Bankruptcy advice and help going bankrupt

We provide some simple bankruptcy advice and help if you are thinking about declaring yourself bankrupt.

If you hear or see the word bankruptcy it is normally enough to send waves of panic through your whole body.

This is because if someone suggests declaring yourself bankrupt the image it conjures up is often one of failure and losing everything.

However once you find out the real facts about bankruptcy, you may discover that it is the best way to deal with your debts and turns out to be a real life saver.

What is bankruptcy?

Declaring yourself bankrupt means that you make an application to the court to say that you are unable to repay the debt that you owe.

Once the court declares you bankrupt all of your unsecured debts are taken away from you straight away. Your creditors must then stop all their debt collection actions against you. Part of the bankruptcy procedures includes giving information about your income and living expenses. Based on this if you can afford to do so you will be expected to make a payment towards your debts for up to three years.

One of the major worries that people have about going bankrupt is that they think they will have to sell everything they own. This is nonsense. You are allowed to keep all of your normal household goods. However it is true that if you own an expensive car you might have to sell or downsize.

Many people also worry about losing their home. If there is equity in your property declaring yourself bankrupt may put the property at risk. However if you have little or no equity it is highly likely that there will be no affect on your home and you will be able to keep it.

Declaring yourself bankrupt

If you want to declare yourself bankrupt you will need to follow three main bankruptcy procedures.

The first bankruptcy procedure you will need to go through is the completion of the necessary application forms.

It is very important that you complete the bankruptcy application forms correctly as the information you give will form the basis of decisions about whether you are asked to make a monthly payment towards your debts and what happens to assets such as you house.


Once your forms are properly completed the second bankruptcy procedure involves you taking them to your local country court (or the Royal Courts of Justice if you live in London).

You should go to court in person. You will be asked to pay a court fee and may have to have a brief private meeting with a District Judge. If you have completed your forms correctly you will be declared bankrupt on the day.

The third bankruptcy procedure is a meeting with the official receiver. The meeting will normally take place on the telephone a week or so after you have been declared bankrupt.

This meeting is important as the official receiver will want to make sure they understand the information you included in your application form. It is the official receiver who makes the decisions about what will happen to your car and if you will have to make a monthly payment, not the court judge.

Help going bankrupt

For many people, bankruptcy can be a very effective way of getting out of debt and will result in the majority of their debt being written off.

Bankruptcy is often ideal if you are not a home owner. However even if you do own your own home it you may well be able to keep your house particularly if there is little or no equity in it.

However to understand exactly what bankruptcy will mean for you it is important to get proper bankruptcy advice.

It is also very important that you carry out the bankruptcy procedure of completing your applications forms correctly. As such if you are at all worried about this you should get bankruptcy help from an expert.

Following this simple bankruptcy advice may well result in you making a sensible decision to declare yourself bankrupt rather than struggling to repay your debt for many years using a different debt management solution.

James Falla is a debt management solutions expert and author. He has fourteen years of experience of helping people with the process of declaring themselves bankrupt. In 2004 James co founded Thomas Charles a specialist debt management solutions company where he personally helped hundreds of clients declare bankruptcy. James is now the managing director of and senior debt advisor for Wilmott Turner Financial Services which operates debt solution websites such as http://www.beatmydebt.com/

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Bankruptcy Is More Typical Than You Think

Filing for bankruptcy can be a stressful, life-shaping decision.  With the rough economic years our country has had, bankruptcy has become more normal than ever before.  There are a number of reasons that consumers opt to file for bankruptcy.  You are not alone if this is a route that you are deliberating.  Lowering or eliminating big medical bills, car repossessions, and credit card debt are a few of the issues bankruptcy can do.  These types of difficulties are common financial problems that many people share.

The recent loss of employment is the most standard reason that people are forced to file for bankruptcy. Most homes survive today on a two salary income. When one person loses their job, it can become tough to pay for a mortgage, cars, credit and household bills.  A very normal occurrence is the loss of medical insurance with your job.  This can cause you a large amount of problems and debt, as medical charges can add up quickly.  Sometimes medical debt isn’t something you plan for, and proclaiming Chapter 7 can help you greatly reduce this debt.



