chapter seven http://www.artwoo.com Returned search results for chapter seven Copyright 2008 Sat, 22 Nov 2008 13:50:58 +0000 http://www.artwoo.com/rss/chapter+seven Bankruptcy Fundamentals http://www.artwoo.com/article/bankruptcy-fundamentals http://www.artwoo.com/article/bankruptcy-fundamentals#comments Fri, 07 Sep 2007 09:25:02 +0000 chapter 7 bankruptcybankruptcy chapter 7chapter 13 bankruptcybankruptcy courtconsumer bankruptcybankruptcy lawmost common type http://www.artwoo.com/article/bankruptcy-fundamentals bankruptcy court.

A is considered a "liquidation". If you own property, it is sold (liquidated) and the profit is used to pay off as much of your debts as possible and leaving you with enough to start over.



A is a "reorganization" and is by far the of . Consumers who file a Chapter 13 typically repay their debts over a period of three to five years under the protection of the bankruptcy court.

If you are considering bankruptcy, you should understand that both variations of bankruptcy have exceptions regarding which types of debts are covered, who is eligible to file for a bankruptcy and what property you will be allowed to keep during a bankruptcy.

Chapter 7 Bankruptcy For individuals or businesses that are convinced there is no way to get themselves out of the debt they've gotten into, a liquidation bankruptcy (also called a Chapter 7), can be filed.



When you file Chapter 7 you will probably be required to sell some of your property (if you own any) in order to pay down some of your debt. When you do this, the Chapter 7 bankruptcy will then erase most (if not all) of your unsecured debts. Some property is considered exempt under the state and/or federal laws- meaning you probably will not have to sell your clothing, car or household furniture. If you don't happen to own very much, your case may be considered a "no asset" case, and what property you do have will likely be considered exempt.

Recent changes to the mean that any debtor wanting to file for a bankruptcy must first undergo credit counseling, budgeting and debt management counseling with approved counseling companies before debts will be removed. Individuals with higher income levels will not be permitted to file a Chapter 7 Bankruptcy and instead will be required to pay at least some of their debt under a Chapter 13.

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is for individuals who are earning money. It `reorganizes" the debt to make it possible for the individual to make payments to start paying off the excessive expenses with installments and over a period of three to five years.

Using Chapter 13 bankruptcy is a good way to repair your financial situation, and keep your home if you have one. Under a Chapter 7, you are almost always required to sell your home; while a Chapter 13 can keep you from going into foreclosure.



Credit Counseling Requirements for Bankruptcy

Credit counseling must be completed through an agency that is approved by the United States Trustee's office before any person or business entity will be entitled to file for a Chapter 7 or Chapter 13. The reason this is required is because many individuals discover after they've undergone the counseling that they do not need to file bankruptcy, and can get themselves out of debt using an informal repayment plan. While you are required to participate in the counseling programs prior to filing for a bankruptcy, you are not required to use the repayment plan the agency might propose to you.

When the bankruptcy case has ended, you are required to attend another counseling session that teaches you about personal finance management. This session is designed to help you from getting into financial difficulties again with effective financial management. This article has been provided courtesy of Destroy Debt, http://www.destroydebt.com . ]]> New Bankruptcy Law Makes It More Difficult To Go Bankrupt http://www.artwoo.com/article/new-bankruptcy-law-makes-it-more-difficult-to-go-bankrupt http://www.artwoo.com/article/new-bankruptcy-law-makes-it-more-difficult-to-go-bankrupt#comments Tue, 24 Jul 2007 20:24:58 +0000 bankruptcy codebankruptcy abuse prevention and consumer protection actchapter 7consumer bankruptcybankruptcy filingsdebtorsdebtor http://www.artwoo.com/article/new-bankruptcy-law-makes-it-more-difficult-to-go-bankrupt
The was became effective on October 17, 2005 (except for a few provisions). This amendment to the is a major revision of the 1978 Bankruptcy Code and deals mainly with . It was passed in response to rising and is based on a concept of increased personal responsibility. This article offers a very brief explanation of the "means test" that is designed to dump some s" rel="tag">debtors out of and into Chapter 13:

Most debtors would of course prefer to discharge their debts under Chapter 7 rather than pay into Chapter 13. For debtors with the ability to pay, however, this will not be nearly as automatic as before. Under the previous version of the Bankruptcy Code, a finding of "substantial abuse" had to be made before a debtor was barred from Chapter 7 relief. Under the new law, this standard is reduced to "abuse" (one act of abuse is sufficient rather than "substantial" abuse). Abuse is now presumed for debtors deemed to have the means to pay into Chapter 13. This means test applies to debtors net current monthly incomes greater than their state's median income.

The means test has two prongs:

1. If the debtor's net monthly income after deductions is at least $166.67, the debtor is presumed to be ineligible for Chapter 7 relief.

2. If the debtor's net monthly income is at least $100 and the debtor is deemed to have the means to pay at least one-fourth of his/her unsecured debt over 5 years, then the debtor is presumed to be ineligible for Chapter 7 relief.

What all this means is that debtors who file under Chapter 7 will be forced to pay as much as they can under Chapter 13 if they can afford to unless they can prove that they are not abusing the system by filing under Chapter 7 . The word "presumed" simply means that whatever is presumed will be taken as true unless proven otherwise - the burden of proof has switched to the debtor to prove there is no abuse rather than on the government to prove "substantial abuse" as before. "Bankruptcy" at http://bankruptcyguide4u.blogspot.com offers readers comprehensive information about bankruptcy, including bankruptcy loans. See also http://bankruptcyguide4u.blogspot.com/2007/03/means-test-and-presumption-of= -abuse.html. ]]> Understanding Chapter 13 And Chapter 7 Bankruptcy http://www.artwoo.com/article/understanding-chapter-13-and-chapter-7-bankruptcy http://www.artwoo.com/article/understanding-chapter-13-and-chapter-7-bankruptcy#comments Tue, 18 Dec 2007 20:19:59 +0000 chapter 7 bankruptcychapter 13 bankruptcybankruptcy petitionforty five daysstraight bankruptcybankruptcy codecourt supervision http://www.artwoo.com/article/understanding-chapter-13-and-chapter-7-bankruptcy bankruptcy code gives debtors the opportunity to repay some or all of the debts that are in their name, in better terms, lower or no interest. Debtors have the ability to use income they have in the future to pay off creditors.

How Chapter 13 Works

A time frame of 5 years is allotted for debtors to be able to pay of their creditors in full. Your attorney will safeguard your interests, while the entire process is carried out under . A new interest free plan is approved by the court, which allows debtors to repay their creditors and still retain all of their property, unlike . A list of transactions and time duration is created for this process. Thirty to forty-five days after the case has started, payments must begin to be made.

Making Sure Chapter 13 Is The Right Choice

To qualify for Chapter 13 you must have a regular source of income. You will need to prepare a budget, fill out forms and leadings, and appear for meetings with creditors and court hearings. After all of your payments have been made in full you will be eligible to receive a discharge from your debts and the plan will be terminated. To know if is the right choice for your financial interests, you will first need to fill out an evaluation form as with all Chapters of Bankruptcy. Your attorney will review your form and be able to guide you towards Chapter 13 or the solution that best fits your financial situation.

