Posts Tagged ‘Chapter 13 bankruptcy attorney’

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5 Reasons You Should Hire a Lawyer Before Filing Bankruptcy

Friday, May 7th, 2010

Whether you’ve lost a home or lost a job, whether you have immense medical bills or a mortgage you’re falling behind on, bankruptcy can help. It has many advantages over 1) doing nothing and 2) trying to save your home on your own through creditors.

What does that mean? Say for example you are falling behind on mortgage payments; you decide to do nothing, hoping it will work itself out. This isn’t a trial case, as by doing nothing you risk losing everything. Since bankruptcy can be complex, and since it has many advantages, you should consider hiring a lawyer prior to making any decisions.

If you try to save your own home by yourself, you might run into difficulty navigating laws. Let’s use these as the first reasons you should hire a lawyer before filing bankruptcy.

Do Nothing or Do Something and Benefit
You can avoid filing bankruptcy, of course. There are alternatives to bankruptcy, but this post isn’t about negotiating with creditors; it’s about getting a fresh start financially. If you do nothing sometimes it will work out. Your reasons for doing nothing can be many, but the disadvantages are too great. If you do nothing, you could lose your home to the lender and your car to the repo-man. If you hire a lawyer immediately, you actually save time and money.

Saving Your Home from Foreclosure
Did you know that if you way too long to file for bankruptcy, you could lose your home? If you fall behind in payments you should talk with a lawyer. And note Chapter 7 bankruptcy, which will absolve you of the debt, will often force your trustee to sell the home to pay back your debts. Chapter 13 bankruptcy is the alternative. An experienced lawyer can walk  you through the steps and help you save your home with Chapter 13.

Before Filing Chapter 13 Bankruptcy
Before you file bankruptcy, you should consider all your options. Chapter 13 bankruptcy is not for everyone. It does have distinct advantages — saving your assets from foreclosure the biggest. An experienced lawyer can save all your assets if you hire him/her before it’s too late. They can advise you on how to navigate the laws.

When Chapter 7 Bankruptcy Works
Chapter 7 bankruptcy has advantages too. Before filing, you should be aware of laws such as exempt and nonexempt properties. Some property you can keep, some property you might lose. But what can you save? An experienced bankruptcy lawyer can explain and help on how to save the most property and how to eliminate the most debt.

Peace of Mind
It may sound minor, but peace of mind may be the best benefit of hiring a lawyer before you go into bankruptcy proceedings. It’s not impossible to do everything yourself, but in most situations hiring a lawyer saves you time, money, and headaches.

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How Foreclosure Works and What To Do

Wednesday, May 5th, 2010

Let’s get right to the problem: how do you handle foreclosure? You’ve fallen behind on your house payments. Now, before you do anything, you need to consider your options. Technically, Chapter 7 bankruptcy will not save your home–you lose it in the liquidation. If you act quickly enough, you can file Chapter 13 bankruptcy in order to save your home.

What really is foreclosure?
Foreclosure means you’ve fallen behind in mortgage payments and your lender decides to sell your home. If you do nothing, you will lose the home. If you act before the lender decides to initiate foreclosure proceedings, you can in fact protect your home with what’s called an “automatic stay,” which stops the foreclosure from going through.

How can Chapter 13 help?
Chapter 7 is a liquidation, Chapter 13 a debt repayment plan. You pay nothing, in most cases, with Chapter 7 as your assets are sold. Chapter 13 means you still owe money, but your payments are restructured over 3-5 years. That means if you can stay current with the Chapter 13 repayment plan, you can keep your home.

Foreclosure Process
Here’s what happens if you fail to act quickly enough. This is what could happen if you wait too long to file, or if you do absolutely nothing.

First, you fall behind in mortgage payments. How soon is this? It varies in different states, but technically foreclosure can begin after one missed payment. However, few lenders act that quickly; the majority wait until you fall far behind.

Second, depending on the state, the lender will usually send a notice explaining their intent to foreclose your property. This is a ten day notice, and by this time it may be too late to file for Chapter 13 to save the home.

