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There are lots of things going on in the internet and almost all things are done through this big World Wide Web. Some people even try to file chapter 7 online. Although people can download PDF bankruptcy forms online and do their filling up electronically with the help of petition preparers or lawyers that are online, you still need to physically go to a bankruptcy court to file your papers.

Before you file Chapter 7 online, there are other alternative types of bankruptcy that you can choose from to avoid liquidation. You can choose a chapter 13 type of bankruptcy which is a repayment plan. This type of bankruptcy can help you save your home and catch up with your past debts through a repayment plan.

Chapter 7 is a type of bankruptcy where a group of trustees will try to sell the debtor’s non-exempt properties. The liquidation will generate cash that will be distributed to the creditors for their claims over the debts the debtor owed to them. To be eligible for this type of bankruptcy, an individual must take a means test. The test result will evidently reveal whether or not a person is capable of paying his debts.

A person starts to file bankruptcy chapter 7 by filing a bankruptcy petition in court. It is also required to file documentation of credit counseling with the petition. The new requirements under the bankruptcy law state that a person should enroll himself in a credit counseling session, with the documentation, to be filed to the bankruptcy court.

There are differences in how people file for bankruptcy in each state. If you want to file this type of bankruptcy by doing it yourself, you need to research on what are the things applicable in your state. Research on where your income is placed regarding your state. Having a below-average income can render you in having positive results on your eligibility for Chapter 7.

If filing for chapter 7 gets grueling for you to handle, you need to get a bankruptcy lawyer to work on your bankruptcy. This will take you much further than handling your bankruptcy alone. Your bankruptcy lawyer will point you in the right direction, represent you in the bankruptcy court, and manage your papers. But you do not need a lawyer to file for bankruptcy unless you have a lot of extra money to pay for the lawyer because it can cost a lot.

There are many ways you can file bankruptcy at a bargained price. Beginning with filing bankruptcy online, this is user-friendly and very handy for people who do not like to go out of their house. It takes only a computer and an internet connection for you to be able to do this. One other way to cut costs is to carry through the filing without any help from anyone. This can be challenging for anyone because you need to learn things in just a matter of days. Remember that if you do not know what you are doing when filing your papers, you might have just gambled more of your properties than what is on the line.

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Bankruptcy Trustee: Who Is That and What Do They Do?

It almost happens in every meeting. I will be explaining how things work in a bankruptcy case and I will make reference to the “trustee.” Usually, my clients won’t interrupt me but sometimes I can just tell by the look on their faces that they have no idea who I am talking about. I don’t try to talk over my clients’ heads. Actually, I try to make things as simple as possible so that I only have to go over it one time. As much as I try to make it easy I do make mistakes and forget that my clients don’t do this every day.

The “trustee” is the person who administers the bankruptcy case. The “trustee” is not a judge. I like to tell my clients that the trustee is sort of like a referee in a sporting event. His job is to make sure all the parties are going in the right direction on the field and following the rules. When someone breaks the rules or how an issue should be administered, the trustee or other interested party (debtor, creditor, etc.) can ask the judge to get involved.

One of the trustee’s duties is to conduct a “First Meeting of Creditors.” We also call the meeting a 341 meeting. This meeting or hearing is scheduled about 30 days after you file for bankruptcy. The trustee who is assigned to your case will be at the hearing and is required to ask you a series of questions. Most of these questions are questions that we have already discussed. Some of the questions include but are not limited to:

Do you still live at the same address as when you filed?

Did you list all of your assets and debts correctly?

Were you being garnished when you filed?

Did you transfer any assets or property to a family member in the last two years?

Did you pay any one creditor more than 0.00 in the 90 days before you filed?

The questions they ask are not intended to harm you in any way. Instead, the trustee is asking questions that will help them to administer your case.

The trustee is required to review all of your assets and determine if any of the assets are not exempt. This means that the trustee is trying to determine if he has to take the asset, sell the asset, and use the proceeds to pay creditors. An example would be a client who has a speed boat. Let’s say the client’s speed boat is worth 9,000.00 and he doesn’t owe any money against the boat. You need to know that boats are not exempt except for situations where the boat may be used for work (this is very rare). The trustee would be required to sell the boat and take the proceeds to pay the client’s creditors.

The trustee does have some discretion as to whether he takes an asset or doesn’t take an asset. An example that we see many times a month is the situation of “extra” cars. Consider a car that doesn’t run, has body problems, and is most likely worth less than the repairs that would be needed to make it road-worthy. Usually, we value a car like this at salvage value but most likely never more than 500.00. We almost never want to claim the car as exempt because we would rather use the exemption for a more valuable vehicle if the client has one. Keep in mind what the trustee would have to do with a non-exempt 500.00 car. The bankruptcy trustee would be required to liquidate the car (sell the car); take the proceeds from the sale of the car; first pay the expenses from the sale of the car (tow fee, auction fee, etc.); and take the remaining balance and distribute it among the clients’ creditors. In reality, it is more complicated than what I just explained and can take many months to complete. Good news! To do all that work the trustee would be paid something like 10% of the gross. The trustees work hard for a living, however, they don’t work stupidly. There is no value in doing all the work and distributing less to the creditors. More plainly stated, trustees will likely abandon a car in this condition and the client will get to keep the car.

