Posts Tagged ‘Chapter 7 bankruptcy lawyer’

What Can You Keep After Filing Bankruptcy?

Friday, April 23rd, 2010

The big question bankruptcy attorneys are asked is: What can I keep after filing bankruptcy? The laws can be complex when it comes to exempt and nonexempt property. So where do you start?

Exempt property is property you can keep. Technically, your home, car, and many possessions can be exempt if you are current on them. This depends on what form of personal bankruptcy you file–Chapter 7 bankruptcy or Chapter 13 bankruptcy.

Nonexempt assets cannot be kept in most cases unless you are filing Chapter 13 bankruptcy, where you have the opportunity to pay back assets over 3-5 years. Nonexempt assets can vary in value, but if you have few valuable assets, and are current on mortgage and car payments, you can often keep the majority of them.

For bankruptcy filers, hiring a professional bankruptcy attorney is simply a must.

What if you file Chapter 7 bankruptcy?
Chapter 7 bankruptcy is a liquidation proceeding where you cancel the majority of your debts, mainly credit card debts. You cannot claim mortgage, tax, alimony, college tuition, and many other forms of debt. You can discharge credit card debt, which is mainly why so many want to use Chapter 7 bankruptcy. Chapter 7 bankruptcy typically only lasts a few months; but bear in mind, any bankruptcy will stay on your record for some time, currently 10 years.

What if you file Chapter 13 bankruptcy?
It’s often noted that Chapter 7 filers are being forced to file Chapter 13. Why are fewer being allowed to file Chapter 7 bankruptcy? It’s mainly because people with higher incomes are filing. If you have enough money to pay expenses, but not enough to cover bills, Chapter 13 bankruptcy can buy you time to pay back bills. No possession–such as your home and car–will be taken if you stay current on them .Also, you get 3-5 years to pay back debts. If you fear home foreclosure, Chapter 13 bankruptcy can save it. It’s important to act early before the foreclosure goes into effect. If you are making enough money to pay most bills, but your house payments are behind, you should immediately inquire with a bankruptcy attorney as to your options.

What money can you keep after filing bankruptcy?
How much money you can have is another important question. If your home and car are valued too high, you may lose them with Chapter 7 bankruptcy. If your car equity is too much, these can be considered nonexempt debts. If on the other hand you have too much money in your account and you have a car or home, these could be taken. These laws can be complex, and  some state laws actually come into play concerning the value of exempt and nonexempt assets. If you’re unsure, a quick consultation with a good bankruptcy attorney can help.

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What the Case Trustee does during Chapter 7 Bankruptcy in Las Vegas

Monday, April 12th, 2010

Chapter 7 bankruptcy has many clear benefits for Las Vegas residents in deep debt and with few options. Instead of borrowing more money or losing everything, you can eliminate many debts including hospital bills, mortgages, and credit card debt (but you may lose your home in Chapter 7 bankruptcy).

The case trustee administers your liquidation of debt by selling all your nonexempt assets. This means exempt assets, including possessions like food and clothes, will stay safe. Nonexempt assets include your car and home. Typically, the more you have the more you lose. It’s wise to get counsel from a professional Las Vegas bankruptcy attorney, to study personal Chapter 7 and Chapter 13 bankruptcy yourself, and to be aware of all laws including the role of the case trustee. Let’s go over what the case trustee does.

Liquidation for Chapter 7 Bankruptcy in Las Vegas
If you have no assets, which is the most common in bankruptcy, you will lose no assets and your creditors will receive nothing. If you have many assets, you might lose some of them.  It’s most common to lose absolutely nothing.

Liquidation involves you filing the petition, a court receiving it and assigning a trustee, and for any creditors you owe money to have to claim it. Within 90 days, unsecured creditors have to file statements on debts with the court. The money made from the liquidation will then go to creditors. Within 180 days, government units have to file paperwork as well. Again, in cases where the debtor has no assets, the creditors have nothing to claim.

The “Estate” and Chapter 7 Bankruptcy in Las Vegas
The estate will be the owner of all the debtor’s nonexempt property, including cars and homes in some cases. The money paid to creditors will come from this estate. Section 726 of the Bankruptcy code is where the powers given to the estate comes from. There are six classes of claims for each creditor, and each has a right to the debtors assets. After all these are paid, the debtor can hold onto whatever assets are left.