The lender’s next step is to file a lawsuit with the courts; if you can catch up with payments, this won’t happen. You have a chance to fight this case in court after being given a summons, by responding within a few weeks. This is your opportunity to prove to the judge that something is wrong with this process. At this point, you might consider hiring an attorney to help you. The best choice would clearly be to hire a bankruptcy attorney before this process is initiated.

The next steps are pretty straightforward: you are told of intent to sell if the courts don’t stop it, an auction is held on your home, and you are either evicted or allowed to stay.

That last step, where you are either evicted or allowed to stay, depends on the state. Many states allow you to stay in the home until you are given an official eviction notice.

Steps to Avoid Foreclosure
These laws can be navigated if you take immediate action. Since the time involved depends on the lender, the court, and the market for your home, sometimes you have more time and sometimes you have little if any. There are few ways to gauge how this will work in terms of time. So upon falling behind in payments, if it’s clear you won’t be able to catch up, contact a bankruptcy attorney. The good news is, with Chapter 13 filing, you can save your home.

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How to Hire a Bankruptcy Attorney in New York

Friday, April 16th, 2010

If you are want to clear debts and  get a fresh start, Chapter 7 bankruptcy in New York can help. If you fear your home will go into foreclosure, you have many options with Chapter 13 bankruptcy and there are also alternatives to bankruptcy.

The first step in filing bankruptcy in New York is hiring a bankruptcy attorney. You must make this decision if you really want to file, and then who you’ll hire. This post will help.

Advantages of Bankruptcy

It was mentioned that alternatives to bankruptcy are often not as effective. Depending on how the courts treat your case, how much you owe, what assets you have, and what you make, filing bankruptcy has clear advantages
Chapter 13 Advantages: Save your home and property, and buy time to pay back bills
Chapter 7 Bankruptcy Advantages: You can clear most credit card debt, and many other debts

How to Hire a Bankruptcy Attorney in New York
If you look online, you can see thousands of bankruptcy attorneys just in the state of New York. Across the country, there are tens of thousands. However, they are not all equal, can have varying skills, and most important charge different rates. You want to hire a bankruptcy attorney in New York who is not overloaded with work, but is trusted. Referrals can really help in this process.

Create a list of potential bankruptcy attorneys you’re interested in. Research the topic, ask for referrals, and look over websites. Then, query attorneys on years experience, how many bankruptcies they file for clients on  a monthly basis, and how much they actually charge you.

How Can They Help You File Bankruptcy?
If you want to hire a bankruptcy attorney in New York, they must be knowledgeable of all laws concerning bankruptcy. They should also be willing to take calls from your creditors during the proceeding; if creditors call you constantly, this gives you peace of mind. Also, with new laws for filing  bankruptcy in New York and across the country, filing for Chapter 7 bankruptcy and liquidating your assets isn’t always an option. Now more bankruptcies are being changed to Chapter 13 bankruptcies, where you have to pay back debts and not discharge them.

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Eligibility for Chapter 13 Bankruptcy and How to Fund It

Monday, April 5th, 2010

If you need of time to pay back bills, if you face possible foreclosure, or if you’re considering Chapter 7 bankruptcy, you may in fact need to file for Chapter 13 bankruptcy in your state. Chapter 13 bankruptcy is a good option for many individuals, but that’s the only people who can file Chapter 13, as businesses cannot file for it.

With bankruptcy law changes, if you make too much money you may be forced to file for a Chapter 13 bankruptcy repayment plan instead of filing for Chapter 7 bankruptcy. If you’re unsure, hire a professional bankruptcy lawyer in your state today.

So when is Chapter 13 bankruptcy a good option? How are you eligible? And how can you fund the repayment plan? Let’s go over these questions.

When Chapter 13 Bankruptcy is a Good Option
Chapter 13 bankruptcy does have advantages over Chapter 7 bankruptcy, but clear disadvantages as well. This is again a case where professional counsel, a bankruptcy lawyer, can help.