I hope this explains who the trustee is and what they do. Everyone who files for bankruptcy gets a trustee who administers the case. The trustees in our area are really nice guys who have always been there to help me when I have asked. You don’t need to be afraid of the trustee when you see them at your 341 meeting. They probably would rather be at their offices working on something productive.

So that, in a nutshell, is who the bankruptcy trustee is and what he or she does. If you have any questions about bankruptcy and what the trustee does, be sure to contact a bankruptcy attorney in your area.

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5 Reasons To Hire A Personal Bankruptcy Attorney

When you decide to file for Chapter 7 bankruptcy, it’s always tempting to try to do it alone. After all, you’re already in a financial fix—why spend more for just a small convenience? Well, the truth is that a personal bankruptcy attorney does more than just sign your forms. They can also help you better understand your situation, negotiate with creditors, and tell you everything you need to know to ensure a successful filing. Here are five more things a personal bankruptcy attorney can do that you can’t get by filing on your own.

They know the laws.

The Bankruptcy Code is complicated even for some lawyers. An experienced personal bankruptcy attorney will know which laws apply to you and which ones you should know as a debtor. Also, since the rules are always changing, it helps to have someone who’s up to date to let you know what’s going on and how you can adapt.

They protect you from lenders.

Creditors can get pretty insistent the more debt you have, or the further behind you are on payments. But when they know you’ve got a Chapter 7 bankruptcy attorney, they’ll be much less inclined to harass you for payments. You can simply mention that you’ve filed personal bankruptcy and refer them to your attorney next time you get a call.

They get things done faster.

When you file Chapter 7 bankruptcy alone, you have to stop once in a while to figure out what certain forms mean and find the right person to talk to at the bank. A personal bankruptcy attorney will have connections that help get the case moving. They can explain the rules as you go, show you a few shortcuts, and generally ensure a smoother transaction.

They prevent costly mistakes.

There’s a lot of paperwork involved in a Chapter 7 bankruptcy, and a slight error can lead to much bigger problems. While you’ll have to provide the data yourself, a personal bankruptcy attorney can give you a hard in filling them out and making sure there are no false or misleading data.

They can negotiate with creditors.

Finally, a personal bankruptcy attorney can help you reach a more reasonable agreement with your creditors. Some of them will contest the amount of discharged debt in a Chapter 7 bankruptcy, or file a lawsuit during the waiting period. With a personal bankruptcy attorney, you can face such hurdles with confidence and come out with a deal that works for all parties.

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Whether to File for Chapter 13 Bankruptcy

Our firm strives to educate our clients on all of the opportunities they have to settle their debts and urge them not to rush into any decision too hastily.

Many homeowners are looking for a quick fix to their problems after they are bogged down by financial struggles. All that they want is to clear their debts and start over. Unfortunately, however, when you fall too far into debt, there is no “quick fix.” It will take some careful planning and dedication, but in time you will be able to regain a firm grasp on your finances.

As a homeowner involved in financial struggles, you need to review the advantages and disadvantages of every choice, including filing for Chapter 13 bankruptcy. In order to qualify for Chapter 13, you will have to prove that after the filing you will have enough money to repay your debts in a timely manner without falling behind again. This could be from issues such as inheritance, job wages, or spouse’s job wages. But, for many people who are facing foreclosure, this can be a difficult task to fulfill. In fact, 78% of Chapter 13 filings fail within the first 90 days because people fall behind again in repayments.

Contrary to what many people perceive, filing for Chapter 13 bankruptcy does not start you with a clean slate. Instead, the main goal is to help you consolidate your debt, reorganize your bills, and establish a means for you to settle all your debts. And within only two months after filing, you will be expected to resume paying your regular monthly mortgage payments and make a monthly payment to a bankruptcy trustee, which will be used to pay off all your debts.

In general, you will make this payment to the bankruptcy trustee for three to five years. And afterward, all of your debts should be settled, and your car loans and credit cards should be paid off. In theory, it sounds like a great plan. Unfortunately, if you were having trouble paying your bills to begin with, the increased payment to the trustee will only add to your financial struggles, especially if you have to begin paying your bills within a month or two of regrouping.

In some cases, your best option may be to use Chapter 13 in conjunction with other tactics that your attorney can help you secure. For example, if you are able to modify the terms of your mortgage prior to filing for bankruptcy, then you will be able to increase the chance that the filing will be successful. Modifying your loan can decrease your monthly payments, therefore allowing more of your money to go towards paying the monthly bankruptcy trustee fee that will help extinguish your debt.

However, I always advise my clients to weigh the pros and cons of all of their choices instead of rushing into Chapter 13 bankruptcy. In fact, most of my clients use one of the many other forms of loss mitigation to settle their debts and keep their homes from being sold in foreclosure.

This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Neither publication of this article nor your receipt of this article create an attorney-client relationship.

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Bankruptcy Filings – Thinking About Bankruptcy?

Are you considering bankruptcy? Do you know what you will be getting yourself into with bankruptcy filings? If you are thinking about bankruptcy to clear your debts and get a fresh start you need to understand exactly what you are getting yourself into. Here is what no bankruptcy attorney will ever tell you about what you will be doing if you file for bankruptcy.

