Most Common Types of Bankruptcy

Growing up in a small rural community, I never really knew much about bankruptcy. It was a word that was whispered occasionally or said in a hushed tone as someone walked by, but not a common word. As I have grown older and as economic times have grown worse, it is becoming a very common word in our society. If you want to understand more about bankruptcy and bankruptcy law then continue reading and learn about the process and the best way to insure that you handle it properly.

Bankruptcy is when a person legally declares that they are unable to pay their creditors. Normally bankruptcy is a last resort for an individual after they have exhausted all means of paying their bills. With the current financial crisis that is occurring in the United States, there is a plethora of people declaring bankruptcy. It is very important to understand the different types of bankruptcy and the laws surrounding them if you find that you are in this situation.

There are a number of different “types” of bankruptcy. Perhaps you’ve heard terms tossed about such as Chapter 7 or Chapter 11 and wondered what they meant. For the most part, these are the two terms that you probably heard about. If an individual declares bankruptcy, they normally file Chapter 7 or Chapter 11. In a Chapter 7 type of bankruptcy claim, the individual normally gets to keep one vehicle, their main home, and personal assets such as clothing. Excess personal items, such as other vehicles are sold and the money earned is doled out between the creditors. Normally, most or all of the dept that the debtor owed is “forgiven”. This is a common type of bankruptcy declared in the United States. Another type of bankruptcy that is commonly declared is Chapter 11. Chapter 11 bankruptcy is normally declared by individuals who owe very large and substantial amounts of money. Because they owe such enormous amounts of money, their creditors will not “forgive” such large amounts, so they find they must declare Chapter 11. In Chapter 11 bankruptcy, the debtor also gets to keep most of their assets, but the court and creditors come up with a plan for the debtor to pay back the money that they owe over a number of years.

Whether you find that you are a person who needs to declare Chapter 7 bankruptcy, Chapter 11 bankruptcy, or another of the types of bankruptcy, the most important thing to do is know your rights as the debtor. The easiest way to make sure you are handling the process correctly is to find a lawyer who specializes in bankruptcy law. As with anything in life, it is better to find someone who knows the ins and outs of a topic. By choosing a lawyer who specializes in bankruptcy law, you will have someone on your side that knows the most current laws and can make sure that you are given the fairest treatment on your individual circumstances!

Disclaimer: This article provided by Jodat Law Group of Bradenton, FL

Auto Repossessions and Bankruptcy

What happens to an auto that is repossessed before, during or after a bankruptcy case? The answer will depend upon which type of bankruptcy or which chapter rather, that the debtor has filed. It also depends upon whether or not the debtor wants to recover the vehicle or simply let the vehicle go. The basic rule is as follows; the debtor remains the beneficial owner of the vehicle until such time that the vehicle is sold at auction. What this means is, the debtor has the ability to recover that vehicle and negotiate with the lender prior to the auto being sold at auction. This assumes of course that the debtor has filed a bankruptcy and that the automatic stay has gone into effect.

One typical case that I often see is a Chapter 13 bankruptcy filing where the vehicle is repossessed pre-filing. In that case, the auto finance company is often willing to negotiate for the return of the vehicle in exchange for certain documentation. That documentation usually includes proof of auto insurance and listing the finance company as the loss payee. In addition, the auto finance company will likely want to see a copy of the proposed chapter 13 plan indicating that the secured creditor is listed at the proper dollar amount at the proper interest rate. If all of those items could be shown, the auto lender is very likely to return the vehicle to the debtor without the debtor having to file an adversarial complaint in the bankruptcy court to recover the vehicle.

