All bankruptcy laws information in one place

Filing for bankruptcy can be very confusing with all the new laws and the changing bankruptcy information out there. In order to finish the bankruptcy process, you must answer all the denting questions that you may have about chapter 7 bankruptcy laws, chapter 13 and chapter 11 bankruptcy laws for business owners.

Will Bankruptcy Wipe Out All of My Debts?

March 15, 2012

A lot of people believe bankruptcy is a way to start over. In the process they feel that all of their debts are wiped clean. The reality is many people get into this situation without getting all the facts. Filing for bankruptcy is not a guarantee all debts will be wiped clean. Here’s the situation: [...]

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How Soon After My Bankruptcy Can I Get Credit For A New House Or Car?

March 1, 2012

What we have here is a strange conundrum, and the question before the court of common sense is, is there life after a bankruptcy? Those who have ignored the comments and suggestions of your family and Uncle Fred who may have told you that a bankruptcy is the dagger through the heart and will ruin [...]

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Can I Keep My House and Car While Filing for Bankruptcy?

February 28, 2012

Many people assume that their home and car will be lost to bankruptcy. In most cases this is not true. Most states have laws in place that exempt your property and vehicle from seizure; actually the bankruptcy laws protect you from creditors. The loan for your car and home are secure. Your debtor must continue [...]

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How Will the New 2012 Bankruptcy Laws Affect Me?

February 20, 2012

There have been three new changes carried out in the new bankruptcy laws. These changes may effect different people in different ways. Individuals must first get approved by the courts to get their debt dismissed. Then, they must attend a six month credit counseling session and a money management class which they pay themselves. The [...]

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Bankruptcy’s Effects on Your Credit Report

February 18, 2012

It is important for people with debt to realize that filing for bankruptcy does not change their financial history. Creditors will still be entitled to the truth about their past. A bankruptcy may remain on an individual’s credit record for as long as a decade though some credit bureaus may remove it at around the [...]

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Difference between Chapter 7 and Chapter 13 Bankruptcies

February 17, 2012

Bankruptcy is an option to consider if you have a significant amount of debt and can no longer pay your bills. It should be a last resort, but it could help you receive a fresh financial start in life. Two types of bankruptcy to consider are Chapter 7 and Chapter 13. Chapter 7 bankruptcy permits [...]

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Can I File Bankruptcy Without An Attorney?

February 14, 2012

Yes, you can file for bankruptcy without an attorney, but it is not recommended; solely because you may leave out important information and documentation. It is important that a bankruptcy case is handled by a knowledgeable attorney who knows all the required documents needed, such as a credit counseling certificate. You may lose the right [...]

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When Will My Creditors Stop Bothering Me?

February 11, 2012

When someone has problems that prevent them from keeping bills paid on time, as they normally do, it can be very stressful. No one appreciates the repeated calls to remind us about the bills we are late paying. It does not take long before the stress of this situation interferes with efforts to recover financially. [...]

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How Often Can you File For Bankruptcy?

February 10, 2012

Are you interested in filing for bankruptcy but don’t know how often you can do it? Well, most often you are free to file for bankruptcy as often as you want, but it won’t always come out with a positive result. Although typically you can do it as often as you want, it also depends [...]

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How Long Will A Bankruptcy Stay On My Credit Report?

February 6, 2012

Due to the extended economic downturn, people are having problems paying off credit card and other debts. With high and extended unemployment, some people are having to file for bankruptcy in an attempt to get back on their feet and get their finances in order. Bankruptcy is not something that should be done lightly because [...]

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Bankruptcy Petition Options

October 30, 2011

Filing a Chapter 13 When the Case Should Have Been a Chapter 7 : Schedule I and J of the bankruptcy petition is often referred to as the heart of the bankruptcy petition options you have available. In this example case, the debtors had an income of $5,567.23 on Schedule I and monthly expenditures of [...]

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Can You Fund the Chapter 13 Plan?

October 25, 2011

In order for a person to pass the Means Test and file a Chapter 13, they must have enough money left over every month to make a payment to the Trustee, who in turn pays the creditors. That means that after deducting the amount of money the debtor earns (Schedule I of the bankruptcy petition) [...]

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Estate Bankruptcy Deceased

October 20, 2011

Can a Person who is Deceased File Bankruptcy on Their Debts? The other day, an interesting question came up regarding a Chapter 7 bankruptcy petition. The debtor was a widow who claimed most of the debts were only in her husband’s name. She wanted to know if the debts of her husband should be listed [...]

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Attorneys Vs Paralegals

October 15, 2011

Do Attorneys Still Practice Law?  Are Paralegals Now Practicing Law Instead? Back in 1977 when I began working for law firms, there was no such thing as a paralegal.  Instead, we were called: legal secretaries.  This is because the attorney studied the law, looked up the law in their office law books and became their [...]