First, you will be telling your creditors that your word, signature, and agreement with them were never good and will never be good. This is a huge blow to your pride and to your sense of trust. When you give people a reason not to trust you, you also give yourself a reason to struggle to trust others. This is one of the major side effects of bankruptcy because it can become a way of life.

There are people that use credit cards until they cannot get anymore and have run up their limits completely, then they file bankruptcy. After their bankruptcy, they do it again until they can file for bankruptcy again. This is not meant to be a way of life, but some people have made it a way of life.

Bankruptcy was meant for those that are in a pit, black hole, or just cannot make it happen on their income. They have been working very hard and have been trying to pay off their creditors, but they just cannot do it. This could be caused by being laid off, losing a job, or a medical emergency.

Second, bankruptcy will completely kill your credit. This will make it as hard as possible for you to get a loan for at least 2 years, except for credit cards. They will try to get you to go for the highest possible interest rate and the loan or credit card will cost you more than it is worth.

Last, you have to know how to deal with your credit after a bankruptcy. You need to get some counseling and hire a financial advisor to help. Sometimes there are volunteers at local churches that will help you set up a budget, and they will even help you take care of your debts if you choose not to file for bankruptcy.

You need to know what you are getting into with bankruptcy filings. Make sure to ask each and every question you have and get the answers you need so that you know what you are getting into and what to expect.

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How Anyone Can Avoid Bankruptcy

Are you trying to avoid bankruptcy, but don’t know how to do that? Then you have to understand the ways that you can use to achieve that goal.

There are many ways that you can use to prevent bankruptcy, but don’t eliminate this option altogether. For many people, bankruptcy may be the only solution. This is a decision you will have to make on your own or with the help of a professional.

Now, below are the different ways that can be used to help you prevent bankruptcy. Below are also the different steps that need to be taken for preventing this.

1. Get organized – For anyone that is serious about avoiding this solution for eliminating debt, you have to get organized. Getting organized will allow you to get a good handle on your debts.

It will also help you manage your money better, which is definitely important for debt elimination.

2. Get in contact with your creditors – No one wants to have to do this step, but it is imperative. You have to let them know that you are searching for a way to prevent bankruptcy. You may be surprised when they are able to provide you with a solution that you didn’t know about.

3. Get professional help – This is very important for avoiding bankruptcy. The professionals know what other options are available for you. Some of the different options they may suggest can include:

– Debt consolidation: This will help you get your debts paid off without having to use bankruptcy. Just be sure you check into this option carefully with the aid of a professional so you can decide if this is right for you.

– Debt management plan: With this option, you will set up a management plan with a consultant that will help you pay off your debts. This can be beneficial for eliminating debt and for getting your future finances under control.

– Personal budgeting: This is a solution that will work for some people, but is definitely not right for everyone. You have to be careful if you use this option to learn all you can to help you do it correctly.

If you don’t, then you will stay in debt and you may eventually have to take the bankruptcy option to get you out. Don’t eliminate the bankruptcy option altogether because this may be your only solution.

Be smart and talk to a professional about how to avoid bankruptcy so you can find the best solution for you in particular. Just be sure you don’t make a rush decision about the option you are going to use because it is a big decision to make and will affect your future. So, be sure that you are making the right decision from the start.

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Chapter 7 Personal Bankruptcy FAQs

Filing for Chapter 7 personal bankruptcy can be a very confusing process. The following information addresses the most frequent concerns people have when they consider bankruptcy.

Am I eligible to file bankruptcy? Once every 8 years, you can file a chapter 7. The rules as to when you can file a Chapter 13 and how often are more complicated. Your eligibility to file a chapter 7 does not depend simply on the amount of your debt nor the amount of your income each month. Our job is to help determine if you can file and if not now when you would be eligible to file.

What is the difference between chapter 7 and chapter 13? A chapter 7 bankruptcy is often referred to as liquidation bankruptcy. You file, eliminate what debt you can, keep what assets you are allowed to keep, and are done in about 90 days. Chapter 13 is where you agree to pay back to your creditors some percentage of what they are owed over a period not to exceed 5 years. In exchange, you get to keep your assets.

When do the creditor calls stop? Once you file, the bankruptcy law imposes a barrier against any creditor continuing to contact you by phone or letter, continuing any lawsuit, or levying against your wages, as a general rule, all creditor activity to collect on a debt must stop.

Will I be able to get credit after filing? Yes, but it might take a few years. The more time that passes since your filing, increases the likelihood that you will get credit in the future.

How long is the difference on my credit report? Your credit report will usually carry the filing for 10 years. Initially, your rating will take a deep drop. You might find it will drop down to 400. But we often find your rating, after about 3 to 4 years and no new debt, will bounce back to the 700s.

What can I keep if I file for bankruptcy? There are rules as to what you can keep under Federal law and under state law. Generally, you can keep your household goods and furnishings. You can protect a certain amount of equity in one vehicle per debtor. Your house is also protected by a certain amount of equity. Retirement accounts (IRAs and 401(k) are almost always protected. Beyond that, the equity in your other assets will determine what you can keep and what you have to buy back from the bankruptcy court.

