Simple Steps For Comprehending The Bankruptcy Process

The whole process of filing for bankruptcy can be quite overwhelming and complicated. However, a highly trained bankruptcy lawyer can direct you through all of the steps needed to insure that when you get to court, everything goes smooth. The procedure is far more detailed than merely proving to the judge you can't pay your bills and with fresh federal bankruptcy law adjustments, it can be really burdensome to file with out the assistance of an expert.
When you finally decide you might want to file for bankruptcy, make contact with an attorney who concentrates on bankruptcy law. They will initially figure out, depending on the amount and type of your debt and present income, whether you qualify for Chapter 7 or Chapter 13 individual bankruptcy. Those people who are unemployed or have restricted income will likely be able to file Chapter 7, meaning all unsecured debts may be wiped clean. Most of your secured debts may also be reduced, but that will depend on the sort of debt and any collateral held by the loan companies.


You will then need to list all your assets, including any pending income such as lottery winnings or payments due from legal settlements. Your lawyer may also have you fill out a good amount of paperwork required to file with the court. Furthermore, courses on financial management and having a budget will also be necessary, before and after you file, before the court can finish the process, helping you to start with a clean financial slate.
When you do not meet the requirements for a Chapter 7 individual bankruptcy because of your income, you will have the option of filing for Chapter 13, with which a payment agreement will be set up with a court trustee, letting you make monthly payments until all your debts are repaid. Within a Chapter 13, you'll be able to keep all of your property and assets, even your secured loans, and lenders will have no choice but to just accept the terms set up by the court trustee.
Your bankruptcy lawyer can help you determine which type is right for you and can help you file with the court. On your appearance date, you'll be required to appear in front of the individual bankruptcy judge and, after giving answers to a couple of questions and providing your lawyer has filed all of the required documents, you will have about 6 months before your bankruptcy is finalized.

The Seattle bankruptcy lawyers of Northwest Debt Relief Law Firm are committed to helping people throughout both Oregon and Washington get out of debt, including, where appropriate, filing petitions for relief in the United States Bankruptcy Courts. Regardless of the type of bankruptcy filing, Northwest Debt Relief Law Firm can help you get a fresh start and get your personal finances back on track.

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Chapter 7 and Chapter 13 provide viable bankruptcy options

Once you’ve come to terms with the idea of filing for bankruptcy and determined that it is the right course of action for you, the next step is determining which form of bankruptcy is most appropriate for your situation. The two most common forms of bankruptcy are Chapter 7 and Chapter 13, which you may have heard of in a general sense but may not know much about.  The bankruptcy attorneys of Arizona-based bankruptcy firm Williams & Cluff, PLC would like to take a moment to discuss Chapter 7 and Chapter 13 in detail so that you may have a better idea what they do and how they apply to your individual situation.
By sitting down with an attorney from Williams & Cluff you can educate yourself as to your options and decide which is best for you. Chapter 7, which liquidates your non-exempt assets to discharge your debt, and Chapter 13, which reorganizes your debts and allows you to make payments on your debt, are two common ways for individuals and businesses to seek the protection they need while satisfying their debts.
Chapter 7 bankruptcy – is a form of bankruptcy that deals with discharging your debt through the liquidation of your non-exempt assets.  This is the most common form of bankruptcy, and provides an effective way for those who qualify to eliminate most of their debts and start again fresh.  Best of all, most debts can be discharged within a matter of months.
As mentioned above, Chapter 7 involves the sale of non-exempt property and the distribution of the proceeds to your creditors.  In many cases you are allowed to keep all of your property.  This means there are no assets to liquidate, and as a result, there are no proceeds for creditors.  This doesn’t mean however, that all types of debt can be discharged via Chapter 7.  Child and spousal support, most income taxes, property taxes, student loans and criminal fines generally cannot be discharged.