In essence, Chapter 13 bankruptcy does not liquidate your assets and discharge certain debts like Chapter 7 bankruptcy does. You are not free and clear a few months after filing. Chapter 13 bankruptcy is about getting more time to pay back debts; it’s often a solution for those who earn a lot of money but still cannot pay all their bills. Also, rich or not, if you fear your house will go into foreclosure, Chapter 13 bankruptcy and the court can grant you an “Automatic Stay” to buy you several months time. You still have to make your initial mortgage payment, but the repayment plan grants you several years to catch up in a fair way.

Eligibility for Chapter 13 Bankruptcy
As noted earlier, businesses are not eligible to file for Chapter 13 bankruptcy. Businesses typically file for Chapter 11 bankruptcy. However, business owners can file for Chapter 13 bankruptcy as an individual.

For individuals, the key to Chapter 13 bankruptcy filing is to show the court you have enough disposable income for the repayment plan. This means that after your allowed expenses and secured debts, you can still have enough money to complete the 3-5 year repayment plan. Your repayment plan must show how you will pay all these debts back in full, or the court will deny the filing.

Funds You Can Use for Repayment Plan
There is a variety of income you can use to fund your Chapter 13 plan. These can get complex, and that’s where professional bankruptcy lawyers can help you. You can definitely use regular wages or income from self employment, for example, and also Social Security benefits.

Other Rules of Chapter 13 Bankruptcy
You cannot owe too much money and file for Chapter 13 bankruptcy. The number changes every few years, but if you have over one million dollars in debt you might have too much to file. You also must be current on income tax filings.

Hiring Counsel
Hiring a professional bankruptcy lawyer can help you navigate all these laws with ease, save your home from foreclosure, grant you time to pay back debts, and give you a fresh start.

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Mortgages, Taxes, and Bankruptcy Relief

Thursday, April 1st, 2010

From 2007 through 2012, taxpayers can exclude income from the discharge of debt on their residence. A discharge of debt is what occurs after a successful Chapter 7 bankruptcy. It used to be you were responsible for some discharged debt even after Chapter 7 bankruptcy. Now, with the Mortgage Relief Act of 2007, you can exclude income made from certain debts discharged. The IRS website goes over how this works in detail, but lets ask general questions you likely have on how this effects you, your family, and your pocket book.

How Cancellation of Debt Occurs

When you borrow money money, and the debt is canceled or forgiven by the lender, you sometimes have to consider this canceled debt income for taxes. If you borrowed $50,000 dollars, and paid by half of that, $25,000 would be considered as income for tax purposes. So if you bought a home for that price, you can expect some of the resultant debts to show up after bankruptcy.

What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

More Info on The Cancellation of Debt and Taxes
This income isn’t always taxable. The most important part of the Mortgage Debt Relief Act of 2007 was how it applied to homeowners; if you have a qualified principal residence which went into foreclosure or where the debt was forgiven, you do not have to pay taxes on the forgiven debt.

Also, debts discharged through bankruptcy are not considered taxable income by the IRS. There are other ways your canceled debt may not be taxable, but let’s focus on the Mortgage Debt Relief Act of 2007 and how it applies to debtors and home owners.

How the Mortgage Forgiveness Debt Relief Act of 2007 Works
If you have debt reduced by mortgage restructuring or by foreclosure, you qualify for the relief. If on the other hand you are going into bankruptcy, your debts are not forgivable in most cases. That does not mean that you’ll lose your home, but mortgage debt isn’t part of Chapter 7 bankruptcy. If you are earnest in wanting to keep your home, Chapter 13 bankruptcy can buy you time to pay back the loan. If you on the other hand are considering foreclosure, you may consider the Mortgage Act of 2007 as a means of relieving debt.

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How Bankruptcy Can Eliminate Tax Debt

Friday, March 26th, 2010

If you’ve fallen behind in tax payments and have no chance of paying back the debt, it used to be you had few options. However, with the bankruptcy laws changing in recent years, you can now eliminate tax debt anywhere in the US with Chapter 7 bankruptcy. And with Chapter 13 bankruptcy you can pay in installments.

There is some fine print to those statements. The best thing you can do is a contact a professional bankruptcy attorney in your state who can consult with you on options. A bankruptcy attorney can tell you restrictions and requirements on eliminating tax debt by filing Chapter 7 bankruptcy. The attorney can also explain how Chapter 13 bankruptcy is now much more common than ever before.

