5 Causes Why People File For Bankruptcy
Mar 12, 2010 Debt Consolidation
Bankruptcy basically means a legal declaration that an individual or business can’t pay their financial obligations to its creditors. There are many reasons why people would declare bankruptcy, and here are some of the top reasons:
1. Loss of a job - One of the most common reasons people choose to go bankrupt is because a job loss. The current dire state of the economy has made a lot of people to leave their work, and therefore leaving them incapable of providing for themselves and their family. Losing a job may also mean losing insurance that would’ve been provided by their employer.
2. Medical bills - Sometimes, a terrible accident, illness or even just the loss of insurance caused by job loss, can be enough reason for a person to file for bankruptcy. These days, medical costs are really high and could pile up to unimaginable amounts. Filing for Chapter 7 Bankruptcy can greatly reduce or even completely eliminate these debts.
3. Preventing repossession of properties - If your home, car, or other highly valuable possession of yours is being repossessed, filing for Chapter 13 bankruptcy could force the creditor to return the aforementioned items to you. After this, your past missed payments will be merged into your bankruptcy plan. What will happen is you will give monthly payments to the trustee of your bankruptcy plan, and they in turn will pay the finance company.
4. Catch up on missed mortgage payments and stop home foreclosure - Filing for Chapter 13 Bankruptcy won’t eliminate your property mortgage, but it can stop foreclosure before bidding or sales can occur. This can then allow you to repay your mortgage amount left (also called mortgage arrears).
5. Put a halt to creditors’ harassing calls and behavior - A lot of times, creditors tend to do debt collection in an unpleasant manner. Their abusive and oftentimes annoying behavior is very uncalled for, and in fact, unethical. Filing for bankruptcy can stop the demands of many creditors, thus halting the many harassing phone calls and bad behavior.
There are many other reasons to file for bankruptcy. Consulting the legal department is of course the best way to handle whatever bad financial situation you may have.
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Understanding Your Bankruptcy Options In Michigan
Feb 11, 2010 Bankruptcy
You may be in the unfortunate position of falling deeper and deeper into debt. Your credit cards are maxed out, bills keep piling up, and you are falling further behind each month. You want to explore bankruptcy as an option, so it’s important that you understand they types of bankruptcy that exist for you and what they mean.
For individuals, there are two types of bankruptcy that exist. One is Chapter 7 and the other Chapter 13. In Chapter 7 bankruptcy, your nonexempt property will be sold to pay off your debts. Chapter 13 bankruptcy is a way of working out a repayment plan to pay off your debt. Depending on your situation, one type of bankruptcy filing may be more appropriate than the other.
Chapter 7 bankruptcy is a relatively short process. It can be handled in 6 months or less from the date of the filing in most cases. It provides an opportunity for a new start and is the most common type of personal bankruptcy filed.
Chapter 7 bankruptcy is an option for individuals that can sell their nonexempt property and then use the money they make to pay off debt. After speaking with a MA bankruptcy attorney, you can decide if Chapter 7 bankruptcy is your best option.
Chapter 13 bankruptcy is a way of working out a repayment plan to pay off your creditors. You are going to be restructuring your debts. Chapter 13 might be a good fit for you if you own valuable property or make too much money to be eligible for a Chapter 7 filing. Often when you file for Chapter 13 bankruptcy, debts and interest accruing will be reduced. A repayment plan is established usually in the 3-5 year range.
You should consider Chapter 13 bankruptcy if you are making money but need more time to pay off your debts. Speaking with a Chapter 13 bankruptcy attorney is the best way to determine if you situation is a good fit with this type of filing.
Our Southfield bankruptcy attorneys take pride in representing consumer debtors. Banks and medical practices are making gigantic profits by using government force to impose their agendas. The table is lopsided in their favor. Contact us to learn what our Our Southfield bankruptcy attorneys have to say about your debt issues.
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Pacer - The National Filing Bankruptcy Database And Others
Dec 11, 2009 Bankruptcy
When do you think about a bankruptcy database? The one that is used by the federal courts is known as PACER which can be accessed through the Internet only after paying a fee for such access. This database is especially important to attorneys since they need it to file their client’s bankruptcy cases online.
It is also important because when there is greater number of filings, courts allows attorneys to use online means for filing for bankruptcy on behalf of their clients.
