Posts Tagged ‘Chapter 7 bankruptcy’

Newer Entries »

Alternatives to Chapter 7 Bankruptcy in New York

Wednesday, March 10th, 2010

With changes in bankruptcy laws, it’s not always wise nor possible to file Chapter 7 bankruptcy in New York. Filing Chapter 7 bankruptcy is now more difficult to get with new Federal regulations. Many are now told to file under Chapter 13. Chapter 13 bankruptcy is a good alternative to Chapter 7 in many cases.

So what’s the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy in New York?

-Chapter 7 bankruptcy is a liquidation of debt and assets, while Chapter 13 buys you time
-Chapter 13 bankruptcy can save your home from foreclosure
-With Chapter 13 bankruptcy, you can extend payment schedule and lower payment fees
-With Chapter 7 bankruptcy, certain property is exempt from being repossessed
-Chapter 7 costs $299 to file with the court while Chapter 13 costs $274

That may be speaking more positive of Chapter 13 bankruptcy. The big difference is you can be cleared of debts with Chapter 7 (often preferred), while Chapter 13 bankruptcy allows you more time to pay back debt, typically over a 3-5 year period.

There are alternatives to Chapter 7 bankruptcy in New York beyond just Chapter 13 bankruptcy. Though Chapter 13 is now the second most common, Chapter 11 is wise for individuals actively engaged in business. For example, if you run a corporation, you can avoid liquidation and seek an adjustment of debts with Chapter 11 of the Bankruptcy Code.

Chapter 13 Bankruptcy in New York
You can also seek an adjustment to your debts via Chapter 13 bankruptcy in New York. If you owe money on a home and cannot pay it back immediately because of other circumstances such as medical bills, you can save your home from foreclosure. This is done by giving you the opportunity to catch up with past due payments through a new payment plan. This is good news for New York home owners facing foreclosure, as you can get immediate and extended help by filing with the courts for Chapter 13 bankruptcy.

Other Alternatives to Filing Chapter 7 Bankruptcy
While Chapter 11 bankruptcy in New York is not very common, for people running businesses it can be very beneficial, namely by saving your assets. You should also be open to “out of court” agreements with creditors or debt counseling services. You might be able to pay back debts in installments outside of a bankruptcy hearing–there is no reason you can’t–and many individuals choose this route instead of officially filing. And if the out of court agreement does not work, you still have the right to file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy.

Tags: , , , , , , , , , , ,
Posted in Bankruptcy Information, Chapter 7 bankruptcy | No Comments »

6 Things You Need to Know About Chapter 7 Bankruptcy Discharge

Monday, March 8th, 2010

You get a fresh start with bankruptcy, but as with most court cases, there’s fine print you must know.

Chapter 7 bankruptcy is essentially a fresh start financially. Typically, most debts are discharged, you’re given a chance to get back on your feet, and you won’t be harassed by creditors.

However, there is the “fine print” part to a Chapter 7 bankruptcy hearing. This article highlights 6 things you need to know about Chapter 7 bankruptcy discharge. Professional counsel, a bankruptcy attorney in your area, can help with more than documentation and filing: they can also explain all the fine print in simple language.

1-What Discharge Means for Liability and Creditors
A Chapter 7 bankruptcy discharge releases you the debtor from liability for most of your debts, while also stopping collections against you by creditors. If you owe a creditor a large amount of money, they may still get some money, but only via the trustee selling nonexempt assets you have. They will have no basis for collecting past debts.

2-What Debts are Discharged
Typically, you need to talk with professional bankruptcy attorneys to help you with this part of Chapter 7 discharge. You can expect the majority of your debts to be discharged, but some of your assets may be too valuable and could be sold. For instance, if you live alone in your home valued well over $100,000, you lose it. There are ways around that, especially if you work with professional bankruptcy attorneys.

3-How Fast the Discharge Occurs
You can expect a fast discharge in most cases unless a party of interest–someone you owe money–objects to the discharge. This process is usually 60-90 days after filing Chapter 7 bankruptcy and meeting with the court.

4-Grounds for Rejection of Chapter 7 Bankruptcy
You can be rejected for discharge in Chapter 7 bankruptcy via a variety of means, depending on your particular situation. If you, for instance, failed to keep adequate financial records, couldn’t explain your loss of assets, or committed perjury, you can be denied discharge.

5-Secured Creditors
Secured creditors may still have the right to seize property in some cases. This is where counsel is most important. It gets complicated, but if you bought a car and made an outside agreement that you wanted to keep it, you could make payments on the debt. The creditor would have the right to repossess the car if you failed to make payments, even with the discharge.

6-What Debts Aren’t Discharged
You can’t be discharged of all outstanding debts. This includes alimony, child support, some taxes, debts for education or loans, debts for death or personal injury causes by by your motor vehicle, debts for injury to another person, and others.

As you can see, there’s a lot more that goes on in and out of the courtroom when it comes to certain laws involving Chapter 7 bankruptcy discharge. The best thing you can do is hire a professional Chapter 7 bankruptcy attorney in your state who can clear up all the fine print, protect you from failing to meet requirements, and help you get a fresh start.

Tags: , , , , , , , , , , , ,
Posted in Bankruptcy Information, Chapter 7 bankruptcy | No Comments »

Why Do People File for Chapter 7 Bankruptcy in New York?

Thursday, February 25th, 2010

Since Chapter 7 bankruptcy is  the most common form of bankruptcy in the state of New York and the entire U.S., it begs some questions. Why do people file for Chapter 7 bankruptcy? What are the problems that go on?