Residence foreclosures and auto repossessions are another common reason most consumers file for bankruptcy.  Chapter 13 helps you end your home foreclosure, and allows you to set up a new payment plan with your bank.  Bankruptcy does not mean you get out of mortgage payments, though.  If your car is repossessed, filing for bankruptcy quick enough can force them to return the vehicle directly to you.  Consolidate any late payments while restructuring your payment program through Chapter 13.  You most likely won’t deal personally with your credit company, as an appointed trustee will do this for you.

For most consumers, credit card debt is a massive problem. Your credit card debt can be completely cleared out by claiming bankruptcy.  More importantly, declaring can get unethical, harassing creditors off your back.  Unethical means are often used by credit collectors to try and get payment from you.  You may also find some collectors trying to get more than what you really owe them.  You will need the aid of a lawyer to handle some of these issues. You can get an experienced Woodland Hills bankruptcy attorney or Van Nuys bankruptcy attorney in Southern California if you need this kind of assistance.

Bankruptcy is a huge decision to make. It can alter your life immensely in a number of ways.  With Chapter 7 and Chapter 13, you get a variety of options and programs.  With the help of a lawyer, you can decide which one is best for you.  You can rebuild your credit more simply today as bankruptcy becomes more normal.  You will see how fast you can get credit card offers mailed to you.  Although you do not want to get into trouble again, making some smart choices will have your credit back in good standing in just a few short years.

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Filing Personal Bankruptcy Tips that One Should Have

Are you currently taking into consideration filing for personal bankruptcy? In some cases it is a smart move. Even so, before taking the plunge, you'll want to know several crucial pieces of facts. This write-up covers essential information you will need before you take into consideration bankruptcy.

Initially, you must be sure that there's no other way out of your situation. Think about any doable way it is easy to keep away from filing for personal bankruptcy. Could you refinance, get cash from relatives, sell some of one's possessions, and so on.

I strongly recommend you don't make an effort to do this yourself. Individuals try filing personal bankruptcy to save cash but it will wind up costing you way more in the long run. And it will be far a lot more stressful attempting to do all of the paperwork yourself. Make a mistake in any part of the procedure can result in a nightmare.

Be ready to go to credit counselling. It is absolutely mandatory inside the United States for people filing for bankruptcy. It helps when it is actually time for the judge to evaluate your claim so it is actually a fantastic thing. You are going to have to go to counselling for as much as 6 months.

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Bankruptcy laws are highly complicated. There's no doubt that you will want to hire a lawyer. Do not just use your household lawyer. You need 1 that specializes in bankruptcies. And make sure that they know the laws for your state as just about every state has unique laws. So stay away from lawyers that are new within the area. Ask around for recommended lawyers should you be okay with letting individuals know about your scenario.

Did you know that you will discover about 8 different kinds of bankruptcies? Each will have particularly diverse outcomes. This can be a quite necessary step. You'll need a lawyer which will go for the perfect feasible outcome for you. Make certain they clarify to you what's involved with each kind of bankruptcy and tell you why they need to proceed using the one they picked out.

You need to know what to expect when it really is done with. Do you get to preserve something, how much time before you can borrow cash once again, will it be inside the local newspaper, etc. Also discover how much it's going to cost you for legal fees and application fees.

Trust me. Filing personal bankruptcy needs to be accomplished by a skilled lawyer. When done appropriately it's going to end up with a stressful financial circumstance gone from your life. Perform this incorrectly and you'll be remorseful.

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Getting Out Of A Bad Economy In Los Angeles

Dealing with the current downed economy in Los Angeles makes it tough to repair.  Every time someone gets back on track, there is yet another that loses track and begins having financial difficulty.  It makes it far worse that there are too few Los Angeles jobs to support the number of people in the area, too.  However, there is hope for people having problems in other respects.

Budgeting income is necessary and can even completely fix debt issues.  Besides relieving stress knowing there is an end, creating a payment plan can fix most lesser personal debt issues.  Calling the credit card company or company owed debt to let them know what is happening is smart.  In order to make it less complicated to pay back, deals are frequently worked out in order to pay back the money without the huge interest on some accounts.

Debt consolidation companies are also a great idea.  Making deals with the debt holders and developing payment plans are the main services offered by these companies and they do those things in an efficient way.  This technique of repayment helps credit scores very quickly and requires no help from the United States government.  While consolidation companies might charge a small fee, many are not for profit and never charge the person money in the end.  This approach prevents one from having to give up anything purchased and will get the individual back to square one.



