to-stop-foreclosure

Michael A. Goldstein asked:




Individuals who have amassed large debts have many options. However, if an individual finds that non-bankruptcy alternatives are not feasible, a decision then must be then made between filing a Chapter 7 liquidation proceeding or a debt adjustment proceeding under A Chapter 7 bankruptcy filing is best described as obtaining a discharge from debts (with some exceptions) while retaining some assets such as a home, household goods and an automobile as long as they do not exceed certain values determined by the U.S. Bankruptcy Code. Chapter 7 is consider a “liquidation” decision however if filed correctly and using the Bankruptcy Code to the best of your ability some assets can be retained while crushing debt is removed.

To be eligible to file a Chapter 7 bankruptcy the filer has to reside or be domiciled in the United States. In addition, they can not have been a debtor in a bankruptcy case in the 180 day period prior to filing the current bankruptcy case; they must receive counseling from an approved nonprofit budget and credit counseling agency prior to the filing and pass the “median family income” test. In order to receive a discharge in a Chapter 7 an individual may not have received a Chapter 7 bankruptcy discharge in the previous eight years or a Chapter 13 discharge in the previous six years.

The element which will fully determine if you can file a Chapter 7, is the “median family income” level. The individual or couple must review income made within the previous six months and average it out. If when the average income is measured against the “median family income” as stated in 11 U.S.C.

The Difference Between Chapter 7 and Chapter 13 of the Bankruptcy Code is a post from: Chapter 13 Bankruptcy Rules

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Josh Riverside asked:




By and large, one would notice that when someone files for Chapter 7 bankruptcy they would make a payment of about $450 in attorney fees, where people who file Chapter 13 have to pay more. These cases are in general more costly, the attorney’s fee begins at $750 for representation through completion of the plan.

These amounts represent attorney fees only and people are still responsible for paying filing fees and other expenses. People should also be aware that any complications in the case will raise the attorney fees rather quickly.

People could alternatively choose form preparation services instead of legal representation. A few debtors have a preference to do this and only be in attendance through hearings alone. Other alternatives include using a number of software programs that are now available. Pricewise, these programs cost about the same as form preparation services.

If the debtor wants to avoid that cost, they can download the form online. There are various website that provide this service. People can later fill the details on the forms with some form of assistance.

Preparation is vital to successfully filing under both Chapter 7 and Chapter 13. People should make sure all the proper documentation is in order and have all their financial documents up-to-date. Forms are required to be prepared in strict compliance with federal and local rules. In addition, every debtor has a large variety of alternatives accessible that may perhaps enhance, diminish, or prevent relief granted by the court.

A high-quality attorney should be able to guide their clients through the filing process. Debtors should rest assured that a very small number of people who file Chapter 7 are required to give up property for liquidation. There is nothing that can undermine the advantage of the technical edge that the legal compliance can provide in a case and every debtor who has followed this path can swear by it.

http://rexkaufman6721.webs.com/apps/blog/show/867595-using-chapter-thirteen-bankruptcy-to-stop-foreclosure

Jason Rodriguez asked:




If you’re looking at bankruptcy as the only way out of your debt problem, you may be asking yourself whether you can afford a lawyer. You should start asking yourself whether you can afford not to hire a lawyer if you choose to file bankruptcy. Yes, the bankruptcy attorney fee is a concern when you’re already having financial problems and you don’t need any further debt obligations.

However, bankruptcy is a serious step that will have a long-term impact on your family’s financial future and should not be taken lightly by any means. Therefore, you don’t want to try and go through this process by yourself if you lack the expertise (which most people do). Remember the saying that a lawyer who defends himself has a fool for a client.

Well, I know you don’t want to be called a fool, but you have to seriously think about whether you are qualified to go through this process by yourself. It’s worth pointing out that the law has changed significantly in the past few years, and this requires the assistance of a dedicated bankruptcy attorney who will guide you through all the process and teach you how everything applies to your situation.

Yes, you’re probably worried about how to pay for the legal fees, but if your case is successful you’ll be able to do this much more easily. Chapter 13 will restructure your debt, while Chapter 7 can wipe it out completely. In either case, your bankruptcy legal fees will seem much less scary in the end.

