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Bankruptcy Law

  1. Should I file Chapter 7 Bankruptcy?

    by , 07-10-2012 at 06:36 AM



    So you're wondering whether you should file bankruptcy?


    People who rack up a bunch of debt sometimes ponder if it makes sense filing for chapter 7 bankruptcy to get rid of the debt. There are lots of reasons for which bankruptcy can make sense whether chapter 7 or chapter 13. But you need to realize that this decision does bring consequences, and it is also certainly not always the best option.

    Should I discharge my debts in bankruptcy?
    ...
  2. How to Talk to a Lawyer-Keep these in Mind to be more Smooth, efficient, & Effective!

    by , 06-19-2012 at 11:41 PM
    How to Effectively Speak to a Lawyer

    I figured that we should write some guidelines for normal everyday folks that they can use if they call up a lawyer or their own personal lawyer. Too often lawyers get calls, and I sometimes get them myself from people that are clearly upset. They only become more worked up when they think I’m not sensitively handling and listening like a counselor to them tell me about all their problems. Yeah, I may think that I am a good listener, that I'm great
    ...
  3. Basics of Bankruptcy Law

    by , 10-08-2011 at 09:47 PM
    What law governs bankruptcy?

    In general, Federal Law governs bankruptcy. Bankruptcy is covered in Title 11 of the United States Code.

    Title 11 of the United States Code, the Bankruptcy Code, governs the various bankruptcy processes. In addition to Title 11, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) in 2005. The most significant change under BAPCPA is the “means test.” Under the means test, the state compares a debtor’s income ...
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    Bankruptcy Law
  4. Bankruptcy Legal Terminology

    by , 10-08-2011 at 04:48 PM
    Redeem
    An option to save your car from being repossessed is redeeming it. The option to “redeem,” or purchase your car from the creditor by paying the creditor a lump sum payment equal to the “replacement retail cost” of the car. The remaining debt, if any, will be discharged. For example, if your car’s replacement retail cost is $3,000, and you owe the creditor $10,000, you could redeem the car by paying the creditor $3,000. The remaining balance would be wiped out in the chapter 7 proceedings. ...
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    Bankruptcy Law
  5. Individuals who may be affected by bankruptcy

    by , 10-08-2011 at 04:42 PM
    Someone who owes me money filed for bankruptcy. How do I know if I can still collect my debt?
    If you are a creditor who is owed money by a debtor who recently filed for bankruptcy, then the first thing that will happen is you will receive notice of the bankruptcy proceeding and notice of your ability to file a claim for the amount of debt owed to you. In most Chapter 7 bankruptcy proceedings, there are no assets available to sell off and pay creditors, so you may not be paid back your debt ...
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    Bankruptcy Law
  6. Bankruptcy Frequently Asked Questions

    by , 10-08-2011 at 04:41 PM
    What are the eligibility requirements for each form of bankruptcy?

    Chapter 7 bankruptcy is available for individuals and businesses. However, individuals (not businesses) have two eligibility requirements that they must fulfill in order to file for Chapter 7: (1) Individual debtors must receive credit counseling from an approved budget and credit counseling agency within 180 days of filing for bankruptcy and (2) Individuals with debts primarily stemming from personal, family or other ...
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    Bankruptcy Law
  7. Instructions on Filing for Bankruptcy

    by , 10-07-2011 at 06:19 PM
    How do I get started on filing for bankruptcy?
    Credit counseling by a credit counseling agency approved by the US Trustee Program is required before a debtor can file for bankruptcy.

    Should I hire a bankruptcy attorney? It is possible to file for bankruptcy without an attorney but it is not advisable. Bankruptcy law is complicated and an improper application of the law can adversely affect your case. A case may be dismissed or even worse, creditors may get more than they are ...
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    Bankruptcy Law
  8. Who are the Bankruptcy Trustees

    by , 10-07-2011 at 06:14 PM
    The United States Trustee appoints and monitors bankruptcy trustees. The office of the United States Trustee appoints a bankruptcy trustee to each chapter 7 and chapter 13 case. The debtor will rarely, if ever, interact directly with the United States Trustee in his/her case. Rather, the bankruptcy trustee is responsible for the day to day operations for each bankruptcy case. The bankruptcy trustee is a representative for the creditors, not the debtor. As such, they are looking out for the creditors’ ...
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    Bankruptcy Law
  9. Alternatives to Bankruptcy

    by , 10-07-2011 at 06:10 PM
    Consolidating debt allows the debtor to repay all debt to a single creditor. This usually allows an individual to lower interest rates on current debts to a single, lower interest rate. Debts may be consolidated to a low interest credit card, a debt consolidated loan or a home equity line.

    When the debtor is threatened with bankruptcy, creditors become more likely to agree with the debtor to recongigure the current repayment agreement. Creditors may agree to lower interest rates, lower ...
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    Bankruptcy Law
  10. The Bankruptcy Process of Chapter 7 and Chapter 13

    by , 10-07-2011 at 05:45 PM
    A Chapter 7 bankruptcy case begins when the debtor files a petition with the bankruptcy court in the area where the debtor resides. When the debtor files the petition, he or she must pay a case filing fee and a miscellaneous administrative fee. These fees must be paid for a bankruptcy under any Chapter, but the case filing fee differs depending on under what chapter the case is filed. With the petition, the debtor must also file with the court a schedule of assets and liabilities, a schedule ...
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    Bankruptcy Law
  11. Chapter 7 vs. Chapter 13 Bankruptcy

    by , 10-07-2011 at 05:42 PM
    Individuals typically prefer Chapter 7 bankruptcy because it is easier. Chapter 7 has strict qualification requirements because it allows the debtor to be free of most debts even if their current assets will cannot pay back all debts.

