Comments on: How exactly do you file bankruptcy? http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy Consider All Your Options | Free Tips, Q&A and Online Resources Thu, 29 Dec 2011 01:20:45 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: edward I http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy/comment-page-1#comment-4489 edward I Tue, 09 Mar 2010 15:39:10 +0000 http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy#comment-4489 You must have an attorney to do so. Chapter 13 is reorginization of debts, whereby your debts are consolidated into one monthly payment that you can afford. This preserves you credit. Chaper 7 is complete dissolution of your debts. If you own any assets that are part of that debt, such as a car, boat, furniture, or any excess cash (subject to intrepretation), the court will sieze these to satisfy part of your debts. An attorney can advise you which way to go. You may find that you can repay a smaller installment and still survive. I'm not an attorney, just have some limited knowledge, from business experience. I believ there is also Chapter 11. Sorry, no idea how that functions. You must have an attorney to do so.
Chapter 13 is reorginization of debts, whereby your debts are consolidated into one monthly payment that you can afford. This preserves you credit.

Chaper 7 is complete dissolution of your debts. If you own any assets that are part of that debt, such as a car, boat, furniture, or any excess cash (subject to intrepretation), the court will sieze these to satisfy part of your debts.

An attorney can advise you which way to go. You may find that you can repay a smaller installment and still survive.
I’m not an attorney, just have some limited knowledge, from business experience.

I believ there is also Chapter 11. Sorry, no idea how that functions.

]]> By: rosesky http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy/comment-page-1#comment-4484 rosesky Tue, 09 Mar 2010 15:39:10 +0000 http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy#comment-4484 call a bankrupcy lawyer. initial consultation is usually free call a bankrupcy lawyer. initial consultation is usually free

]]> By: SciFiDiva http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy/comment-page-1#comment-4483 SciFiDiva Tue, 09 Mar 2010 15:39:10 +0000 http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy#comment-4483 You CAN do it yourself, but I would not recommend it. Calling the Trustee's office before you file is pointless, the information on median income is on the Dept of Justice website, along with the forms you need and information on how to fill them out. http://www.usdoj.gov/ust/ The new law is much more complex with far too many pitfalls if you get something wrong on your forms. You really should consult with a bankruptcy attorney in your area and find out what your options are. If you income is below the state median, you may qualify for a Ch 7. If your income is below the median but you still wind up with enough disposable income to pay at least $100/mo to your creditors, you'll wind up in Ch 13 - which is why you need a lawyer's help. Do NOT attempt to do it w/o at least seeing one. Since you don't even know the first thing about bankruptcy, you really DO need a lawyer. Before you are even allowed to file you must go for the MANDATORY credit counseling session. If you do not do this, you will not be allowed to file. You have 6 months to complete the session before you file at all. Call around, go for at LEAST 2-3 consultations, most do the 1st one for free. As for asset siezures, that is not likely to happen. The EXEMPTIONS available for your state will likely protect every single thing you have from any seizure by the Trustee. Only NON_EXEMPT assets are vulnerable to siezure by the Trustee. Most people lose NOTHING. You CAN do it yourself, but I would not recommend it. Calling the Trustee’s office before you file is pointless, the information on median income is on the Dept of Justice website, along with the forms you need and information on how to fill them out.

http://www.usdoj.gov/ust/

The new law is much more complex with far too many pitfalls if you get something wrong on your forms. You really should consult with a bankruptcy attorney in your area and find out what your options are. If you income is below the state median, you may qualify for a Ch 7. If your income is below the median but you still wind up with enough disposable income to pay at least $100/mo to your creditors, you’ll wind up in Ch 13 – which is why you need a lawyer’s help. Do NOT attempt to do it w/o at least seeing one. Since you don’t even know the first thing about bankruptcy, you really DO need a lawyer.

Before you are even allowed to file you must go for the MANDATORY credit counseling session. If you do not do this, you will not be allowed to file. You have 6 months to complete the session before you file at all.

Call around, go for at LEAST 2-3 consultations, most do the 1st one for free.

As for asset siezures, that is not likely to happen. The EXEMPTIONS available for your state will likely protect every single thing you have from any seizure by the Trustee. Only NON_EXEMPT assets are vulnerable to siezure by the Trustee.
Most people lose NOTHING.

]]> By: meowpurr http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy/comment-page-1#comment-4485 meowpurr Tue, 09 Mar 2010 15:39:10 +0000 http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy#comment-4485 You have to get a lawyer first. They will tell you everything else. Good luck. Bankruptcy laws have changed a lot. You have to get a lawyer first. They will tell you everything else. Good luck. Bankruptcy laws have changed a lot.

]]> By: kenkarch http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy/comment-page-1#comment-4486 kenkarch Tue, 09 Mar 2010 15:39:10 +0000 http://whentofilebankruptcy.org/how-exactly-do-you-file-bankruptcy#comment-4486 I think it is best to avoid bankruptcy if possible. Most people who file bankruptcy do not need to. Most who take this route are taking the path of least resistance and never learn the lessons and habits needed for good money management. Many people who file bankruptcy end up doing it more than once. I suggest Dave Ramsey's Baby Steps. It is hard to do but most things that are worth while are. Here is a link to the concept. http://www.mdmproofing.com/iym/babysteps.shtml I think it is best to avoid bankruptcy if possible. Most people who file bankruptcy do not need to. Most who take this route are taking the path of least resistance and never learn the lessons and habits needed for good money management. Many people who file bankruptcy end up doing it more than once. I suggest Dave Ramsey’s Baby Steps. It is hard to do but most things that are worth while are. Here is a link to the concept.

http://www.mdmproofing.com/iym/babysteps.shtml

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