Don’t Procrastinate Filing Bankruptcy
When it comes to legal proceedings, it’s always best to take your time. Many times, problems arise and there is not enough time to correct it. In a bankruptcy filing, you will need time to come up with real estate appraisals and valuations of personal property. Also required is a credit report, tax returns and proof of pay. You can see now why it’s important to allow for extra time to file for bankruptcy. Proper planning will allow you to proceed with your bankruptcy making good decisions without having to be in a rush. The end result will usually be exactly what was planned. Going in and filing an emergency bankruptcy to stop the sale of property at last minute can end up having bad results.
Bankruptcy attorneys complain about clients that call it last-minute in distress when they knew about the foreclosure for months. If you ask an attorney about an emergency filing, they’ll tell you, that it is hard to file a petition when you have virtually no information to go on. Many times when the attorney gets the entire picture, he might not have even taken the case. Read more…
Categories: Bankruptcy Tips Advice Tags: Don't Procrastinate Filing Bankruptcy, filing bankruptcy, foreclosure
How to File for Bankruptcy – Steps to an Easy Petition
When people think about filing for bankruptcy, one of the most intimidating aspects is all the paperwork involved in the process. With the passage of the 2005 amendments to the federal bankruptcy laws, a whole stack of documents must be filled out and submitted to the courts in order for the case to be initiated and not quickly dismissed for a lack of proper filing. But for a quick, simple petition, there are only a few requirements that consumers must meet.
First, debtors must file a petition that consists of three pages of information, as well as a statement of their Social Security Number. Also, a list of all of the creditors must be submitted. This is referred to as the mailing matrix, as it lists the names and addresses of creditors that will be sent notice of the bankruptcy filing. Finally, consumers must also file a copy of their certification that they have completed pre-bankruptcy credit counseling. Everyone who files for bankruptcy must complete a credit counseling course, which is usually $30 or $40 or so, and offered by various companies online. Read more…
Categories: Bankruptcy Tips Advice Tags: How to File for Bankruptcy, loan modification, Steps to an Easy Petition
Using Bankruptcy for Debt Relief – Gain Leverage Over Creditors and Eliminate Unsecured Debts
Are you already in the process of filing a bankruptcy case? If so, please slow down your speed. How would you feel if you are given a chance to negotiate and eliminate more than 50% of your debts? Unbelievable, is not it? This can be your dream. Do not worry; you can make it a realistic dream. How? Follow me!
Credit card debts belong to unsecured debt category in finance. The difference between unsecured and secured debts lies on the fact that whether it is protected or not by a collateral. Since credit card debt is an unsecured debt, the creditor is not given a chance to recover their funds by seizing your property. So they are left in a desperate condition. If you file a bankruptcy case, they can taste a complete loss. As a remedy for this problem, the government has passed a law making it a necessity for the consumers to follow a debt settlement program prior to filing a bankruptcy case. This is called the chapter 13 bankruptcy suit. If the consumers are unable to meet the requirements under chapter 13 bankruptcy law, the creditors can file a bankruptcy case under chapter 7. Read more…