There is also help for those with huge debt.  In order to get rid of huge debt problems, sometimes big steps should be taken to get rid of it in order to start fresh again.  Although Bankruptcy is a significant step, with a good lawyer, the person will be able to continue to keep everything and get rid of all debt.  Although bankruptcy goes on the credit score forever, it is considerably less important after seven years.  Many people achieve great credit right after filing for bankruptcy, and thus the impact is extremely minimal even for larger car and house transactions.

To be able to file bankruptcy, one must use an individual bankruptcy attorney first.  A Woodland Hills bankruptcy attorney versus a Reseda bankruptcy attorney ought to be determined by reputation only, and location should make no difference in any way.  Most filing and problems will be done over the phone besides the initial consultation, so going to the office is not something which needs to be done often.  While most bankruptcy cases go without a problem, the person will still need to save around a thousand dollars or more for lawyer fees.  Finding the right lawyer is critical in order to make the procedure as simple and easy as possible; it's not easy when there is resistance.

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How To Choose The Perfect Bankruptcy Lawyer

Many Americans today are turning to bankruptcy as a way out of this hard economic time.  Filing for bankruptcy can be a tough and life changing choice.  Hiring professional help that you can trust is crucial during this difficult time.  You will need experienced advice from someone who studies the legal issues of bankruptcy. Although many people decide to file on their own, bankruptcy can be more complex than you think.  It will be vital to find a professional lawyer who specializes in bankruptcy.

Before you elect to hire a professional, you should take a few things into consideration.  Feeling comfortable with your lawyer, and knowing he is someone you can trust will be crucial.  Trusting your lawyer will be very important, since you will be sharing personal financial documents with them.  You will never be fully  honest with them if you don’t feel like you can trust them.
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Don’t let any professional you decide to hire intimidate you.  You need to be comfortable enough to talk openly with them, and interview them.  Just because you meet with a lawyer doesn’t mean you have to hire him.  Get answers to all your questions in a way that you can get. Also, find out about costs up-front. All fees and amounts should be provided in a written agreement.  All your standard bankruptcy filings should be covered in a flat fee.  You may get charged additional money if your lawyer has to fight against one of your creditors.  Find out what is not included when you obtain your quote.  Before you agree to anything, be sure you have all the knowledge.

Ask friends and family for recommendations if they have filed for bankruptcy before.  This is a perfect way to locate a quality bankruptcy lawyer.  The internet will also provide a lot of information on any lawyer that is worth hiring.  It is pretty simple to find honest testimonials from clients. A Woodland Hills Bankruptcy Attorney or a Reseda Bankruptcy Attorney is easy to locate if you are in Southern California. You can also check your city’s bar association. Bar associations often have panels of bankruptcy lawyers to choose from.

When you elect to get a professional, make comfort, referrals, and substantial experience your big priorities. Don’t make a speedy, uneducated selection during such a stressful time.  It will be important to find an attorney you can trust while your life undergoes a major transition. Make a responsible choice by diligently researching information on a Woodland Hills Bankruptcy Attorney or a Reseda Bankruptcy Attorney; only with extensive research will you be able to make a smart, educated decision.

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What To Look For In A Lawyer When Thinking About Bankruptcy

12 percent of Californians are unemployed. With so many individuals unemployed, the increase in credit card debt, foreclosure and bankruptcy is certain to go up. As a result of unemployment, rising medical bills or the death of a spouse, people may stop paying their bills in order to feed their family and keep a roof over their head. Sometimes, bankruptcy is the only alternative for individuals to eliminate their debt and reduce the stress and emotional baggage that comes with being in debt. Before you walk into a lawyer’s office and discuss your troubles, you may want to think about some of these choices to help you locate the right lawyer to resolve your debt.

Look at their Website

Before you commit to one lawyer, do your research in order to find an attorney who’s both affordable and can offer the best services, so that you can get the most out of your money. A lawyer’s website says a lot about their commitment to helping you, and one who owns a professional page including all his fees, services and options for bankruptcy is often ideal. For instance, a website of a North Hollywood bankruptcy attorney may have all the information you need regarding bankruptcy, such as fees, bankruptcy information and their services. The website may also contain information about the process and duration, and maybe even the fees an attorney may charge.


Use the Free Consultation 

As you look online, you may come across a free consultation link; use it because it is there for you to ask and get answers. Make sure to ask any question that you may have in order to get the best idea of how bankruptcy will change your life, your finances and any future decisions you may make. Prior to a free consultation, be certain to write down all the questions you may have so that they can all be answered.

