1,200 state trial judges from all parts of the United States were recently surveyed by the ABA Coalition for Justice and the results are making a huge statement to litigants everywhere. The survey was centered on the increased number of people who are choosing to represent themselves in legal matters.While we all are acutely aware of the effects the economic downturn has had, it is still interesting to see the impact it is having on individuals....more
The end result of a Chapter 13 bankruptcy is a court approved payment plan based on your ability to make payments over an extended period of time. This benchmark is usually set at 25% of balances due which usually means that balances will be steeply discounted or discharged completely by the court. The monthly amount payable as set in the plan is based on disposable income remaining after a list of court approved expenses. One aspect of the...more
When anyone files for Bankruptcy under Chapter 13, their purpose is to have the opportunity to repay the debts in their name. Unlike Chapter 7 which involves liquidation of assets, this process involves restructuring debts which allows the debtor to use whatever income they may have in the future to pay off the creditors. Filing Chapter 13 Bankruptcy is thus applicable for a debtor who has a regular income, and can afford to request for such adjustments or reductions.The US Bankruptcy Code gives the debtor a ceiling of 5 years, within which the creditors must be paid back. While the Walnut Creek Bankruptcy attorney will safeguard your interests, the entire process is carried out under the supervision of the Bankruptcy courts.While debtors are allowed to keep all of their property, the court approves a new interest-free plan for repayment. A written plan is created giving details of all the transactions that will occur, and the duration of the same. The transitory stage of paying a trustee who then pays a creditor, as in Chapter 7 Bankruptcy is usually eliminated with Chapter 13 Bankruptcy. Although in some cases people may involve a trustee who would take care of disbursing money...more
Most people know that filing bankruptcy does not mean a family being put out in the street with no property. Yet some still worry about this.Every state has laws called exemptions, which protect personal property. The amount of protection differs from state to state. It is true that a person who files for bankruptcy can keep his property,...more
You have been overspending for the last few years. Now, you have nothing to pay back for all the debts you have accumulated. Selling off your house is also not enough to solve the problem. What to do? Most people have no choice for but to file for bankruptcy. But, there are some points about being bankrupt. You should know about them. When you are...more
It's a common scenario. You need to file bankruptcy but you cannot afford a bankruptcy lawyer. You wonder if you can afford a good lawyer, or if you can perhaps file your own bankruptcy. The answer is that you may be able to.If you need a lawyer, then you should find the money to pay for one. However, if you have a really simple case, you may be able to file the case yourself. There are lots of horrible stories about people who filed a bankruptcy without the assistance of a lawyer, but should have had one.For example, consumers sometimes use petition preparers from out-of-state to help them complete the bankruptcy paperwork. If not done correctly, once the paperwork is filed with the court, the problems begin. For example, if you are going through a divorce, you should hire a lawyer. Sometimes people in divorce borrow money from family to pay bills or pay off the spouse. Sometimes these loans are secured by a deed of trust on the home.If not done properly, and a lawyer would know how to navigate this thorny problem, a bankruptcy trustee could end up with the home. This can happen if the mortgage is recorded within just a few days of the bankruptcy filing. Under these...more
If you have been unemployed for the last several months and struggling to cope up with the seemingly insurmountable bills, you may want want to contemplate about filing for bankruptcy.While some creditors are fairly compassionate to people who are...more
Should you consider credit card debt bankruptcy? The card bills are coming in again this month. You struggled last month just making the minimum payments. The Obama administration was supposed to give you help with your bills with their fancy...more
Debt settlement companies - sometimes specialized financial services or law firms - may make you believe that only they can reduce your debt and help you out of financial hardship.But that's not completely true because if you refer to the fine print...more
If you find yourself in a really tough financial position, declaring bankruptcy might be one of the options for you to consider. Declaring bankruptcy in Canada is what can give you a chance to start your life from scratch. Anyone who owes more than $...more
When financial problems overwhelm you, the only relief you might have is bankruptcy. Of course, for quite some time there seemed to be a stigma associated with folks who filed for bankruptcy. Today, however, bankruptcy is a lot more common, seen as...more
The term bankruptcy is defined as the official announcement of inability of a company or an individual to pay the debts back to its creditors. This idea was first started in the European nation of the United Kingdom. At the initial stages it was...more