Chapter 13 bankruptcy – is a form of bankruptcy that allows for the reorganization of debt. Under Chapter 13, debtors may propose a 3-5 year payment plan under court supervision and protection.  During this time you are protected from creditors continuing or starting collection efforts against you.  If you are committed to repaying your debts, but require a more reasonable and attainable payment plan, than Chapter 13 may be for you.
There are eligibility requirements for both Chapter 7 and Chapter 13 that can be explained by a qualified attorney like the ones you’ll find at Williams & Cluff, PLC.  Schedule your free consultation today, and begin to educate yourself as to the bankruptcy options available to you.

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Obtaining Home Financing After Individual Bankruptcy

Lots of people in dire financial trouble may be reluctant to declare themselves bankrupt, based on the idea that it will be very difficult to buy a home after filing for bankruptcy. It may be more challenging to find a lender in a position to take the chance on you, and the interest rates could be higher. But, it usually isn't hopeless to buy a home after a bankruptcy proceeding.
After filing for Chapter 7 or Chapter 13 individual bankruptcy, it is necessary you take a couple of steps before attempting to buy a house. Fully grasp that after a personal bankruptcy your credit standing will take a decent hit, although if you had the desire to file, it was very likely already pretty low. Keep in mind, that credit reporting agencies will certainly report your bankruptcy and keep it in your credit file for 10 years. From a company's perspective, your history suggests that you are a low credit score risk and approving a loan big enough to buy a house would not seem to be in their utmost interest.
The very first thing you have to do is work on cleaning up your credit track record. Following the discharge of your personal bankruptcy, obtain a copy of your credit report and ensure that anything on it that shouldn't be there is eliminated. You will have to contact the three credit rating agencies to make this happen. The Fair Credit Reporting Act offers specific rules so you might maintain an accurate report.


You can decide to rebuild your credit by applying for a credit card and paying it on time, every month. Yes, the interest rates will be higher than you will be used to, but the compensation can be a higher credit rating. You can even make an effort to obtain installment loans via various agencies, and more importantly, if you're able to get this sort of credit, make certain every payment is made by the due date.
This process may be slow to start with, but you will need to show lenders you have cleaned up your act and are a responsible person worthy of a home loan. It will take up to two or perhaps three years to build up your credit rating before lenders are going to be willing to supply you with a mortgage. So, be patient along the way and contemplate starting to rebuild your credit the minute after your personal bankruptcy has been approved. Planning ahead will give you the best chance for an excellent rate in the future.

The Oregon personal bankruptcy attorneys of Northwest Debt Relief Law Firm are committed to helping people throughout both Oregon and Washington get out of debt, including, where appropriate, filing petitions for relief in the United States Bankruptcy Courts. Regardless of the type of bankruptcy filing, Northwest Debt Relief Law Firm can help you get a fresh start and get your personal finances back on track.

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Five Steps to Rebuilding Credit after Bankruptcy

Filing bankruptcy is never an easy decision to make. When a person has fallen into too much debt, then it is usually a last resort. However, filing bankruptcy does not mean that your credit is ruined forever. The action stays on your credit report for seven to ten years, but there are many things that you can do in that time to reestablish yourself with creditors. Rebuilding credit does not happen overnight, but with a budget, new credit and on-time payments, you can get back on track and have good credit long before the record of the bankruptcy falls off from your credit report.

Get Yourself Together

Don’t beat yourself up over the need to file bankruptcy.  Millions of people have had to file bankruptcy for numerous reasons including job loss, business failure, illness, divorce, and generally just the obvious strains that this historically bad economy has imposed on most of us.  Bankruptcy gives you the opportunity for a fresh start, and truly gives you the ability to get back on track financially.  Treat it as an opportunity not a setback.

Check Your Credit Report

Once you have filed personal bankruptcy, it is time to check your credit report. You can get them from the three major companies, TransUnion, Equifax and Experian. You can also get them once a year for free. It is important to check your credit report to make sure that all accounts listed are up-to-date and yours. Many times there are mistakes, but they can be disputed and fixed. Since you are starting with a new slate, it is a good idea to check every account on your credit report.


Set a Budget

One of the most important things to do is to set a budget after filing personal bankruptcy. In order to rebuild credit, it is significant to understand why you had to file in the first place. You do not want to make the same mistakes twice, so it is a good idea to be realistic in your income and what you can and cannot afford. Making changes to your lifestyle and budget might need to be done. Controlling your spending and saving up your money is the best thing you can do for yourself. Some easy ways to save money every month are to pay with cash, cook at home, car pool and buy only what you can afford.