However, this bankruptcy database is not accessible directly to debtors who must thus engage an attorney if they want to find information through this means.
There are however, many companies that have their own bankruptcy databases which help consumers who need to file for bankruptcy and who need to use such bankruptcy databases to find information related to business etc.
Search According To Different Parameters
Bankruptcy databases give you tools that allow you to make queries to their database. You will find that you can search by state, city and even using the first few digits of zip codes.
Also locating data according to specific dates is also normally an option. So you can search by filing date, dismissal date and or discharge date. Often it is even possible to search by date of first meeting.
Then of course you may want to try a search by the type of bankruptcy filed. So you can easily search for bankruptcies that were filed under chapter-, 11 and or 7. In addition you may want to even try a combination.
Just as a side note here, remember that Chapter 11 is only for businesses while chapter- is only really for individuals and that also chapter 7 is mostly for businesses as well.
Some of the more complete bankruptcy databases will also include details such as the amount relating to assets and liabilities for each case.
Finally, the bankruptcy database will also contain the house addresses and within this you can filter out addresses with regard to certain apartment numbers, PO Boxes as well as those addresses that have number signs in them.
Whether it be the Pacer bankruptcy database or one of the many others around, there is a lot of information to be research should you need to make use of their services.
More Facts About Bankruptcy like those in this article are waiting to be read on our blog.
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Basic Tips In Filing For Bankruptcy
Nov 28, 2009 Bankruptcy
You may have been told that since a bankruptcy will rid you of your credit card debt you might as well max out your American Express and purchase all of those widgets for which you have been longing. The opposite is true. A Bankruptcy Court will dismiss your claim if they perceive you as taking advantage of the system. To make sure the bankruptcy Court gives you the benefit of the doubt, you should refrain from using your credit cards for 90 days prior to filing for bankruptcy.
You are considering filing for bankruptcy because you do not have enough income to pay your creditors. It is best practice, however, to continue to pay at least one or two of your creditors before you file for bankruptcy. You want the Bankruptcy Court not only to see how you have no other alternative than to file, but you also want the Bankruptcy Court to see that you are the type of citizen who would make all of your payments if you had the means to do so.
One of the most important things you can do prior to filing for bankruptcy is to collect certain types of information. This will save you time and stress and help your attorney expeditiously file your petition. You will want to document or gather the following: (1) Mortgage(s) - Determine what your current appraisal value is as well as your pay-off amount, determine the mortgagors information, and determine what your monthly payments are and how many payments you are behind, if applicable; (2) Vehicle(s) - Ascertain the market value of all your vehicles, and if financed or leased, collect the lenders information and the pay-off amount; (3) Personal Property - make a list and place a value on your collective furniture and furnishings, collective clothing and apparel, collective jewelry, cash on hand, balance in checking and savings accounts, and any pensions plans; (4) List of Unsecured Creditors - Collect the addresses of all your unsecured creditors (i.e., credit cards, medical bills, personal loans, cash advances) and how much you owe; (5) Pay Stubs - - Obtain pay stubs or proof of income for the 3 months prior to filing.
Be sure you have all of your taxes filed with the IRS. The Bankruptcy court will not allow you to discharge your debt if taxes are left unfiled. Furthermore, as is the case in Los Angeles, some Bankruptcy Courts will require you to furnish your returns from the past two years. It is also a good idea to also provide those returns to your attorney to ensure accuracy when he/she drafts your petition. If you do not have copies of your tax returns, then contact your regional IRS office and have them mail you copies for a nominal fee.
Sit down for a few minutes with your bank or credit card statements and add up all of your regular monthly expenses. You want to make sure you include all of your expenditures so the Bankruptcy Court can get an accurate idea of your financial hardship. You of course have the standard expenditures like rent and transportation, but there are also other noteworthy expenditures that many people overlook, such as food, clothing, insurance, laundry, medical, alimony, school expenses, and personal care items.
When you are dealing with complex matters that can affect you for years to come it is a great idea to retain a specialist. Since you are reading this article it is likely that you are not bankruptcy savvy. Therefore, hire a qualified bankruptcy attorney to help you file and save yourself the stress of drafting a petition and the stress of having your petition dismissed for failing to provide correct information.