This is important to you because it shows the general causes of filing for bankruptcy in the first place. It’s about money, of course, but often it’s through no fault of your own. Filing for Chapter 7 bankruptcy in New York is an option on the table for most everyone. It’s wise to work with professional bankruptcy attorneys in New York to see the big benefits of filing.

Clearly, filing means you lose outstanding debts, at least in Chapter 7 bankruptcy. The creditors are happy, they get paid and stop bothering you. In Chapter 13 bankruptcy, the story is different because you are buying extra time so you can pay back creditors in installments.

So is outstanding debt the most common reason people file Chapter 7 bankruptcy? That’s a broad term to use, but outstanding debt is the  prime reason for filing Chapter 7 bankruptcy in New York. But what happens before that is even more important.

The most common reasons for filing bankruptcy are:
-Unemployment
-Large medical expenses
-Overextended credit
-Marital problems
-And other large unexpected expenses

Let’s go over how you can handle each situation.

Filing for Chapter 7 Bankruptcy in New York
If you lost your job, clearly it will be hard to stay on top of monthly bills. This is one of the benefits of filing for Chapter 7 bankruptcy: you get a second chance. It’s part of the idea of helping out those in need.

Large medical expenses are another cause for worry. If you have no insurance, even with a job, a sudden accident can send you into debt. Chapter 7 bankruptcy can erase these debts, along with many other kinds.

If you have overextended credit on many possessions, and risk house foreclosure or “repo” men, filing Chapter 7 bankruptcy can save your house, car, and other major assets.

What Debt Chapter 7 Bankruptcy in  New York Eliminates
Chapter 7 bankruptcy can eliminate the majority of your outstanding debts. You will technically be paying back the debts through a trustee selling possessions. However, bankruptcy attorneys in New York can help you save your home and protect many of your most  important possessions.

The good news is most of your debt is gone after filing. Chapter 7 bankruptcy can eliminate all but these debts: child support, alimony, student loans, and income tax debt. That means the majority of your debts can be eliminated.

Bankruptcy Attorneys in New York
Chapter 7 bankruptcy should be done with help. With the new bankruptcy laws of 2009, it’s tougher to file for Chapter 7 bankruptcy. Many are now forced to file for Chapter 13 bankruptcy, which in essence only gives you more time to pay back outstanding debts. With professional counsel from bankruptcy attorneys in New York, you can save your home and car, avoid the “repo” man, and  stop creditor harassment.

Tags: ,
Posted in Bankruptcy Information, Chapter 7 bankruptcy | No Comments »

When to File Chapter 7 Bankruptcy in Las Vegas

Monday, February 22nd, 2010

In November of 2009, new laws went into effect for all states regarding eligibility for Chapter 7 bankruptcy. This news may sound scary, but in reality it doesn’t necessarily mean it will be tougher to file Chapter 7 bankruptcy in cities like Las Vegas, New York, Los Angeles, and San Diego.

For Nevada residents, the new bankruptcy laws instituted a median for how much money you could earn if you were eligible for Chapter 7 bankruptcy.

According to the law, for an individual, you can’t make more than $46,3156, for two people $60,449, for three $67,052, and for four $71,104.

That’s a numbers crunch, and there are tools available to see if you can actually file Chapter 7 bankruptcy in Las Vegas.

The laws may change yet again, so how can you be sure you can file for Chapter 7 bankruptcy in Las Vegas, Nevada  or any city for that matter? And when should you file for Chapter 7 bankruptcy, why not Chapter 13?

What Chapter 7 Bankruptcy is for Las Vegas Residents
You’re worried you make too much. With the new laws, you may not be eligible for Chapter 7 bankruptcy, but that means hiring a professional bankruptcy attorney who can help you decide. There are other forms of bankruptcy you can file too. However, Chapter 7 bankruptcy is still the most common form, and an attorney can help you file successfully.

Chapter 7 bankruptcy is basically a liquidation proceeding. A trustee is given power to sell your non-exempt valuables, which can include homes and cars, in order to pay back your debt. You will then be free of all debts after filing.

Filing Chapter 7 Bankruptcy in Las Vegas
Chapter 7 bankruptcy in Las Vegas protects you from creditor harassment, foreclosure of homes, moments of financial uncertainty, and from losing everything you’ve worked so hard for. Nevada law, as noted, has been through some changes, but these changes are for all states. It’s just that the median income varies for each state. Filing for Chapter 7 bankruptcy in Las Vegas can be tougher because of the new laws, making hiring professional bankruptcy attorneys a must. This can be a simple process, as bankruptcy is set up to help you.

When to File for Chapter 13 Bankruptcy in Las Vegas
With the new laws in effect, many Chapter 7 bankruptcies are changing to Chapter 13. Chapter 13 bankruptcy in Las Vegas is different in that you are only given more time to pay back creditors. With Chapter 7 bankruptcy you can expect to lose all debts and be free from creditor harassment for the most part. Chapter 13 bankruptcy in Las Vegas means you’re given 3-5 extra years to pay back outstanding debts. When should you file for Chapter 13 bankruptcy instead of Chapter 7? Few cases are alike. You should consult a Las Vegas bankruptcy lawyer for a consultation.

Need Help Filing Chapter 7 Bankruptcy in Las Vegas?
The best way to file for Chapter 7 bankruptcy in Las Vegas is with professional counsel. The hearings–if you’ve ever been to one–are typically short and often seem easy. This is a misconception. There is a lot that goes on both inside and outside the courtroom. Filing for Chapter 7 bankruptcy in Las Vegas requires a professional attorney who can walk you through the process.

Tags: , ,
Posted in Bankruptcy Information, Chapter 7 bankruptcy | No Comments »

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.

Tags: , , , , , , ,
Posted in Bankruptcy Information | No Comments »

Newer Entries »