Chapter 7 Bankruptcy is known as as well as liquidation (converting assets into money) and it is the most common form of bankruptcy. Most, if not all debts are discharged within months of your attorney filing a . Chapter 7 of the bankruptcy code allows debtors who are in need of discharging debts within a situation of financial emergency to become free and clear of these debts and to become able to begin a fresh new financial start.

How Chapter 7 Works

The way Chapter 7 bankruptcy works is that a trustee is assigned to collect and to sell assets and non-exempt property to distribute the proceeds from these items to pay off creditors. In Chapter 7 the debtor receives a discharge from all dischargeable debts. These debts may include child support, most taxes and student loans under the filing of chapter 7 Bankruptcy.

Making Sure Chapter 7 Is The Right Choice

To know if you are eligible or to understand if Chapter 7 bankruptcy is right for your situation you must first complete an evaluation form. This form will have questions regarding your debt and financial situation. By filling this form out completely and accurately, your attorney will be able to review your financial situation and provide you with a solid answer on if Chapter 7 bankruptcy will be the best choice to be made .If in fact Chapter 7 is found to be the right choice for your financial well being a well laid out set of rules and procedures will be provided and your attorney will be able to process your bankruptcy petition. Legal Helpers (http://www.legalhelpers.com) is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms in America offering great service and free consultations. Bankruptcy attorneys answer the phones six days a week. ]]> Chapter 7 Or Chapter 13 Bankruptcy http://www.artwoo.com/article/chapter-7-or-chapter-13-bankruptcy http://www.artwoo.com/article/chapter-7-or-chapter-13-bankruptcy#comments Tue, 27 Nov 2007 19:15:00 +0000 chapter 7 bankruptcybankruptcy chapter 7filing bankruptcychapter 13 bankruptcybankruptcy attorneybankruptcy dischargebankruptcy filings http://www.artwoo.com/article/chapter-7-or-chapter-13-bankruptcy Chapter 7 Bankruptcy

No one ever expects it to happen but everything get out of control and you are in debt far over your income. No one wants to think about but sometimes you just don't have a choice. Chapter 7 bankruptcy allows you to emerge from a difficult experience and start all over. Chapter 7 bankruptcy is when a debtor's assets are sold and the money is distributed to his creditors. If a debtor has no assets, his fresh start is achieved that much quicker.

Chapter 7 is the most common style of bankruptcy. This type of filing is most common, claiming about 65% of all . As long as the creditors have no objections, the debtor can be free of debt within a few months.

A debtor will not lose their house or car if they agree to continue to pay for these items. Many people are unfamiliar with this information and won't even check into Chapter 7 bankruptcy. The only drawback to Chapter 7 is that you are unable to file bankruptcy within six years after a previous .

How do you file a Chapter 7 bankruptcy claim? The easiest answer to this is to contact a . There are forms to be completed and filed with the court system. An attorney will lead you through this procedure. It is very important to answer all questions truthfully.

No one ever thinks they could possibly have to file bankruptcy. It is comforting to know that if things get bad enough you do have an option. It is also reassuring to know that you don't have to lose your house or car when trying to make a new beginning.

A Way To Ease The Pain -

The debts have been mounting up and you are getting farther and farther behind in paying them. You want to pay them but you are not sure exactly how to get that done. Chapter 13 of the bankruptcy code allows you to do exactly that. You can pay your bills back at a lower interest rate or no interest rate at all. A Chapter 13 bankruptcy allows you to keep your assets. This type of bankruptcy is for those who have a regular income and can afford request an adjustment. Chapter 13 bankruptcy gives you five years to repay your debts. During these five years, an attorney will oversee the process for both you and the courts.

A Chapter 13 bankruptcy allows the debtor to keep their property. The courts will set them up on an interest free plan of repayment. There will be a written plan drawn up to protect both the debtor and those that he owes. Once this plan has been written and approved the repayment process must begin in thirty to four-five days. The repayment plan does not have to involve a trustee, but could if desired. The creditors are bound by law to adhere to this plan and are unable to collect any other claims from the debtor. You will work with your attorney to set up a reasonable repayment plan for you.

Chapter 13 bankruptcy has a full discharge option when the debtor has completed all the required payments. This type of bankruptcy plan also allows for a repayment plan even if the creditors disagree with it. They do have the option to file an objection, but if it has been approved by the court these circumstances don't allow them a lot of options. If you want to repay your debts but at a slower rate this is probably the way you want to go. You get out of debt and get to keep all your property. Legal Helpers (http://www.legalhelpers.com)consumer bankruptcy law practice is the largest in the U.S. with a client base of over 40,000 and represents over 10,000 new clients each year in consumer bankruptcy. ]]> Bankruptcy - What You Need To Know Filing http://www.artwoo.com/article/bankruptcy-what-you-need-to-know-filing http://www.artwoo.com/article/bankruptcy-what-you-need-to-know-filing#comments Tue, 07 Aug 2007 20:25:00 +0000 bankruptcy bankruptcychapter 7 bankruptcyfiling for bankruptcybankruptcy lawsbankruptcy recordbankruptcy codefree credit repair http://www.artwoo.com/article/bankruptcy-what-you-need-to-know-filing filing for bankruptcy. It's identifised as starting new while you settle all your obligations by legal means. You can avail of four forms of bankruptcy.

Each of these has been taken from the , and they possess particular parameters that must be fulfilled for the debt to be considered ended.

Debt repayment (chapter 13), family farmer or fisherman (chapter 12), reorganization (chapter 11), as well as liquidation (chapter 7) are the fundamental kinds of bankruptcy. Bankruptcy laws are treated differently and so should be the kinds of bankruptcy.

The chapter 7 assures payment of debts through assets owned by the debtor. Properties and equipment shall be evaluated by a court appointed trustee. He also keeps the assets. If these assets are assessed and their worth known, they would be transformed into cash.

The cash would then be paid to your different creditors. Once the court proclaims that you have filed a this action will remain on your public for around ten years. The process of bankruptcy is varied with the other forms of bankruptcy.

Companies, meanwhile, can take opportunity of chapter 11. This encourages reorganization of the company so the corporation can earn more profits. These money shall then be utilized to settle all debts to creditors.

You could utilize the time in repayment of debt to search methods on how you can handle obligations more efficiently so you could pull your corporation from financial predicaments. A lawyer can help you discover the ideal . It's also smart to seek their advice as chapter 11 could be a very complex procedure.

Fishermen and family farmers could now repay their obligations with their earnings in the future. Chapter 12 is specifically created for that purpose and for those kinds of individuals alone.

You could pay your obligations over a specific period with chapter 13. If approved by the court, you could have until 5 years to pay your debts.