Let’s go over the 5 requirements you have to meet in order to eliminate tax debt.

1-Your tax return must have been due at least three years ago. That means, if you file behind one year or two years ago, you cannot get the tax debt discharged yet.

2-The return then must have been filed at least two years ago with the IRS.

3-The tax debt must have been assessed a minimum of 240 days ago. The IRS must recognize the tax debt at a minimum of 240 days ago, in other words.  So if you file for bankruptcy and want the tax debt eliminated, the debt needs to have been present for 240 days or longer, and the IRS must have in some way recognized this debt.

4-The tax return itself must be completely truthful. If there are errors, intended or not, the tax return is fraudulent in many respects, and the debt cannot be discharged.

5-Last, you cannot be guilty of tax evasion.

As you can see it can get complicated. However, in a nutshell, all you really have to worry about is the time frame, that the  IRS recognizes the debt, that the tax return is correct, and you’re not guilty of tax evasion. That likely keeps most options on the table.

What a Bankruptcy Attorney Can Do
There are some more footnotes to this discussion.  You should at a minimum consult with bankruptcy attorneys. While it’s true you can discharge your tax debt completely with Chapter 7 bankruptcy, in some cases home owners may have to pay back in other ways. This is because you cannot discharge a federal tax debt. If the IRS reported a tax lien on your home, you may have to pay back that lien before you can sell it.

A professional bankruptcy attorney knows how to handle not only situations in the courtroom, but all the paperwork involved in handling back taxes. This can be quite complex. You may try and do it yourself, but a few mistakes and you may be in trouble.

But if you successfully file Chapter 7 bankruptcy, you can expect major debts to be eliminated. If you file for chapter 13 bankruptcy, debts like taxes can be paid over a more reasonable time frame. Choosing between the two is a discussion between you and your bankruptcy attorney.

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Student Loan Debt Help – From Types of Loans to Attorneys

Wednesday, March 24th, 2010

Student loan debts vary in terms of repayment plans. For the purposes of this article, we’ll discuss the more common federal student loans, how you can handle repayment, and what happens if you cannot pay or file for bankruptcy.

Kinds of Federal Loans
The two kinds of federal loans are FFEL(Federal Family Education Loans) and Federal Direct Loans. FFEL loans are made by private lenders and guaranteed by the government. In this case, if you default or file bankruptcy, the lender is reimbursed by the government. “Federal Direct Loans” pretty much speak itself: they are direct loans from the U.S. government.

Other Loans
There are also school federal loans, where the school issues a federal student loan. Repayment plans depend on the school. Lastly, there are private loans, which are made with federal funds and come with the least options for repayment. You typically need to discuss with the lender repayment options, along with what happens if you default or file bankruptcy.

If You Think You’ll Default on the Debts
If you do default, it’s best to find out in advance. For repayment plans, you don’t want to wait until you’re far behind on payments, as many of the following options will not be available to you. Also, you are not locked into any plan, typically being able to switch your plan once a year.

Repayment Plan Forms
Standard repayment plans are offered by your lender, where you make payments for up to 10 years. You pay less interest here, but your monthly payments are higher.

Graduated repayment plans are common too, mainly because you can start small (when you’re in school) and start paying more over time (as you get work).

An extended repayment plan allows you to pay smaller amounts for up to 25 years. You need to have a balance of more than $30,000.

Last, income-based repayment plans are unique in that, as it sounds, you can pay based on how much money you are making. If you had a job but lost it, the income would go down, and therefore the monthly payments would go down.

Default and Bankruptcy
If you think you’ll fall behind in payments and might default, it’s best to act early. If you fall far behind, the government can take money from your income tax return, garnish your wages, or even take back federal benefits (if you’re on social security, for example).

The best move is to hire professional counsel if you fall far behind and cannot catch up. In most cases, you cannot file Chapter 7 bankruptcy and get your student loans discharged. This is where a professional bankruptcy attorney can help you.

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Is Filing California Bankruptcy Right for You?

