Bankruptcy Is a Possible Approach Instead of Wage GarnishmentDespite the fact that lots of individuals are convinced consequently, you actually find it difficult to solely abandon ones own possessions. If your possessions has long been contained by repossession and sold at an auction for less than the extra worthiness of your respective financial debt, you've kept an obligation for completion of the quantity preserved. To put it accurately, the...more
Because filing chapter 13 bankruptcy is such a complicated procedure, most consumers who need to file chapter 13 bankruptcy have many questions about how they will be affected by the process. On this page we will answer some of the most commonly asked questions about chapter 13 bankruptcy. Is it possible for an individual to file chapter 13 bankruptcy without a lawyer?Yes, it is possible to file bankruptcy without legal representation, though,...more
Chapter 13 bankruptcy, also called a wage earner's bankruptcy, is one of two ways to file personal bankruptcy in the U.S. Unlike Chapter 7, it doesn't involve selling properties to pay off creditors; rather, it allows you to pay them over time through a repayment plan. Needless to say, the filing process also differs between the two, as do the qualifications. Here's a look at what goes on in a wage earner bankruptcy and what you need to get approved.Credit CounselingBefore you can approach the bankruptcy court, you have to take a credit counseling class. This is provided by the Trustee's Office or one of its approved organizations. You can also start looking for a bankruptcy lawyer around this time, or if you already have one, they can help you complete the class and start to file Chapter 13 bankruptcy.Court RequirementsOnce you've taken the class, you can start gathering the paperwork needed to file Chapter 13. Along with the credit counseling certificate, you will need the following:-A debt repayment plan—this is made during the credit counseling session-Last year's federal tax return, and any filed or unfiled filed during the bankruptcy-A Statement of Financial Affairs-A...more
Debtors are well aware that bankruptcy wreaks havoc on one's credit. Besides a sizable drop in your credit score, the bankruptcy itself appears on your report for about seven years afterwards. Both Chapter 7 and Chapter 13 bankruptcy have this effect, although in different degrees. But that doesn't mean you're banned from credit altogether—it...more
Hiring A Debt Attorney – How To Choose a Bankruptcy Attorney By: meena jha About the Author Meena Jha,is a lead Financial Trainer and analyst with Financial solutions is an organization that helps overextended consumers with...more
In any of the situations (alluded above) consult the Massachusetts bankruptcy attorney to file bankruptcy. Yes, often it is the only thing which can save your home and can help you in structuring your financial status. Massachusetts bankruptcy center...more
There are more than one type of procedures of bankruptcy - in fact five different types. The most common procedures are known as Chapter 7 and Chapter 13. Usually, when people speak of "declaring bankruptcy," they refer to Chapter 7, which is the...more
Don't Be Entangled In A Bankruptcy Case By: legallybankrupt About the Author Rob R. Nichols The Law Office of Rob R. Nichols Private Practice Lawyer 5850 Canoga Ave., Suite 400 Woodland Hills, CA 91367 818-914-4741 ...more
What a big change a Chapter 13 bankruptcy can make on your life! Suddenly you aren't being woken up at all hours by creditors or worrying about finding a foreclosure notice in the mail. However, in order to continue to keep this tremendous stress off...more
Bankruptcy is a state of insolvency declared legally by an individual. A person who is unable to pay his liabilities can declare bankruptcy. Bankruptcy is faced by an individual and by a business organisation. In both the cases, the reasons are the...more