Nov. 6, 2009 - Why can’t everyone avail the benefits of chapter 13 bankruptcy?

Any Tom, Dick and Harry who is not able to repay the debts cannot file for chapter 13 bankruptcy. Some of the eligibility criteria to file for chapter 13 are as follows:

• Any business even if it is sole proprietorship is not eligible for filing chapter 13 bankruptcy. Only the debts, that are linked to the business and that the owner is personally responsible for, can be included for filing chapter 13 bankruptcy.
• The personal bankruptcy of commodity brokers and stockbrokers cannot be included for filing chapter 13 bankruptcies.
• If the secured debts are more than $1,010,650, the debtor cannot file for chapter 13. Home loans and the filing of lien by the IRS are the examples of secured debts
• If the unsecured debts are more than $336,900, the debtor cannot file for chapter 13. Some prominent examples of unsecured debts are medical bills, back utility bills, card debts, legal bills, and charges of the department store.
• To prove one’s eligibility for filing chapter 13 bankruptcies, one has to exhibit sufficient income after deducting some expenses and payments to service the secured debts, to do the necessary repayments.
• One must submit the proof of filing the state and federal income tax returns for a minimum duration of 4 years before the date of filing the bankruptcy. The filing of chapter 13 can be rejected if the applicant is not current on Income Tax Filings or has not submitted any proof of being regular at tax payment.

Do you fit in the above mentioned eligibility criteria? If yes than file for chapter 13 bankruptcy

The chapter 13 bankruptcy plan can be funded through the following sources of income:

• Income through self employment
• Benefits through social security
• Freelance commissions
• Benefits on account of Worker’s compensation
• Public benefits
• Alimony in case of divorce
• Royalties
• Regular salary or wages
• Pension payment
• Seasonal work wages
• Disability benefits
• Benefits due to unemployment and strike
• Child support benefits
• Rent
• Profits due to selling of property
• A working spouse could also be the source of funds

The best bankruptcy advice can be got from bankruptcy attorneys and bankruptcy lawyers. We take pride in having association with the top most experienced bankruptcy attorneys. The chapter 13 bankruptcy filing can include the personal bankruptcy. The credit card bankruptcy and the medical bankruptcy form the major part of the personal bankruptcy.

If you want still more information about chapter 13 bankruptcy and interested in availing our services, apply now

Oct. 24, 2009 - Tips on filing Chapter 13 Bankruptcy in Texas

Chapter 13 bankruptcy is yet another way to scale back your debt but to do so whilst keeping some of your valuable assets. You could be wondering if a chapter 13 bankruptcy is something you would be ready to go thru. And, if you are over your head in debt and do not know what to do but don’t care about losing your gigantic assets like your house then a chapter 13 is the ideal opportunity.

Texas Bankruptcy Counsels will explain to you that by filing this kind of bankruptcy you are making a plan to repay your loans over a period of time, which is generally 3 to 5 years. The best thing is that you can keep valuable assets that are not covered by exemptions. There’s then a confirmation hearing in a court of law.

More debts are eliminated under the Chapter 13 plan than under the chapter 7 bankruptcy. You want to appraise your finance situation and establish which bankruptcy is the best choice for you. You may wish to talk with a counsel to get some guidance to guarantee you are on the right trail and making the best choices for you. texas bankruptcy attorney will explain to you that by filing this kind of bankruptcy you are making a plan to repay your liabilities over a period, which is mostly 3 to 5 years.

Oct. 14, 2009 - Medical Bill Bankruptcy - How One Should File For It

Medical bankruptcy can be effectively used to settle medical dues, however the debtors is required to decide upon how the bankruptcy should be filed for. Bankruptcyonly.com can help the debtor file for the bankruptcy, and eliminate medical debt.

Individuals often talk or discuss about outstanding dues and debts. Debts arising out of medical treatment availed, hospitalization, buying medication, employing nursing facilities, and paying for physiotherapy are not considered as “regular” debts, and individuals rarely think medical bills can eventually pile up as unmanageable debts. However, from a practical point of view, it’s possible for an individual to incur debts arising out of medical expenses. And many times, the debts incurred assume hugh proportions, and individuals may find it difficult, and at times even impossible to pay their medical dues. This can give rise to medical bankruptcy. If the individual is in medical debt, and is planning to file for medical bills bankruptcy, the available option is to file for:

Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy can eliminate most of the debts owed by the debtor, including all dues arising out of medical expenses. The negative aspect of Chapter 7 bankruptcy is that its record remains on the credit reports for as long as a decade, which is a long time. During this time, it becomes difficult for the individual to avail further credit facilities, and even be forced to pay higher interest rates in the event a loan is offered.