A legitimate financial problem would be subject to a direct stay order to be issued by the court when you're filing for bankruptcy. This way, your creditors shall have to deal with your lawyers with regards to payment terms. Your creditors cannot ask you personally. http://www.cheap-credit-cards.org/bankruptcy-laws.php http://www.cheap-credit-cards.org/personal-bankruptcy.php http://www.cheap-credit-cards.org/ ]]> Bankruptcy Clearwater - What to Do When Filing For Bankruptcy in Clearwater http://www.artwoo.com/article/bankruptcy-clearwater-what-to-do-when-filing-for-bankruptcy-in-clearwater http://www.artwoo.com/article/bankruptcy-clearwater-what-to-do-when-filing-for-bankruptcy-in-clearwater#comments Thu, 18 Sep 2008 14:29:30 +0000 assets and liabilitiesexempt assetsbankruptcy processclean slatebankruptcy attorneymany different wayswrong decision http://www.artwoo.com/article/bankruptcy-clearwater-what-to-do-when-filing-for-bankruptcy-in-clearwater many different ways to go. There are three main forms of bankruptcy are chapter 7, 11, and 13, although 11 only applies to businesses.

Hopefully this article will provide you the info you need to make a well informed decision about not only which chapter to file for, but how to find the best lawyer to guide you through this process, and anything you need to know about the . If you make the , you could end up sending a lot of money on court and legal fees, and still not get the settlement you need.

The first thing you need to do is take stock of before applying for bankruptcy in Clearwater is your current income levels, as well as debt, and of course, your . The reason this is important is that you need to determine if you are going to file for chapter 7, which required you to use your non to pay off your creditors.

Obviously, for many people this would not be a wise choice, as they very likely would have to give up their house, car, and other very important items. However, if you have many exempt items (items that can't be taken away during bankruptcy) this might be an option to go, assuming your assets will cover the expenses needed to pay off your creditors.

The best part about chapter 7 is that all your debts are competed discharged upon sale of your assets. The worst part, of course, is that you usually have to give up some very valuable assets to achieve this. However, once this painful process is over, you can essentially receive a , and the bankruptcy is not listed on your credit report for very long.

Again, this can be a very complex process, and the best method to find out whether chapter 7 is right for you is to hire the right in Clearwater to help you take stock of your current situation, and therefore determine which chapter is best for you to file for. Get this part wrong by trying to do it yourself, and you will be in far deeper trouble than simply filing.

The next area of bankruptcy in Clearwater to look at is chapter 11. As I alluded to earlier, this only applies to business and not individuals, so if you are applying on an individual level, you can skip this part. Chapter 11 mandates that you need a steady amount of income and reasonable debt levels, and is somewhat similar to chapter 13.

Where it defers, however, is that you need to come up with a plan yourself to show the court how you will pay off your creditors.

If you are unable to provide a detailed plan thoroughly outlining how you plan to eliminate your debt over the next several years to the bankruptcy court in Clearwater, or are unable to proof you currently have enough income to do so, you will probably have to resort to either chapter 7 or 13, again depending on your situation.For more info on bankruptcy in Clearwater, check out http://www.onlinebankruptcytips.com. This is a popular site where you can learn about anything related to bankruptcy, and get all your bankruptcy questions answered.]]> Bankruptcy Explained: What's the Difference Between a Chapter 7 and a Chapter 11? http://www.artwoo.com/article/bankruptcy-explained-whats-the-difference-between-a-chapter-7-and-a-chapter-11 http://www.artwoo.com/article/bankruptcy-explained-whats-the-difference-between-a-chapter-7-and-a-chapter-11#comments Thu, 06 Nov 2008 08:15:29 +0000 bankruptcy chapter 7chapter 7 bankruptcychapter 7 bankruptciesfiling chapter 7secured creditorsproper paperworktypes of corporations http://www.artwoo.com/article/bankruptcy-explained-whats-the-difference-between-a-chapter-7-and-a-chapter-11
are often referred to as the "liquidation" bankruptcy. Chapter 7 bankruptcies can be filed by individuals, partnerships, corporations or any other business entity.

If an individual or company is , it's because they are beyond the ability of reorganizing their debts and are forced to sell many of their assets in order to pay creditors. A trustee is appointed to the filer, and is responsible for ensuring that any assets that are secured and can be sold are sold -- and that the proceeds from the sale are given to the specific creditor that secured the purchase in the first place.

If the sale of secured assets result in more money than what is owed to the , the assets and cash are pooled together and paid to the outstanding creditors who had provided unsecured loans to the individual or business.

One of the main reasons why people and organizations file a is to discharge eligible debts and give themselves a fresh start. A debtor who successfully files Chapter 7 will have no liability for the discharged debts -- but there are many types of debts that cannot be discharged, including loans used for college, child support and/or alimony, or a lien on a property. A discharge of debt under a Chapter 7 is only possible for individual debtors -- not partnerships or other .

Once the is filed with the court to begin the Chapter 7, creditors must stop contacting the debtor attempting to collect the debt.

An individual may be denied debt discharges under a Chapter 7 case if the court finds the individual did not keep (or produce) adequate financial records, committed a crime of perjury, was unable to explain loss of assets, concealed, destroyed or illegally transferred property to try and move it out from the estate, or failed to complete a financial management course as required of all debtors filing bankrtupcy.

A Chapter 11 bankruptcy is referred to as the "rehabilitation" bankruptcy. The individual or business can file for Chapter 11 -- or the creditors may involuntarily file for the debtor in certain situations. Most Chapter 11 bankruptcies are filed by corporations or other businesses rather than individuals.

In this type of bankruptcy, the debts are reorganized to allow the individual or business a better chance of repaying them and keeping their head above water. The creditors are contacted to get different terms on any loans -- interest rates may be lowered, the amount of time you have to repay a debt may be extended to make the monthly payments lower and hopefully, easier to manage. A trustee is appointed to supervise the assets but nothing is sold at this time.

In a Chapter 11 bankrtupcy, you aren't getting rid of your debts -- you are simply restructuring and changing the terms of the debt and making plans to pay it back continuously through future earnings.

If a business is filing Chapter 11, it's expected to continue operating successfully. If that proves not to be possible, the business can then file for Chapter 7 and liquidate assets.

In both a Chapter 7 and Chapter 11 filing by a corporation, it's likely that the common shareholders would receive little or no return on their investments.Visit DestroyDebt.com for more information on debt consolidation.]]> Refinance After Bankruptcy - How Does Your Bankruptcy Affect Home Mortgage Refinancing? http://www.artwoo.com/article/refinance-after-bankruptcy-how-does-your-bankruptcy-affect-home-mortgage-refinancing http://www.artwoo.com/article/refinance-after-bankruptcy-how-does-your-bankruptcy-affect-home-mortgage-refinancing#comments Sun, 05 Aug 2007 14:20:00 +0000 chapter 13 bankruptcychapter 7 bankruptcyrefinancing a mortgagestraight bankruptcypersonal bankruptcyrefinance loansexisting mortgage http://www.artwoo.com/article/refinance-after-bankruptcy-how-does-your-bankruptcy-affect-home-mortgage-refinancing refinancing a mortgage after a bankruptcy. Most importantly, you need to know the two different types of that you can declare.

