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Can You Tell Me If Filing Bankruptcy Is The Best Choice?

December 9th, 2018 Comments off

If you are like several people who are facing financial trouble then chances are you want to know if filing bankruptcy is the best choice for you and your family. There is nothing terrible about having to file bankruptcy however the truth is that most people have absolutely no idea about the other options that may help them avoid this financial ruin.

We decided to sit down and write this article in hopes of being able to show people that while filing bankruptcy may seem like the only option to use when you are struggling financially; the truth is that most people are not aware of some of the other options that they can use to get rid of their debt.

1. Professional Advice: We are not financial professionals therefore we are not able to provide you with that much needed advice that you are looking for. However there are several financial professionals in your area who will be happy to sit down with you to tell you what your options are when it comes to avoiding bankruptcy.

Financial counselors are ready to provide you with several different options that people can use to avoid these types of financial situations. It is vital that you take the time to find someone that you trust and can open up to freely without feeling uncomfortable.

2. Loan Consolidation: Many people have discovered that just by using a consolidation loan they have been able to save themselves from filing bankruptcy. There are several companies who provide great interest rate consolidation loans that can be used for the purpose of getting out of debt.

3. Family And Friends: Now I am not a huge fan of asking your family and friends because many people will not find the ways to repay them. However if all it takes is borrowing a one time payment then you may want to consider asking your friends and family. However you want to ensure that you take the time to repay your family or friends that you borrow from.

Visit our site below for some more tips and advice about how to avoid filing bankruptcy. You will find some valuable tips and resources that you can use to get control of your finances and how to avoid getting back into financial trouble.

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What Do I Need To Take Care Of After Bankruptcy?

October 30th, 2018 Comments off

After bankruptcy nothing feels better than being given a second chance however before you call it a day there are some things that you have to take care of. Most people who file tend to believe that they do not have to worry about anything after wards; however I am here to tell you that there are several things you should be concerned with.

In fact some people would say that “after bankruptcy” is more important than getting ready for it. In my personal opinion I tend to believe that what you do after bankruptcy will determine whether you ever file again or not.

This article was written in hopes of begin able to provide you with some proven tips and advice that has helped people get back on the right path after bankruptcy. The purpose was to make these tips as helpful as possible so that you can overcome this financial experience.

1. Monthly Payments: Now is the time to sit down and decide how you are going to start paying all your bills without having to worry about struggling financially. We know that some people tend to retain some of their bills because they do not want to get rid of certain items; however if you do this then you are negating the purpose of getting a fresh start.

You never want to hold onto a house, car or anything else if you can not really afford it. I know that it will be difficult to start over; however as long as you believe that you can do it then chances are you will realize that you will not have a lot of issues.

2. Credit Score: Your debt is gone the thing that you should be focusing on is how to rebuild your credit and make it strong. You will notice that some people tend to neglect this part; it is very important that you learn what it takes to get the credit score back up so you can get on with your life.

3. Support: Never stop being around people who are supportive of you and will treat you normally. We have found that when you surround yourself with people who are supportive of your decisions then it is a lot easier to get over these issues.

Our site below has some great information on what needs to be taken care of after bankruptcy. When you browse it you will also find some great tips and advice that you can use to avoid filing as well and how to get out of debt.

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Do You Understand Chapter 13?

July 24th, 2018 Comments off

The global financial crisis was a downturn of such unprecedented scale that many Americans were caught completely unawares and far from prepared. Without easy credit available many Americans found that their liabilities and expenses far outweighed their ability to pay for them. The number of bankruptcies filed increased dramatically due to the tightening of credit markets.

Many people considering filing for bankruptcy think of the more traditional Chapter 7 bankruptcy procedure first. This typically involves the wholesale liquidation of the petitioners assets, although there are some items that are exempt. Most unsecured debts, like credit card debt and medical bills, are discharged. Today, the United States Trustee who oversees Chapter 7 bankruptcies also imposes a strict means test, which may deny Chapter 7 relief to persons making enough money that the bankruptcy claim appears to be abusive.

However, there is an alternative to Chapter 7 bankruptcy available, Chapter 13 bankruptcy. Chapter 13 bankruptcy is also known as reorganization bankruptcy because it involves reorganizing the debtors finances in such a way as to allow eventual repayment. The Chapter 13 option is useful for people that have nonexempt assets that they wish to keep (assets that would be liquidated under Chapter 7) or people that have a predictable income and can technically pay off their debt if it is adequately restructured. Importantly, Chapter 13 also extends special protection to third parties that may be liable for debts, such as a co-signer or spouse. Unlike a Chapter 7 liquidation that discharges debt within a few months, Chapter 13 filings lead to the creation of a Chapter 13 reorganization plan that remains in effect for three to five years.

There are certain restrictions that come into play when considering a Chapter 13 petition because it is a reorganization of finances rather than a discharge of debts. To be eligible a debtor must be able to demonstrate a reliable income that will be steady for the duration of the reorganization plan. Once a steady income is proven, then living expenses are subtracted and if there is money remaining to make significant payments the petitioner will qualify. However, any unsecured debts over $336,900 and secured debts over $1,020,650 will disqualify a petitioner.

Along with the above restrictions, stockbrokers and commodity brokers are not permitted to petition for Chapter 13 protection, for business or personal finances. However, most people will qualify in spite of the basic restrictions involved.

