Bankruptcy - 15 Facts You May Not Know!
15 Facts About Bankruptcy
1. Stops a foreclosure of your home.
2. Stops repossession. For instance, if your car is being repossessed, Bankruptcy can stop your creditor from repossessing your car and possibly lower your payment.
3. Stops bill collectors. If you happen to be behind in your bills and your creditors are constantly calling you, that will definitely stop once you declare bankruptcy.
4. Enables you to keep your car as well as your home. Most people who declare bankruptcy do keep their home and their car while they are paying down their debt.
5. The new bankruptcy laws actually help people more than the old laws.
6. When you are married, you can file individually if the debts are mostly in one of the names.
7. Bankruptcy is not published in the newspaper.
8. Fast filing is normal. Some worry it will take forever to file, but that isn't the case. Usually it can be within 1-2 days, as long as you provide the necessary documentation.
9. Bankruptcy laws are federal laws and the cases are brought into federal court.
10. You have to petition for bankruptcy with a judge.
11. Not all debts are forgiven when you file
12. Student loans and tax debt usually can't be eliminated in any bankruptcy.
13. Your credit report will show Bankruptcy for 10 years after you file.
14. Filing Bankruptcy can Lower Payments...
15. Debtors must meet with a credit counselor six months prior to applying for bankruptcy and must attend money management class.
As a Bankruptcy Attorney I receive calls everyday from people that want to know if bankruptcy is right for them. This is a question that is much more complex than it may seem. Bankruptcy has many variables, as do the clients. Certain clients might benefit from filing for bankruptcy under Chapter 7 of title 11 of the Bankruptcy code, while others might find Chapter 13 to be more beneficial. Unfortunately I won't be able to provide you with all the answers in a simple article right now. But I will provide a little bit of direction that will help get you started.
Before we get started you should understand the different Chapters of bankruptcy. For most individuals you will only need to know about two - Chapter 7 and Chapter 13. Chapter 7 is the liquidation of one's debts. In other words it will usually allow a debtor to wipe out his/her debts without having to make any additional payments. It does get more complicated than that, specifically when you have equity in some of your properties. We will go into that a bit more later. Chapter 13 bankruptcy requires a debtor to propose a payment plan to the United States Trustee. This payment plan will be used to pay a percentage of your debts, sometimes all of them, over the next 3-5 years. There are many other differences between the various chapters of bankruptcy but that should be good enough to keep us moving right along!
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bankruptcy 15 facts you may not know
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Personal bankruptcy is a fundamental Constitutional right of American citizenship. Hence, debtors need a low-cost alternative bankruptcy system to high lawyers fees, and need to be able to afford bankruptcy without lawyers, or with lawyers. The point is that the cost and fees of filing for bankruptcy should never be made to be so high as to be a bar or hindrance for qualified American debtors who need to file for bankruptcy. Could that mean having to file bankruptcy with no bankruptcy attorney?
Bankruptcy, settlement and lawyer sponsored debt assistance or relief programs are brands, not a solution. These systems are nothing but a payment plan.
It's common knowledge that modern society's most basic laws were first codified in the Ten Commandments. What many people might not realize, however, is that even some of our more complex laws, such as bankruptcy, have a foundation rooted in the ancient texts of the Bible.
Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
Filing for bankruptcy is good news whenever you are struggling with your credit card debt, mortgage or medical bills. Bankruptcy laws help families and individuals in their debt struggles. You have two options on how to deal with your debt problems, Chapter 7 (debt elimination) and Chapter 13 (reorganization). Always remember that you can regain credit again after successfully filing your bankruptcy.
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Two Tips On How To Avoid Bankruptcy If you are in an extremely dire financial situation begin to use that extra discretionary income for paying off debts.
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