Posts Tagged ‘personal’

CIT Bankruptcy; 9 More Banks fail; Personal Update

Related Blogs

• health fund|Incentives to health insurance | Health
• FDIC Bank Assessments Change on April 1st as Dodd-Frank Comes to …
• FDIC Clawbacks, Mortgage Deal, UBS-Libor Probe: Compliance …
• FDIC's Tab For Failed U.S. Banks Nears $9 Billion – Wall Street …
• Downers Grove eyes boosting health insurance fund by $500000 …
• Flooded With Proof, Insurance Industry Turns Climate Realist
• Review: 2011 Honda Odyssey | The Truth About Cars
• Junkyard Find: This One Really Hurts | The Truth About Cars
• DetNews Auto Critic Resigns Over Chrysler 200 Review Edits | The …
• PM wants special insurance fund for self-employed | The Daily News …
• Caffeinated WordPress Theme | Template Rips
• Difference in Wording Dooms Bankruptcy Discrimination Claim
• The Security Of Annuity Insurance-abc | GotArticles
• Freakonomics » Blogging Your Bankruptcy
• Hulger and Samuel Wilkinson win Brit Insurance Design of the Year …
• ChefPatrickSucks.com, The REAL Truth! | Domain Name News …
• Downers Grove eyes boosting health insurance fund by $500000 …
• The Volokh Conspiracy » Obama's moment of truth
• The Tape » Caffeinated Consciousness
• TV On The Radio – “Caffeinated Consciousness” – Stereogum

Technorati Tags: banks, Marketwatch, personal

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

Before 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

Related Blogs

• Financial literacy for all – assets & liabilities
• Soa | Quanrel Money
• Need some advice please on unmanagable debt | Quanrel Money
• Filing For Bankruptcy | prattnews.com
• Congress Fails to Prevent April 1 cut in Medicare Physician …
• Why The Reverse Mortgage Loan Is A Fair Deal For Life | Home …
• 10 TIPS FOR CHARITABLE CONTRIBUTIONS | Fresh Start Tax Blog
• Want to obtain any of your records from the IRS… Here is wht the …
• Forum4Finance | Rights Issues & Preferential Allotments may come …
• Online Coupons – A Smart Way of Cutting Down Your Monthly Expenses
• Bankruptcy Petition
• Bankruptcy And Bankruptcy Chapter Seven | Used Car Donation Tips
• Save Electric Bills – Have You Already Seen This ? | My Efficient …
• SCOTUS says Bankruptcy Court can discharge student loan debt …
• December 24 Open daily stock-market must-read must-read « good job
• School Loans For Living Expenses- Where To Start? | Web Magazine Today
• The Basics Of Financial literacy Term Life Insurance
• Spending Plan is a Cure to the Remedial Phase of Financial Counseling
• This Week in Financial History: Bre-X, Silver Thursday And …
• SCOTUSblog » Court skeptical of strict mechanical test

Technorati Tags: chapter 13, expences, medical, online, personal, phone, simple