Bankruptcy Lawyer Los Angeles - Law Offices of Alon Darvish
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Debt Relief Consolidation - Bankruptcy Is Not The End
Nov 24, 2009 Bankruptcy
If you are one of those folks whose bills are starting to heap up at home, I believe it is time for you to discover how to consolidate debt. You have to do this as quickly as possible so you may not be put in a worse situation. There are many sorts of techniques that you may want to be in a position to pay off all of your bills. You should learn to keep an eye out for your money well being as it is kind of hard to get up when you have dug a hole that’s too deep for you to handle.
What are the most effective methods that you can try out to pay off your debts?
So you could have been asking yourself again and again again : How do I consolidate my debts? As a start, one thing that you can do is to go looking for a consolidation company that will provide help to your problem. This company will contact your lender and work with them so that they can think about a plan on how it’s possible for you to pay off everything that you owe. One common reason why some folk are behind in paying their Visa card bills is due to credit corporations that have extraordinarily stern and frequently irrational rules when it is about making payments.
The fiscal execs which make up the consolidation company that you select will help you with bargaining with these creditors. They are going to do their best to make them loosen their grip till they get you out of this difficulty.
One good point about sliding into debt consolidation is that it gives you the advantage to transform all of your prior bills into a single regular payment that’ll be less than the amount that you were re-paying then. This makes it less complicated for you to pay your obligations. It decreases the overpowering feeling and pressure that is on you. With having to pay only once a month, you become less stressed and centered with what you want to do.
All of the payments that you make will go to the company that you choose to hire. You are paying down the loan that you agreed to have with them. There are 2 most typical sorts of loans that these corporations generally offer to their clients : secured and unsecured. But before making a decision which one to get, try and research and understand what each one of the 2 has to give.
Secured loans are the best choice for folks who have debts but still have a trustworthy source of revenue. They’re sometimes ready to pay in a timely fashion. Unsecured loans are good for people that have unstable incomes. It is crucial that you study all this info first before getting to a last call. Ensure that you are mindful of what they have to supply and what services you can get from them. Consolidating your debt gets less difficult when you have the right knowledge and the right consolidation company by your side.
Want to find out more about Consolidating Credit Card Debt, then visit Elanora Kelly’s site on how to choose the best Credit Card after Bankruptcy for your needs.
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Everything you need to Know about Pawnbrokers
Nov 13, 2009 Payday Loan
Below we have listed a number of facts that you should know about pawnbrokers. So much has changed over the years regarding pawnbroking. The likes of professionals and new regulations have made this industry very acceptable.
In the UK every person who wishes to set up as a pawnbroker must actually become a member of the NPA (National Pawnbrokers Association). If they do then they must follow the strict guidelines and regulations that they have in place.
The National Pawnbrokers Association was first found in’92, and then incorporated in’31. It was not until’89 until the constitution was rewritten, below we have listed some of the reasons.
1. Pawnbroking was expanding so the National Pawnbrokers Association had to take this into account.
2. It allowed the National Pawnbrokers Association to make sure that the affairs of those who were members, to be much better and more efficiently regulated.
3. Better protection for the public was need, hence why the constitution was rewrote.
More and more people have started to turn to pawnbrokers. We take a look at some of the reasons why.
1. One reason why people turn to pawnbrokers is due to how easy it is to obtain money. Within a few hours of finding a local branch you could pawn an item and have the money straight up.
2. Long ago is the image of walking into a back room to ask to borrow the money. Many pawnbrokers now have shops that are on the main high street which are well lit and offer the friendly personal service you would expect from a more traditional money lender (bank).
3.National Pawnbrokers Association now offers a cash service company, that allows members to clear cheques through a third party service.
4. Before any money or items can be exchanged, the customer has to sign a Pre Contact Information document, this protects the customer as well as the pawnbroker.
5. The customer has up to six months to collect their goods, when the loan is fully paid the goods will be returned.
6. A new agreement will be written up if the customer has not paid up in full after the 6 month period. The pawnbroker will give the customer– days notice before the goods go on sale.
7. Before anyone can set up a pawnbroking service, they must have a relevant credit licence and a certain type of security and insurance. Premises are again very important. All potential pawnbrokers must abide by the Consumer Credit Act’74.