The Discharge for Chapter 7 Bankruptcy in Las Vegas
Finally, when the creditors are paid, or get nothing if the debtor has few assets, the discharge is made. According to the U.S. government, debtors receive a discharge 99 percent of the time. This is very good news, as odds are in a matter of months you will be debt free. This process typically takes only 3-6 months.

The Role of the Las Vegas Bankruptcy Attorney
If you want to file Chapter 7 bankruptcy in Las Vegas and are unsure of laws such as exempt and nonexempt property, contact a professional bankruptcy attorney with the experience you need. While bankruptcy on paper sounds like a quick process, in reality it takes a lot of skill to file all proper documentation, handle the courts correctly, and come out ahead.

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What a Credit Counseling Agency Does and How to Choose One – Alternatives to Bankruptcy

Wednesday, March 31st, 2010

Credit counseling agencies are for people who have problems paying debts. If you can’t pay bills on time, have outstanding credit card debt, and want advice on money management, credit counseling agencies can help and are in some cases an alternative to filing bankruptcy.

Credit counseling services include:
-Money management education for debtors
-Budget and debt counseling
-House counseling
-Referrals

The Debt Management Plan
A DMP  is where the credit counseling agency negotiates with your credit card companies and other creditors. Typically, the credit counseling agencies goal is to negotiate for lower interest rates and monthly payments to your creditors. You will make a large payment to the agency, and they’ll send separate payments to all your creditors.

The Price
While some credit counseling agencies come at no cost, some do charge a fee (usually small). Also, you should be weary of using a credit repair clinic, who sometimes trick individuals into their services. In essence, credit repair clinics only do what you could easily do for yourself. They offer to fix your credit with services available to everyone. It’s best to avoid any company offering to repair your credit for free; most are scams.

Choosing A Credit Counseling Agency
There are a variety of ways to make sure you get the right services for your situation. Just as you shouldn’t hire the first bankruptcy attorney you find, you should research credit counseling agencies and compare them. Here are some notes on what you should look for.

-They must me a registered nonprofit (accredited nonprofit)
-Are a member of the NFCC or AICCCA
-Employ certified, professional counselors
-Provide counseling and education
-Offer more than one debt management option
-Are upfront about all fees
-Have a clean business record
Let’s go over some of these in more detail.

Certified Counselors
Credit counselor should have not only completed a training program within the company, but also passed a certification exam; the certification exam tests for understanding in counseling, budgeting, credit and consumer law, debt management, and bankruptcy law. You want this exam for your counselors to be done by an outside, independent agency such as Financial Counseling and Planning Education.

Counseling and Education
You want to go over all the details on your current economic status in person, by phone, or on  the web. It usually takes about an hour and you’ll go over income, expenses, debt, why you’re in a tough situation, and your future goals. After this session, you should get a budget plan, a list of steps and to begin, and notes on your options.

Fees
You should never pay more than $50 to establish your work with the the credit counseling agency, and future monthly payments should never exceed $50. Also, the agency must be made aware if you cannot afford these fees, and should waive them.

When Filing Bankruptcy
In some cases, you might want to actually file bankruptcy, whether it’s Chapter 7 or Chapter 13 bankruptcy. Sometimes you simply cannot pay back all these fees. In any case, you have nothing to lose and a lot to gain when working with debt counseling agencies.

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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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Bankruptcy Helps Stop Phoenix Home Foreclosures

Tuesday, March 16th, 2010

This guide has pleasant surprises for homeowners in Phoenix who fear losing their homes through foreclosure. It’s timely news, as more and more home owners just like you are falling behind with bills. The reasons for filing bankruptcy in locations  like Phoenix aren’t always simple. You may have more than the home foreclosure to worry about, such as unpaid medical bills or car payments. However, the first and biggest step is to save your Phoenix home from foreclosure. The rest will also be helped, namely by filing for Chapter 7 or Chapter 13 bankruptcy in Phoenix.

How Bankruptcy Helps
If you’re behind on mortgage payments, instead of waiting for the lender to foreclose–selling your home–you can file for bankruptcy and get immediate legal help. Chapter 7 bankruptcy and Chapter 13 bankruptcy can either stall the sale of your home until you can work out an arrangement with the  lender, or buy you time and cancel some of the outstanding 2nd and 3rd mortgages.

Cancel outstanding mortgage payments? It’s how Chapter 13 bankruptcy helps. Let’s go over the details.

