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Seeing Daylight Through the Eyes of Bankruptcy Laws
from: Deb St. George - HomelessInKingCounty.comBankruptcy laws are very clear about when you can and cannot file bankruptcy. Because of so much misuse of the bankruptcy proceedings in the past, the laws were revised in 2007. In effect the new law made it more difficult to file a chapter 7 than in the past, but once qualified, you no longer have to lose absolutely everything. The law recognizes that people in a severe debt situation need to start with a clean and manageable slate. Losing your home and the car you use to drive to work can only make the situation worse.
As a result the bankruptcy laws now allow people to keep their home and primary cars in many situations. The personal bankruptcy laws are defined under chapter 7 or chapter 13 while businesses can file a chapter 11. The laws vary, of course, depending on which type of bankruptcy applies to your situation.
When you file a bankruptcy it is almost as if a magician performed magic. The credit calls will stop and any financial collection activities are suspended by law. The mortgage company stops threatening foreclosure on your house and the credit card collection companies stop contacting you almost immediately. Even if you do get something in the mail or a phone call, all you have to do is notify your attorney who will make sure the law is followed. You will experience almost immediate relief because now your bank account or other benefits you may be receiving are not under threat of unannounced seizure.
The new bankruptcy laws require that you go through credit counseling which can be done online if you prefer. For a small fee you go through a process which analyzes your current financial status and works through a budget plan that you can follow in order to recover from the bankruptcy as quickly as possible. You also want to learn all you can to avoid having this situation ever happen again.
Bankruptcy laws provide clear rules about which assets you must list and how to value those assets. The value in some cases is replacement value which is normally retail value. You must past a “Means Test” before you are allowed to file for bankruptcy. The “Means Test” determines your true financial status and whether you can pay any of your debt. It then indicates which chapter you qualify under for filing purposes if you meet the Means Test minimum standards.
Bankruptcy laws cover a number of situations. The laws define exempt property, eligible debts that can be included in the bankruptcy filings, payment of creditors, liquidation of assets and a number of other topics. Because of the many bankruptcy law interpretations that must be made throughout the process, it is recommended that you use an attorney if at all possible. The attorney will insure you meet the requirements of the law and that you also get the greatest relief permissible.
Filing bankruptcy is a serious business that should only be undertaken when there seems to be no other options. Though the new laws are tougher than the older laws, the fact is that they do not hinder legitimate consumers and businesses from getting the relief they need.
Chapter13 Bankruptcy News
Starr County candidate denies bankruptcy history - Brownsville Herald
Starr County candidate denies bankruptcy history Brownsville Herald Jesus Maria “Chuy” Alvarez, who is running for the Precinct 1 seat on the Starr County Commissioners Court, filed for Chapter 7 bankruptcy with the US Court Southern District in March 2005. He then changed his filing to Chapter 13 bankruptcy in ... Filings detail Starr County candidate's bankruptcy, tax history |
713 Training Offers Attractive Bankruptcy Assistant Training Packages at ... - SBWire (press release)
713 Training Offers Attractive Bankruptcy Assistant Training Packages at ... SBWire (press release) The bankruptcy Assistants are highly skilled in drafting highly detailed, accurate and professional chapter 7 and chapter 13 bankruptcy petitions (documents) for attorneys by virtually working from home. A spokesperson stated, “Our Complete Chapter 7 ... |
Can Bankruptcy Prevent a Foreclosure? - RealtyBizNews
 RealtyBizNews | Can Bankruptcy Prevent a Foreclosure? RealtyBizNews The other type of personal bankruptcy is the Chapter 13 filing. This differs from Chapter 7 because here a homeowner is telling the court they wish to repay all of their creditors but just do not have the money to do so at the time. Bankruptcy Law and Inheritance |
Chapter 13 Bankruptcy: Repaying Personal Debts - Go Banking Rates
 Go Banking Rates | Chapter 13 Bankruptcy: Repaying Personal Debts Go Banking Rates By GoBankingRates Staff The second most common form of personal bankruptcy, Chapter 13, is designed as a debt repayment plan for those people who have enough income to pay down their debts over time. Filing chapter 13 bankruptcy is often seen as an ... Bankruptcy does not prevent actions to collect assessments |
How to Improve Your Credit After Bankruptcy - Business Review USA (press release)
How to Improve Your Credit After Bankruptcy Business Review USA (press release) If you have successfully completed a Chapter 13 reorganization bankruptcy, you can adapt the bankruptcy plan as your budget, but instead of paying creditors, pay yourself the money to fund your savings account. Your bankruptcy attorney is a good ... |
Bankruptcy claim survives against former Erie debt collector - GoErie.com
Bankruptcy claim survives against former Erie debt collector GoErie.com When he filed for Chapter 13 bankruptcy, or wage-earner's bankruptcy, in March 2011, Covatto valued his assets at $122991, listed liabilities of $272663 and proposed a plan in which he would repay his creditors $975 a month for two years. |
Bank's no Ally for NY homeowners - New York Post
Bank's no Ally for NY homeowners New York Post Unemployment caused the Westchester family to miss mortgage payments and seek Chapter 13 bankruptcy protection. Now they are in limbo, awaiting approval by the ResCap Chapter 11 judge. “Resolution is on hold,” said the family's lawyer, Linda Tirelli, ... |