September 2010

Did you know-over 1.5M filings throught August of 2010

Want more information about bankruptcy filings?  Visit htp://www.uscourts.gov and see for yourself.  This certainly suggests that the “recovery” has yet to begin.

Powered By WP Footer

More Information About Housing & Bankruptcy

We have a number of FREE reports on housing options and one on bankruptcy.  Simply visit http://www.ShortSaleSecrets.org and look under the “resources” Tab.  Download any/all reports that might be of interest to you.    Get as much information as you can, read books, articles, speak to your attorney and account and even the IRS help line at 1-800-829-1040.  When you are a fully informed consumer, you will be able to make the decision that suits your situation best.

Powered By WP Footer

Data.gov – A Cool Site With Lots Of Great Info

http://www.Data.gov I just found this site and wanted to share it.  It has a ton of info and reports.  If you have a project or just an “inquiring mind”, this is sure to be a hit.  Check it out and get the data you need.

Powered By WP Footer

Help with Filing Bankruptcy

By Josh Riverside

If you are faced with mountains of debts and have no resources to pay off your creditors, a promising option is to file for bankruptcy. Filing for bankruptcy will discharge you of all your non-secured debts, leaving you with a fresh start and a chance to better manage your finances. The downside however is that it will reflect on your credit rating and it will give you a harder time to obtain loans and financing in the future. Here is some information to help you out with regarding filing for bankruptcy.

What to file

You can go about filing for bankruptcy two ways. One is filing for a Chapter 7 and the other is filing for a Chapter 13. Filing a Chapter 7 bankruptcy discharges you of non-secured debts by liquidating all your non-exempt assets. This will be done by the bankruptcy trustee and he will also distribute the converted cash from the liquidation to your creditors. Secured debts are those with pledged collateral like mortgages and car loans. In these cases, there will simply be a foreclosure for any unpaid debts. On the other hand, filing a Chapter 13 will allow you to pay off your debts in three to five years but you have to propose a payment program. This allows you to keep your non-exempt assets. This is best for people who have a steady flow of income and stable employment.

How to file

Before anything, it is best to seek legal advice so that you will know if filing for bankruptcy is the right thing for you. Filing for bankruptcy, however, does not necessarily require a lawyer. You can just fill up the bankruptcy forms that can be obtained from your local court. These forms will contain your personal information, financial activity, expenses, secured and non-secured debts, creditors, information, assets, taxes, and other related information. This will thus serve as your petition that you will file to the court. You need to submit three copies plus one original copy. The court will order a provision that prevents your creditors from seizing any of your property within a month’s time. After a month, a meeting with you and your creditors will be called for by the court. This is also called a 341 meeting. When a compromise is finally settled, all your assets will be liquidated by the trustee and then distributed to your creditors. A notice from the court will be sent to you within 60 to 90 days informing you of your discharge from your debts.

Filing Bankruptcy provides detailed information on Filing Bankruptcy, Filing Bankruptcy Online, Filing Chapter 11 Bankruptcy, Filing Chapter 13 Bankruptcy and more. Filing Bankruptcy is affiliated with Will Estate Planning.

Article Source: http://EzineArticles.com/?expert=Josh_Riverside
http://EzineArticles.com/?Help-with-Filing-Bankruptcy&id=408249

Powered By WP Footer

Bankruptcy Filing Rules

By Josh Riverside

Before filing for bankruptcy, make sure that you are aware of the advantages and disadvantages. Bankruptcy can sometimes cause distress in the future because it will reflect on your credit rating. It will make it hard for you to secure a loan and obtain financing in the years to come. Here are some rules you need to know before making the big decision of filing for bankruptcy.

Who can file?

Any individual, regardless of the amount of his consumer debt and whether they are solvent or insolvent, can file for bankruptcy. It is important to note that you cannot file for bankruptcy if you were unable to appear before the court prior to a bankruptcy petition or if you made a voluntary dismissal. Your right to be discharged is not absolute. There are debts that are exempted such as home mortgages and car loans, federal student loans (except in rare occasions), child support, and delinquent taxes.

How it works

First off, you have to fill out a bankruptcy form where you will have to declare all your financial information and history including personal information, recent financial activity, secured and unsecured debts, creditors? information, assets, expenses, taxes, and other related information. This form also serves as your petition and you have to file it at the nearest federal court. You must submit three copies plus one original copy of the petition. The court will issue an ?automatic stay,? preventing creditors from any collection activity within one month. A 341 meeting will be called by the court within the month which you and your creditors are required to attend. If a compromise is reached by both parties, the bankruptcy trustee will go ahead and liquidate all your non-exempt assets. The court grants discharge within 60 to 90 days and notice is sent via mail. With this discharge notice, creditors will have no claim on you and any of your exempt property.

Filing Bankruptcy provides detailed information on Filing Bankruptcy, Filing Bankruptcy Online, Filing Chapter 11 Bankruptcy, Filing Chapter 13 Bankruptcy and more. Filing Bankruptcy is affiliated with Will Estate Planning.

Article Source: http://EzineArticles.com/?expert=Josh_Riverside
http://EzineArticles.com/?Bankruptcy-Filing-Rules&id=408247

Powered By WP Footer