Apply now for your free consultation to eliminate medical debt and file for medical bankruptcy!

Bankruptcyonly.com and medical bill bankruptcy

There are proven plus points in availing the help, and facilities provided to debtors by bankruptcy experts at Bankruptcyonly.com. The debtor can avail free help and consultation regarding medical bankruptcy related issues at Bankruptcyonly.com. The services offered are free and the individual is not forced to commit upon anything. Some of the advantages offered are:

Filing for Chapter 7 bankruptcy

It’s important to prepare carefully and file for bankruptcy. Bankruptcyonly.com studies the debtor’s exact financial problems, and works out how the negative implications are likely to affect the debtor for the next 7 years. The bankruptcy attorney can help the debtor in filing for bankruptcy, and represent the debtor in the bankruptcy court.

Improve your credit history and save money while filing medical bankruptcy

Bankruptcyonly.com can help the debtor plan out effectively how to deal with creditors, and even suggest possible ways to improve upon the FICO scores and credit ratings, so that the negative effects of the bankruptcy can be minimized.

Oct. 7, 2009 - Personal Bankruptcy - The Correct Time To File For It

The personal bankruptcy can prove to be beneficial for the debtor, since filing for Chapter 7 bankruptcy under the Bankruptcy Law, can help the debtor in eliminating debt. But, it’s important to designate some of the assets owned by the debtor as “exempt” and save them from the liquidation process to avail the maximum benefit. Banktuptcyonly.com helps the individual in the filing process - one can avail the maximum benefit while filing for bankruptcy!

Personal Bankruptcy

Filing For Bankruptcy provides a legal and ethical solution for the debtors when they become highly indebted, and cannot redeem their outstanding debts, since they do not possess any ways or means, or the resources. Declaring bankruptcy can help to save the debtor from creditor harassment, as the entire debt is dealt with during the bankruptcy process, and when the bankruptcy process gets “over”, the debtor can restart living a fresh life, without any previous dues and commitments. Personal Bankruptcy is the legal way out that an individual can utilize by directly filing for Chapter 7 bankruptcy and subsequently paying off all the creditors through the money collected by liquidating some or all the assets owned by the debtor, and eventually become debt free. While filing for bankruptcy, the person who is “filing” is known as the “debtor”, while the person who’s supposed to collect the money is called the “creditor”. There can be more than one creditor.

When is the correct time to file for bankruptcy?

To eliminate and deal with debt, it’s important to file for bankruptcy, when other options fail. One can do it by availing the benefits of Personal Bankruptcy Law, when filed at the correct time. Filing prematurely or early can get the applicant disqualified. And if the debtor files late, it might prevent the debtor from availing proper benefit offered by the statute. So it’s required to satisfy the prerequisites and file for bankruptcy when the time’s correct. The Bankruptcy Law has stated several guidelines as to how the applicant should file for bankruptcy, and when is the time right to file. To avail proper benefits, one is required to interpret and understand the guidelines properly, and subsequently file for bankruptcy.

Bankruptcyonly helps in determining the correct time to file for bankruptcy

>> The bankruptcy attorney at bankruptcyonly.com can help the debtor in deciding when’s the correct time to file for bankruptcy by studying the specific financial conditions of the debtor, the amount of money owed to the creditors, and how the bankruptcy court’s likely to settle debt with the creditors.

>> Many times, it’s even possible to eliminate debt before hand and prevent bankruptcy by improving upon the delinquency levels, making partial payments, availing refinancing facilities, and even negotiating with the creditors to avail some more time to make the monthly payments.

Bankruptcyonly.Com can help you in the actual filing process, and the services are free.

Sep. 21, 2009 - Filing Bankruptcy in Arizona

If you are facing financial difficulties and you live in Arizona, you need to know the laws that pertain to you in filing Arizona bankruptcy. You need the help of an Arizona bankruptcy attorney who can assist you in understanding how Arizona bankruptcy laws will affect your case.

The most common type of personal bankruptcy that is filed in Arizona is Chapter 7. In Chapter 7 bankruptcy, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.

Chapter 7 bankruptcy does away with all of your unsecured debt, such as medical bills and credit cards. It is designed to wipe the slate clean and give you a new start.