Are you considering bankruptcy? Are you tired of being hounded by creditors, and losing your hard-earned pay to garnishments? Do you want a lawyer who cares more about you, than the contents of your bank account? Contact our firm today and get your fresh start!

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Child Custody

Custody Laws and Keeping Your Kids Safe

Unfortunately, it is happening more often lately, that the children become caught in the middle of their parent’s battle. Often it becomes more of a desire to beat the other parent than it does about the parent’s original intent, to spend the most time with the child they love. Sometimes, however, the battle is for less worthy reasons. Regardless of your reasons for seeking child custody, we all need help with custody laws, so here is some advice to keep in mind.

In dealing with custody laws, have you given any thought to avoiding outright court by trying a mediator instead? Most judges in some states won’t even hear your case until you’ve seen a mediator with the other parent. Your attorney has the right to represent you even during the custody laws mediation process. What you need to worry about is that you make sure that you really do try hard to work with the custody laws mediator and your kids’ other parents. You have the right to ask for new custody laws mediators if you feel the one you have is biased in any way. Your lawyer will explain the specifics of custody laws mediation to you.

Even though most parents don’t want to hear this, there are times when neither parent is given custody of the child in question by the custody laws. If the situation warrants it, a judge will involve other family members or even child services and award custody laws to one of them. The judge will determine that neither parent qualifies for sole custody, and is then forced to resort to this custody law. If your lawyer tells you this is an option of the custody laws, be sure and prepare yourself for it.

One part of receiving optimal child custody help is to better yourself. Make sure that all of your paperwork has been filled out in the proper method. You will be able to get help with this from your attorney. It is rather critical that your paperwork is filled out the right way, the first time. The last thing you want or need is to have your case delayed even further because you forgot to sign something or include a required document. Ask your lawyer to go over your documents before they get filed to make sure that everything is dotted, crossed, and signed. There are many reasons to seek help with custody laws. Perhaps there are options you weren’t aware of and you just want to know for future reference? Perhaps it’s a loved one or relative? You should never lose sight of the fact that there are more people involved than just the adults. This is not a trivial matter. These custody laws are the reason that the family court is its own entity. Be very careful with custody laws.

Custody Rights of the Parents

Nobody wants to get in a dispute with their ex, regarding custody rights. The fact is that having quarrels with the other parent of your kids about custody rights can be quite agonizing to everyone else in your family. Having arguments about custody rights is sometimes inevitable. There are a variety of reasons for people to fight when it comes to custody rights. When they do, they make a lot of innocent people suffer along their way. How do you take care of your children while still making sure they are totally free from harm? In this article, we will discuss some of the resources that you can check out for assistance with child custody rights.

During your pursuit of custody rights, you will be asked lots of questions, some even multiple times. Working with a mediator or even going to court will mean even more questions. It is imperative then for you to be honest. While answering don’t embellish the story, or lie about what happened. Trying to make the other parent look bad or yourself better will be tempting but should be avoided. It is best for you to answer as honestly as you can and stay close to the facts, even more so if you are looking to get to spend more time with your kids. Your case will suffer if any lies or manipulation on your part are discovered, and in most cases of custody rights, it is.

In some unfortunate cases, neither parent is awarded custody rights. Unfortunately, some instances require the judge to award custody rights to a family member or child services. If neither parent can prove that they deserve to be the sole provider for the household, the judge will resort to this less than ideal situation.

If your lawyer tells you this is an option, be sure and prepare yourself for it. There are a lot of pros and cons to taking custody rights to court. The best way to help yourself with your child custody case is to familiarize yourself with these.

Happy, safe children are a very good pro, once the child is placed with the most qualified parent or guardian. The downside of this, especially if the custody battle is particularly nasty, the child will be yanked through this. Discuss all your options and any negative outcomes with your attorney prior to making a decision on custody rights issues. Nobody desires to confess they need a helping hand with custody rights.

When a child is born the parents rarely imagine a day when they may need the law to step in and decide what is in that child’s best interests. The most imperative thing to bear in mind when contending with custody rights is that it is your child’s best interests that need to be fulfilled in this situation and not your own. Tread carefully and make sure you know the laws in your state. You don’t want to be caught unaware of these custody rights.

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Child Custody Laws

Even though divorce has been going on for centuries, the courts look at child custody cases a bit differently today. There have been many changes over the years, and most of it has to do with the way society works today as opposed to years ago. Back in the 1800s, if man and wife were getting divorced the father would be the custodial parent. This was due to inheritances of estates and properties, as well as property laws.

During this time mothers were never allowed to receive custody. Once we reached the 20th century things began to change. Courts found that when the divorce involved younger children, the mothers were a better fit to care for them.

Now that we’ve hit the 21st century there have been additional changes, but the overall concept is the same. Somewhere in between, it was the mothers who were awarded the children the majority of the time. The courts believed this was in the best interest of the children, even when it wasn’t the case.

However, when you think back to years past it might not have always been in the best interest of the child when fathers were automatically awarded custody. In order to even the playing field, the courts needed to provide a few standards that would allow the child or children to have a good life in a divorced family.