Chapter 13 Bankruptcy Helps Stop Home Foreclosure
Chapter 13 bankruptcy is usually for those who will do anything to keep their home and buy themselves time to make arrangements. Chapter 7 bankruptcy is still worthwhile, but Chapter 13 bankruptcy is smart for Phoenix home owners who can’t stand the thought of losing their home.

Chapter 13 bankruptcy in Phoenix technically does not cancel any outstanding debts, but buys you several years to pay back the late, outstanding bills. You will need enough money to pay back your initial mortgage payment if you want to do this.

But, if you have 2nd and 3rd mortgages, you can cancel this debt by filing for Chapter 13 bankruptcy. It’s a common process if your 1st mortgage secured the entire value of your home.

Chapter 7 Bankruptcy and Home Foreclosure
Usually, Phoenix residents should consider getting professional counsel before filing for either Chapter 7 or Chapter 13 bankruptcy. Why? You need to decide the fate of all your major property. If you decided you simply can’t catch up with past due payment and you need to cancel debts, buy yourself some time, and move on, Chapter 7 bankruptcy can do just that. You won’t keep your home, but you’ll be allowed to live there for several months before you lose it, giving you time to find new residence.

The Process of Filing for Bankruptcy
As stated, you do need to decide what’s best for you. There are advantages to both Chapter 13 and Chapter 7 bankruptcy filing. A Phoenix bankruptcy attorney can not only help you save your home, but cancel many debts you have, buy you time on  payments, and/or help you plan for the future.

Marijayne

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Steps Toward Filing Chapter 7 Bankruptcy in Las Vegas

Friday, March 5th, 2010

Chapter 7 bankruptcy is also called “liquidation,” where a debtor will have a trustee sell nonexempt property to pay back outstanding debts. For example, you might lose your car or home if they are valued over a certain amount, because exemptions are based on value.

The background on Chapter 7 bankruptcy provides a good beginning for understanding the steps toward filing. As stated, the bankruptcy trustee will sell assets to pay back the creditors as followed by bankruptcy code. However, you can keep certain property, even homes and cars, as long as they are below certain levels of value. You can buy back certain property if you get the funds, so even losing a car or home does not mean you lost it forever.

Chapter 13 bankruptcy, on the other hand, is a repayment plan of paying back debtors over a period of time.

In filing for chapter 7 bankruptcy, you must be sure you’re eligible to do so, and if Chapter 7 or Chapter 13 is ight for you. Professional bankruptcy attorneys in Las Vegas can do just that for you. But not all bankruptcy attorneys are equal; hire one you can afford, can trust, and who’ll work hard to help your future.

Eligibility for Chapter 7 Bankruptcy in Las Vegas

The debtor has rights in Chapter 7 bankruptcy, as protected under the Bankruptcy Code. You must only be an individual, partnership, corporation, or other business entity. No matter how large your debt is, you have the right to file for Chapter 7 bankruptcy in Las Vegas. It does not matter how much you owe, if you’re solvent or not solvent, or who you owe money to.

There are some rules professional bankruptcy attorneys can go over with you. For example, if you filed a prior bankruptcy petition in the last 180 and failed to appear in court or comply with the court, you are not eligible. You also must go to an approved credit counseling agency within 180 days before filing.

Steps Toward Filing Chapter 7 Bankruptcy

As you can see, bankruptcy is a fair process designed to give you a fresh start. It may seem simple or rather complex, but in either case hiring bankruptcy lawyers in Las Vegas or any state is a wise decision.

Let’s go over some of the steps of filing.

First, you file a petition with the bankruptcy court where you or your business reside.

You must file other items with the court
-Schedules of assets and liabilities
-Schedule of current income
-Statement of financial affairs
-Lastly, a schedule of executory contracts and unexpired leases

Debtors must also provide your most recent tax return.

If you are an individual with mainly consumer debts you must also file a certificate of credit counseling along with a copy of the debt repayment plan developed, evidence of payment from employers, and a statement of monthly net income.

There are many other intricacies just in getting the documentation right. It doesn’t matter whether you have a job or not, often you cannot do this by yourself. Hiring counsel, professional bankruptcy attorneys, can help you with all the basic steps of filing successfully for Chapter 7 bankruptcy in Las Vegas.