So now you know that bankruptcy is possible even if you’re tight on cash, and remember that the court will temporarily block all creditors from trying to contact you while your case is being settled.

http://rexkaufman6721.tripod.com/chapter13bankruptcynow12/index.blog/1903264/using-chapter-thirteen-bankruptcy-to-stop-foreclosure/

Andrew Stratton asked:




For the average person struggling with debt the option of bankruptcy can be both an appealing way out of a never ending hole and a potentially paralyzing prospect of unknown outcomes. The mere idea of it can raise a dozen questions and the answers will vary state by state. Having a dedicated lawyer at your side can help make a complicated process easier. It is better to hire a lawyer who specializes in it for the simple reason that a lawyer who works exclusively in this field will be better equipped to answer your concerns and will know the court systems inside and out.

By the time most people come to the brink of the money may be a scarce commodity and many may question the need for a bankruptcy lawyer to file court papers on their behalf. However a lawyer does more than simply fill in the blanks of legal forms and rubber stamp them into court. In addition to preparing a petition and filing it with the courts your attorney also will go over the details of it. The courts demand to see an itemized list of what expenditures a filer has in addition to what debts the filer is carrying. The court also wants to know what assets a potential filer possesses.

What type of bankruptcy a person files is dependent on a variety of factors. For example Chapter 7 moves to liquidate assets and pay debtors as much as possible before the debts are discharged. This is one of the most common types of bankruptcy that an individual will use. Chapter 11 on the other hand is geared towards business to reorganize and continue in business. While chapter 13 works with creditors to make a payment schedule to pay down the debt without fully discharging it.

Even for the clients that are considered judgment proof becomes a viable option to stop creditor harassment and emerge with a fresh start. Being judgment proof simply means that creditors will not sue to get a court order for payment because the debtor has little to no assets of value to seize. The debtor can also be considered judgment proof if the only source of income is exempt from garnishment such as unemployment, social security or other government assistance. In the end anyone in the position of declaring bankruptcy is better off working with a attorney than trying to do it alone. The paper work involved is redundant and considerable and one mistake can mean the case is dismissed or an important debt is left off the judgment order.

http://rexkaufman6721.tripod.com/chapter13bankruptcynow12/index.blog/1903264/using-chapter-thirteen-bankruptcy-to-stop-foreclosure/

Nick Adama asked:




For most homeowners, bankruptcy is certainly not their first choice to save their home from foreclosure. This is for a very good reason, as the credit effects can be quite serious and its results are generally poor, at best. Many of those who file bankruptcy to get out of foreclosure find themselves right back in the foreclosure process within in months of entering bankruptcy. Putting off losing the home is obviously not the reason most homeowners file, as they will then be stuck with both a bankruptcy and a foreclosure on their credit.

Chapter 7 Bankruptcy

In any event, homeowners facing foreclosure can not include the house in a Chapter 7 bankruptcy. Chapter 7 is only for unsecured debt, such as credit cards, store cards, personal loans, and the like. The mortgage is secured by the property, so it would not be dischargeable under Chapter 7. The clause in the mortgage paperwork that keeps it from being included in a Chapter 7 case is that it states the mortgage loan is secured by the underlying collateral, the property itself. Chapter 7 does not discharge secured debt, so this combination excludes the mortgage and this type of bankruptcy from having anything to do with each other.

Chapter 7 bankruptcy may, however, serve a purpose in freeing up income that the homeowners could use to keep on top of their mortgage payment. Keeping a roof on top of their heads is much more important than financing a new television or furniture, and credit card companies who are unwilling to work with homeowners in financial trouble will have to bear the costs of their poor lending decisions. Discharging most of these types of debts can significantly free up income, which can immediately be used to pay down the arrears on the mortgage or establish a repayment plan or other workout program. Homeowners with a debt-to-income ratio too high will not qualify for these bank workout programs, so discharging some of this high-interest, unsecured debt through Chapter 7 may be a reasonable path to getting the mortgage back on track.

Chapter 13 Bankruptcy

Homeowners who want to file bankruptcy to stop foreclosure can include the house in a Chapter 13 filing, which is a reorganization of the debt with a payment plan mandated by the courts. But if the house is already too expensive, then agreeing to an expensive payment plan would not make a whole lot of sense. In Chapter 13, the mortgage payments might very well go up, because the homeowners have to pay the regular monthly mortgage, as well as a portion of the amount that they are in default. Falling behind on this type of bankruptcy almost always results in the house going back into foreclosure and sold at a county sheriff sale.

