Do you need to sell your home to avoid bankrupcy? If so, Simon Volkov might have the solution you are seeking. Simon buys houses located in Orange County and southern California, Nevada, Arizona and Washington. To determine if your property qualifies, submit information via the we buy houses form at www.SimonVolkov.com.
Bankrupcy is the most common misspelling of bankruptcy. Regardless of how you spell it, bankruptcy offers financial relief to debtors struggling to make ends meet. The bankruptcy process can be exceptionally complicated and requires assistance from a qualified lawyer.
Most people see bankrupcy as financial failure. It is important to understand that filing for bankruptcy protection does not mean you are a failure. Negative thinking will keep you bound in financial disarray. Instead, focus on the positives and learn from previous financial mistakes.
In previous years, most debtors filed for Chapter 7 bankruptcy. Also referred to as "liquidation" bankruptcy, Chapter 7 allows debtors to liquidate assets to pay off outstanding debts. Any remaining balances are written off; allowing debtors to obtain a clean financial slate.
In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) which requires debtors to repay a portion of debts through Chapter 13 payments. The amount of debt to be repaid is established through the means test; a financial tool which compares debtors' income to that of their states' median income level.
Debtors earning less than the median income might be able to file for bankrupcy protection using Chapter 7. Debtors earning the same or more than median income levels will be required to file for Chapter 13 bankruptcy protection.
BAPCPA also changed the amount of time between bankruptcy filings. Prior to BAPCPA, debtors could file bankruptcy petitions every seven years. Today, debtors are allowed to seek bankrupcy protection every eight years.
Many reasons exist for seeking relief through bankruptcy. At present, medical bankruptcy is one of the most prevalent reasons for seeking relief through the U.S. Bankruptcy Code. Millions of U.S. citizens are uninsured and one major health crisis can quickly lead them into bankrupcy.
Other reasons for filing bankruptcy include loss of employment, foreclosure, and death of a spouse or divorce. Regardless of the cause, solutions exist for helping debtors overcome financial challenges.
Debtors who have no option but to file for bankrupcy protection need to work with a qualified attorney. Average legal fees for Chapter 13 range between $2500 and $3000. Court filing fees average around $300.
BAPCPA requires debtors to obtain credit counseling through a qualified U.S. Trustee agency. Some counseling agencies provide services at no charge. Others use a sliding scale and base fees on debtors' income.
Bankrupcy in the United States is regulated under federal laws and governed by each individual state. When filing for bankruptcy protection, debtors must adhere to both federal and state laws.
Financial experts recommend seeking out bankruptcy alternatives first. These can include attempting to work out repayment with creditors through debt consolidation or debt settlement plans. Creditors are usually more receptive to working with debtors who are able to provide a lump sum payment and reasonable repayment plan.
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