Archive for the ‘personal bankruptcy’ Category

What Assets can be Taken in Bankruptcy

When filing for a Washington State bankruptcy, some types of property are typically non-exempt and can be used to pay at least a portion of the claims of creditors.

Examples of non-exempt property include: cash and bonds (not part of a retirement account), investments over a certain amount, a second car (for single, non-married debtors), a second home, family heirlooms over a certain value, valuable collections such as paintings, coins, or stamps, and expensive trade or business equipment.

how many credit cards after bankruptcyProperty You Cannot Keep In Chapter 7 Bankruptcy The filing of a Chapter 7 bankruptcy will also stop garnishments and civil lawsuit proceedings and, in most cases, discharge the debts underlying these proceedings. The length of a Chapter 7 Bankruptcy case is generally 3-4 months from filing the bankruptcy petition to the final discharge of debts. In order to find out if you qualify for a Chapter 7, it is important to talk with an experienced Washington bankruptcy lawyer.

The state median income level under the new bankruptcy laws that took effect October 17, 2005, if your income is above your state’s median income, you may not qualify for Washington State Chapter 7 protection. The median income varies from state-to-state and each state therefore has their own list of the state median income thresholds for individuals and married couples with or without dependent children.

Non-Dischargeable Unsecured Debts

Certain unsecured debts are not dischargeable in a Chapter 7 Bankruptcy and must continue to be repaid in full. These include unpaid taxes, government- backed student loans, and unpaid child support. In many cases, however, your monthly payments of these debts can be restructured and lowered by filing a Washington Chapter 13 Bankruptcy.

Chapter 7 also gives you an option to "Redeem Your Vehicle". This process involves you paying the secured creditor the fair market value of the collateral, which is typically far lower than the amount you still owe on your current car loan. In exchange for redeeming your vehicle, the creditor provides you with the release of their lien. There are several redemption finance companies we can refer you to that will provide you with a loan will have new and lower payments based upon your vehicle’s current and fair market value.


By: Isabel Searie

At Washington State Bankruptcy Attorney over 90% of individuals and families still qualify for Washington State bankruptcy laws under the 2005 bankruptcy reform act.

Qimonda: declares bankruptcyIn light of hard economic times, depressed DRAM prices and their inability to secure financing in time, German chipmaker Qimonda AG announced today that it would declare bankruptcy.

Bankruptcy-property | UK BankruptcyQuestion: my husband left me 4years ago and after 1 year he signed our house over to me. We are not legally seperated but he has a new life with another.

Simpson’s firm denied bankruptcyCiting "gross mismanagement," a federal bankruptcy judge has denied Chapter 11 bankruptcy to American Health and Human Services.

Chapter 13 Bankruptcy Reform BillExemption in fef Proceeds of Sale of Exempt Property Upheld by Nicholas Ortiz, Boston Bankruptcy AttorneyLender Morality, Predatory Loan Victims, American Values.

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Filing Chapter 13 Bankruptcy Online

Filing a Simple Bankruptcy

We all know times are tough and, for some of us, bills are getting harder to pay each month. If the debts you owe are more than what you can afford, you should read on.

Filing a bankruptcy can be the answer to your problems. A bankruptcy is a way to discharge your debts completely so you can have a fresh start in your financial and personal life. You can only file a bankruptcy once every 6 years and once filed, it can become part of your credit history

chapter 7 business bankruptcy lawyerBefore filing, you want to know two things: 1) that your monthly expenses (i.e. rent, phone, medical payments and just about anything else paid by you for the living expenses of you and your family) are more than your monthly net income and 2) that your assets (all property you own at its current market value) are worth less than your liabilities (that is, the debts you presently owe and that you will list in your bankruptcy petition).

The next step in filing a bankruptcy is to have the actual petition prepared. The petition is an extensive document listing all of your income, assets and liabilities as well as other information with respect to your financial history. You must list all of the creditors that you owe money to and want to be discharged from that debt. Any creditor that you do not list will always remain your creditor. For example, you may want to keep one of your credit cards if you do not list that credit card company on your petition then you can continue to use that line of credit (of course, you will continue to make your monthly payments for that credit card).

Your petition will be filed in the bankruptcy court for about a $150.00 fee. The moment your petition is filed an automatic stay is in place that means your creditors listed in the petition must stop their collection procedures during your bankruptcy proceeding.

Only those creditors you list in the petition will be notified with respect to your filing for bankruptcy. In about 30 days from your filing date, you will be scheduled for a first meeting of creditors (called a section 341 meeting). At that meeting, the bankruptcy trustee (the person from the court) will ask you some questions. The trustee is interested in discovering whether you have any property or assets available for the benefit of your creditors. By law, you are allowed to keep certain property and the trustee’s questions are very straightforward and not at all intimidating. When the trustee is finished, your creditors are given an opportunity to speak. If none of your creditors appear then an additional 60 days is set for anyone to make any objections or file any additional papers. If nothing happens in that 60 day period, your bankruptcy will be granted and you will be relieved from all debts listed in your petition.

This article is certainly not all inclusive and is intended only as a brief explanation of the legal issue presented. Not all cases are alike and it is strongly recommended that you consult an attorney if you have any questions with respect to any legal matters.