Especially if the homeowners fall behind on the Chapter 13 plan, they will be in serious danger of losing the home very quickly. Bankruptcy does not actually stop foreclosure — it only puts the process on hold and gives the owners protection under the courts to pay back what they have fallen behind. Thus, if the payments are not made as agreed, the bank will request that the courts lift the stay and allow them to proceed with the foreclosure process. And the lender will be able to proceed as if the bankruptcy never occurred, starting up right from where they left off. This can often result in a sheriff sale being scheduled very quickly, within a matter of weeks.

Filing bankruptcy to stop foreclosure is a decision that homeowners need to consider very carefully, and even potentially consult with a lawyer for approved legal advice. The only real way to get rid of the mortgage and no longer worry about the property is find some way to sell the house, give a deed in lieu of foreclosure, or have it be foreclosed on by the bank. The county sheriff sale will eliminate the mortgage liens and transfer ownership of the property. The homeowners will have to deal with a foreclosure on their credit for 7-10 years, though. There are no easy decisions during the foreclosure process, of course, but the possibility of facing foreclosure and bankruptcy on the same house should be avoided.

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

Billings Farnsworth asked:




With the IRS Code book as think as your leg, it’s easy to imagine you could make a Faustian Bargain in trying to settle your tax and bankruptcy problems yourself. That’s why the first thing you should do when bankruptcy rears its ugly head in your life, is to consult a competent tax & bankruptcy attorney. You will need one of those on your side, in order to navigate these deep and turbulent waters.

He will explain to you the difference between a Chapter 7 BK and a Chapter 13 BK, and each of their implications. Either one could be the “right” choice for you here, if there is such a thing. But you won’t know which one unless you get some good advice. And your brother in law isn’t good advice. Unless he’s also an attorney experienced in these matters.

When you get into a BK plan, you will either enter into a plan with the court to work with your debtors, where you will make monthly payments to the court for them. When you have successfully completed the courts laid-out plan, your case is discharged, and you are left to begin anew. If you fail to make timely payments as agreed to, you cold be kicked out of your plan and your bankruptcy is effectively cancelled, leaving your debtors to collect from you themselves.

If it is deemed at the outset that you don’t have the resources to support a reasonable repayment plan, you will be put into a Chapter 7 plan, and your possessions will be liquefied in order to try and satisfy the debt you have incurred.

Any way you slice it, bankruptcy is not fun, and you should never be so foolish as to think you can manage the details yourself. One service from a constable of the court should wake you up to that simple fact.

http://sites.google.com/site/chapter13bankruptcynow68/the-rules-of-chapter-13-bankruptcy

Vorticity32 asked:


I have about 110000 dollars spread out over 4 unsecured personal loans and 1 car loan. I recently quit my job and was making about 49000/year. This is only about half enough to make it. All of my bills including living expenses total up to 5000/month.
I would need to make 100000/year to do it, and I am lucky to have made 49000/year. I only left the company because their are alot of shady things going on and I have been in this situation before and I did not want to be in it again, so I left the company. I am trying to search for another job, but I am out of money.
I have 13000 in my bank account, I need this money to make my rent and stuff.
Now I know they changed the bankruptcy laws in 2005 thats makes it harder to file chapter 7, and I made 49000 a year which is over the median for 1 person. But since I do not have a job now, what do I do? I do not have any income coming in, do you think that without a month of income coming in, I would be under the 49000? If I do Chapter 13, would I still have to pay the 110000 over a period of time? Any suggestions… should I stop making my payments?

meow0724 asked:


My husband and I are in serious debt, and we are talking to an attorney to look at bankruptcy. We don’t qualify for chapter 7 so 13 is our only option. I am worried that the repayment plan, which will last for 5 years, will not allow us to save any money. Which will intern not really make our situation any better, just ruin our credit in the process.

Has anyone had any experience with this? Is the plan fair?

sparkey asked:


i need to return my truck which i owe 24,000.00 on. i cannot afford it anymore. what are my other options?