, often called "", is an attempt for someone financially overextended to liquidate most of their assets to satisfy creditors, keeping only a few personal assets needed for the basic necessities of life such as an economical car, personal clothing, etc.

In , your assets are not liquidated. Instead, you come to an agreement with an appointed trustee where late charges and other penalties are eliminated and you start a payment plan to repay much of the debt owed. This process can take over a year or two, but will allow you to retain belongings (and property). Also, it is looked at more favorably by lenders because you are attempting to repay your debts, not just write them off. Lenders will look at both the date the bankruptcy was filed and when it was discharged.

A Chapter 13 Bankruptcy "buyout" is a refinance loan, taking out a new loan to cover the and some or all of the other debts. This is basically considered a "cash-out" refinance. Most Chapter 13 Bankruptcy are limited to roughly 85% of the value of your home.

When refinancing out of a Chapter 13 Bankruptcy, or soon after a Chapter 7 or Chapter 13 Bankruptcy, you will almost certainly be working with a sub-prime or "non-prime" lender. These lenders specialize in helping borrowers with blemished credit histories. Often, borrowers refinancing near the time of a bankruptcy will seek the assistance of a mortgage broker, many of whom have experience with this type of loan. If possible, it is best to wait at least two years after the discharge of your bankrupty to refinance your mortgage. This will help you to receive a better interest rate. Start now to pay your bills on time and in full. This will help to repair your credit and give you even better chances of a lower rate. http://www.mortgagesanity.com/2007/02/08/bad-credit-mortgage-companies/ - We maintain an updated and current list of mortgage companies online who service borrowers with credit problems. ]]> Types Of Debtor Bankruptcy http://www.artwoo.com/article/types-of-debtor-bankruptcy http://www.artwoo.com/article/types-of-debtor-bankruptcy#comments Fri, 21 Dec 2007 18:15:00 +0000 debtor bankruptcieschapter 11 bankruptcychapter 7 bankruptciesinvoluntary bankruptcysole proprietorfiscal obligationsunsecured debts http://www.artwoo.com/article/types-of-debtor-bankruptcy Chapter 11 bankruptcy is for businesses

Chapter 7 is called liquidation, and it is where an individual surrenders their assets to a trustee who distributes the proceeds to the persons owed. Chapter 13 is where the debtor retains all of their possessions but promises to surrender a portion of their earnings in the future to the creditors. Sometimes the company or person who is owed the money will file bankruptcy against the debtor, called . give the person or company a new start financially, but the only that are not included in this are student loans.

Basically, debtor bankruptcy completely wipes the person's slate clean of any money that is owed including credit cards or mortgages. However, their credit is completely damaged and they need to start building that up again as well. are only allowable once every eight years, while Chapter 13 debtors have a period of three to five years to pay everything off. It has been made harder for individuals to take the easy way out and declare bankruptcy through a means test as well as going through counseling before filing. There are also many agencies out there can help consumers consolidate their debt before the need to file.

In regards to chapter 11, you can be a or a corporation and be eligible for chapter 11 bankruptcy. This chapter of bankruptcy allows a debtor to enter into an agreement with creditors under which all or part of the business continues to remain in working order. There are restrictions to how much debt you have incurred prior to being able to file chapter 11. You must have of a minimum amount of $336,900.00 or a secured debt of a minimum amount of $ 1,010,650.00.

Not only do you have to incur such an enormous amount of debt but also the court filings fees are on average the cost of $830.00. Compared to filing chapter 7, which carries a court-filing fee of only $200.00, chapter 11 is very pricey. After you pay these fees you have to continue performing specific operation procedures. Once your chapter 11 bankruptcies has been filed. A Trustee of the United States Office carries out reporting procedures, as you are required to keep extensive reports of business operations.

There is basically a six-step process in chapter 11 filing. First the filing company develops a plan with committees. Next a disclosure statement and a reorganization plan are prepared and filed with the court. Then SEC reviews the disclosure statement to see if it is complete. Creditors will then vote on the prepared plan. The company will then carry out the plan by distributing the payments set about by the plan. This is the basic information on chapter 11 bankruptcies and if you are interested in further details it is best to contact a bankruptcy attorney to evaluate your personal situation. This will allow you to know if chapter 11 is the correct choice for your business. Legal Helpers (http://www.legalhelpers.com) is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms in America offering great service and free consultations. Bankruptcy attorneys answer the phones six days a week. ]]> The Difference Between Chapter 7 and Chapter 13 of the Bankruptcy Code http://www.artwoo.com/article/the-difference-between-chapter-7-and-chapter-13-of-the-bankruptcy-code http://www.artwoo.com/article/the-difference-between-chapter-7-and-chapter-13-of-the-bankruptcy-code#comments Sun, 02 Nov 2008 05:22:32 +0000 liquidation proceedingchapter 7 bankruptcymedian family incomebankruptcy alternativesbankruptcy dischargecredit counseling agencybankruptcy case http://www.artwoo.com/article/the-difference-between-chapter-7-and-chapter-13-of-the-bankruptcy-code bankruptcy alternatives are not feasible, a decision then must be then made between filing a Chapter 7 or a debt adjustment proceeding under Chapter 13.

A filing is best described as obtaining a discharge from debts (with some exceptions) while retaining some assets such as a home, household goods and an automobile as long as they do not exceed certain values determined by the U.S. Bankruptcy Code. Chapter 7 is consider a "liquidation" decision however if filed correctly and using the Bankruptcy Code to the best of your ability some assets can be retained while crushing debt is removed.

To be eligible to file a Chapter 7 bankruptcy the filer has to reside or be domiciled in the United States. In addition, they can not have been a debtor in a in the 180 day period prior to filing the current bankruptcy case; they must receive counseling from an approved nonprofit budget and prior to the filing and pass the "" test. In order to receive a discharge in a Chapter 7 an individual may not have received a Chapter 7 in the previous eight years or a Chapter 13 discharge in the previous six years.

The element which will fully determine if you can file a Chapter 7, is the "median family income" level. The individual or couple must review income made within the previous six months and average it out. If when the average income is measured against the "median family income" as stated in 11 U.S.C. § 707(b)(7) and it falls below, then a Chapter 7 filing is appropriate. If the household income exceeds the "median family income", then the individual or couple will be subject to the means testing. The means testing calculation takes the average amount of the income received during the six-month period prior to the bankruptcy filing and subtracts it from the average monthly expenses. This determines the margin of excess income. Using this figure you determine if the excess income exceeds the margin allowed by 11 U.S.C. § 707(2)(A)(i) and if you are eligible to file a Chapter 7 bankruptcy.

If you are unable to file for Chapter 7 due to the "median family income" level being too high and failing the means testing, then your other option is filing a Chapter 13. A Chapter 13 bankruptcy filing allows a person to seek protection of their property and develop a plan of paying creditors by making monthly payments to a Trustee under Court supervision. The plan can be for as little as 24 months or for as long as 60 months.