Any questions and/or comments with respect to this topic or any other topic, contact:

http://www.appellate-brief.com

Law Offices of Susan Chana Lask
853 Broadway, Suite 1516
New York, NY 10003
(212) 358-5762

Susan Chana Lask, Esq. c 2004

About The Author

Susan Chana Lask is named in the media as New York’s "high powered attorney". She practices sucessfully all civil, criminal & appeals cases in State & Federal courts nationwide. http://www.appellate-brief.com


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Can I File Bankruptcy on My House?

Contemplating Filing For Bankruptcy?

Bankruptcy has many reputations, some people think that bankruptcy will take care of all their debts and life will be good.

Some people file as often as they can, they have made it a way of life. Some people should file and don’t because of what other people will think.

bankruptcy laws in montanaFiling for Bankruptcy does not get rid of all debts. Some of those debts include but are not limited to: Alimony, Child Support, Back Taxes, Student Loans, and Fraudulent debts, and recent large purchases of more that $550 for luxury item purchased within 90 days of filing.

There are two different kinds of bankruptcy a consumer can file for Chapter 13 and Chapter 7. Chapter 7 is total liquidation it is the quickest. Federal bankruptcy laws provide a ‘means test’ to determine eligibility. Also beginning October 17, 2005, you must obtain approved credit counseling before you can file bankruptcy. Another new federal bankruptcy requirement is that you must file any overdue tax returns within weeks of filing a Chapter 7 bankruptcy. Under Chapter 7 bankruptcy there are certain items that can be kept but have limits. There are State exemptions and Federal exemptions and rules that go with them. Another thing to consider is Chapter 7 will not fix is your credit score. If you are behind on your bills your credit may already be bad and bankruptcy cannot fix it. If someone has co-signed a loan with you and you file for bankruptcy, the co-signer may have to pay your debt.

Chapter 13 is a reorganization of debt. While many think that they will have to pay the entire amount of outstanding debt, under Chapter 13, individuals literally pay pennies on the dollar and work through a repayment plan that helps them achieve freedom from their debt in a period of between three and five years. There are many steps to filing Chapter 13. Many assets can be kept and protected under Chapter 13. Like Chapter 7 there are also qualifications that need to be met before filing Chapter 13.


There are alternatives to filing bankruptcy. Bankruptcy should be the last resort. There are many attorneys that specialize in this area. Each state has its own rules along with many federal rules and regulations. An attorney can help decide whether or not someone should or can file for bankruptcy, which kind of bankruptcy, and whether or not they are eligible.

By: babwebstar Please visit Great Lakes Bankruptcy Center We can help!

The bankruptcy myth
Bankruptcy is supposed to help people get back on their feet after a difficult financial patch. But new research suggests that people don’t recover as easily as all that.

Capitalism without Bankruptcy
On the first half of today’s installment of The Diane Rehm Show, Jerry Taylor, a senior fellow at the Cato Institute got off a good line in the midst of a discussion concerning federal regulation of emission standards.

Protect your income tax refund in bankruptcy
Tell your bankruptcy attorney if you are expecting an income tax refund or economic stimulus payment.

Bust, Bankruptcy, Bailouts: What Should We Do Now?
I am speaking at an AEI panel today, with Tim Bitsberger, Joshua Rosner of Graham Fisher & Co., Walker Todd, of the American Institute for Economic.

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Who has read Rocket Boys? If you have give me ur best answer about chapter 11?

Chapter 11 has to do with Rocket Candy.

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Who is the man in chapter 11 (The Bribe) in the Deathly Hallows?

As you may know, there’s a picture at the beginning of every chapter in all the Harry Potter books. (Unless if you bought an older version, because I know there are some like that.) Well, I was wondering who the man was in chapter 11 (The Bribe) of Harry Potter and the Deathly Hallows. One of my friends it was somebody significant, but I’ve that chapter over and over but I still don’t know who it is… Would anybody care to help with that? Thanks! :D


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Bondholders on a Chapter 7 or Chapter 11 bankruptcy?

What exactly happens to the bonds and bondholders of both a Chapter 7 and a Chapter 11 bankruptcy?


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What are the benefits of Chapter 11 versus Chapter 13?

I have mounds of credit card debt, a car that I owe more then I could sell it for, and a house that is in the same condition – and our income has taken a hit and I can no longer afford to make payments.

I am considering Bankruptcy. What would happen to all this debt? What are the major differences between Ch.11 and 13?

I live in Texas, if that helps.

10 points to best answer with a reference link.


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What were four Historical references in chapter 7-11 in to kill a mockingbird?

I have to find 4 historical references in chapter 7-11. If you know please tell me what they are and the page number you found them on. Thanks


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why stocks will likely to go up after chapter 11 bankruptcy?

First I’d like to know something about Chapter 11 bankruptcy. How does it work? some people say it’s a debt reconstruction, it doesn’t actually mean the company goes bankrupt. But why it’s called "bankruptcy protection", how does it relates to bankruptcy?

Second, why the price of a company’s stock will go up after chapter 11 bankruptcy? Do you think right now is a good time to invest in GM and Six Flags inc? Thank you!!


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does anyone know what would be a good entry for the book mississippi trial on chapter 11?

okay i know i am like good at this but i need to know if someone can give me a brief half page or longer summary of chapter 11 in the book mississippi. my english is really down right know and i need this so bad:\
thanks for your time!


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