Simple Tips To Regaining Your Financial Future Hiring A Bankruptcy Attorney (admin posted on April 17th, 2012 )

The decision to begin the process of retaining a bankruptcy attorney can seem frustration and desperate.  Every emotion on the spectrum can be seen during this time.  Relief, loss of control, you name it if the time comes that you realize a bankruptcy is in your future you will feel it.  One more piece to this very frustration puzzle comes when it is time to find an attorney to represent your best interest through the entire bankruptcy process.

When the process begins to feel overwhelming remember that there is an end in sight. There are many wonderful bankruptcy attorneys in your area that are ready to serve your best interest.  This is a time in your life where asking for a reference to an attorney who specializes in bankruptcy can be a bit of a challenge and leads to embarrassment so where are you to turn?  One option is to turn to the Internet.

The Internet can lead you into a wonderful direction when it comes to finding a bankruptcy attorney in your area that strictly practices in bankruptcy law.  This is important because an attorney that is only focused in on one area of specialty is better equipped to keep abreast of the changes in the law.  The best was to find a variety of attorneys in your area is to go into Google and search “bankruptcy attorney your location and state”.  This will be a good starting point in the process of locating representation.

Finding an attorney that is willing to meet with you for a consultation should come with ease.  Most bankruptcy attorneys offer clients a free initial consultation to meet and review your situation.  There are questions you need to ask.  Here are just a few examples:

  • How long have you been practicing Bankruptcy Law?
  • Are you a fully board certified in the laws surrounding Bankruptcy?
  • On average, how many clients do you assist in filing for Bankruptcy?
  • What is the ration between clients filing for Chapter 7 Bankruptcy, Chapter 11 and Chapter 13?
  • What are the fees involved in filing Bankruptcy?
  • Have you always been on time in meeting deadlines with the court for clients?
  • How successful have your Bankruptcy filings been?

You will instantly know if you feel comfortable speaking with this individual based on a call or an initial sit down meeting.  If you are hesitant at all this is not the attorney you will want to choose.  You will be divulging sensitive information with this person and should feel completely comfortable in doing so.  You will not want to hide anything from them so if this is not a person in whom you are fully able to disclose information then you will need to get your Google list back out and begin again.

The factors in filing bankruptcy all wrap around the amount of money you bring in verse the amount of money you have going out.  If you find yourself in a situation with your home that you are completely upside down, your credit cards are maxed and you are barely able to make minimum payments or you have medical bills that make paying your other debt then it is possible bankruptcy is an option for you.  Not everyone will qualify to file for bankruptcy. It is a situation to use in extreme cases of individuals needing relief from an overwhelming debt.  Finding a bankruptcy attorney to represent your case is the first step towards a fresh financial future, choose wisely.

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Regaining Your Financial Future Through Chapter 7 Bankruptcy (admin posted on March 15th, 2012 )

Life changes all the time.  One minute you are high on life, planning a wedding, buying a new home, furnishing it and racking up credit debt like no tomorrow.  You are on top of the world.  You are working in a position that gives you freedom and an unlimited expense account with an impressive salary.  Your beautiful wife has put her career on hold as she is expecting baby number two.  This is it you are living the ultimate dream in life.  What happens next is unforeseeable and devastating.

The big boss is in from out of state.  He is very sorry but the company is looking to merge and with the merge many positions are going to be eliminated, yours being one of them.  You have three week severance coming and a small amount of money in savings.  It is possible you might be okay if you are able to find another position paying around the same amount.

Three weeks later you are still scouring leads to find a position.  You know it will be impossible to live off of less than you were previously making, several places have offered however you know that with your current debt that is not a feasible option at the moment.

After months of looking for a new position, getting further and further behind in on you payments you are left with few options.  You decide to take a position making less money and are incredibly nervous about making your mortgage, paying school loans, making minimum payments on your credit cards let alone having any money left over for groceries or necessities for your family.  This is when you realize that meeting with a bankruptcy attorney might be the best option for you and your family in the current circumstance that you are in.

Life changes it happens so fast that often there is little to know time to prepare. We are not taught to live with these thoughts in our heads.  Few people do.  Chapter 7 bankruptcies are a legitimate way to regain balance in your financial life and to move forward. Primarily chapter 7 bankruptcies are seen as a straight forward, simple and inexpensive way to clear unwanted debt and get a fresh start.