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How to Save Thousands on Your Motor Vehicle When Filing Bankruptcy

October 10, 2011

Have you made regular monthly payments on your motor vehicle for 910 days or more?  If so, and you file either a Chapter 7 or 13 bankruptcy, you may be able to save thousands of dollars.  However, since this was a new law enacted in 2005, there are still many bankruptcy attorneys who do not [...]

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How Are Foreclosures Treated in Bankruptcy?

October 5, 2011

When a Borrower falls behind in their mortgage payments, it does not necessarily mean they are a deadbeat or bad person. In most instances, the opposite is true.  According to a National U.S. study, people normally get behind in their mortgage payments because of: Illness or injury Job loss Divorce or separation Unexpected repairs or [...]

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Foreclosure Procedures in a Judicial State

October 1, 2011

Foreclosures, repossessions and replevin actions are essentially the same thing.  A foreclosure normally refers to a collector obtaining possession of real property.  Repossession normally refers to a collector obtaining possession of personal property and a replevin normally refers to a collector obtaining possession of a mobile home. There are two different processes that foreclosures go [...]

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Will Your Credit Cards Ever Be Paid Off?

September 25, 2011

If you make the minimum monthly payment on your credit cards, statistics show the debt will not be fully paid for 20, 30 or more years.  That is because credit card companies add on so many interest fees, over limit fees, late fees and other hidden charges they legally can get away with.  Also, you [...]

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What Happens if Creditors Object to You Filing Bankruptcy?

September 19, 2011

Many debtor(s) are concerned when they file bankruptcy that creditors may object to them filing and their case could be dismissed.  This is a common concern that definitely has merit; but once is usually solved prior to the filing of the petition.  The bankruptcy attorney will gather information from the debtor(s) in order to prepare [...]

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Do I Have to File Bankruptcy with My Wife?

September 19, 2011

Many people have the misconception that only one spouse can file bankruptcy while protecting the credit of the other.  This way, they can still make purchases on credit.  Unfortunately, this is often not the case because filing bankruptcy is a means of getting out of debt, not back into it.  Additionally, credit reporting agencies often [...]

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What is a Bankruptcy Automatic Stay?

September 19, 2011

The very moment the bankruptcy petition is filed with the bankruptcy court under bankruptcy laws, a type of  umbrella of protection for the debtor(s) is put into effect.  The bankruptcy stay will help some common emergencies: Home Utility Disconnections: If the debtor(s) are behind on a utility bill and the utility company is threatening to [...]

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Understanding the 1099-C Form

August 20, 2011

Should You Really Negotiate with Creditors and Credit Collectors? Understand the 1099-C Form First Suppose you owe $10,000 on a credit card debt.  You call the company and negotiate the debt down to $6,000 and pay it off.  The credit card company is now required by the Internal Revenue Service to send you a 1099-C [...]

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Chapter 13 Bankruptcy Plan Payments

August 20, 2011

How Are Chapter 13 Bankruptcy Plan Payments Made? If the debtor is employed, the Chapter 13 bankruptcy payment is normally deducted from the paycheck of either the debtor or both the debtor and co-debtor (husband and wife) if both are filing bankruptcy together.  The amount of money deducted by the employer is determined by the [...]

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The 910 Day Motor Vehicle Rule

August 20, 2011

Finding an Appraisal and Taking Advantage of the 910-Day Motor Vehicle Rule Before you decide to file chapter 13 bankruptcy or chapter 7 or call your creditors to do debt negotiation, you need to know how much your asset is worth.  If you do not know the market value of your motor vehicle, it is [...]

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Understanding the New Bankruptcy Laws

August 20, 2011

Understanding the New Bankruptcy Laws Actually, the new bankruptcy law is not really new.  It went into effect on October 17, 2005 and was a major overhaul compared to the bankruptcy law that existed at that time.  To understand the 2005 bankruptcy law better, let us review the history of bankruptcy law itself. The first [...]

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Pros and Cons of Filing for Bankruptcy

August 20, 2011

Pros and Cons of Filing for Bankruptcy Filing bankruptcy is not a decision that should be made at a time of distress; although this often is the case.  Some people think that filing for bankruptcy means losing everything they own while others look at it as an “easy way out” regarding bills they no longer [...]

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Medical Bills Bankruptcy

August 20, 2011

How Are Medical Bills Treated in Bankruptcy? Medical bills normally do not stay on a credit report for more than two (2) years when you file bankruptcy because they are for debts that are made due to unforeseen circumstances.  A debtor has control over their use of a credit card, but medical and health issues [...]