The other personal bankruptcy that is filed in Arizona is Chapter 13. In Chapter 13 bankruptcy, you continue to have possession and ownership of all of your assets, but some portion your future income is given to repaying your creditors. Usually, this is over a three to five year period.

If you make more than the median income that is based on household size in Arizona, you may not be able to file Chapter 7. Your income is put to a “Means Test” to determine if you are eligible to file Chapter 7. If your income level is too high to automatically qualify for Chapter 7 bankruptcy, an Arizona bankruptcy attorney can explain to you the special circumstances where you may still be eligible to file Chapter 7.

You have to decide whether you will take the federal bankruptcy exemptions or the exemptions allowed under Arizona and federal non-bankruptcy laws, if you are eligible to file Chapter 7. This is an important decision that an Arizona bankruptcy attorney can help you make. The nature and value of the property that you have will be what determines this decision.

The homestead exemption is one of the most important exemptions if you decide on taking the Arizona and federal non-bankruptcy exemptions. Veterans’ benefits, Social Security benefits, personal pensions and property and other things are in this choice.

Again, an Arizona bankruptcy attorney can help you decide which set of exemptions is best for you. He or she will know the limits and amounts of these exemptions. Your Arizona bankruptcy lawyer can also help you determine whether Chapter 7 or Chapter 13 bankruptcy is better for you if you can choose between the two.

The attorney who will be able to give you the most pertinent advice is a lawyer who is experienced in bankruptcy law in Arizona. Arizona bankruptcy lawyers work with bankruptcy cases day in and day out. They keep abreast of the latest updates and changes to Arizona bankruptcy law.

BankruptcyOnly.com is where you will find a good Arizona bankruptcy lawyer. BankruptcyOnly.com is the Web site where you will find a trusted Arizona bankruptcy attorney who will help you make the bankruptcy decisions that are right for you.

This decision may affect you and your family for the rest of their life. BankruptcyOnly.com can put you in touch with a bankruptcy lawyer in Boston, Cape Cod or Georgia. You deserve the best advice possible from an Arizona bankruptcy attorney near you.

Sep. 10, 2009 - Filing Chapter 7 Bankruptcy Online: Things you need to know

As a matter of fact, it is not possible for an individual to file for chapter 7 bankruptcy online. All you can do is download the relevant forms and access online software that will help you fill up these forms or hire a lawyer or a paralegal to do it for you. No court will allow you to file the paperwork online. It doesn’t matter what kind of online software you use, it is compulsory to file chapter 7 bankruptcy papers at the local bankruptcy court. While filing for this kind of bankruptcy, the debtor will be required to submit a petition along with a creditor matrix (a list of all creditors). The number of copies to be submitted will vary according to the court. Moreover, the debtor needs to be careful to file the petition at the court in whose jurisdiction his/her home address is zoned in.

Filing Chapter 7 Bankruptcy Yourself

There are a number of people who prefer to file their papers themselves rather than waste money by hiring a bankruptcy attorney. If you choose to do this, you need to carry out all the relevant research regarding the chapter 7 rules applicable in your state as well as the local court where your papers need to be filed. In addition, you need to get a list of exemptions prevalent in the state you live in, since these too differ according to the state. If you opt for filing chapter 7 pro se, you will have to represent yourself at 341 meetings. This method is cost-effective but you can also end up making costly errors. Hiring a paralegal or a Chapter 7 Bankruptcy Attorney works because he/she is qualified to figure out the often mind-boggling paperwork involved in filing the papers. Hiring an attorney is an expensive proposition but a paralegal will manage your papers at half the cost.

Aug. 28, 2009 - Colorado Filing Chapter 13 Bankruptcy Always Lucky for Debtors

This is especially for debtors whose income is regular and who want to adjust the debts by repaying over a span of 3 to 5 years.

Chapter 13 Introduction

The Chapter 13 Bankruptcy is known as a plan for wage earners. This plan facilitates the debtors with stable income to repay the part of or all the debt through installments over a period of 3 to 5 years. The duration of chapter 13 bankruptcies can be 3 years if the present monthly income of the debtor is less than the state median that is applicable. The plan can be extended provided the court approves for it but this duration cannot go beyond 5 years. The creditors can neither start nor continue any efforts for collecting money from the debtor during this period.

How is it lucky for debtors?