If you find yourself in a situation that is close to what I described above it is wise to seek out bankruptcy information.  You might find that it is exactly the help you need to get through this patch of time in your life that is overwhelming.  Individuals, after going through the chapter 7 bankruptcy process share stories of a weight being lifted off their shoulders as the trustees dismiss the financial burden of credit card debt, over extended mortgages and home loans.  Bankruptcy attorneys do not judge.  They work for you to come up with a feasible solution regarding the overwhelming debt you have accumulated.  The best option in a time of uncertainty is to gather information and resources to help alleviate your worry and improve your family’s situation.

 

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Qualities To Look For In A Bankruptcy Attorney (admin posted on February 2nd, 2012 )

Why have I accumulated this much debt?  This is a question many people find themselves asking before the bottom falls out on their financial lives.  Most of the time the answer to why debt has been accumulated is I don’t know why.  It may have taken a bit of time before things began to become overwhelming and bills started to pile up without an end in sight.  Although maybe it is because a lay off recently took away your income.  The reason does not really matter at the point when you can’t make the payments and start to think about options for you financial future.

This is when many people start to explore debt relief options.  Options such as bankruptcy, debit consolidation, cleaning out 401ks and other financial investments are all valid however should be talked over with someone who can be trusted to give you wise financial advice and solutions.  The person you will most likely find yourself turning to is a bankruptcy attorney. The last thing you need at a time such as this is the stress of weeding attorneys out.  There are a few qualities to look for to find a trusted attorney to help you with your financial crisis.

Good bankruptcy attorneys should offer a free consultation to individuals seeking help especially with financial matters.  The last thing many people need to worry about at a time like this is the payment for meeting with an attorney.  When you are struggling with personal finances it is understandable that there is not room for extras before you meet with someone to consider options.

Another trait that is important when seeking out a law firm to help you through your financial struggle is finding an attorney who has experience and has been able to help previous clients.  Although a high success rate is not everything it does ease a bit of the stress to know you aren’t the first one and you won’t be the last.  As far as the length of time the attorney has been practicing look for over five years of experience in bankruptcy and financial cases.

Details are incredibly important when filing for bankruptcy.  An attorney specializing in bankruptcy should be known for meticulousness.  An attorney with a knack for details is well suited for bankruptcy cases.  There are many little details that need to be covered when calculating debt, income and determining means to pay or not pay.

It is important when dealing with a bankruptcy attorney that they are very empathetic and their demeanor is one that is helpful.  Even though they may have filed five thousand bankruptcies this is a first for the client.  They should be able to create a level of professionalism that lends to both their ability to be a hard-nosed attorney, looking out for the interests of his clients while representing them and a sympathetic ear for the stress level their clients are experiencing.

Financial issues are stressful on many levels.  Bankruptcy can take a toll on not only your finances but also your emotions. Once the bankruptcy process is free there is a good chance your debit will be wiped clean leaving you with few liabilities and limited assets.  It is a fresh start to begin controlling your financial life.  It will take effort and patience to determine a set financial plan.  Often times hiring a consultant is helpful to really create a meaningful budget and sticking to it to avoid debt issues in the future.

 

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Chapter 7 Bankruptcy and Debt Relief Qualification Facts (admin posted on January 20th, 2012 )

Chapter 7 bankruptcy is a common procedure for individuals seeking debt relief.  It is a legal process that allows individuals relief from overwhelming debt based on a meeting a set criteria.  Factors such as current income, amount of debt and the standings of their financial situation.  Debt situations can arise and burden individuals for a number of reasons; large medical bills, overextended credit and many other reasons.

When an individual decides that their debt has become overwhelming and declares bankruptcy they can expect the entire process to take about three to six months.  An individual may file bankruptcy once every eight years.

In order to file bankruptcy an individual must qualify and meet a standard of bankruptcy requirements. When individuals want to file for bankruptcy they must pass a means test first.  Individuals with income less than the state median for the state in which you live for a family the comparable size as yours qualify for chapter 7 bankruptcy.  Another means test is if you find yourself with an income greater than the median for the state but unable to pay one hundred dollars towards your debt for the next five years.  You will not qualify for chapter 7 bankruptcies if you make more than the median income for the state in which you are filing bankruptcy for a family the same size as yours and you have the financial means to pay one hundred dollars towards your debt for the next five years.  This is a good guideline to follow when looking into chapter 7 bankruptcy.  Otherwise you can look into chapter 13 bankruptcy.