Because the filing process for a Chapter 13 is so complicated, the filer needs the help of a professional to make sure paperwork is correct and complete. Because it is a bankruptcy a fee will generally be required up front before the professional accepts the job and it is important to begin the filing process before the situation is too dire. A Chapter 13 bankruptcy can be a good solution for professionals and others with a solid income; self-discipline is absolutely necessary to make the reorganization work the way it should.

Wendy Polisi is the founder of Credit Repair College and Finance the Dream. Credit Repair College empowers people to take control of their financial future by learning everything they need to know to repair credit on their own. For more information on credit repair please visit them on the web. Finance the Dream offers lease options throughout the United States.

When you get ready to file for bankruptcy, lawyers who can help you should be a top priority

May 25th, 2013 Comments off

Individual bankruptcy can be very simple or it can be very complex. It depends largely on the complexity of an individual’s person finances. Someone who does not have extensive assets will find that chapter 7 and the chapter 7 bankruptcy court proceedings can be very simple. Sometimes to the point of barely realizing you have had to do anything. However as you personal finances get more complicated there’s a good chance you will need to take advantage of the protected offered in a chapter 13 bankruptcy and develops a chapter 13 bankruptcy plan for payment to your creditors of a court determined amount over a period of years. While this can be very favorable to your overall finances, you definitely need professional advice to make this work out well and to your benefit.

So, when you consider that there may be a need to file for bankruptcy, lawyers should be something you are ready to deal with. One way of finding a good bankruptcy lawyer is on the internet. They are many networks of competent bankruptcy attorneys. While they are on the web, they also will have an office close by to you giving you the ability to interact with them personally and very importantly, they will understand your state laws and any local issues that are important.

Individual bankruptcy is an important financial tool and nothing to be ashamed of. The bankruptcy laws were created for exactly the type of situation that you are finding yourself a part of. They are an honorable and ethical way to address large and serious personal debt issues. If your finances are not very complex you will find using the chapter 7 bankruptcy court not nearly as intimidating as you may have thought. It’s set up to process you’re filing quickly and with a minimum of hassle. Chapter 13 is for those with more assets and generally involves a chapter 13 bankruptcy plan but these too are designed to allow you to address your debt in a way that is affordable and leaves you with your assets in tact to start a new financial day.

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Bankruptcyonly.com provide complet information about how to file individual bankruptcy attorney.Bankruptcy Attorney has show as one of the easiest way to file for Chapter 13 bankruptcy, chapter 7 and chapter 11 bankruptcy. By using this procedure, you can simply reduce the filing bankruptcy cost.More Personal bankruptcy information at :- http://www.bankruptcyonly.com/

Understanding The Pros And Cons Of “Do It Yourself Bankruptcy”

May 22nd, 2013 Comments off

Finance is the main issue in such cases, and many debtors get daunted while working out the cost involved in paying off the creditors while  filing for bankruptcy, and co-ordinate effectively with the bankruptcy trustee. Federal bankruptcy law doesn’t require the lawyer or bankruptcy professionals to deal with all types of bankruptcy filings. There’re a number of issues to think about for the debtors when they decide to go in for a “do-it-yourself” bankruptcy option.

Act now and go with do it yourself bankruptcy Advantages of “Do-It-Yourself-Bankruptcy” There are a few advantages of dealing directly with the bankruptcy issues. They are:

  • Saving money

That’s the bottom line motivation of majority of the debtors who think about a “do it yourself-bankruptcy” approach. If you’re filing for chapter 7 bankruptcy or Chapter 13 bankruptcy, you will cost you around $299. Legal fees would normally run between $500 to $3,000 for a Chapter 7 case, and $1,000 to $4,000 for a Chapter 13 case. Do it yourself-bankruptcy services can’t do away with the bankruptcy filing fee, however the services normally cost just a small percentage of what a bankruptcy attorney would normally charge.

  • Saving time

Getting ready for a bankruptcy case normally involves many meetings with an attorney for issues ranging from the initial consultation. Do it yourself bankruptcy services are available from various companies online, meaning that bankruptcy filings can be prepared anytime of the day or night

  • Online help

Forms as well as bankruptcy information is available online, through that you know how to file for Chapter 13 Bankruptcy as well as chapter 7.Do-it-yourself-bankruptcy services are basically a one-stop-shop. A debtor could review all the issues and download the forms.

Disadvantages of the “Do-It-Yourself-Bankruptcy”

The negative aspects include:

  • The possibility of making a blunder

This is the one main disadvantage and it’s considerable enough that most financial professional adviser debtor to always use a qualified bankruptcy attorney. As many do it yourself bankruptcy services provide online or telephone support, at times through an attorney by bankruptcy experience, which won’t stop a debtor from considering a form is filled out suitably, as it isn’t.

  • Bankruptcy is difficult

Do it yourself bankruptcy sites online commonly provide all sorts of bankruptcy information, even though it’s much difficult to admit all that details without any practical information. It’s a much better deal to have bankruptcy attorneys who aware of the system explain any queries to a debtor in place of a debtor having to instruct himself on the difficulty of bankruptcy.

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Filing bankruptcy is possibly the most difficult decision however you can make it through the process of Do-It-Yourself-Bankruptcy.Bankruptcyonly.com provides detailed information on How to File Chapter 7 Bankruptcy, chapter 13 bankruptcy. Get in touch with you and find out if bankruptcy is right for you.