Mentioned above a some of the key points around the pawnbroking industry. Pawnbroking has changed dramatically over the years, it is now a friendly and professional industry thanks to the National Pawnbrokers Association and other regulations. Pawnbroking is just as good as many other loan lending industries. Just make sure you get the best rate!
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Bankruptcy Law Attorneys
Nov 7, 2009 Bankruptcy
Lawyers who specialize in bankruptcy law are called bankruptcy law attorneys. They understand what is like to be in debt, and what it takes to erase this debt from a credit report.
In recent years, bankruptcy laws have changed quite a bit, tightening regulations to make it harder to file for bankruptcy. This is to keep people from spending frivolously and make them responsible for the debt they incur. Still, if you find yourself in overwhelming debt, you can still file for bankruptcy; it’s just that the help of a bankruptcy lawyer is even more necessary than before.
Personal bankruptcy comes in two main types. Each of these has a unique process to follow in order to file for bankruptcy under it. You must adhere to the legal processes precisely and making sure that you are thorough in every aspect of your claim. This is an important step because if you forget to include something and your bankruptcy is approved, you will still be responsible for the qualifying debt that you did not submit.
When are bankruptcy law attorneys needed? On deciding that filing for bankruptcy is something that would be beneficial for you based on your circumstances. The bankruptcy law attorneys will be able to help you determine if you qualify to file. They will explain what your options are in relation to the different kinds of bankruptcy. You should be able to get a free consultation to determine more about your specific bankruptcy case. Therefore, you do not have to worry about wasting money on a lawyer that you will not end up using.
If they think that you have a good chance of succeeding with your claim, they will then work with you to ensure that you have all of the relevant documentation, such as proof of your debts and income. The attorney will then accompany you in front of a judge.
So, how do you find yourself bankruptcy law attorneys? When it comes to finding bankruptcy law attorneys, you may be overwhelmed with a lot of information. First, ask your friends and family if they know of any good lawyers. If they personally have not dealt with any, they may know someone who has and who can offer a recommendation. If this does not work, you can always turn to your local phone directory where many attorneys will be listed in the yellow pages. There are also several different online directories where attorneys list themselves to make it easier for you to find them.
Do you need to find bankruptcy law attorneys? Look no further than www.miamilawyersandattorneys.com. A premier source for legal help in the Miami area. This website is spearheaded by Julio Martinez, the man behind well known business networking directories.
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How Credit Is Rebuilt After Filing Bankruptcy
Oct 19, 2009 Bankruptcy
Filing for bankruptcy is a big step for most people. While there are some debt relief options that can help avoid bankruptcy, filing for bankruptcy is sometimes the only option available. Delinquent credit cards, home foreclosures, and outstanding hospital expenses are just a few reasons that can lead a person to file bankruptcy. While bankruptcy can relieve a good part of a person’s debts, it’s the credit report that takes the big hit. Common knowledge is that filing for bankruptcy severely hurts a person’s credit score and for even as long as seven years. Despite this notion though, it’s possible one can emerge from bankruptcy with a decent credit score.
The key to rebuilding credit is to establish a clear plan to rebuild, following it precisely, and being responsible along the path. Bankruptcy is not an easy fix, but the education learned through it can put people on the road to financial freedom via new-found responsibility.
The first step in building credit is usually the hardest since there are many places to start. Below are several successful strategies that can be employed to build credit. The first step in rebuilding is to secure credit and use it ” wisely. There are a number of successful techniques that can be employed to start building a positive credit history. The first is applying for a secured credit card. These cards maximize your credit limit at the amount of money you have deposited in the bank. They are typically easier to get than unsecured (or traditional) credit cards. Before applying for a secured credit card, verify the annual fee is acceptable and that the company reports directly to the major credit bureaus. This will allow you “as you make payments” to establish a steady payment history.
A 2nd option is getting loans with installment payments can help rebuild credit as well. An installment loan has a fixed amount due each month and a term for repaying the debt. Common types of installment loans are auto, boat, and mortgage loans. By faithfully paying each month, you can show your credit worthiness and build a track record of on time payments. Student loans can also serve as an installment loan, and paying each month will help to build one’s credit score. Securing an installment loan after bankruptcy is not without its ill-effects. Interest rates will more than likely be high. However, after a year or two of making payments on time, a person may be able to refinance to a lower rate. In the long-term, the responsible use of installment loans will help a person secure better loan rates and terms.
