- How does filing bankruptcy help you?
The question as to how filing bankruptcy helps is very common today. If you are a debtor, you need to know everything about bankruptcy and how its affects you before proceeding.
Bankruptcy was established to help protect you as a debtor to get fair treatment from your creditors; therefore filing bankruptcy might be helpful depending on your situation. Although there are different types of bankruptcy proceedings, one chapter type may help you better than the other. Continue reading
- How does bankruptcy work?
So, you’re thinking to file bankruptcy, but you are confused as to how it works. You have asked your friends and relatives, but seem to receive different answers depending on whom you ask. There is a very good reason for these different answers. These disparities exist because there are actually different types of personal bankruptcy.
Two major types of bankruptcy exist:
The two most common forms of personal bankruptcy are Chapter 7 and Chapter 13. The U.S. bankruptcy laws require anyone who files bankruptcy to take a means test. This is not really a test at all – instead, it’s a way for the courts to determine if you qualify to file for bankruptcy. If this means test shows you actually make enough money, from your sources of income to pay back some or all of your debt, then you may file for Chapter 13 bankruptcy and enter into a three to five year payment plan to pay back a portion of your debt.
- What is the bankruptcy Means Test?
In previous post we learned about the two kinds of personal bankruptcy that can be filed, the Chapter 7 and the Chapter 13. In this post chapter, we take a look at the bankruptcy means test, which is the determining factor if you are eligible for filing a Chapter 7 or Chapter 13.
As a brief review, Chapter 7 is the kind of bankruptcy that you file if you don’t have the means to pay your debts or support your daily needs. It is also called the “liquidation” or “fresh start” bankruptcy because your debts can be discharged but you won’t be able to keep nonexempt property. Continue reading
- How to find a decent bankruptcy attorney
In most areas, advertisements for bankruptcy lawyers are everywhere, from radio and television ads to billboards and yellow pages.
Even though you can find an attorney simply by opening up your telephone book and randomly picking a name, how do you know that this person will represent your best interests, without overcharging you for their services?
The best way to select a decent bankruptcy attorney is through referrals. Referrals can come from a wide variety of sources. Have you worked with an accountant or another lawyer, for example, in a divorce proceeding or business matter? Even if your former attorney does not practice bankruptcy law, he or she may be able to provide you with a handful of professional recommendations. Your accountant may also be able to provide you with a list of names. Continue reading
– How hard is it to declare bankruptcy protection?
Declaring bankruptcy can be a complex process. For this reason, many debtors decide to hire an attorney to guide them through the procedure. An added benefit of hiring an attorney is that the attorney will appear in bankruptcy court to advocate for you.
In order to file for bankruptcy, you will need to fill out a number of forms to help the court determine your financial status. You can get the forms from your attorney if you have retained one. If not, you can find the latest bankruptcy forms at Continue reading
– Which of the bankruptcy types is best for you?
To my respected U.S. citizens from all walks of life, to all the heroes and heroines who have put their lives beyond reproach to better the laws in our land. As I write and give this honest opinion on “which of the bankruptcy types is best for you?” I hope you will go step by step in making right decisions as to which bankruptcy type best suit your needs.
Filing Bankruptcy Protection