Assets for bankruptcy

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Can you open a bank account if filing chapter 11 bankruptcy? If so where?

April 28th, 2010

I have a client seeming to be in a pinch, filing chapter 11 Bankruptcy and the debtor is requesting all account and policies to be reissue with the US attorneys office listed, once the client notified the bank they shut her down. she has to show proof of the changes but without a bank account she cannot initiate the down payments etc. most of the companies do not accept money orders due to a monthly draft needed to be set up. What could she do? Is there a bank that’ll take her?

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What Counts as Homestead Exemption in Bankruptcy

January 29th, 2009

Bankruptcy Myths Busted

The average American knows very little about bankruptcy. Most people probably are aware of bankruptcy’s ability to dissolve debt and give the debtor a fresh start. Some of the information you might have heard is correct, but some is not. The purpose of this article is to dispel some of the most common bankruptcy myths.

1. Even if I file for bankruptcy creditors will still harass me and my family.

This is absolutely false. Bankruptcy law provides for an automatic stay. Simply, as soon as you file for bankruptcy a hold is put on all your outstanding debts and any creditor attempts to collect those debts. The law prohibits a debtor to attempt to collect, possess, or even contact the debtor in regard to the debt. If a creditor does not follow the rules, the debtor may have an action in the form of punitive damages.

refinancing home after bankruptcy Basically, punitive damages are meant to punish a creditor for not following the procedures set out in the bankruptcy code. Whether a debtor has a cause of action against a creditor should be left to an attorney to answer. However what you need to know is this; once you file for bankruptcy, creditors must leave you alone or suffer the consequences.

2. If I file for bankruptcy it may cause more family troubles than I already have, maybe even divorce.

This is also false. There are two ways a debtor can file for bankruptcy voluntary and involuntary. Voluntary filing is done by the debtor. The debtor talks to an attorney or files a petition pro se and gets the bankruptcy process started. In an involuntary bankruptcy, the creditor forces the debtor into bankruptcy often times unwanted by the debtor.

Voluntary filing is the result of a family discussing their options with each other and possibly an attorney and making an informed decision on the merits. Divorce is often associated with a bankruptcy with the latter filing. Voluntarily filing for bankruptcy gives the debtor a chance to set his terms and allows the debtor a free choice for the bankruptcy.

3. If I file for bankruptcy the trustee will seize all of my assets and sell them to settle my debts with creditors.

Again this is false. While it is one of the duties of a trustee to sell assets in the estate, the trustee cannot necessarily reach all of your assets. There are many factors that must be examined before this happens. The type of bankruptcy as a lot to do with how much the trustee can seize. For example, a chapter 13 is a reorganization bankruptcy. Simply, the debtor keeps the majority if not all of his assets, and forms a repayment plan to satisfy interested creditors.

Even in a chapter 7 filing the debtor gets to keep many assets. These are called non-exempt assets. The debtor’s house, car, clothing, furniture, life insurance, etc. are all non-exempt assets. These are just a few of the main assets. An attorney will be able to arm you with the information you need to keep even more personal property a debtor thought possible.

4. If I file for bankruptcy now, I will never be able to file again.

Surprise, this too is false. Filing for bankruptcy does not make you ineligible to file again. Without going into too much detail, just know the bankruptcy code allows a debtor to file for bankruptcy more than once. There are a few things different most importantly possibility of discharge, however you can file for bankruptcy again if you already have filed.

5. If I file for bankruptcy I will never get credit again.

This is simply false. If this were true then nobody would file for bankruptcy. Americans depend on credit and this is no different than a debtor who has filed for bankruptcy. Several banks now offer credit on a secured basis to potentially risky customers. The debtor would put up a small amount of money so as to secure payment in the future.

Once the debtor proves his ability to pay, credit limits get higher. As little as two years after a chapter 7, a debtor is eligible for mortgage loans on terms equal to someone who has not gone through bankruptcy. Creditors look more to a debtors stability, as opposed to the fact you filed for bankruptcy.

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Content from http://www.bankruptcyhome.com.

3rd bankruptcy
I now find myself swamped with credit card debt and other loans and mortgage. it took 14 years for the second one to come off of my credit report. will I ever be discharged for a 3rd bankruptcy? is a proposal a better idea?

Dent’s owner facing bankruptcy
It’s a bankruptcy that could put Frank Griffin and Dent’s Undertaking Establishment out of business. A case Georgia’s Attorney General is also watching.

Retailer Giant Carpet Declares Bankruptcy
The 40-year-old carpet and flooring chain has declared bankruptcy, saying it owes $5.2 million. Its 12 warehouse-style stores in southern Ontario will close, putting about 100 people out of work.

Bust, Bankruptcy, Bailouts
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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Can You Keep a Rental Home in Bankruptcy?

January 29th, 2009

Bankruptcy Exemptions That You Need To Take Into Consideration

If you are looking at the prospect of filing any type of bankruptcy, you need to be aware of the various bankruptcy exemptions. Many of them may apply to your individual circumstances. In basic terms all businesses and individuals who file for bankruptcy have to list all of their assets. Some of them may be protected by law from creditors taking them as repayment.

The legal definition of bankruptcy according to the Merriam Webster’s Dictionary of Law (1996) is the administration of an insolvent debtor’s property by the court for the benefit of the debtor’s creditors. The same source sites the legal definition of bankruptcy exemptions as the act of exempting or state of being exempt or one that exempts or is exempted.

what assets have to be listed in personal bankruptcy The issues that surround bankruptcy laws are very detailed and complicated for the average person. The amount of legal jargon incorporated into the guidelines can make your head spin. It is hard to grasp the basic concepts when you can’t decipher the information you are reading. It is very important that you are able to protect some of your assets from your creditors.

To help you understand all of this, it is highly recommended you work with a reputable legal entity. Make sure you get a free consultation from at least two different quality sources. This way you can compare information. You want legal representation that has experience in the field of bankruptcy. You also want someone who is willing to take the time to treat you as an individual.

Each case involving a bankruptcy, whether it is for a person or a business, has to be filed in a Federal court for processing. Yet many of the rulings that relate to a bankruptcy filing are determined on a state level. Since the rules for each state vary somewhat, it complicates the issue even further. Therefore, it is important to know that the bankruptcy exemptions you can claim are affected by the type of bankruptcy you file and the state you live in.

Here is a list of the choices you can file under. Keep in mind that your legal representation should clearly go over all of the ones that apply to you. They should also discuss the pros and cons each one has to offer you. Knowing about the bankruptcy exemptions that will apply to your own case can help you decide if this is the course of action you need to take.

1. Chapter 7: Liquidation
2. Chapter 9: Reorganization for municipalities
3. Chapters 11 and 13: Reorganization
4. Chapter 12: Reorganization for Family farmers/fishers

By: Caleb Liu

Article Directory: http://www.articledashboard.com

If you found this information on Bankruptcy Exemptions useful, you’ll also want to read about Avoid Bankruptcy.

Circuit City Heads To Bankruptcy Court

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Three Bankruptcy Filings in 12 Months

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Georgia Superintendent Cox

Cox won $1 million on FOX’s "Are You Smarter than a 5th Grader" TV show. The future of the money is now in limbo because Cox has filed for bankruptcy.