A 3rd technique for rebuilding good credit history is analyzing a person’s credit report. There are times when errors exist in a credit report and finding them and fixing them will help. Even having filed bankruptcy, a person may find that some debts included show as past due or still open on the report. It is important to contact the credit bureaus and dispute this information. Not only do negative items reduce a credit score, but can prevent one from securing other forms of credit in the future. Taking the time necessary to review the report(s) and correct items can save thousands of dollars over time.
During the time it takes to emerge from bankruptcy, it is important to remember that building credit is not an overnight sensation. It takes time and every payment must be paid on time, all the time. Establishing good spending habits and a realistic budget will help one navigate towards a successful future. At the end, good to excellent credit is attainable that will allow one to take full advantage of excellent credit terms and conditions.
For help avoiding bankruptcy, Debt 1 Options provides debt settlement to relieve debt for people who are overwhelmed, or can help with credit repair to get personal finances back in order.
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Debt Consolidation Service: Is It A Good Option?
Oct 18, 2009 Bankruptcy
Many individuals start consider a debt consolidation service when they are already unable to pay their debt. With today’s challenging economy, the prospect of facing payments and high interest rates can be stressfull. When a consumer is receiving collection calls daily, a way out is oftentimes warranted. With regular reminder calls and while debt keeps increasing, trying to to get rid of debt can be stressful.
The option of a debt consolidation service can offer the best option for those consumers with intention to address their debt and become debt and stress free.
The procedure of debt consolidation is handled by a debt consolidation service. They are responsible for pulling together your debt, including credit cards and loans and consolidating them into one with one interest rate. Some cases of consolidated debts include mortgages, auto loans, home equity loans, personal loans and credit cards. In several cases unsecured debt like medical bills and student loans are also included in the consolidation. With debt, interest rates will be lowered as well as amortizations on a monthly basis.
Each month, the debt consolidation company will collect payments from the borrower and allocate them to the appropriate creditors. With the company taking over this responsibility, the consumer is not only addressing creditors and bankruptcy but is also making debt under proper management and settlement.
Nowadays, with the scenario to settle car payments, credit cards and a mortgage many people are seeing themselves easily slipping into financial problem. Sometimes the debt can be too much to handle and more and more individuals are bringing in more debt than they can settle. Contacting a debt consolidation service is a sound alternative if somebody is in financial stress with huge debt.
Consolidation of debt will not necessarily lower the extent of debt that somebody owes but will reduce interest rates and stretch the time period in settling the debt. In this period, a monthly budget can be created and implemented, credit rating will begin to show some improvement and a better prospect for the current financial condition.
Jason Myers is a professional writer and he writes mostly about credit and debt news. He’s also interested in writingcredit savings news online.
Tags: bank, Bankruptcy, credit, credit problem, Debt, Debt Consolidation, loan, money
Foreclosure Or Bankruptcy, What Is Best For You?
Oct 17, 2009 Bankruptcy
With the economy in free fall and unemployment on the rise, over 5 million homeowners are facing an unfortunate reality of a lost job and tough times ahead. If you’re one of these American’s, you have already looked in your crystal ball and realized how far you can stretch what you have in cash assets. Incorporating your lost income, unemployment, or in many cases no unemployment in tough times ahead. We must consider life’s essentials: Shelter, Electricity, and Food.