Build New Credit
  
Building new credit is hard for some people because some creditors may not want to give them credit.  However, with the right approach, rebuilding your credit quickly can be achieved.  In my opinion the single best resource for learning proper strategies for rebuilding your credit can be found at a free forum located at www.creditboards.com.  On this forum, people who have gone through the same experiences as well as others who have great knowledge of the credit world are available to educate you on the ways to rebuild your credit.  The common myth is that it takes 7 to 10 years to get credit again.  In my experience this is not true.  Spend some time on creditboards and you will see what I mean.

Keep Up the Good Work

Once you have set your budget, checked your credit report and established new credit for the future, then you can concentrate on staying on top of things. This means that you should stay within your financial means, pay all your bills on time and check your credit report often for mistakes.

These five steps should help you to rebuild credit after filing Chapter 7 bankruptcy. The next seven to ten years should not feel like a jail sentence because there are ways to live debt free and have financial freedom. It just takes time, patience and self-control.

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Bankruptcy Classifications: Rules And Regulations To Note

Your decision for bankruptcy has been swayed by the multiple threatening phone calls from creditors and the stress developed due to debt. As you start to contemplate bankruptcy, many concerns fill your head, such as how it will change your future finances and especially your lifestyle. Many of these issues and worries can be answered by visiting a bankruptcy attorney, but even before you see a lawyer, you may want to familiarize yourself with basics of bankruptcy.

Bankruptcy Basics

The type of bankruptcy which you may register for will depend on your financial circumstances, but you will file under Chapter 7, 11, 12 or 13 depending on your qualifications. Most people who have personal financial dilemmas not tied to a business or a farm will file under Chapter 13 or Chapter 7. In order to stop any further phone calls or vicious letters from creditors, the court will provide you a restraining order once you register for bankruptcy. In addition to the restraining order, you will be forced to attend a mandatory credit-counseling class in order to help you handle your finances. As you visit with attorneys, you will see that they each will convey the same information, no matter if you visit a Downey or a Thousand Oaks Bankruptcy Attorney; this information is standard. Registering for bankruptcy has some drawbacks to it as well in regards to future finances. Most people who file for bankruptcy will find it complicated to open a new bank account, obtain a loan or purchase a new car. While bankruptcy may stay on your credit history for 10 years, it will eliminate a big amount of stress and huge debt, and increase the longevity of your health, which money cannot give.


Chapter 13

One of the most common kinds of bankruptcy, Chapter 13, is created for folks with a fixed income. Individuals who file for Chapter 13 bankruptcy will be allowed to keep their home, car and belongings, so long as they pledge to obey the court-approved repayment plan. The repayment plan is structured in order to help you provide the minimum payments without any hassle, but any missed payment can produce future consequences that your attorney will notify you of.

Chapter 7

Individuals who do not have a steady income, but a large amount of debt may qualify for Chapter 7. Individuals who petition for Chapter 7 will have all their debt wiped clean, but have their belongings sold off in order to settle some of the debt. Not all debt can be wiped clean by Chapter 7, such as a student loan or child support, as this is debt that must be reimbursed. Regardless of whether you visit a Simi Valley Bankruptcy Attorney or a Norwalk attorney, you will get all this information.

Rob R. Nichols is a Thousans Oaks bankruptcy attorney serving the San Fernando Valley. Nichols is a great Simi Valley bankruptcy attorney with fees as low as $795.00.

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The Country Remains In Danger - Bankruptcy Is A Means To Keep Up

It seems like the country has been on a hypothetical financial roller coaster currently as the unemployment rate began to decrease and individuals were starting to find stability once again, but the floor looks to have fallen out from beneath us as government spending and our national deficit have had a major effect on the job market as well as most every company out there.