Local Attorneys

In order to gain access to the best lawyer for your problems, you may want to talk to an attorney outside your hometown, as they may give you more for what you pay for. Say you reside near San Fernando but all the counslors in the vicinity are overpriced and do not give you the same services as a Pacoima bankruptcy attorney. You want a lawyer who will supply all the services at a reasonable cost that you can afford in order to get the most value out of your dollar. Also, feel free to call the office to speak to a paralegal or a lawyer to answer any additional questions you may have.

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The top bankruptcy myths answered

We consider some of the key myths that surround declaring yourself bankrupt and find out whether there is any truth in them.

Strange as it may sound, declaring yourself bankrupt could be one of the best ways to get out of debt that you simply cannot repay.

Once you are bankrupt all of your unsecured debts will be taken away from you. You will no longer have to worry about them and in many circumstances they will be written off.

However, despite the advantages that declaring yourself bankrupt might bring, it is natural to be worried about what affect it will have on you and your family. We consider some of these worries and find out what really happens.

If I go bankrupt I will always lose my house

If your own your own home, one of the key worries that you will have about bankruptcy is that you will lose the roof over your head.

The reality of bankruptcy is however very different to this. Your house will not be automatically sold from underneath you.

The important thing to understand is that your house is only at risk in bankruptcy if you have significant equity in it. Then the official receiver has a duty to your creditors to try and realise this equity which could result in a forced sale.

But if you have little or no equity in your property it is likely that you will keep your home even after you are discharged from your bankruptcy.

Bankruptcy means I will lose all of my goods and possessions

This is one of the great myths of bankruptcy. In reality you will be able to keep all of your household goods including electrical equipment and computers.

The only time when any of your household goods may be at risk is if they are particularly valuable items which you do not strictly need to keep.

For example if you own any valuable antiques you may have to sell these.

One area that is important to get a little more bankruptcy help is your car. The standard bankruptcy procedures mean that you are allowed to have a car if you need one. However its value should not be greater than £2000.

If your car is worth more than £2000 after declaring yourself bankrupt you may have to sell it and get a cheaper one or sell it altogether if you do not need it.


In bankruptcy will not be able to have a bank account

Many people worry that when they are bankrupt they will no longer be in control of their money or be able to have a bank account. This idea is completely incorrect.

After declaring yourself bankrupt you are one hundred percent responsible for managing your money day to day. You will receive your wages and other income as normal and must continue to pay your ongoing living expenses.

In order to do this you need a bank account and you are certainly allowed to have one.

The problem that you may come up against is that you might be required to change your bank account.

Not all of the high street banks will allow you to open a new account with them after declaring yourself bankrupt so it is important to ask how to do this when you are getting bankruptcy advice.

If I go bankrupt my spouse or partner will be liable for my debts

The bottom line is that no-one else can be made responsible for paying your debts.

Once you have declared yourself bankrupt your spouse or partner will not suddenly have to pay towards your debt or put any of their income or savings towards them.

The only time when a third party will be liable for debt once you are bankrupt is if  the debt is already in joint names or they have given a guarantee to pay if you do not.

In these circumstances they will still remain liable for the debt after your bankruptcy.

Once bankrupt I will never be able to get a mortgage

It is true that bankruptcy will damage your credit rating. After declaring yourself bankrupt a record of your bankruptcy will be added to your credit file.

This record will remain on your credit file for six years make your credit rating worse and make it more difficult to get credit.

However the fact that you have been bankrupt in the past does not mean that you can never get a mortgage in the future.

When you are discharged from your bankruptcy (after a year) you can start thinking about getting a mortgage if you wish.

Of course you need to understand that the mortgage terms you are offered will be far more onerous than for someone with a clear credit rating. However the longer you leave it to make your mortgage application after your bankruptcy ends, the better your chances of getting a reasonable mortgage offer will be.

Get the right bankruptcy advice

Clearly declaring yourself bankrupt is a serious step to take and not something that should be taken lightly.

It is therefore always sensible to get bankruptcy help from a specialist debt advisor who can help you understand what bankruptcy will mean for you. It is particularly important to get bankruptcy advice if you are a homeowner.

However, having taken the right bankruptcy advice, for many people bankruptcy is really not as bad as you may have thought and could be the best way to solve your debt problem.

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