Tuesday, March 23rd, 2010

Deciding if California bankruptcy is right for you is clearly one of the biggest financial decisions of your life. While bankruptcy can solve many problems, it’s not the only alternative. There are many other ways to get control of your finances.

You can learn more by hiring a professional California bankruptcy attorney to go over your case. Even a brief consultation with a lawyer could save you a lot of headaches.

Before deciding if bankruptcy is right for you, let’s go over the bankruptcy basics.

For individuals, you’re going to be filing Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankrupt has for years been the more popular one, but new bankruptcy code has made it difficult for many to file under Chapter 7 in California and across the nation. Now, Chapter 13 bankruptcy is often advised.

Chapter 7 bankrupt liquidates your assets, clears you of most debts, and does so within a matter of months. Chapter 13 bankruptcy pays back assets over time, and you usually don’t lose much if anything as long as you stay with the repayment plan. If you feel you cannot pay back outstanding debts, Chapter 7 bankruptcy is wise. If you don’t want to lose your home and have income coming in regularly, get with a Chapter 13 bankruptcy attorney who can go over the advantages of Chapter 13 bankruptcy.

Now let’s go over the decision making process of California bankruptcy.

Alternatives
There are many alternatives to actually filing bankruptcy, including working with debt counseling agencies. This is another point where professional counsel is valuable. You often have more options than you think.

Limits on Bankruptcy
Did you know that if you have enough income, you may be forced to file Chapter 13 bankruptcy? That’s what was alluded to earlier: sometimes you are forced away from Chapter 7. On the other hand, if you wanted to save your house or car, you might think Chapter 13 is the way to go. If your debts are too high and your income too low, you will likely have trouble filing. These are things you should really study as filing bankruptcy is not usually a quick fix.

Debts Canceled
Not all debts will be canceled, even if you file Chapter 7 bankruptcy. Some debts can be canceled but do not limit what the creditor can do to take back property. This is a called a secured debt, and  some items can be lost.

Credit Cards
There are many good things about filing bankruptcy, especially in times when you feel debts are piling up. You can, for example, wipe your credit card debts by filing Chapter 7 bankruptcy. This is perhaps the biggest benefit of filing bankruptcy, as credit card debts and interest rates sometimes only grow.

Keep All Your Property
One big advantage of Chapter 13 bankruptcy is the options you have the time you can buy. For instance, you might be falling behind on house payments, have other outstanding debts, but have a good job about to start. You might be able to pay back all these debts, including your house payments, over an extended period of time. Chapter 13 bankruptcy typically gives you 3-5 years to pay these back. If you love your home, and would do anything to keep it, Chapter 13 bankruptcy is a good option.

Personal Life
Filing California bankruptcy is a way to clear debts, save property, and give you a fresh start. However, it will not make all your problems go away, nor will it be easy to file for. The best thing you can do is hire a California bankruptcy attorney who can help.

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How to File Chapter 13 Bankruptcy in San Diego

Thursday, March 11th, 2010

The news is bad. You might lose your home through foreclosure, or you lost your job, or a loved one was in the hospital and the bills are piling up.

It doesn’t always work out that way, as each person’s reasons for filing any kind of bankruptcy are rarely the same. There are ways to 1) buy yourself some added time to pay back bills and 2) save your home from foreclosure. It’s file for Chapter 7 in San Diego, right?

That’s a decision this guide is going to help you make, along with how to file for Chapter 13 bankruptcy. If at the end of this post you think Chapter 7 bankruptcy is your only option, it’s time to call a professional bankruptcy attorney in San Diego. If you feel Chapter 13 bankruptcy is best, hiring professional bankruptcy lawyers is just as important.

Choosing Between Chapter 7 and Chapter 13 Bankruptcy in San Diego
This blog goes over these topics a lot, but all you need to know is where you’re at financially. If you face foreclosure of your home and want to keep it, filing for Chapter 13 bankruptcy in San Diego buys you years to pay back debts in installments and keep your home. If you feel you need to be rid of all your debts immediately, that 3-5 years just isn’t enough, filing for Chapter 7 bankruptcy in San Diego may be the best choice.

How  to File for Chapter 13 Bankruptcy
You file a petition with the bankruptcy court in the San Diego area where you reside.