There are some instances where the fathers have won child custody cases, but not near as much as the mothers. While this may be true, several states believe it is unconstitutional to place children in the mother’s care at all times. The funny thing is most of them do anyway.

These actions helped to create the Equal Protection of the Fourteenth Amendment. It’s a decree that was ruled in favor of by the Supreme Court so the child custody cases that went through lower courts couldn’t base their decisions solely on the generalization of the parents.

It is thought that even if the father doesn’t get child custody they have much more influence and visitation rights than they used to in child custody cases since this decree from the Supreme Court. This allows the father to be more active in the child’s life and on some occasions he can even receive joint custody. So even when the children live with their mother, he is still involved in making decisions about health care, education, religion, or various other fundamental issues.

Some courts will appoint guardians to visit the homes of both parents. This way they can see the living conditions, the type of parenting plans that are in place, and whether or not one parent’s household would suit the interests of the children better. Remember, they no longer give the children to the primary childcare parent so you cannot consider this a given in child custody cases anymore.

Parents can also try to change or modify the results of child custody cases once they are in place. If circumstances change for the custodial parent then the non-custodial parent may win sole custody, but again it will differ from state to state. It is always best to consult with a professional when looking at child custody cases as each case is different and the best interests of the child are at stake.

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Deadbeat Dads, How Do You Keep Your Kids Safe?

The fact of the matter is, arguing with deadbeat dads can be disturbing to all your other family members. Unfortunately, these arguments are going to happen. When they do erupt, they cause a lot of problems. How do you take care of your children and make sure they are totally free from harm? It is important for you to remember that regardless of what is going on with you and your child’s father, your child has specific needs that you need to meet.

Try not to let the deadbeat dad take precedence over the kids. If possible, keep the children from knowing the details of the battle unless necessary.

It can be tempting to talk badly about the deadbeat dad as a pawn in the divorce. Keeping the children first is the priority for most parents in these situations, but it is always good to be reminded! Be sure to make time for them and give them the support they need. This situation is hard for them also.

In most cases, sole custody is awarded for very exact reasons. For cases where deadbeat dads have a drug problem, a judge will make sure the kids are living in a drug-free home. Study other deadbeat dad’s cases. The importance of this increases if you find yourself on the “wrong” side of your case. You may find, that for your case to end in your favor, there may be changes to your lifestyle that you will need to make.

Your kids have an opinion on this too, don’t forget that. Most people fail miserably when it comes to talking to their kids about deadbeat dad matters. When your kids are very young, this is good. When they get older, however, it is a good idea to ask them what they want to do. Even as early as age 4 or 5 children can be very opinionated about whom they choose to spend the bulk of their time with. Many judges will ask to hear from the children in question, especially if the case gets tense or tricky. There are so many things that can quickly become complicated when you need to work out a custody arrangement with your children’s deadbeat dad.

It is of the utmost importance to be mindful that keeping your children in good spirits is much more important than the issues you have with your child’s father. Don’t let this slip your mind when you need to request his help. The more sympathetic you are to his case and the brighter you are about being the most optimal parent you can be, the more advantageous it will be for your kids.

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Divorce Attorney – Is divorce right for you?

No one has as much experience, knowledge, or expertise in Texas divorce cases as we do. Want to file for a quick and easy divorce? We specialize in getting you divorced as soon as possible. We have been helping couples and families with divorce cases for nearly 2 decades. We have experienced attorneys on staff and affordable legal representation.

Hiring our Texas divorce lawyers can help your divorce process go smoothly and timely. When looking into hiring a divorce lawyer, you will need to find a divorce lawyer that will meet your needs and help you acquire a fair settlement. Divorce is rarely easy to go through and it’s never fun for anyone. Finding a divorce lawyer that will take the time to understand your case and what is required will help you finalize your divorce and start your life again.

Divorce lawyers range from a great amount of experience to hardly any experience. As you search for your divorce lawyer, ask for references from friends and family and also ask the lawyer you are interviewing for their past history. A divorce lawyer will be able to provide you with how many cases they have worked on that included divorce, what the case included, and how well the outcome was. If you have special circumstances, you need to make sure your divorce lawyer has the proper knowledge on how to handle your case.

A special circumstance within a divorce can range from the custody of children, personal assets and property, and investments you have made as a couple. Your divorce lawyer should have the knowledge of the state and city laws and know how to equally divide what you own and make sure you will have the necessary means to live your day-to-day life.

Some questions you should ask your divorce lawyer before you hire them could make or break your divorce case. Listed below are some questions to consider asking before you hire a divorce lawyer.

• How long have you been a Texas divorce lawyer?

• Do you specialize in any fields that may help me with my divorce? Such as child custody, domestic abuse, dividing personal assets equally.

• Will my divorce case have to go to court? If so, how long will it take to finalize our divorce?

• How much money will I be spending to use your services?

There are many more questions that you can ask your Texas divorce lawyer, make a list, and be prepared when you interview them. You are the client that is spending money, make sure you get the services you need.