In a Chapter 7 case, whether not the debtor can recover the vehicle has to do with whether or not the debtor is current on the payments and/or can become current. If the debtor is behind on a vehicle in a Chapter 7 and the vehicle is repossessed pre-petition, the lender will simply bring a motion to modify the automatic stay, which will allow that lender to be able to keep the vehicle from the debtor. The debtor always has the ability to come up with the past due amount and become current to recover the vehicle, prior to the vehicle being sold at auction. The most important question that the Chapter 7 debtor needs to ask himself, is can I get current on that vehicle to the point where I can reaffirm the debt on that vehicle, continue to make monthly payments on time going forward, and maintain ownership of the vehicle. If the answer to any of those questions is, no, it really makes sense to surrender that vehicle back to the lender, because eventually the lender is going to move to modify the stay and repossess the vehicle down the road.

Additionally, if the debtor agrees to reaffirm the debt, and that it is subsequently repossessed post-petition, the debtor may in fact be on the hook for the rest of the balance or a deficiency on that vehicle unless the reaffirmation agreement can be rescinded in time.

Most people do not like to give up their autos. There is a pride factor, there is a love of the auto factor there is a transportation factor. The reality is this, if you cannot afford that vehicle, let it go. Do not reaffirm, do not stretch to fight to save the vehicle that you don’t have the ability to pay going forward. Maybe your economic circumstances have not changed since the bankruptcy filing. Maybe you really didn’t have the ability to afford that vehicle before the case was filed. These are all factors that a debtor must consider before agreeing to reaffirm a debt either under Chapter 7 or fighting to get the vehicle back and repaying it over time through a Chapter 13 bankruptcy case.

David M. Siegel is the author of Chapter 7 Success: The Complete Guide to Surviving Personal Bankruptcy. He is a member of the American Bankruptcy Institute and currently practices bankruptcy law in Chicago and its surrounding suburbs. Additional information is available at http://www.bankruptcy-lawyers-sanantonio.com .

Bankruptcy records

Time to get started on this topic. Take a few moments to read every aspect of this paper hopefully it will be of great help.

Most of the time the actions we take and the things we do, are reasoned as being public and as such they can be viewed by anyone. This fact also holds true for the individuals who have gone through with bankruptcy. Once you have filed for bankruptcy it becomes public property and anyone can look for your bankruptcy records.In most cases prospective employers who are looking to employ person will sometimes look in bankruptcy records. These records can be accessed by anyone. You can find this information by calling the bankruptcy courts’ voice automated service. This help will provide you the selective information that you require.

To attain this information you will need to supply the case number, social Security number or the name of the person that you are looking for info about. You will also be able to access these bankruptcy records from the bankruptcy courts web site.

At the spot the data about bankruptcy records is free but you should check to see if this is the eccentric the next time that you look for diverse bankruptcy records. The bankruptcy records will contain lots of information about the bankruptcy case.

This info mostly is the name of the person who is filing for bankruptcy and which bankruptcy for filed for. Special information like bank bill information, current and past residential addresses can be found from the bankruptcy records. You can also find the person’s social Security number and their date of birth.

These bankruptcy records hold the selective information about the person’s family – the names of the spouse and the children – and employment records. Fundamentally you will be able to approach the integral life history of the person. This data is helpful if you want to know if the person has a history of finance problems.

In the bankruptcy records once you provide the case number of the bankruptcy case you will be able to look at the integral proceeding. This selective information will let in the names of the lawyers who worked on the failure case. The versatile assets and property that were not part of the failure defrayment scheme will be listed as well.

Also having data on bankruptcy clients bankruptcy records can deal with other matters that deal with bankruptcy. These matters can be the another(a) types of information that are needed for the various forms of bankruptcy. You can also accession info about where to find and get the bankruptcy forms that you need.

While bankruptcy records hold information about a person who has gone through a failure case they are normally looked up by people who need this selective information for their company’s credit purposes. The system of public access makes this data readily available and easy to find.

I desire you enjoyed reading this article and found the information useful and interesting.

Michael Malega presents several bankruptcy facts articles for your information. You can visit Michael’s net site at: http://www.bankruptcy-chapter-13-facts.com/Bankruptcy-Records.php

Bankruptcy facts

Knowing that you need to better understand this topic I recommend that you take Five minutes to read what we have to say.