During a chapter 7 bankruptcy assets are liquidated and sold to alleviate some of the debt you are responsible for to your creditors.  It is important to know that not all property has to be included in a chapter 7 bankruptcy some is exempt.  One of these exceptions is the homestead exception.  The homestead exception applies if there isn’t any equity in your home.  Under this circumstance you may keep the home and your current mortgage.  However, the payments on the home must be brought up to date before the bankruptcy hearing.

Another exception is a vehicle exception.  If the value on your vehicle is less than the remaining loan amount plus the allowed exception individuals may keep your vehicle.  Otherwise if the value is more than that amount you may be able to work out a deal with the bankruptcy trustee to actually buy the equity in the car yourself instead of someone else.

The final exception is a retirement exemption.   During a chapter 7 bankruptcy your retirement assets are not allowed to be counted towards your bankruptcy estate.  This protects pensions, 401k, IRA and Roth IRA accounts.

When filing chapter 7 bankruptcies there are certain debts that are unforgivable.  Typically trustees will not forgive debt associated with child support, federal and state taxes, HOA fees or debt accrued through student loans.  Even without these loans and debts being forgiven it is possible to catch up on them when individuals have been forgiven in other areas of debt.  Another reason debt would not be forgiven is if it was accrued during criminal activity or if injury or death was caused during the use of drugs and alcohol.  Any debt left off or neglected to be associated with the original filing of chapter 7 bankruptcy is also not forgivable.

 

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Chapter 7 Bankruptcy Leads To A Health Financial Future (admin posted on December 13th, 2011 )

The phone rings for the tenth time today.  It goes unanswered.  Creditors are calling.  There is absolutely not a dime to send them. What is the next step? What will make this nightmare end?  Chapter 7 bankruptcy might be the answer.  After loans have been consolidated, credit counseling obtained without any luck it might be time to review the facts with an attorney and get financials under control and in order.

Chapter 7 bankruptcy becomes a best fit option when credit card minimums start to become impossible to make, creditors are calling and debt collectors have started the cycle of harassment. When filing Chapter 7 bankruptcy the court orders an automatic stay which prohibits creditors from pursuing the debt any further.  The order of relief is needed in order to prohibit further collections from happening.

Chapter 7 bankruptcy takes a look at all debt and assets.  Trustees sell all nonexempt assets; this could possibly include homes, cars and large dollar item possessions and distributes the money amongst debtors.  It is possible that some assets will fall under a category known as exempt property.  Some homes that don’t have any equity and vehicles often fall into this category.

The Chapter 7 bankruptcy process is one that is fairly straight forward and simple.  The process starts out with a gathering of information.  This information includes the name and an address of people money is owed to, how much is owed along with information regarding incoming funds and monthly expenses.  Of course paperwork is involved and will need to be filled out and filed; this is often referred to as a petition or case file.  Then the paperwork will need to be filed in federal court.  An automatic stay is then issued by the federal court and all creditors must stop pursuing debt.

Then about twenty to forty days later the court will send notice of a 341 meeting which is attended for creditors to be able to dispute and question the claim.  Many times this process takes about ten to fifteen minutes to finish as creditors don’t usually stake claim unless at least fifty cents on the dollar can be recouped.  This is usually not the case in bankruptcy cases. After this is done the court will then accept the petition and sell of nonexempt assets to creditors and the debt will be wiped away in the form of a discharge sixty to ninety days later.  The next step is to rebuild a financial life to be proud of.

Filing for Chapter 7 bankruptcy is not a free service.  It is necessary to pay the fees involved in court expenses. There are case filing fees, miscellaneous expenses and trustee surcharges.  Although Chapter 7 bankruptcy can be filed on one’s own it is preferable to have an attorney represent the case.  This will prevent any mistakes from happening and to ensure all bases have been covered.  When dealing with a court of law and a fruitful financial future it is best to hire a profession bankruptcy attorney.

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