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Tag: filing for bankruptcy

26 Nov

Need to Get Rid of Debt? Steps to Take Before Filing Bankruptcy

by Arbitrage Bands | in Debt, Debt Management, Debt Payment, Debt Settlement, Personal Bankruptcy | on November 26, 2016

When all the normal steps to get rid of debt haven’t worked or aren’t available, declaring personal bankruptcy may be the only way to tackle serious debt problems. However, before filing bankruptcy there are a number of important steps that need to be taken. Since the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act 2005, getting out of debt could potentially be more difficult for some people than others. If filed under chapter 7 in the last 8 years, it is not an option.

Get Rid of Debt with an Alternative to Bankruptcy

Before filing for bankruptcy, it is important to seek advice and guidance from a qualified credit counselor as it may be possible to bridge any income gap through better budgeting. Also, a debt settlement program provides a viable bankruptcy alternative if some disposable income is available to offer creditors. Getting out of debt is achieved through a general debt reduction and a monthly payment to creditors over a period of up to 36 months. However, it isn’t legally binding so the debtor won’t be afforded the same court protection.

Learn the Process Before Filing Bankruptcy

Although a bankruptcy attorney will deal with many of the unknowns, finding out how to file chapter 7 bankruptcy is an important step to take before proceeding. Declaring personal bankruptcy under chapter 7 – also known as liquidation bankruptcy – can get rid of debt in just 4 months. However, the laws were reformed in 2005 so not everyone can or will now qualify. If income is above the state median or non-exempt assets need to be protected, chapter 13 may be the more appropriate option. This involves making a payment each month to a court-appointed trustee for a 3 or 5-year period.

Accurate Records Needed to Pay Off Debt

In order to get rid of debt with chapter 7 bankruptcy, it is necessary to compile as much relevant financial information as possible. This is not limited to, but includes:

  • Wage slips for the last 6 months.
  • The last two tax returns.
  • A full breakdown of any debts – secured and unsecured.
  • Any recent creditor correspondence.
  • Details of any property owned.
  • Income and expenditure information.
  • Proof of identity.

Get a Credit Report Before Declaring Personal Bankruptcy

It is important to document all relevant debts before filing bankruptcy. Whilst most people know what they owe, there may be a few surprises that have been forgotten. Request a free credit report from Experian, Equifax and TransUnion and check each report to see who is owed what and how much. Each credit reference agency holds different information. This thorough process ensures that all relevant debts are eliminated as failing to include an old credit card debt that hasn’t lapsed will lead to the return of the same problems.

Getting Out of Debt with Chapter 7 Bankruptcy

Getting out of debt is often ‘advertised’ as providing a fresh start, but it remains a very stressful time for families. Whilst it’s possible to pay off debt in just 4 months, many people delay filing for too long. It is necessary to have a one-hour credit counseling session through a U.S. Department of Justice approved agency. The cost is normally just $50. Hiring a bankruptcy attorney will also cost $2,000 to $3,000 so there are a number of important financial considerations.

Tagged bankruptcy, debt, filing for bankruptcy, get rid of debt, Steps to Take Before Filing Bankruptcy
30 Sep

Debtors Can File for Bankruptcy for Free: Filing Chapter 7 or Chapter 13 Without an Attorney

by Arbitrage Bands | in Credit Card Debt, Personal Bankruptcy | on September 30, 2016

Bankruptcy laws are complex. All courts must enforce the U.S. Code and additionally comply with federal rules of procedure and local court rules. Although anyone can file for bankruptcy for free, the odds of success are small. Legal representation prevents creditor overreaching and insures debtors receive fair treatment. Debtors who chose to file for bankruptcy for free may receive limited assistance throughout the process from court personnel, but the assistance provided seldom produces results available when represented by a qualified attorney.

The U.S. Code Lets People File for Bankruptcy for Free

The U.S. Code permits individuals to represent themselves in cases filed in all federal courts. While legal representation is optional, the assistance of an attorney provides a distinct advantage for all represented parties because of the complexity of legal requirements. In all but the simplest cases, few debtors who file for bankruptcy for free receive the full range of benefits available.

The clerk of the court provides limited assistance for people who file for bankruptcy for free. Official forms are available without charge. Any person who earns less income than 150% of the current poverty level published by the U.S. Department of Health and Human Resources qualifies for a waiver of the filing fee. However, the clerk of the court and administrative personnel cannot provide legal advice.

The clerk of the court may provide general information about Chapter 7 and Chapter 13. Information allowed for dissemination is generally restricted to a summary of basic legal requirements. The U.S. Courts website provides this information online at http://www.uscourts.gov.

Pros and Cons When Debtors File for Bankruptcy for Free

Avoiding an attorney fee is the primary advantage received by people who file for bankruptcy for free. In addition, a filing fee waiver may save a few hundred dollars. In total, potential savings in a simple Chapter 7 case are approximately $1,000 when filing bankruptcy for free.

The primary disadvantage for debtors who file for bankruptcy for free is the likelihood of attracting objections. Creditors and their attorneys notice when a debtor is not represented. Creditors may file numerous objections and request case dismissal. Each objection may require a hearing. Debtors who fail to appear at all hearings and assert a valid legal defense run a high risk of case dismissal.

U.S. Trustees and presiding judges object to creditor motions that are clearly illegal. Despite this limited protection, experienced creditors and their attorneys frequently prevail when claiming the maximum permissible leeway allowed by law. In effect, when creditors file numerous objections and push legal limits, debtors who file for bankruptcy for bankruptcy for free frequently lose valuable rights unnecessarily.

The Best Way to File for Bankruptcy for Low Cost

Receiving the full range of benefits provided by Chapter 7 or Chapter 13 laws is not difficult. For as little as a $1,000, legal representation eliminates the risk of unnecessary dismissals and the loss of legal rights. In addition, many attorneys allow for the payment of fees in installments spread over several pay periods.

Tagged bankruptcy, filing for bankruptcy, filing of bankruptcy for free

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