To be eligible to file a Chapter 13 bankruptcy the filer must reside in the United States, have a regular income, have unsecured debt less hand $336,900 and secured debt less than $1,010,650 and receive counseling from an approved non profit budge and credit counseling agency. In order to obtain a discharge in a Chapter 13 an individual must not have been granted a discharge in a Chapter 7 bankruptcy in the previous 4 years or been granted a Chapter 13 discharge in the last 2 years.

The primary advantage of a Chapter 13 filing over a Chapter 7 filing is that a debtor by paying a portion of his or her pre-bankruptcy debts over the life of the Chapter 13 plan can obtain a discharge of the unpaid balances while retaining all of their asset, avoid foreclosure of a home and more debts are deemed dischargeable in a Chapter 13 verses a Chapter 7.

The disadvantages to a Chapter 13 verses a Chapter 7 is that the filer will have to pay something to unsecured creditors, a reduced amount against entire debt. However in a Chapter 7 filing it could result in a discharge from most or all pre-bankruptcy obligations without any payments. Another disadvantage to a Chapter 13 is that a discharge will not be received until all payments required by the plan are done whereas a Chapter 7 debtor will usually receive a discharge in three to five months from filing.

It is essential that when trying to figure out if bankruptcy is the right option to contract an attorney to discuss the entire matter, review your current financial situation, determine what is most important to keep and let go and decide which is the best plan for their situation.The forgoing article about bankruptcy choices was drafted by The law office of Goldstein and Clegg, LLC, a debt relief agency. More information can be found on their blog, http://www.goldsteinandclegglaw.com/bankruptcy_blog]]> Getting the Grades You Want in College http://www.artwoo.com/article/getting-the-grades-you-want-in-college http://www.artwoo.com/article/getting-the-grades-you-want-in-college#comments Thu, 23 Oct 2008 09:29:29 +0000 college professorstests quizzesstudy partnercoffee shopbits and piecescafcollege students http://www.artwoo.com/article/getting-the-grades-you-want-in-college College students have a lot of stress and a lot of work to do to maintain good grades in college. College is definitely a huge challenge and is something that you need to take seriously. If you want to get an A on an exam you will need to work hard and give it all you got. For some tips on getting the grade you want on your college exam consider some of these tips below:

Don't wait until the last minute -- This goes to all tests, quizzes, and exams. You never want to wait until the last minute to study. Instead, you want to study for about 30-45 minutes everyday from the day you find out when the exam is. You should start studying no later than a week and a half for sure. If you wait until the last minute not only will you get a bad grade most likely but you will also stress yourself out making the situation even worse.

Have a -- Get together with someone from class and study. Go to the local é, or library and crack out the books. Having a study buddy is one of the best things you can have to get a good grade on your exam. You can learn a lot of useful information from your study buddy and they can do the same from you. They may know things you don't and vise versa.

Take good notes -- don't stand up there and lecture for nothing. They want to give you as much information as they can. Take good notes in college! Taking good notes will be one of the most helpful things you can have when it comes to studying for an exam. Professors test you on their lectures and assignments so make sure your notes are clear and to the point.

Go over your papers -- Bring out all your papers from the class and study them. Mostly try and study your quizzes and tests from the past. Professors often like to take of stuff off the tests they've already given you. This makes coming up with an exam easier for them and for you, so take advantage of your old papers.

Read the chapter reviews -- Reading the chapter reviews is a great way to study. Chapter reviews sum up the whole chapter and stress the important parts of the chapter. You want to make sure you understand everything from the chapter review, and if not go re-read that part in the chapter. Chapter reviews are there to help you so take advantage of them!

Talk to your professor -- Don't be afraid to ask your professor questions! Try and ask them what the exam will most likely be on. They are there to help you not to try and fail you. Ask as many questions as you need to feel comfortable about knowing the material.

Studying for an exam can be very stressful, but studying the right way can remove a lot of stress. Be sure to allow yourself enough time to study, study from the right material, ask your professor plenty of questions and get with someone to study. If you follow these few tips you will be on your way to getting an excellent exam grade.Find a student credit card and more of Tom's work at FINDcollegecards.com]]> Alternatives To Filing Bankruptcy? http://www.artwoo.com/article/alternatives-to-filing-bankruptcy http://www.artwoo.com/article/alternatives-to-filing-bankruptcy#comments Sat, 08 Jul 2006 14:27:19 +0000 bankruptcy chapter 7chapter 7 bankruptcychapter 13 bankruptcyfiling bankruptcyconsumer credit counseling servicescccsdebts http://www.artwoo.com/article/alternatives-to-filing-bankruptcy debts that are out of control, listed in best to worst in regards to the effect it will have on your credit:

If your credit isn't in terrible shape, can you reduce your other expenses, even if it means making hard choices or just change your lifestyle to fit your income? Some ways to do this:

Alternatives:

Selling the second car Pulling equity out of your home Applying for a non secured signature loan Obtaining a loan from a relative Selling your home and paying off your debts with the proceeds and then renting Cashing out your 401K/retirement benefits Selling family heirlooms, jewelry, etc...

- Final Solution If your credit is already gone or one of the above isn't an option, go through . Check your yellow pages for the local number. In this way you're paying off your debts as if you were in a , but you don't file a bankruptcy.

If won't take you, you may want to consider bankruptcy. Filing a Chapter 13 takes longer, but your credit is in a little better standing than if you file a Chapter 7. In Chapter 13 you are given up to 5 years to pay off your debts. The disadvantage is that you're in bankruptcy for up to 5 years plus your credit report shows your bankruptcy for 7 more years after you have finished paying off your debts.

If you are so far in debt that you can never repay it, then the best solution may be a . Chapter 7 is the least desirable credit wise, but you are typically out of bankruptcy in 6 months and you don't have to repay any debt.

Disadvantages of Filing Bankruptcy The disadvantage is that this shows on your credit report for 10 years from the date of filing your bankruptcy, and creditors are starting to tighten their credit requirements, and you may have a tough time getting future financing. Depending upon how complicated your financial situation is, you may want to consult a lawyer before proceeding.

There is no magic solution. Don't believe anyone who tells you otherwise. Will Filing Bankruptcy Affect Your Family? More info at http://FilingBankruptcy.eask.info ]]> Types Of Bankruptcy Situations http://www.artwoo.com/article/types-of-bankruptcy-situations http://www.artwoo.com/article/types-of-bankruptcy-situations#comments Wed, 11 Jul 2007 00:25:02 +0000 types of bankruptcyfiling for bankruptcybankruptcy chapterchapter thirteenbankruptcieschapter sevencreditors http://www.artwoo.com/article/types-of-bankruptcy-situations


They have worked at a job for many years and had higher wages. Finding new work with the higher wages is almost impossible. This can begin to have a financial impact on the family and having bill collector's call only adds to the already stressed out situation. One option that people may decide on is choosing to file one of the . For the homeowner there are two different types of bankruptcy.



One is called , and the other choice is called . Chapter seven allows the debtor to erase all debts owed while letting people keep the house and cars if they desire. This can really take the burden of debt payments away which in turn takes away much of the stress that the people were under. The only payments that the people will have to pay are the payments on the house and any cars that the people may have kept.

