June 5th, 2009
If you are having difficulties with finances and are considering debt consolidation or bankruptcy, you may also be considering hiring a bankruptcy lawyer. Of course for those who are in a financial rut or on the verge of financial ruin, coming up with extra funds to pay a bankruptcy lawyer can be downright impossible. Despite the shortage of money, it is often best to still consider at least consulting with a bankruptcy lawyer before you begin the process.
The main purpose of a bankruptcy lawyer is to help an individual or business go through the legal procedures for filing bankruptcy. Lawyers are meant to help deal with creditors, meet with the court systems to set up payment plans or repayment programs, gather together and liquidate assets, and fill out and file necessary paperwork. Just as a realtor would be the knowledgeable party in the selling or buying of a home, [...] Continue Reading…
June 5th, 2009
Individuals can file for personal bankruptcy as a last ditch effort when their credit reaches the limit.
This helps them clear out a few debts by selling their assets and starting a whole new life without creditors beating at their door. The gives them an opportunity to start afresh without credit worries since creditors have no more right to press collection charges.
Presently, individuals can file for bankruptcy under Chapter 7 or Chapter 13. Chapter 7 involves liquidating all the assets to pay off the creditors. Chapter 13 involves registering a plan to pay of the creditors from the monthly wages of the debtor within a specified amount of time. However, new laws passed by the President in 2005 might make the options for filing the case under Chapter 7 a bit more narrow and might force most individuals to file a bankruptcy case under Chapter 13 instead.
Chapter 13 requires [...] Continue Reading…
June 5th, 2009
In Iowa as well as in other states there are lawyers specialized in bankruptcy. Unfortunately bankruptcy is the only solution for many people. After struggling for months, maybe years and after trying all other less radical solutions of their debt problems, they have to throw in the towel and just accept the plain and brutal truth: I’m bankrupt. But this doesn’t mean that life is over; not at all. And it is good to know that help is available out there.
Just as you would never operate on yourself, you also should never attempt to represent yourself in a court of law. There are a number of lawyers across Iowa who specialize in bankruptcy cases that can help you understand the legal process behind filing and what implications it will have on your life. Often these lawyers will counsel with you at first to look at options other than filing [...] Continue Reading…
June 5th, 2009
When a company or an individual is unable to repay a loan, the individual or the company is considered to be bankrupt.
Sometimes companies incur heavy financial losses. For example, a printing firm gets 80 percent of its total income from a single publisher. If the publisher diverts its order to a different company, the printer loses a large portion of its total income. The printing firm becomes bankrupt.
Bankruptcy involves two parties: the debtor and the creditor. The debtor is the party in debt, who owes money to the creditor. A debtor can be a company or an individual. The creditor is an organization or individual to whom the debtor owes money. Most bankruptcy cases involve several creditors. There are basically three types of bankruptcy.
When a company is bankrupt, the trustee, a person appointed by the court, sells all of debtor’s non-exempt assets so that the debts can be [...] Continue Reading…
June 5th, 2009
According to legal experts, credit repair after bankruptcy is possible. Some companies will offer credit immediately after bankruptcy, at very high interest rates, but buying a home or a car may not be possible for several years. Unless a bankruptcy credit repair expert can help. There are a certain number of law firms that specialize in credit repair, for any reason, credit repair after bankruptcy is just one of many. Bankruptcy is a last resort for those people who are swimming in debt and cannot pay their bills. Bankruptcy credit repair is an option for those people who have declared bankruptcy and would like to begin to reestablish themselves without paying exorbitant interest rates. Bankruptcy may allow them to keep their house and possibly one car payment. But, anything else of value goes.
Credit repair after bankruptcy may allow those who did not previously own a home, obtain a mortgage [...] Continue Reading…
June 5th, 2009
Bankruptcy Overview
Bankruptcy, when you come right down to it, is the process that enables those who are unable to pay their debts get a fresh start.
It allows for some or all of these debts to be discharged or reorganized. Individuals or businesses may file bankruptcy.
This enables you to clean the slate and get a 2nd chance with your finances. In most instances, bankruptcy provides a fair method for compensating your creditors as well.
The bankruptcy process need not be your worst nightmare. However, there are certain requirements that must be met. You will be required to file a list of all of your outstanding debts and a complete list of your
assets. This is done with the help of your lawyer thru the Federal Courts.
To make this process easier to understand, your “Assets” fall into two categories.
They are: Exempt and Non-Exempt
Exempt assets are the property or belongings that you [...] Continue Reading…