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Business After Chapter 11 Bankruptcy

August 17, 2011

If you own a sole-proprietorship and your assets amount to less than $336,000.00 and your liabilities amount to less than $1,010,000.00; you may choose to file a personal Chapter 13 bankruptcy. In doing so, you could include your business with your personal debts. However, if your business is anything other than a sole-proprietorship or your [...]

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What are Bankruptcy Exemptions?

August 17, 2011

Many people are fearful when they file bankruptcy because someone may have told them they will lose everything they own when they file.  This is not true!  Instead, each state has its own set of bankruptcy exemption allowances which are designed to protect the assets that the debtor owns. These bankruptcy exemption allowances are necessary [...]

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How to File Your Own Bankruptcy Petition?

August 17, 2011

After you have completed your paperwork and prepared the proper Schedules and Forms of your bankruptcy petition, you may wish to consider having an attorney look over your documents before filing.  Most bankruptcy attorneys charge hourly rates and you could hire them for 30 minutes or 1 hour to review your petition – Bankruptcy Laws [...]

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Student Loans and Bankruptcy Laws

August 17, 2011

There are two different types of student loans: 1.  Government backed student loans (such as Sallie Mae); and 2.  Non-government backed student loans (some examples would be online schools that offer their own financing such as Ashworth College, Penn Foster, Excelsior College, Florida Tech Online, etc.) If a student is filing bankruptcy and has a [...]

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Top 5 Reasons People File for Bankruptcy

August 17, 2011

Top 5 Reasons People File for Bankruptcy A person just doesn’t wake up one morning and say: “I think I will file bankruptcy today.”  Instead, filing bankruptcy is a process that takes place over a long period of time that is often caused by unforeseen circumstances.  The following are some of the top five (5) [...]

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What is a Bankruptcy Trustee

August 17, 2011

What is a Bankruptcy Trustee? Many people who file for bankruptcy think that the trustee is the same as a judge.  This is not correct.  In fact, a trustee may not even be an attorney at all.  Some trustees are actually accountants instead.  The role of a trustee is dependent upon the chapter of bankruptcy [...]

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Documentation Requirements for Filing Bankruptcy

August 17, 2011

Credit Counseling and Requirements for Filing Bankruptcy Regardless as to whether you hire a professional or do it yourself, you need to gather up various documents (such as W2s, etc.) and educate your self on bankruptcy laws information before you fill out your 1040 forms.  The same thing happens when you decide to file bankruptcy.  [...]

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What is the difference between a Chapter 7 and Chapter 13 bankruptcy filing?

August 13, 2011

Chapter  7 bankruptcy Basics: Under the old bankruptcy law, the bankruptcy judge had the power to dismiss a Chapter 7 case if he or she thought the debtor had enough disposable income to be in a Chapter 13 repayment plan. There were no hard and fast rules that dictated when a judge should dismiss a [...]

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What debts that cannot be discharged in bankruptcy?

August 13, 2011

There are certain debts that cannot be discharged in bankruptcy.  For example, bankruptcy will not allow you to keep property you have not paid for.  Filing bankruptcy will also not stop the payments for child support or alimony, and filing will offer only limited help if you are trying to eliminate tax debt or a [...]

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What Happens after the Bankruptcy Petition is Filed?

August 13, 2011

After a bankruptcy petition is filed, the bankruptcy court will send a notice to all the creditors listed on your Creditor’s Matrix (a form in your bankruptcy petition.)  This notice is normally mailed out within five days after the petition is filed, but each bankruptcy court has its own time schedule. In most courts, a [...]

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How will my credit be affected by filing bankruptcy?

August 13, 2011

First, your credit has already been affected if you are already behind in paying your bills.  Besides, filing a bankruptcy may actually be your first step in repairing a bad credit situation. When a creditor finds a bankruptcy on a credit report, it shows them that all prior credit problems have been resolved. The question [...]

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Means Test Explained

August 13, 2011

Prior to October 17, 2005 people who filed bankruptcy had the ability to choose whether to file a Chapter 7 or Chapter 13 bankruptcy petition.  But after years of fraud and abuse, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was enacted to help prevent this behavior.  One of the changes this [...]

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Bankruptcy Laws and Credit Cards

August 13, 2011

There are two different types of credit cards: secure and unsecure. How can you know the difference?  Secure credit cards are from companies that you owe money to, that if you did not pay the debt, they can take something you own.  An example of a secure credit card is one that is secured by [...]

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Are Bankruptcy Laws the Same in All 50 States?

August 13, 2011

In the same way that the Internal Revenue Service 1040 Form is the same in all 50 states, the major forms that make up the filing of the bankruptcy petition is the same in all 50 states.  The only difference is that each state and each court may (or may not) have local forms that [...]

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