Since bankruptcy is a place that seems to be hit more people it is best to know some bankruptcy facts. These facts can help you to understand what happens when you claim to be bankrupt. The first fact that you will need to interpret is that filing for bankruptcy is not the end of the world.Bankruptcy is a way for you to suspend the dissimilar debt collections that are being carried out in your life during the time that you have in some way managed to roll up lots of debts. Once you have filed for bankruptcy the tribunal will allow an automatic stay order.

This stay order will keep the dissimilar debt collection agencies from trying to collect their debts while the tribunal is looking into your tangled up finances. According to the known bankruptcy facts, during the time of your failure money cannot be collected from you by your creditors.

These individuals will need to talk to your attorney to find data about the debt payment. These creditors can sooner or later petition the court for alleviation from the stay order. This alleviation order will provide them with the ability to collect any secured debts that you have written over to them. This is the only way that these creditors can collect money, property and assets from you.

By knowing about bankruptcy facts like this you can make sure that you are careful about assignment your property as security measures to credit companies. There is another failure fact that you should know about. In this fact once your failure payments have been fully paid off you will be released from further debt payments.

At this point former creditors will no longer have any claim on you and they can not force you to pay any more of the former debts. Even so if you do happen to get into credit difficulties with these same creditors once more they will have the right to search compensation for these new debts that you have incurred.

As you look through the various bankruptcy facts and advice, you will see that in most cases your assets that can be turned into immediate payment must be turned over to a bankruptcy trustee. This judicature decreed person will make sure that you are paying off your debt in a sensible manner.

You disposable assets once they have been liquidated will be distributed amongst your creditors. This is also another way for you to drop your bankruptcy charges. There are many other bankruptcy facts that can help you to keep off being in trouble with the various people to whom you owe money. You just need to talk with your attorney for help.

Thank you for Taking the time to read my article it is greatly appreciated. Try searching through my other articles.

Michael Malega presents several bankruptcy facts articles for your information. You can visit Michael’s WWW site at: http://www.bankruptcy-chapter-13-facts.com/Bankruptcy-Facts.php

How To Get Great Advice On Filing Bankruptcy

Debt can be a burden to anybody, but is filing for bankruptcy right for you to relieve the pressures of this debt? Thinking about bankruptcy can be quite a stressful thing! You can probably feel a full blown panic attack coming on, how could you let things get this bad? Most people react in the same way, what you need to do is take a step back and relax. This information is not legal advice, but it could help you to decide whether or not filing for bankruptcy is right for you. The first thing that you need to do is take a look at your debt and assets. Start by making a list of all your monthly expenses, start with your mortgage or rental payments. Then put the car payment, then carry on down the list in a similar fashion. Don’t include things like credit cards, and loans. Just include day to day living expenses, the things that you cannot do without.

After you’ve worked out how much you need to spend every month try to work out if it’s possible for you to repay the loan in full (including any interest) within three years with the disposable income that you have left. You should forget the minimum payment due figure and pay off the amount that would leave you debt free after three years. If you are struggling with these calculations then take a look on the internet, there are many tools online that can help you to work out all of these figures.

Now you should take a look how you can increase your cash flow, to do this you can reduce monthly outgoings, or taking a second job. Reducing monthly expenditure is a great place to start, you could reduce the number of nights that you go out, and lower the thermostat on the boiler so it’s more efficient.

If you have used all of these steps before and are still experiencing problems then maybe it’s time to call in the professionals. Professional credit councilors will be able to assess your individual case and find out if filing for debt repudiation is the right thing for you to do. Whenever asking for help make sure you are cautious, many of these so called professionals can actually cause much more harm than good! The best way to find a trustworthy councilor is to contact the state and federal courts for debt repudiation, these have a list of approved councilors.

Filing for bankruptcy is often a very difficult decision, but if you can’t pay off your debts within three years then perhaps it’s the only path available to you.

You can also find other information on Avoid Bankruptcy and Student Loan Bankruptcy. Filingpersonalbankruptcyhelp.com is a comprehensive resource to get help in Bankruptcy.