Filing chapter 13 bankruptcies offers the debtors with a chance to save their houses from foreclosure. The proceedings for foreclosure can be averted for some time. The debtor gets a chance to repay mortgage payments over an extended period. The debtor has to regularly do the mortgage payments as mentioned in the schedule when Filing Chapter 13 Bankruptcy. The debtor gets extra time to reschedule secured debts. The amount of payment can be lowered. There is a provision in chapter 13 that protects the co-signers. Filing chapter 13 behaves as if it is a consolidation loan. The chapter 13 trustee does the payments to the creditors. According to chapter 13 bankruptcy rules the debtor and creditors never come in direct contact.

Who is eligible?

Filing Bankruptcy under chapter 13 needs the debtor to be employed. The total unsecured debt should not be more than $307,600. The total secured debt should be less than $922,950. The revolving accounts and the credit cards form the major crunch of the unsecured debt. Home loans and car loans are included in secured loans. One should consult a Bankruptcy Attorney, seek bankruptcy advice, and know about being eligible for filing chapter 13 bankruptcy.

How to file?

The process of filing chapter 13 bankruptcies seems complicated but very simple for a lawyer who is specialized in filing chapter 13. This sort of lawyer is also called Chapter 13 Bankruptcy Attorney.

Aug. 17, 2009 - Filing Bankruptcy Online : For A Smoother Bankruptcy Process

Now days, with the wide availability of bankruptcy form processing services on Internet, filing bankruptcy online has now become easier and the good part of the story is that the process is very easy and time saving. If you understand the legal requirements associated with filing bankruptcy and you know what are the forms that you need to fill and submit in this regard, you do not even require hiring a bankruptcy attorney to help you with the procedure of filing bankruptcy.

Ways To File Bankruptcy

In fact, there are plenty of ways you can use to file court petition for bankruptcy. For example, if you can hire bankruptcy lawyers to do the job for you or you can avail the various online bankruptcy services available on Internet, or if you are a legal expert and you know the ins and outs of the various bankruptcy laws, you may choose to go for personal filing.

How Much Does Filing Bankruptcy Online Cost?

Depending upon the type of filing process you have chosen, the costs will vary. For example, filing bankruptcy online for chapter 7 bankruptcy and chapter 13 may cost you somewhere around two hundred dollars or less, depending upon the type of bankruptcy you are filing for. If your bankruptcy case is a bit complicated and you know that you are not capable enough to defend your bankruptcy claims yourself successfully, it is always recommended to avail the valuable services of an expert bankruptcy attorney. They will never let you down. These days, even the bankruptcy lawyers choose to go for filing bankruptcy online, as it makes the process much easier and most importantly, it saves a lot of time both for the debtor and the bankruptcy attorney, but of course, it costs a little more.

Advantages Of Filing Bankruptcy Online

If you do not want to hire a bankruptcy attorney, it will be wiser for you to take advantage of the various online bankruptcy services. They are known as online bankruptcy form processors. They will help you in several ways. For example, when you submit your specific bankruptcy case to them along with all the relevant information, they will suggest you the right type of bankruptcy that you should claim for and they will provide you the right bankruptcy forms to fill. Once you submit those forms, they will review all the information you provided with the forms. If some information is missing, the online bankruptcy forms processor will inform you regarding the same and will ask you to submit the missing information.

Once they approve everything, on your request, they will even file a court petition for bankruptcy for you. This way, we can see that filing bankruptcy online will take away the pain out of the complicated proceedings.

Jul. 29, 2009 - Online Filing Bankruptcy And Other Ways To Reach There

There are number of ways that one can file his bankruptcy but there are even more reasons on filing bankruptcy online. For most individuals it is a very mundane and a complicated process that needs them to be updated with the changing bankruptcy norms. A reputable servicing company can help to understand the bankruptcy process without having to run at different places. Preparing for filing bankruptcy online can save your time and be convenient to you. You can simply download or order bankruptcy forms along with directions on how to file bankruptcy. You can even put together all the documents sitting at your home or office if you make use of an online personal bankruptcy service. Though you may download bankruptcy forms, use online software to help you fill the forms or hire a paralegal or bankruptcy lawyer to fill out your forms online, but still, you will still have to bring all the paperwork physically to the bankruptcy court in the local area. This is the only step you can't do online.