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Chapter 11 bankruptcy

Thanks to the new bankruptcy reform laws, many Americans who are overburdened by their credit card debt will no longer qualify for Chapter 7 bankruptcy protection. However, consumers need to know that an alternative exists for people to walk away from 100% of that debt, without bankruptcy, consolidation, or refinancing. The program is applicable to all major credit cards, unsecured lines-of-credit, and signature loans. The process that is used to discharge debt is based off of US Supreme Courts decisions, Title 15 United State Code (USC) section 1692, the Fair Debt Collections Practices Act, section 1601, the Fair Credit Billing Act, the Uniform Commercial Code (UCC), section 203, and numerous Banking

The first but definitely not the easiest thought that comes to most people when they are neck-deep in debt is to file bankruptcy. Filing bankruptcy seems to be the last straw left in the deluge of unpaid bills and abusive creditor calls. The situation is somewhat like this. You buy whatever catches your fancy and you thank yourself you had the blessed credit cards. It’s good as long as you are spending. When it’s bill paying time, you realize your misdoing. Abusive creditor calls may be robbing you of your sleep.

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Homelife bankruptcy

Have you been through a bankruptcy? Have you wondered whether you could possibly refinance your mortgage loan or obtain any mortgages after bankruptcy? You will be pleased to learn that there are mortgage lenders that will help you obtain a mortgage loan and even save you money by lowering your monthly payments. Local mortgage lenders are ready to help you find the best refinancing package available for your special circumstances. Having to file a bankruptcy does not have to mean you are stuck with a high interest rate and less than desirable mortgage terms.

A law that provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors is called Bankruptcy. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. The new bankruptcy law is now in effect, the landscape has changed for those who are considering bankruptcy. All debtors will have to get credit counseling before they can file a bankruptcy case.

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Understanding bankruptcy laws

Many people who have filed bankruptcy in the past apply for credit the wrong way. They fill out a credit application and hope for the best. Best case, they probably end up paying a lot more in interest and finance charges – hundreds or even thousands of dollars more, depending on what they’re buying. That said, in this article we are going to talk about the RIGHT way to apply for credit and loans.

So what is it? There are three steps: 1) Learn how to increase your credit score 2) Know the credit approval process 3) Know how to apply for credit.

Are You Thinking About Filing For Bankruptcy Protection?

Bankruptcy Overview

Bankruptcy, when you come right down to it, is the process that enables those who are unable to pay their debts get a fresh start. It allows for some or all of these debts to be discharged or reorganized. Individuals or businesses may file bankruptcy.

This enables you to clean the slate and get a 2nd chance with your finances. In most instances, bankruptcy provides a fair method for compensating your creditors as well.

The bankruptcy process need not be your worst nightmare. However, there are certain requirements that must be met. You will be required to file a list of all of your outstanding debts and a complete list of your assets. This is done with the help of your lawyer thru the Federal Courts.

To make this process easier to understand, your “Assets” fall into two categories.

They are: Exempt and Non-Exempt

Exempt assets are the property or belongings that you do NOT have to use to pay off the debts you have incurred.

In other words, exempt assets are off the table, (not in play) and may not be touched by your creditors. In most instances this includes a certain amount of equity in your home, and some of the equity in a vehicle. For the most part, your clothing, and other personal items are deemed exempt. This does not include the expensive jewelry, furs and the big boys toys.

Next, you will be assigned a “trustee” by the Federal Bankruptcy Court to administer the payment of your debts. Your debts also fall into two categories. They are: Secured debts and Unsecured debts.

A Secured debt is one in which the creditor retains a “security interest.” Most often it is the same property that was purchased with the credit that creditor extended. Secured debts occupy the first position. This means they enjoy priority over non-secured debts, and must be satisfied first.

If you are unable to pay off secured debts, the creditor has the option to repossess that property and sell it. If there is any “short fall” that remaining debt is now considered unsecured. It doesn’t go away, it has only changed from secured to unsecured.

Once you have filed for protection, the court will issue an “automatic stay”. This stops your creditors in their tracks. They may not take additional action against you beyond the bankruptcy.

This allows you to avert impending repossessions and foreclosures.

Chapter 7

In Chapter 7 Bankruptcy you are in fact liquidating your assets. This means that you are only permitted to keep “exempt” property. The remaining non-exempt property will be sold to the highest bidder. The proceeds of the sale are applied to the outstanding debt. The shortfall or amount left unpaid by the sale is then discharged.

In Chapter 7 Bankruptcy there are a few debts that are not dischargeable. They include taxes, back child support, DWI fines and student loans.

Chapter 13

In Chapter 13 Bankruptcy you are trying to regroup, recoup and get back on track. It is commonly known as the “reorganization bankruptcy for individuals.”

Individuals who want to pay off their debt over a period of three to five years file Chapter 13 bankruptcy.

Chapter 11

Chapter 11 Bankruptcy is commonly used as the reorganization tool for businesses. This kind of bankruptcy is attractive if you own “non-exempt” property that you want to protect. Chapter 11 will also help you to catch up on bills that have fallen into arrears. It effectively blocks an impending repossession or foreclosure.

Not everyone is eligible for a Chapter 13 bankruptcy. You must have a reliable source of income that is sufficient to pay your reasonable everyday expenses and still have an amount of positive cash flow with which you begin paying off past due bills.