Types of Thirteen

As the first part of this article dealt with chapter seven bankruptcies, this section includes the other types of bankruptcy such as chapter thirteen bankruptcies. with chapter thirteen means that the people can keep almost everything that they want to.



The difference in this case is that people who file chapter thirteen bankruptcies tell their attorney what they want to keep and in turn, the attorney begins the task of talking to the . Depending on the situation, this can take thirty days or even more. The people's attorney will try to get the creditors to accept lower overall costs for each item. An example of this would be about the cost of a piano.



The people may owe the creditor five thousand dollars and the attorney will try to get the overall cost to three thousand dollars. This means that the people now only have to pay the three thousand dollars and not the original five thousand dollars. The people save two thousand dollars on the piano and the people can then begin to resume payments on the piano.



The monthly payment may drop as a result which saves people money every month. Consulting an attorney is the best course of action to aide an individual in determining the best type of bankruptcy to file for their situation. Simon Peters is the owner of http://on-bankruptcy.com, it is THE best source for advice on the subject on bankruptcy, nothing to sell, just information . .. . ]]> Chapter 7 And 11 Bankruptcy http://www.artwoo.com/article/chapter-7-and-11-bankruptcy http://www.artwoo.com/article/chapter-7-and-11-bankruptcy#comments Mon, 12 May 2008 10:22:56 +0000 chapter 7 bankruptcy caseschapter 7 bankruptcyrelevant bankruptcyassets and liabilitiessecured creditorsexempt assetsbankruptcy estate http://www.artwoo.com/article/chapter-7-and-11-bankruptcy
CHAPTER 7

is the chapter of the Bankruptcy Code that provides for the sale of the debtor's non- for the distribution of the proceeds to creditors (liquidation). Usually, a trustee collects the debtor's assets, which forms the , under court supervision and "converts" it to cash for onward distribution to creditors. This is subject to the rights of the debtor to keep certain assets, which are exempt (for example personal clothing). Also, distribution of the liquidated assets is subject to the rights of . As may be expected, most are "no assets" cases, as the debtor literally has no assets that can be liquidated.

An individual or business filing for a Chapter 7 bankruptcy case is required to begin by filing a petition with the court serving his area or the area where the business is registered or operated with its main assets.

The petition stage can be described as the declaration stage. The debtor will also need to provide other documents to the court in addition to their petition. This may include but not limited to;

=A7 A schedule of =A7 A schedule of current income and expenditures =A7 A schedule of executory contracts and unexpired leases =A7 A statement of monthly net income and any anticipated increase in income or expenses after filing.

Basically, the additional documents would capture all your assets, debts and financial affairs. On the average, the process may take up to six months and may cost the debtor in terms of filing, and administrative fees. Unfortunately, you cannot file a Chapter 7 bankruptcy if you have a bankruptcy discharge in the last six to eight years and also if your current financial affairs can permit a Chapter 13 bankruptcy. Debts like priority taxes, support, student loans, liens and any debts that were reaffirmed are not discharged under Chapter 7 Bankruptcy.

CHAPTER 11

Knowing the different types of bankruptcy is very importance especially if you are into business. Always remember that businesses sometimes hit a bad spell so you have to be prepared for any eventualities. If you are a business owner, you need to know about Chapter 11 Bankruptcy also known as Re-organization Bankruptcy. Since with type of bankruptcy involves Partnerships and Corporations, it is imperative you should know about this type of bankruptcy.

Under Chapter 11 Bankruptcy, businesses are allowed to propose payment plan to their creditors. The payment plan shall include the length of time needed for the business to recover and settle its financial obligations. Although there are some provisions under Chapter 11 Bankruptcy that are similar to Chapter 13 Bankruptcy, the two are quite different in the sense that Chapter 13 bankruptcy is more concerned with individuals. The fees that apply to partnerships and corporations are also different to those fees imposed on individuals who file for bankruptcy.

What Fees Apply Under Chapter 11 Bankruptcy?

A mandatory filing fee of $1,000 and additional $39 miscellaneous administrative fees apply under Chapter 11 Bankruptcy. In cases of joint petitions, only one filing fee is imposed. Since these fees are considered as mandatory, the failure of the debtor to pay these fees may cause the dismissal of the petition. Once the case is already in progress, the business or the petitioner may be required to pay the court trustee every quarter. The amount of the fees differs depending on the amount involved. In most cases, the fees would range from $250 up to $10,000. Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com ]]> Buying Into Financial Woes http://www.artwoo.com/article/buying-into-financial-woes http://www.artwoo.com/article/buying-into-financial-woes#comments Tue, 25 Dec 2007 02:15:01 +0000 bankruptcy chapter 13chapter 13 bankruptcyconsumer bankruptciesconsumer bankruptcycredit card debtfinancial counselingdebt consolidation http://www.artwoo.com/article/buying-into-financial-woes consumer bankruptcies and municipal bankruptcies. is the most common since it involves things such as , medical bills and car loans. One of the few things not covered by bankruptcy, no matter the type, is secured loans such as student loans or child support.

Municipal bankruptcy is where a city, town or even school district files for bankruptcy. At one point in time, it was called Adjustment of Debts of a Municipality and is now under chapter 9. Sometimes, depending on which chapter the consumer bankruptcy is filed under, you could be able to keep your things after you file. Basically if, after , you are deemed qualified to file, then you need to decide which chapter is right for you.

Chapter 13 allows the consumer to keep everything they owe money on while obliging them to pay over a certain amount of time, usually three to five years. Consumer bankruptcy tops the list as far as bankruptcy goes because it seems as though everyone is a consumer of some sort. However, there are options such as pre filing counseling and there are wonderful agencies that do to help get you back on your feet.

Once you get the ball going in that direction it is hard to stop it. There is one way that you can lessen the amount of time you are in a bankruptcy situation though.

If you file for you generally have between three and five years to pay off your debts and charge off your bankruptcy. Chapter 13 bankruptcies are required to give a pay off amount. This means that when you file a chapter 13 there is a pay off amount given for the total balance of the bankruptcy. If you have a home you can choose to use the equity in your home to pay off the balance of your chapter 13 bankruptcies. You can do this by either refinancing your existing loan, or getting a home equity line of credit. There are benefits to either option and the choice really will depend on what fits your family, and financial ability.

Often times you can find a lower interest rate for your home loan then the one you currently have which will save you money and allow you to have a longer time to repay your loan. You may also be able to lower your monthly payments as well, which can help you during this financial strain. The biggest key factor to being able to do this is that you ensure that when you file your chapter 13 bankruptcy papers you are allowed to incur debt while in bankruptcy status. If you are not allowed to incur debt then you will be unable to refinance or get an equity line of credit. Legal Helpers (http://www.legalhelpers.com) is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms in America offering great service and free consultations. Bankruptcy attorneys answer the phones six days a week. ]]> The New Bankruptcy Law: Information You Need To Know Before You File http://www.artwoo.com/article/the-new-bankruptcy-law-information-you-need-to-know-before-you-file http://www.artwoo.com/article/the-new-bankruptcy-law-information-you-need-to-know-before-you-file#comments Fri, 06 Oct 2006 16:27:05 +0000 chapter 7 bankruptcybankruptcy casenew bankruptcy lawunited states trusteepersonal financial managementchapter 13credit counseling http://www.artwoo.com/article/the-new-bankruptcy-law-information-you-need-to-know-before-you-file new bankruptcy law is in effect, and the climate has drastically changed for people who are considering bankruptcy. In this article we will touch on some of the details of the new law, and explain exactly how these new changes will affect you.