People are still looking for a way out of financial disarray, and are running out of choices as we arrive at the fact that the worst might not be totally behind us. For those that still are not experiencing the relief they were hoping for, bankruptcy might be a realistic answer to help you get your debt under control and provide for your loved ones, while keeping as much of a secure and stable life as you can.


Conferring with a Woodland Hills bankruptcy attorney who can go over all of your options and decide with you if bankruptcy is the best choice is the first step to fortifying the financial safety of your loved ones. From there, you file the required forms with the court and start to work on your repayment plan, where you list the entirety of your income versus expenses, and how much you owe your creditors, and based on those figures, come up with a comfortable budget.

Though you will be covered by the umbrella of bankruptcy, and it could be frightning to imagine that looming over you for the following couple years; it's a place where you might feel more comforted, and less worried about how to make ends meet while dealing with your creditors. Ensuring that you're not by yourself, and helping you with any problems that could surface, a North Hollywood bankruptcy attorney will help you every step of the way while making your way through the bankruptcy process.

The most important thing is to help get you out from under a mass of debt, and do so in a way that may secure your financial well-being that much sooner without thinking of bankruptcy as a negative option. By thinking more about what's ahead, and less about how terrible it may seem at this point in time, you should provide yourself a better outlook when it comes to bankruptcy and what that could mean to you. By making the decision and filing now, you can save yourself a lot of heartache and stress, and still come out on top when it actually counts, so consider your options and do what is really best for you and your family.

Rob R. Nichols is a Woodland Hills bankruptcy attorney serving the San Fernando Valley. Nichols is a great North Hollywood bankruptcy attorney with fees as low as $795.00.

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How Divorce And Bankruptcy Are Related

Financial situations are often the cause of many marital problems, but for certain couples, claiming personal bankruptcy before divorcing may help them get their financial life back in order. For some there remains a poor stigma about personal bankruptcy, but if financial issues are part of the dissention in their partnership, bankruptcy can certainly make dividing up any marriage assets simpler.
Generally, before a couple goes through their divorce, they'll sit with their legal representatives to ascertain how any assets, in addition to liabilities are separated. Based on the kind of liabilities they've accrued over their marriage, filing for bankruptcy, as a couple, can lessen the quantity of liability one or both partners will shoulder throughout the proceedings. Nevertheless, if one partner has far more individual liability than the other, that individual may consider bankruptcy alone.
That's where it can get sticky, as the individual bankruptcy court may think bankruptcy by one of the partners is only an effort to hide assets that may otherwise be subject to the division of any assets. Since child support, spousal alimony and many other financial responsibilities can't be cleared during personal bankruptcy, couples find it much easier to go through with their bankruptcy before they declare divorce.
Frequently, when bankruptcy is finished, the couple will end up with fewer assets to split during the actual divorce. Also, some lenders look at the bankruptcy and up coming divorce as mitigating situations when one or the other applies for a financial loan. That is not to say credit will likely be readily extended, as the individual bankruptcy will place a mark on the two party's credit scores, however, some will be a little more understanding regarding the cause of bankruptcy.
Since credit reporting agencies are required to maintain separate credit history files on both spouses, if one declares bankruptcy, it may possibly not affect the other's credit worthiness that drastically. Additionally, a personal bankruptcy attorney can answer most queries about filing prior to a divorce, but Chapter 7 might not be a possibility if their earnings are high enough to support payments for a Chapter 13 filing. A pending divorce and the possibility of reduced assets are not usually taken into account for either kind of bankruptcy filing.


In the event you and your wife or husband are in financial trouble and are considering bankruptcy before you divorce, it's critical to seek help from a qualified bankruptcy legal professional. A bankruptcy law firm can help you understand what your best next steps are and help safeguard you from making the wrong move, in the incorrect order. To give yourself the best chance for enhancing your financial situation, choose an experienced bankruptcy lawyer before filing for divorce or individual bankruptcy.

Learn more about bankruptcy filing in Oregon and Washington from the Salem Oregon bankruptcy attorneys of Northwest Debt Relief Law Firm. Whether chapter 7 bankruptcy or Chapter 13 is right for you, Northwest Debt Relief Law Firm can help you get a fresh start and get your personal finances back on track.

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