    Assuming an individual qualifies for Chapter 7, what are the advantage of filing for Chapter 7 over Chapter 13?

    Chapter 7 is appropriate if the debtor is unable to pay debts via a repayment plan.

    If a debtor needs quick ...
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    Bankruptcy Law
  12. Types/Chapters of Bankruptcy

    by , 10-07-2011 at 05:01 PM
    There are several different types of bankruptcies. The first basic difference is voluntary and involuntary bankruptcy. These two types of bankruptcies are exactly what their names suggest. A voluntary bankruptcy is when a debtor voluntarily files a petition of bankruptcy, commencing the bankruptcy proceeding on his or her own. An involuntary bankruptcy is when a creditor, or multiple creditors, initiates the bankruptcy proceeding.

    Once bankruptcy proceedings have been initiated, ...
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    Bankruptcy Law
  13. Chapter 7 and Chapter 13 Bankruptcy Process

    by , 08-08-2011 at 08:51 PM
    Chapter 7 Bankruptcy Process:

    Chapter 7 bankruptcy can be initiated either voluntarily (filed by debtor) or involuntarily (filed by creditor). Once a petition is filed in the appropriate Bankruptcy Court, most collection actions against the debtor are automatically stayed (stopped). A trustee is then appointed to supervise the bankruptcy proceeding. One to two months after filing, a meeting of the creditors is held to determine eligibility and meet with the debtor to ensure the debtor ...
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    Bankruptcy Law
  14. Should I hire a bankruptcy attorney?

    by , 08-08-2011 at 05:29 PM
    It is possible to file for bankruptcy without an attorney but it is not advisable. Bankruptcy law is complicated and an improper application of the law can adversely affect your case. A case may be dismissed or even worse, creditors may get more than they are entitled to. While trying to save money from not hiring an attorney, the debtor can lose more money by not having the proper protection from creditors. If a debtor were to choose to proceed without an attorney, they should at least consider ...
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    Bankruptcy Law
  15. Most Common Chapters of Bankruptcy

    by , 08-08-2011 at 04:15 PM
    Chapter 7 bankruptcy is known as liquidation bankruptcy because all of the debtor's non-exempt property is sold to pay off creditors. Chapter 7 essentially wipes a debtor's financial slate clean even if the debtor's current assets cannot pay off all debts. It is an effective for individuals or businesses that need relief from debt they will not be able to pay off but it is intended to be used on a limited basis.

    Chapter 11 bankruptcy is for business debtors. The debtor continues to ...
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    Bankruptcy Law
  16. Definition of Fraudulent Conveyance and How To Avoid It

    by , 08-08-2011 at 03:53 PM
    A transfer or conveyance is fraudulent if a debtor transfers an asset to a third party in order to place an asset out of the creditors reach. Generally, under state law, creditors may set aside or prevent Fraudulent Conveyances to third parties. In Bankruptcy proceedings, a trustee has the power to set aside or recover the fraudulently conveyed asset if the conveyance occurred within 2 years of filing a bankruptcy petition.

    In order to avoid making a fraudulent conveyance, the debtor ...
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    Bankruptcy Law
  17. Eligibility requirements for bankruptcies

    by , 08-07-2011 at 05:29 PM
    The eligibility requirements for a chapter 7 filing are as follows:

    1. The debtor is an individual, partnership, or a corporation or other business entity;

    2. An individual debtor who is above the median income for his/her state must pass the means test;

    3. An individual cannot file for bankruptcy if during the last 180 days, a prior bankruptcy petition was dismissed due to the debtor’s failure to appear before the court or comply with court orders, or ...
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    Bankruptcy Law
  18. The Difference between Secured Debt and Unsecured Debt

    by , 08-07-2011 at 05:05 PM
    Secured debt is when there is an underlying asset, or collateral, on the debt. Assets that support a debt are called security. If the debtor defaults on the debt, the creditor has the right to seize the security. A secured claim is a claim where the creditor has the right to take back certain property if the debtor does not pay his or her debt. Perhaps the clearest example of a secured debt is a home mortgage. With a home mortgage, a bank, or other financial institution, makes a loan to the ...
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    Bankruptcy Law
  19. Different Chapters of Bankruptcy Law

    by , 07-28-2011 at 06:42 PM
    Bankruptcy was created to give debtorsa second chance. Depending on the type of Bankruptcy, the debtor’s debt mightbe discharged or restructured. Chapter Seven (7) bankruptcy is the generaldischarge. All of the debtor’s debt is discharged, except for “legalobligations” such as alimony and child support.
    Chapter eleven(11) bankruptcy is for restructuring of businesses. The bankruptcy courtwill determine what property is necessary for maintaining the business and whatis not. Those that are ...
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    Bankruptcy Law