First, let's touch on the new counseling requirements. According to the new law, you must complete with an agency approved by the 's office before you can file for bankruptcy under either or Chapter 7. Because this counseling is to decide whether you need to file for bankruptcy, or if an informal payment plan would be a better alternative for your situation. The counseling is mandatory for everyone, even for people who know for certain that a repayment plan is not what they want.

However, you are required only to join in the counseling; you do not have to go with any repayment plans the agency recommends.

But if you are given a plan, you will have to present the plan to the court with a certificate showing that you attended the counseling before you can file for bankruptcy. Once your is over, you will have to attend another counseling session focused on learning skills to complete your bankruptcy and erase your debts.

Another major change that comes with the new law effects many people who want to file . Under the old law, most people filing could choose between Chapter 7 and Chapter 13, and most people chose Chapter 7. Because of the new law, many filers with higher incomes will be prohibited from using Chapter 7.

The first step in determining whether or not you can file for Chapter 7 is to compare your current monthly income to the median income for a family of your size in the state you live in. In the context of the new law, your current monthly income is not your income at the time you file, but your average income over the last six months before you file.

Once you have determined your income, measure it against the median income in your state. If your income is equal to or less than the median, you can file for Chapter 7. If it is more than the median, you must pass a requirement of the new law called the means test. The means test requires you to determine your amount of andquot;disposable incomeandquot; by subtracting different variables from your current monthly income.

If your current monthly income after subtracting these amounts is under $100, you pass the means test, and will be able to file for Chapter 7. If you income is more than $166.66, you will be prohibited from using Chapter 7. Those in the middle of these incomes will be able to file for chapter 7, but will be required to still pay a percentage of their debt.

Yet another important change caused by the new law is that lawyers may be harder to find, and possibly more expensive. The new law has added many complex requirements to the process of filing for bankruptcy that will make it more time consuming for lawyers to represent their clients in bankruptcy cases. The end result being that attorney fees for representation will increase. Also, the amount of time that lawyers must put into the new regulations has increased and it is likely that it may be harder to find a lawyer that solely specialized in bankruptcy in the future. Many experts are predicting that the stress of these new requirements may drive some bankruptcy lawyers out of the field completely.

Now that you know many of the changes the new bankruptcy laws hold for your situation, be aware and file with care. Liz Roberts is a loan consultant with NewHorizon Finance andamp; has been providing consumers andamp; business owners with financing since 1989. For a list of bad credit credit cards visit http://www.newhorizon.org/Info/unsecured.htm ]]> How To Get A Loan Post Bankruptcy http://www.artwoo.com/article/how-to-get-a-loan-post-bankruptcy http://www.artwoo.com/article/how-to-get-a-loan-post-bankruptcy#comments Thu, 31 May 2007 22:14:49 +0000 chapter 7 bankruptcychapter 13 bankruptcytypes of bankruptcybankruptcy casebankruptcy attorneybankruptcreditors http://www.artwoo.com/article/how-to-get-a-loan-post-bankruptcy bankrupt you can still get a loan. Some lenders and other finance professionals, or your neighbours, friends, family and well-meaning but misinformed people would have you think that the minute you file that bankruptcy youll never have a car or a home in your name again.

That is just not the case. There are firms that actually specialize in giving loans to the bankrupt and those with other bad credit issues.



It may be that those who are bankrupt will have to wait until the is dismissed or the are paid to get a loan for a vehicle or residential property, but thats not always the case. A lot depends on what type of bankruptcy you filed.

If when you are bankrupt you filed a before you can get a loan you will have to wait two years. With a the criteria, generally, for acceptance of a loan when having been bankrupt is that the creditors have been paid.

Since the type of bankruptcy determines how quickly and under what circumstances you can get a loan after you are bankrupt its important to know the various . Here are the basics.

Chapter 7 bankruptcy is filed as a protection of your personal belongings and lets you start on the road to financial recovery while paying your creditors back systematically. If you have a loan or two or three when you go bankrupt you can still pay them back, on a schedule that you can afford. You dont have to default.

To apply for a Chapter 7 bankruptcy youll need to gather your list of the people and firms to whom you owe money - your creditors. Youll need to present to the a list of your assets and liabilities, and the property that will be - you hope - exempt from collection.

Youll need to prove your income and your expenses, and a statement of what you intend to do about the debts that are secured. Your property, including any that is part of a secured loan when you go bankrupt, will be turned over to a trustee.

You, or your attorney, meet with the creditors, your list of exempt items is discussed and you tell the others how you will pay them back. They have 30 days to disagree. The creditors then have 90 days to talk with the court about you and your bills.

The reasons that the criteria for getting a loan when youve been bankrupt differs between a Chapter 7 and Chapter 13 is that in a Chapter 13 you keep your vehicle, your home and your other possessions.

It is possible that a potential lender, when considering you for a loan, could look askance at this type of bankrupt situation. You, unlike a Chapter 7 bankruptcy, chose not to give up your property to pay off your debts.

If the post bankrupt loan youre seeking is for a home or vehicle it could be that the new potential lender will recall that in the last bankruptcy the lender who had your home as collateral didnt get it back when you failed to pay. James Copper is a No Credit Check Loans Broker for Any Loans - http://www.any-loans.co.uk/no-credit-check-loans.shtml ]]> A Look At Personal Bankruptcy and What To Expect http://www.artwoo.com/article/a-look-at-personal-bankruptcy-what-to-expect http://www.artwoo.com/article/a-look-at-personal-bankruptcy-what-to-expect#comments Mon, 24 Jul 2006 10:27:08 +0000 chapter 7 bankruptcychapter 13 bankruptcybankruptcy petitionbankruptcy processbankruptcy proceedingbankruptcy courtfiler http://www.artwoo.com/article/a-look-at-personal-bankruptcy-what-to-expect filer a fresh start in life by wiping out certain debts, a will rid the filer of credit card and other unsecured debt. A , on the other hand, is a court-approved payment plan in which the filer is required to repay a predetermined percentage of their debt. The determination of which chapter to file will be based on the filer's disposable income, if any, after paying their necessary monthly bills.

When many people file for bankruptcy, their first thoughts are of their assets and whether or not they may lose their home. In a Chapter 13 repayment plan, the majority of filers are allowed to keep their property in exchange for repaying a portion of their debts. A Chapter 7, however, is designed to be a liquidation process that often results in the sale of non-exempt property. Which property is non-exempt in a ? Each state has it's own laws pertaining to the amount of property that an individual or married couple can keep without having to worry about it being liquidated.