If you opt to file your bankruptcy after filing out the forms yourself, you will need to thorough research and find all the required information. You will then also need to represent yourself at your 341 meeting. This is but obviously the cheapest of methods, but it leaves the room for mistakes and confusion. If you are hiring an attorney, they will look over your case and then advise you on the best chapter for your situation whether chapter 13 bankruptcy or chapter 7 bankruptcy, then have one of their paralegals fill out the forms for you. The attorney will then have them filed for you. Your attorney will also most likely accompany you to your 341 meeting. Though this is an accurate method but very expensive.

Hiring a paralegal is another option. You have to supply the information, but it is the paralegal that is going to fill up your forms. This helps to ensure that the forms are correctly filled in, and thus minimize the chances of delays or a dismissed case. Here you will need to attend your 341 meeting yourself.

Jul. 21, 2009 - An Overview of the Bankruptcy Process

The economic downturn and market recession have forced many people to come to terms with the fact that their debts have loomed to unmanageable proportions and that they might be forced to opt for filing bankruptcy. In this scenario, it is difficult to fix on the best course to take if you are too overwhelmed by the burden of your debts. The first thing you need to do in order to get out of this ugly situation is to file for legal bankruptcy. Now how do you go about this?

The first thing to bear in mind is that filing for legal bankruptcy is a long and tedious process. If you can go about it on your own, remember that it will involve plenty of research and labor. If this prospect scares you, there are other options too. It is possible to secure the services of professional bankruptcy attorneys, who will help you negotiate with your creditors for the best possible deal with minimum hassle. Although filing bankruptcy can help protect your assets and give you a fresh financial start, not everyone is aware of the complicated procedures it involves. Getting bankruptcy help is probably the better idea, because it will save your time and energy.

A bankruptcy attorney will help you out with the next step in this process deciding whether you need to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. If you are doing this on your own, it would be a good idea to research this in your local library or on the internet. Talking to people who have been through this process can also help a lot.

If you hire a bankruptcy attorney, you will have to provide him with all the relevant personal information required to file your voluntary petition. Once the documents have been filed in the bankruptcy court, a trustee will be assigned to you, whose job it will be to verify that the information provided by you is complete and accurate. After this is done, all your creditors need to be informed about this in order to prevent any unnecessary legal hassles. Once everyone has been notified, there will be a meeting of all the parties concerned, including your creditors and their lawyers. This is where an experienced bankruptcy attorney can help you negotiate the pitfalls smoothly.

Online bankruptcy services enable you to gain full advantage of the automatic stay, which stops creditors from foreclosing on your assets and prohibits all debt collection activities. All the information regarding bankruptcy and its ramifications is at our fingertips. Whether it is a Chapter 7 bankruptcy attorney you require, or a Chapter 13 bankruptcy attorney, we can guide through the entire process of filing for bankruptcy. Our team of legal and financial experts will give you an in-depth analysis of your requirements, based on an evaluation of your finances.

We understand that filing for bankruptcy can be a traumatic process and endeavor to make it as smooth as possible.

Jul. 8, 2009 - Basic Information Regarding Chapter 13 Bankruptcy

Chapter 13 Bankruptcy

People, who are in possession of precious assets such as home or any other property, which are not covered by discharging of Chapter 7, mostly file for Chapter 13 bankruptcy. At this time, one should understand the most essential and notable aspect of bankruptcy Chapter 13. It differs from Chapter 7 bankruptcy, in the way it does not release all due payments immediately. On the contrary, the debtors tender to reimburse the debt to the creditors around a short time of five years. One need to plan for the monthly payments and after that submits an expense schedule to the court.

Eligibility

To be considered as eligible for filing bankruptcy, the person need to have secured debts worth over $800,000 and unsecured debts amounting to around $300,000. In such cases of possession like a secured creditor, the precise or the full payment of due expenses, if the date of buy lies within 30 months through the date of filing chapter 13. Individuals supposed to receive a release under the similar clause within the last 2 years, or else under chapter 7, 11, 12 within the last 4 years. Debts may be due to student loans, drunken driving injury penalties, or for criminal offences which won’t be “eligible” under chapter 13.

Procedure

The former step availing chapter 13 bankruptcy information is to petition with the court, which is equivalent to the residential area of debtor. Within 20 days of filing the appeal, he needs to submit the plan of the payment. Courts then appoint a neutral trustee who will function as a connection between creditors and debtors. Within 40-60 days of submitting plan, a conference of creditors is called. The judge then confirms the repayment plan after thinking about all the aspects. After verification of the plan, it is only debtor’s liability to release the expense on due dates, failing to that poses a risk of reverting in case of bankruptcy chapter 7.