You must file, according to the US Courts: “a schedule of assets and liabilities;  schedule of current income and expenditures;  a schedule of executory contracts and unexpired leases; and a statement of financial affairs.

There is more to it than that, because after you must also file a certificate of credit counseling and a copy of a debt repayment plan you created through credit counseling. That means you need to show the court proof you’re actively working on creating a feasible budget to pay back assets, as no debts are being eliminated.

Next, you need to show evidence of payment from employers if you have any, within 60 days before filing. The last three steps are to show a statement of monthly net income,  note any expected increase in income, and any records you have in Federal or California (or your state) education accounts.

The Next Steps in Filing for Bankruptcy
There are more steps. The problem with filing Chapter 13 bankruptcy by yourself becomes clear here. It can be done and has been done, but hiring professional bankruptcy attorneys in San Diego can save you from making mistakes in documentation and at the hearing.

So you need to follow these steps too.
-Create a list of credits, debt amounts, and nature of their claims
-The source, amount, and frequency of your income
-A list of all your property, such as homes and vehicles
-A detailed list of all your monthly living expenses, from food to rent

Hire Professional Bankruptcy Attorneys in San Diego
Filing Chapter 13 bankruptcy is now more common than ever, though still most debtors try to file Chapter 7 bankruptcy, a liquidation. How to choose between types of bankruptcy, how to file all documentation, and how to handle creditors are all complex tasks. With the right bankruptcy lawyer in the San Diego area, you can focus on the future instead of the past.

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How Much Does Bankruptcy Cost in New York?

Saturday, February 27th, 2010

Both Chapter 7 and Chapter 13 bankruptcy are rights you have under federal law to gain relief from creditors. It’s a legal proceeding which can give you a fresh start. But both Chapter 7 and Chapter 13 bankruptcy have advantages and disadvantages, namely what they can help with and the time it will take.

There is also a common question, how much does filing bankruptcy cost? Filing Chapter 7 bankruptcy or Chapter 13 bankruptcy in New York is different as most states have different laws on things like exemptions. What is the same is the filing price.

Chapter 7 bankruptcy in New York costs around $299 to file with the court. The fees for Chapter 13 bankruptcy in New York are about $274 for filing with the court. Those expenses may seem small, especially if you know the benefits of Chapter 7 and Chapter 13 bankruptcy in New York.

So what can bankruptcy do for you?

-Eliminate most debts
-Stop foreclosure of a home
-Stop the “Repo” men from getting your car or other property
-Stop wage garnishments
-Stop creditor harassment
-Keep your utilities going
-Get your drivers license back in many cases

Bankruptcy is a good alternative to losing all your possessions, but with the new laws making it harder to file in certain cases, hiring professional bankruptcy attorneys can save you a lot of time and money. It isn’t always a good choice to file bankruptcy. Also, Chapter 7 and Chapter 13 bankruptcy have limitations in what they can do.

Bankruptcy Can’t:
-Eliminate certain rights of creditors
-Erase debts you gained after bankruptcy
-Discharge child support, alimony, some divorce related debts, most student loans, taxes, and others

The above info is important. Your creditors will still have rights. In terms of costs, neither Chapter 7 nor Chapter 13 bankruptcy filings are incredibly expensive. The real problem is choosing between Chapter 7 and Chapter 13 bankruptcy, and the best way to do that is with professional counsel. While filing costs little, hiring a bankruptcy attorney typically costs more. The rates are different, but a few things are clear.

Some bankruptcy attorneys in New York and elsewhere will charge you just for the initial consultation. This makes it important to ask questions before even the first consultation. Also, all bankruptcy attorneys are required by law to show you and the the courts how much they are charging you.

One of the key advantages in filing bankruptcy is making certain property exempt. New York law, for example, allows protection of your home, car, and other properties to a certain extent. But this is where it can be complicated and where the right attorney can help.

Filing Chapter 7 or Chapter 13 bankruptcy in New York may not be free, but it’s more than worth it if you have outstanding debts you simply cannot pay back. Instead of waiting for the creditors, call an attorney with the experience to help you.

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