The official begins upon filing a petition with the local . This can either be done individually, also known as pro se, or with the help of an attorney. For most, hiring an attorney is the best way to make sure that every form is completed accurately and in order to make sure their assets are protected as much as possible. Upon the filing of a , the court will assign a trustee to the case and will set a date for a Meeting of the Creditors. Although creditors of the filer are invited to attend, they are not required to do so. The filer, however, is required to attend and will be questioned by the trustee, under oath, while having the meeting recorded. This meeting is typically the only appearance required of the filer unless special circumstances are present.

Following the Meeting of the Creditors, often referred to as the 341 meeting, the creditors will have 30 days to object to the filers property exemptions and another 30 days to object to the discharge if the filing is a Chapter 7 bankruptcy. In a Chapter 13 proceeding, creditors may object to the payment plan but the discharge will not be granted until the payment plan is complete. A Chapter 13 bankruptcy can last for up to 5 years before the payments are completed and a discharge is issued. Following the discharge, the bankruptcy case will be closed and the process will be complete.

This article is to be used for informational purposes only. It should not be used as, in place of or in conjunction with professional legal advice regarding bankruptcy. Anyone who is considering filing a petition for either personal or business bankruptcy should consult a licensed attorney in their area for additional information and/or legal advice. The author is a regular contributor to BK Info Today http://www.bkinfotoday.com where more finance, savings, credit and bankruptcy information is freely available. ]]> Bankruptcy Information Helps Educate http://www.artwoo.com/article/bankruptcy-information-helps-educate http://www.artwoo.com/article/bankruptcy-information-helps-educate#comments Mon, 25 Jun 2007 00:30:02 +0000 chapter 7 bankruptcyfiling for bankruptcychapter 13 bankruptcybankruptcy informationbankruptcy chapter 13bankruptcy proceedingsstraight bankruptcy http://www.artwoo.com/article/bankruptcy-information-helps-educate Chapter 7 bankruptcy is also known as and is a process of liquidation in which the debtor turns over all non-exempt property to the trustee of the . The trustee will, in turn, convert it to cash and distribute the proceeds to creditors.

Within four months or so, the debtor will receive a discharge of all dischargeable debts. According to , most of the Chapter 7 bankruptcy cases help in giving the debtor a relatively quick "fresh start" because he or she would not have any assets that could be lost.

Different Types of Bankruptcies

Knowing the differences between Chapter 7 and Chapter 13 bankruptcies highlights the need for adequate bankruptcy information to be readily available. Being distinct from Chapter 7 bankruptcy, is provided for those that earn wages and who can thus use their income to pay off creditors within a stipulated time period. It is only if there is enough bankruptcy information available, that one can learn about the different forms of bankruptcy, learn how best to avoid them, and in case of bankruptcy, know how best to deal with them.

With proper bankruptcy information in hand, one can know that it is a law that is available for those who are unable to pay off their debts which can be utilized to provide a means of paying off their creditors. With no more debtors' prisons, one no longer needs to have to worry about spending time behind bars due to inability to pay off debts.

As more banking information becomes available, one will realize that now record numbers of people are each and every year, and armed with such bankruptcy information, one can learn to avoid bankruptcy; since filing for bankruptcy will leave a permanent record on a person's credit report for ten years.

With adequate bankruptcy information, one can even make informed decisions regarding debts which may have gone out of control. By educating oneself through study of bankruptcy information, one can learn about the different categories and the consequences of each type. The different categories include Chapter 7, 11, 12, and 13.

Bankruptcy is indeed a dreaded word that, in today's fast-paced as well as materialistic society, is finding much wider usage which is a reason for alarm. Through bankruptcy information, one learns that bankruptcy law firms, credit counseling services as well as even do-it-yourself bankruptcy kits are all being widely advertised everywhere, which only shows the seriousness of such a circumstance, and how best to deal with it.

No doubt, bankruptcy is very unwanted. But in case it does become a reality, one should get all the pertinent bankruptcy information and consult a good credit counseling service prior to pursuing this dreaded course of action. Simon Peters is the owner of http://on-bankruptcy.com, it is THE best source for advice on the subject on bankruptcy, nothing to sell, just information . .. . ]]> The Facts About Repossession And How It Works http://www.artwoo.com/article/the-facts-about-repossession-and-how-it-works http://www.artwoo.com/article/the-facts-about-repossession-and-how-it-works#comments Tue, 01 May 2007 04:30:00 +0000 chapter 7 bankruptcyfiling bankruptcydeclaring bankruptcychapter 13 bankruptcydeclare bankruptcydebt consolidation loanstypes of bankruptcy http://www.artwoo.com/article/the-facts-about-repossession-and-how-it-works declare bankruptcy to save them. If creditors have a valid lien or mortgage on either your vehicle or you real estate will temporarily stop any repossession process.

If you have already had your car or home repossessed (foreclosed on, in the case of your house) you may still be able to get either or both back if you act right away.

If you file a you should be able to keep your home and your car. If you file a you will keep both for awhile but you might ultimately be faced with repossession for liquidation.

Depending on which U.S. state you live in, and what the state laws say about the matter, the trustee of that bankruptcy may be charged with liquidating both your car and home to pay your debts.

, while it can halt or at least slow down the repossession process should not be looked at as the preferable cure for your financial problems.

While it is one course of action - and if it gets to the point of repossession drastic action would be required to save your home and vehicle - it's always best to try to salvage the situation through debt consolidation, loans or negotiation with your creditors.

Bankruptcy will give you somewhat of a fresh financial start but it can have consequences almost as grave as repossession.

The fact that you had a bankruptcy will be on your credit record for ten years, and that is a matter of public record, unlike your other credit history. If you should run into similar financial crises and subsequently repossession possibilities you won't be able to again declare bankruptcy for another eight year.

There are two , as we mentioned before, that will help you keep your home safe from foreclosure and your vehicle from repossession. A Chapter 7 bankruptcy is a short term band aid whose help depends on your home's equity and that state's laws on homesteading and personal bankruptcy.

If you file for a Chapter 13 bankruptcy, however, not only will it stop that repossession and foreclosure but it will more than likely save you from losing your home at all. With a Chapter 13 bankruptcy you will make arrangements to pay some of your debt and generally all of your debt on any secured loans.

Chapter 13 is sometimes called a wage earner bankruptcy because it lets debtors who have their own consistent income create a financial plan to repay at least a portion of their debts.

With a typical Chapter 13 the debtor ask the creditors to accept installment payment for three to pay years. During this time frame these creditors are legally restricted from continuing collection efforts or starting any new ones.

The debtor's level of income and the type of bankruptcy determine the time allowed for repayment. The primary benefit to choosing a Chapter 13 over a Chapter 7 is to save a home and car from repossession.

This is in sharp contrast to a Chapter 7 bankruptcy in which a trustee takes repossession of all or most of the debtor's property and liquidates it to settle debts.

Once the possessions are sold and the money paid to creditors, all debts are erased whether there was enough money to pay them off or not. There are some exceptions, of course. Bankruptcy will not protect a U.S. citizen from the IRS. James Copper is a repossession specialist and has spent many years helping people to avoid and stop repossession - http://www.stop-repossession-today.co.uk ]]>