If you file a Chapter 13 you are required to submit a plan to repay your debts that includes a set timeframe and set amounts to be repaid. Upon approval of the bankruptcy court, both parties (debtors & creditors) are obliged to accept the terms of the order

What To Do Now

Choosing your bankruptcy lawyer is an important decision.

This beginning process allows you to evaluate and determine your best course of action. This discussion is also your opportunity to satisfy yourself that the sponsoring attorney’s fees are reasonable for your type of case.

Am I Making The Right Decision?

In all likelihood you are stressed and feeling the pressure to seek professional help with your finances. Your decision to look for an experienced bankruptcy attorney may be the best financial decision you have made in a long time.

Even taking the beginning steps to consult with an attorney takes enormous courage. You may even be thinking about struggling through all the mess on your own. That could be a very lonely path.

Before you make the decision to go it alone, ask yourself a few questions. If two or more of these are you, then it could be the perfect time to seek the services of a bankruptcy professional.

Are You:

receiving harassing or threatening phone calls from people you owe?

paying the minimum payment possible on your credit cards?

taking out Payday Loans?

begging for loans from friends and family?

about to lose your job?

behind in your taxes?

receiving foreclosure notices?

behind in child support or alimony?

gambling to try and make ends meet?

sick and unable to even go to work?

If your answers indicate that you are in financial deep water, bankruptcy may be your best solution, but you will never know for sure until you get the advice of an attorney.

How Will Bankruptcy Effect My Life? Your Bankruptcy Attorney will be able to explain some other very important considerations.

What happens after bankruptcy?

What will my life be like?

Will I ever be able to get credit again?

How do I live within a budget?

How do I start all over?

How do I rebuild my credit?

If these nagging questions are on your mind, then a bankruptcy attorney is right for you.

It is true. A bankruptcy can be a persistent source of blemishes on your credit report for up to 10 years. The good news is you are able to start re-establishing your credit the moment your case is closed.

How good is your present report? It is probably already suffering the consequences of late payments, delinquencies and every other known credit report disorder.

Think about this. Your credit score could actually improve due to the elimination of most of your debt. Lenders actually believe that you are a better credit risk now since they know that you may not file bankruptcy again for another six years.

At about 18 months to 24 months into your bankruptcy you will even be able to qualify for a new home loan if you are able to come up with a minimum down payment backed up with proof of income that supports the debt service.

Auto loans are available to individuals upon discharge of your existing debt. And believe it or not you will start receiving offers for credit almost immediately. But “caution” is the watchword at this critical point in time.

The offers of credit could have been what got you into trouble in the first place.

If you have a recent bankruptcy but need an auto loan, you may be surprised at how easy it still can be to get approved for an auto loan. Because the bank can protect themselves by using the vehicle as collateral for the loan, it’s much easier to get vehicle financing with past credit problems than it is to get a new credit card or another kind of unsecured loan. There are many finance companies online competing for your business, to finance your vehicle. Just beware of unethical lending practices. People with bad credit are often prey to lending scams. Bad credit borrowers have fewer lending options than other borrowers
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Filing bankruptcy is a stressful time in a person’s life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be able to buy a home after a bankruptcy. The answer is yes! Mortgage companies and online lenders are now offering home loans for those who have a bankruptcy on their credit report. Some lenders will even approve your loan as soon as one day after your bankruptcy has been discharged. Buying a home after bankruptcy is no longer impossible.

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Many people who have filed bankruptcy in the past apply for credit the wrong way.

They fill out a credit application and hope for the best. Best case, they probably end up paying a lot more in interest and finance charges – hundreds or even thousands of dollars more, depending on what they’re buying.

That said, in this article we are going to talk about the RIGHT way to apply for credit and loans. So what is it? Well there are three steps:

1) Learn how to increase your credit score

2) Know the credit approval process

3) Know how to apply for credit and loans

Now, you want to get all three of these steps right. Not just one or two, but all THREE! See if you miss one, or don’t do it just right, you can end up paying $100s, $1,000s or $10,000s in additional interest and finance charges, depending on what you’re financing.

Here are the three steps in more detail…

Step One: Learn how to increase your credit score.

Increasing your credit score is a key factor in lowering the interest rate you pay on loans and getting approved for them as well. Unfortunately, there are a lot of myths out there that can actually hurt your credit score.

There a number of ways to increase your credit score. One way is to watch your credit card balances. Lenders don’t like to see them go above 50% of the available credit limit.

For example, if you have a credit limit of $3,000 and you’re current balancing owing is $1,800 (60%) that can hurt your credit score. In this situation, there are two ways you can fix the problem.

First, of course, is to pay the balance down so that it’s less than 50% of the credit limit. The other way is to get a credit limit increase:

If you can get a credit limit increase to $5,000 that will means you will be at less than 50% of your credit limit ($1,800 balance versus $5,000 credit limit). And you didn’t have to pay down the balance by a penny!

Another way to increase your credit score is to add years of positive credit history to your account. Most people don’t know about this and it’s 100% legal. But that’s another article in itself.

The point I am trying to make is that there are a number of strategies you can use to increase your credit score. Best of all, many of them can be implemented quickly and easily.

