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What Counts as Assets in a Bankruptcy Filing?

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Bankruptcy Part 5: Creditors’ Meetings

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Every debtor is required to appear at a creditors’ meeting conducted by a trustee who asks the debtor questions about the debtor’s financial condition and gives creditors the opportunity to do the same.

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Be the first to comment - What do you think? Posted by Guest Author - March 21, 2011 at 3:31 pm

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Bankruptcy Part 7: The Discharge

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Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor.

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Be the first to comment - What do you think? Posted by Guest Author - March 20, 2011 at 7:18 am

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File Bankruptcy Without an Attorney

Steve T Young asked:

Believe it or not, there are many ways you can file bankruptcy. You can even file bankruptcy without an attorney. What you need is a little amount of money, an internet connection, a personal computer and some hard work.

Before you can file bankruptcy without hiring an attorney, you need to know what bankruptcy is all about. You have to learn the steps on how to do it and get familiar with the process. By then you could probably start filing bankruptcy.

Bankruptcy is a legal action of a debtor to be free of debts. This is a privilege given to consumers who find themselves in situations that cause them undue hardships. Events like job loss, divorce, costly illness etc. that can lead to the racking up of their debts can be a decisive factor when deciding to file for bankruptcy. This helps consumers avoid to be taken advantage by creditors and lending companies. On the other hand, it is not so easy to qualify for bankruptcy, especially, chapter 7. To protect creditors from consumers who might take advantage of the bankruptcy system, limits were applied to the law.

When you file bankruptcy without an attorney, deciding on your own between chapter 7 and chapter 13 will affect the chances you have for successfully filing a bankruptcy. Understanding both types can be a big help when deciding where to go from here. Chapter 7 is a liquidation of your properties in exchange that part, if not all your debts, will be discharged. Chapter 13, on the other hand, is a repayment plan which you and the creditors will come to a legal agreement. Understand as much as possible about this two types of bankruptcy, their difference and what advantage one has from the other.

The advantage of Chapter 13 is that you can keep your properties. With chapter 7, almost all your properties will be solved. The BAPCPA changes of the law last October 2005 have also encourage people to file a chapter 13 type of bankruptcy. The requirement of the new bankruptcy law states that you have to go to a credit counseling agency for a counseling session about credit. It is also required to provide a documentation of your attendance during the credit counseling sessions. The credit counseling agency will more or less provide you with a repayment plan.

The way to file a bankruptcy without an attorney takes a lot of work. You do all the things, work and process needed to file bankruptcy but the advantage of it is that you will not have to spend a lot of money to file your bankruptcy. The cheapest way to file bankruptcy is to do it all by yourself. This takes determination and time, especially, if you are just new in the bankruptcy world. The affordable and convenient way you can file bankruptcy is to acquire the service of a petition preparer or a bankruptcy lawyer to just do your paperwork and prepare your documents. It will just cost you to pay their flat fee. For more information on how to file bankruptcy, visit the link below.

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Be the first to comment - What do you think? Posted by Guest Author - March 19, 2011 at 10:16 pm

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

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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1 comment - What do you think? Posted by Guest Author - April 28, 2010 at 7:25 pm

Categories: personal bankruptcy Tags: chapter 11 bankruptcy, debtor, down payments, filing chapter 11, filing chapter 11 bankruptcy, money orders, proof, us attorneys office

What Counts as Homestead Exemption in Bankruptcy

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.

what counts as homestead exemption in bankruptcy

About The Author

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

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Be the first to comment - What do you think? Posted by Guest Author - January 29, 2009 at 11:06 pm

Categories: personal bankruptcy Tags: bankruptcy code, credit, creditor, debtor, financial, law

Can You Keep a Rental Home in Bankruptcy?

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

can you keep a rental home in bankruptcy

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.

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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.

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2 comments - What do you think? Posted by Guest Author - at 11:05 pm

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Posts Tagged ‘debtor’

Bankruptcy Part 5: Creditors’ Meetings

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Bankruptcy Part 7: The Discharge

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File Bankruptcy Without an Attorney

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

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What Counts as Homestead Exemption in Bankruptcy

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Can You Keep a Rental Home in Bankruptcy?

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