Unsecured Debt: Pick up the phone, call your Credit Card Company and say, “I am broke, am considering declaring bankruptcy and need to speak to a Supervisor”. After you do that, ask the supervisor if you can do one of the following: (1) Make a one-time payment to satisfy the debt; (2) Request a reduction in payment, making sure that the reduction includes a reduction in your monthly interest payments. Have your attorney contact the Company if they say “No” to either (1) or Don’t be shy!! Don’t be embarrassed!! Disengage yourself and act as if you’re calling for your teenager and you just found out she bought $6,000 purse online and you want to send it back. By disengaging yourself your emotions are restrained, and you can be more objective to getting the best deal. Secured Debt: Not all debt is unsecured (i.e. credit cards). If you have a car and the payment is killing you, then perhaps you should consider a voluntary vehicle turn-in. You can do this by contacting your vehicle loan company and conducting the transaction similarly as you did with a credit card- let’s rehearse. You must be able to explain your hardship. For example, you lost your job. Pick up the phone, and call. When they answer talk to them: ” I have a car loan with you, and I lost my job and I can no longer afford the payments. I would like to speak to a loan officer regarding a voluntary turn-in of the vehicle because I don’t want you to repossess it from me.” They are going to do one of two things, (1) Tell you where to bring the vehicle, or (2) They will attempt to talk you into keeping the car and changing the credit terms. Remember, the automakers are producing over 10 Million cars per year, with the auto market down over 42% just in the last six months. Nobody wants a used car on their lot. If your creditor would like to refinance, then you have an opportunity to keep your car and lower your payments. As an average, say your $300-a-month car payment should be able to be knocked down to $200-a-month. Base this on the same interest rate with no penalties. See if they will go for it. If not, tell them you are going to write them a letter and tell them to come pick it up and stop your payments immediately. You will be responsible for any deficiency and the difference of the value they sell the car for, but now you have moved back to (1) and have an unsecured debt to them as if you have a credit card. New debt, new negotiations. The same scenario would apply to anything in store financed (i.e. televisions, furniture), or boats and jet skis. Look at your loan agreement for the words “secured” to decide if you have a secured
Contact your credit card company(unsecured debt): Pick up the phone, call your Credit Card Company and say, “I am broke, am considering declaring bankruptcy and need to speak to a Supervisor”. After you do that, ask the supervisor if you can do one of the following: (1) Make a one-time payment to satisfy the debt; (2) Request a reduction in payment, making sure that the reduction includes a reduction in your monthly interest payments. Have your attorney contact the Company if they say “No” to either (1) or Don’t be shy!! Don’t be embarrassed!! Disengage yourself and act as if you’re calling for your teenager and you just found out she bought $6,000 purse online and you want to send it back. By disengaging yourself your emotions are restrained, and you can be more objective to getting the best deal.
Foreclosure: After you have addressed your secured and unsecured creditors, it is time to address your mortgage. In Florida, we have the protection of the Homestead Exemption Statute. Without going into too much detail, what it essentially means is that unless you have a mechanics lien, or a judicial decree, nobody can take your home away but your mortgage company (unless eminent domain issues apply). Just as you did with your secured and unsecured debt, you want to call your mortgage company. First, you pick up the phone and say, “I lost my job, I have no money and I believe I am not going to be able to pay my mortgage shortly.” Your options are similar as before: (1) Lower my interest rates or monthly payments, (2) Restructure my loan agreement, or (3) Talk to my attorney because I can’t afford my house. After this phone call is made, you need to consult an attorney about the next step to take. You need to consult an attorney before you make one more house payment. Do not worry because you are not going to get kicked out of your house tomorrow.
Fortnuately, new law is pending in Congress that will allow you to restructure with your bank without consideration. Something previously only allowed between merchants in contract law. We have all seen claims that can be postponed indefinitely. The fact is nobody really knows how long it can be postponed, as the courts begin to be clogged with foreclosures; yet, if you have to pay a power bill or your mortgage at this point - pay your power bill. The electrical company can cut you off, there is no laws that say they have to put you back on. The power company is absolute. You consumed the power, so consider your wallet wisely if you know your going to go under with your mortgage conserve your assets to take care of the same things our grandparents would a roof over your head, electricity, and food. It is the ultimate fall back situation, but faced with the alternative many of us will have little choice but to recess until the billion dollar budget plans put in place by the federal government, and a general credit stabilization takes place.
There is no need to be ashamed nor afraid; you are a survivor and this is part of surviving. Material things can be replaced. See your icebergs before they arrive, and start planning ahead. Keep a three (3) month plan in place, if you get within the ninety (90) day period and do not see the light at the end of the tunnel, you must hunker down and take care of the primary things that support life - shelter, electricity, and food.
James Kunkel is a contributory to the AIM Law Group. The AIM Law Group’s practice areas include debt reduction, bankruptcy, and Orlando Foreclosure Lawyers. The AIM Law Group Orlando Lawyersoffices in Central Florida. We work with the Ohio Bankruptcy lawyer and Foreclosure Prevention Akron
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