Step Two: Know the credit approval process

What do potential lenders look for? Here you need to know the questions to ask. For example, do they work with people who have had a bankruptcy in the past? What is the minimum credit score they want to see? These are just the initial questions.

There are a number of other questions. There are also a number of items that send up red flags if a lender sees them on your credit application – ones that could jeopardize your chances of qualifying for the loan or cost you more money in interest.

Another factor when applying for credit and loans is timing. You don’t want to apply for credit and loans until you’ve increased your credit score (most people make this mistake).

That brings us to step three…

Step 3: Know how to apply for credit and loans.

Knowing which lenders to approach and how to negotiate with them is also really important.

Apply for a loan or credit with the WRONG lender and you’re practically guaranteed to be turned down; or, you end up paying a pile of interest.

Then there’s there is the negotiation process. This especially important when you’re buying a car – for example, people will spend a lot of time negotiating the price of the car they’re buying and the value of their trade in (if they have one) – and STILL be taken advantage of. They don’t know how to REALLY negotiate for a car.

Think about it. How often do you buy a car? If you are like most of people it’s probably once every so many years. Now, how many times a day do you think a busy car dealership negotiates with buyers? Multiply that by weeks, months and years and you can see that they have slightly more experience.

You should now have an idea of the RIGHT way to apply for credit after bankruptcy. Though I wasn’t able to go into detail on ALL of the strategies you can use to increase your credit score and qualify for credit and loans at more reasonable rates this should at least give you a starting point.

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An Attorney Can Help You Save Your Home

It is never the wish of home owners to face foreclosure. The pain of losing your home can be utterly traumatizing. In order to retain your property, you ought to act swiftly. You need to seek the assistance of a foreclosure attorney as soon as possible. Your attorney shall help you follow the legal procedure that can save your property. So what does a foreclosure attorney do for you? Or better still, how does a real estate lawyer prevent foreclosure? These are some of the key questions that individuals always ask before deciding to hire an attorney. Consider hiring a lawyer for the following reasons.

Brokering Negotiations On Your Behalf

You may need to negotiate with your lender to save your property. For this reason, you ought to know if you are eligible for negotiations before your home is taken away from you. A knowledgeable lawyer will exhaust all the possible options to make certain that a solution is found. Let someone who is skilled in this field guide you through the whole process. He/she will make an excellent intermediary between you and your lender. With proper negotiations, you stand a higher chance of saving your home.

Protecting Your Legal Rights

Fighting foreclosure may end up in court. Sadly enough, there is a high chance of you losing if you do not seek the help of an attorney. Your lawyer will ensure that your legal rights are not violated in any way throughout the hearing. You also need to be provided with the legal defense needed to see you through this complex procedure. You can also count on him/her for moral support as you fight to retain your property too. Many people who face foreclose feel fear and shame. Since they are being overwhelmed with worry and distress, the need for emotional and competent legal support is critical.

Better Understanding Of Mortgage Terms

Most home buyers may not be conversant with mortgage terms. This is why you need an individual who is experienced in this field to guide you on what to do. Lawyers are an excellent source of information concerning foreclosure. You may confirm from them any contentious issue during this trying moment. Getting legal advice from a skilled individual will guide you along the right path when your home is threatened by foreclosure.

Countering The Attorneys From Your Lender

This Attorney Won’t Stop Until You Settle Or Lose

Your lender will definitely hire lawyers to face you in court. Be assured that lenders hire some of the best lawyers money can buy. You also need to hire a legal representative with adequate experience to counteract them in court. Since you can never beat a legal dream team from your lender, your only chance for a fair fight is by hiring an experienced legal adviser. You greatly increase your risk of losing the case if you decide to face this matter alone.

Avoiding Unnecessary Implications

There are numerous things that may go sour during foreclosure. In addition to losing your property, you may also end up soiling your credit rating. This greatly depends on the laws of your state. Being that your lawyer has been handling such cases for numerous clients, he/she must have adequate knowledge on how to handle the whole situation. You can also avoid being sued with the assistance of a legal adviser.

Finding Other Alternatives

You may have other alternatives that you can explore to avoid foreclosure. Some of these alternatives exist but you can never know unless they are explained to you by your lawyer. There are options like restructuring the mortgage, engaging in a negotiation process with your lender, declaring bankruptcy or arranging for a short sale. All these are options that you may explore but only with the help of an expert. Your lawyer will help you pick the one that best matches your case.

Slowing Down The Whole Process

Help with foreclosure can come in different ways. The process can be slowed down to give you enough time to see what you can do next. Lawyers are very tactical when it comes to identifying ways that work perfectly in delaying the whole process. With an appropriate consultation, you can come up with a more comprehensive solution to the foreclosure, such as debt re-negotiations, debt resettlement plans, interest rate modifications, or changing the terms of your mortgage.

Understanding Foreclosure Laws

States have different foreclosure laws. Your lawyer will teach you the specific laws that apply to your state. This will also serve to give you a rough idea of the whole procedure. In general, the assistance of a foreclosure lawyer is a must. He or she can help you avoid the numerous frustrations that stem from this scary time.

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