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Basic Rules on Exempt and Nonexempt Property When Filing Bankruptcy in New York

Thursday, March 4th, 2010

If you’re filing Chapter 7 or Chapter 13 bankruptcy in New York or any state in the US, there are some basic rules of law and thumb you should follow. After all, your financial future is at stake. If you make mistakes, the process can drag on, fees will go up, and property will be lost. It’s not meant to scare you, but everything from documentation to planning need to be good.

Your best bet is professional counsel, bankruptcy attorneys specializing in Chapter 7 and Chapter 13 cases in New York.

So why include Chapter 13? Technically, you may not lose any property. Chapter 13 bankruptcy in New York buys you time to pay back debts over 3-5 years in monthly installments. However, if you fail to pay, you may lose property.

Chapter 7 bankruptcy is the most common bankruptcy form used. Let’s go over the basics of what Chapter 7 bankruptcy is in New York, and then go over exempt and nonexempt property.

What is Chapter 7 Bankruptcy?

It’s a liquidation proceeding. You are discharging debts, giving property to a trustee, and paying back what you can. It’s a fresh start for you economically. So why a trustee? Technically, your creditors still have rights to some of your property. Your property can be used to pay them back in some cases. The good news is you have the option of buying back property from the trustee after you lose it.

Exempt Property in Chapter 7 Bankruptcy

There are many exemptions which work to your benefit, namely big items like homes and cars. What’s exempt depends on the price of your items. The more it’s worth, the more chance you may lose it after filing Chapter 7 bankruptcy in New York. If, for example, you are single and own a home valued over $100,000, that property is not exempt. Most states in the US draw the line around $100,000 for both families and individuals, sometimes even if your retired or disabled. If you are retired or disabled, you have a better chance of keeping valuable property.

One benefit of hiring bankruptcy attorneys in New York is the expertise you receive for the process. For example, tax refunds and earned income credits are not exempt. However, the time at which you file for Chapter 7 bankruptcy comes into effect here–you may be able to keep these if you file later.

There are other ways to save money on nonexempt property. If you have nonexempt property, you can actually sell it for items which are exempt, such as food, furniture, or clothing.

That isn’t to say you should buy an expensive couch or diamond rings, but if you’re frugal in spreading your money out you can save some of your money.

Other Rules on Exempt Property for Chapter 7 Bankruptcy

There are other rules when filing for bankruptcy you should be aware of before making big decisions. While hiring professional bankruptcy attorneys in New York is a must, be clear on what you expect and what the attorney wants in terms of fees.

You should also not try hiding money. If you give valuable property to family members of friends within 1 year of filing, you might end up losing this in bankruptcy court and being charged with a crime.

When It’s Time to File for Chapter 7 Bankruptcy in New York

Filing bankruptcy is a big decision, so don’t make all your choices alone. Hire professional bankruptcy attorneys who can walk you through documentation, exemptions, filing, and beyond.

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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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Personal Debts Not Eliminated By Filing Personal Bankruptcy in Fresno

Wednesday, December 9th, 2009

Bankruptcy can help you clear your debt and get a fresh start, but not all your debts will be forgiven when you file bankruptcy. Some debts, known as non-exempt or priority debt, must still be repaid. Bankruptcy law offers no protection that will clear these debts, but sometimes allows for the payment plan of a Chapter 13 bankruptcy case to pay off the debts in a three to five your period.

Filing personal bankruptcy in Fresno, California, will eliminate some, but not all personal debt. The following types of debt will not be eliminated by filing bankruptcy in Fresno:

  • Most back taxes
  • Child support and alimony payments
  • Certain student loans
  • Purchases of luxury items within ninety days of filing personal bankruptcy in Fresno
  • Fines owed to federal or California government agencies
  • Debts generated from fraudulent activity
  • Recent cash advances of $825 within 70 days of filing personal bankruptcy

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Welcome to the Price Law Group Blog!

Wednesday, June 17th, 2009

Thank you for your interest in our Web site and our services. We are Price Law Group. With attorneys in California, Nevada and New York, and a network of attorneys across the country, we are dedicated to serving our clients’ needs whenever they need legal representation.

The Price Law Group logo is an image of a person moving from the dark and into the light. This symbol illustrates how we think about the services we offer, and the whole experience of being a client at our firm.

We will use this blog to provide you with updates and news about bankruptcy, debt and building a life after debt. At Price Law Group we are dedicated to helping people in financial trouble understand their options, make choices and take actions that will help put their debt problems behind them. We are optimists, because we know that no matter how much financial trouble you may be in, there is a way out. There is a healthier financial life in your future.

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