Chapter 7 Bankruptcy Information » chapter 7 bankruptcy

if our house got foreclosed on would we be responsible for the difference the bank sold it for and what we owe?

Mon, 30 Aug 2010 17:00:08 +0000

we filed chapter 7 bankruptcy about 2 years ago and got to keep our house. Unfortunately we are finding out with all the problems its having over the last few years we would of been better of to let it go. Does anybody know how foreclosure would work if we already filed bancruptcy?by the way I live in Ohio

if our house got foreclosed on would we be responsible for the difference the bank sold it for and what we owe? is a post from: Chapter 7 Bankruptcy Information

How a Chapter 7 Bankruptcy Attorney Can Help You – anitawire's blog

Tue, 24 Aug 2010 05:00:18 +0000

How a Chapter 7 Bankruptcy Attorney Can Help You

Filing for bankruptcy can have a bittersweet appeal. It is a final solution to your financial problems, but it can also be a nerve wracking decision because of its finality. Because of the ambiguity of this immense process, a Chapter 7 bankruptcy attorney can prove to a be a helpful addition to your proactive stance against personal debt. The lawyer can even save your home from a foreclosure.

The assistance offered by many legal services can help provide tremendous relief at the very onset of this process. This can include immediate debt relieve and collection intervention, free information on debt consolidation as well as the implementation of a solid plan for credit restoration. They can also provide advice in getting wage garnishment stopped and eliminating embarrassing credit collection calls at your place of business.

This can make the process seem less overwhelming. What can make it a positive process however is the implementation of financial training that will help you avoid having a recurrent financial mess on your hands. A good bankruptcy lawyer typically belongs to a legal team that expresses concern for the future of your finances and in various ways works to ensure that you will get on and stay on the road to financial health.

You want to make certain to choose a seasoned bankruptcy attorney that is familiar to many aspects of bankruptcy laws. This insures you greater protection for the assets that you have. The advice that you get at this stage in the game is crucial and should assure your future security.

Many legal teams offer pro bono or free informational services. This can be online or physical access to numerous documents and programs that assist in credit correction. Your bankruptcy will help you get a handle on the present mess, while the useful educational services of your bankruptcy legal team will assist you in making better future financial decision.

Your consumer debt should not require you to suffer a lifetime of embarrassment and stress. In fact, this can only further enhance the proclivity to make bad financial decisions. Filing for bankruptcy is not necessarily the end of the road; rather it is the beginning of a new financial frame of mind.

Having a Chapter 7 bankruptcy attorney on your team ensures that you will get expert legal advice and instruction. This means that the best plans and methods for dealing with your present circumstances will be used. It also means that you will get the relief of trained caring assistance that can help alleviate the stress of collections and wage garnishments.

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Check it out: How a Chapter 7 Bankruptcy Attorney Can Help You

How a Chapter 7 Bankruptcy Attorney Can Help You – anitawire's blog is a post from: Chapter 7 Bankruptcy Information

Bankruptcy 7 Chapter Help & Information Guide

Sun, 22 Aug 2010 05:00:26 +0000

Before your filing for bankruptcy, it important to know make some research work about Chapter 7 Bankruptcy Forms

Bankruptcy 7 Chapter Help & Information Guide is a post from: Chapter 7 Bankruptcy Information

What should I expect at a Meeting of Creditors when filing Chapter 7 bankruptcy?

Sat, 21 Aug 2010 05:00:09 +0000

I have filed Chapter 7 bankruptcy. My Meeting of Creditors is right around the corner. What should I expect to take place at the meeting? Ordinary or out of the ordinary?

What should I expect at a Meeting of Creditors when filing Chapter 7 bankruptcy? is a post from: Chapter 7 Bankruptcy Information

Forgive and Forget? Decoding Bankruptcy Debt Forgiveness Rul

Tue, 03 Aug 2010 17:01:04 +0000

January 1, 2010

By Maxine Magri, CPA

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, signed by President Bush on April 20, 2005, had two main objectives: reduce the number of debt categories that could be discharged and force more debtors to file Chapter 13 bankruptcy rather than Chapter 7.

Chapter 7 is a liquidation in which a business goes out of business, while Chapter 13 allows individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court, requiring one monthly payment to a trustee who distributes the same according to bankruptcy rules.

Terms to become familiar with in bankruptcy include nondischargeable debt (debt that cannot be eliminated through bankruptcy), dischargeable debt (debt the debtor does not have to pay) and protected assets. Protected assets can be excluded or exempted.

Chapter 7 bankruptcy offers immediate, complete relief of many oppressive debts, and could eliminate unsecured debt, credit cards, payday loans and medical bills. Chapter 7 bankruptcy cannot be used by debtors who earn more than the median income in their states and who can repay at least $100 a month for five years. Because there is little or no nonexempt property in most Chapter 7 cases, there may be an actual liquidation of the debtor’s assets. These cases are called “no asset cases.” The debtor receives a discharge just a few months after the petition is filed.

Commercial enterprises that desire to continue operations will often file for bankruptcy under Chapter 11, in which the debtor can terminate burdensome contracts and leases, recover assets and change operations in order to return to profitability. The debtor generally goes through a period of consolidation and emerges with a reduced debt loan and a reorganized business.

Tax debt

Is bankruptcy an option for the client who owes back taxes? For Chapter 13 bankruptcy, the debtor must have filed all taxes for the four-year period prior to filing the bankruptcy petition.

There are five rules that must all be satisfied to discharge income taxes in either Chapter 7 or Chapter 13 bankruptcy. The rules apply to both federal and state taxes, and the most common infraction that keeps an individual from qualifying is the failure to file the tax return. The tax rules can be found in 11 USC Section 507 and section 523. The five items are as follows:

The most recent due date for filing the return is more than three years old.
The tax return was filed more than two years ago.
The assessment is more than 240 days old.
The tax return must not have been fraudulent.
The taxpayer must not have been guilty of a willful attempt to defeat or evade the tax.

The law specifically states that back taxes related to nonfiled or late filed returns cannot be discharged. Nondischargeable taxes include federal, state and local taxes that became due within three years of filing for bankruptcy, and also include trust fund taxes. Additionally, trust fund taxes include employees’ withholding and employers’ share of Social Security and Medicare taxes.

The age of the debt does not matter. Nondischargeable debt includes loans the debtor borrows to pay the nondischargeable taxes, and penalties and interest associated with the taxes are nondischargeable. Although, in some cases, Chapter 13 penalties are dischargeable to the same extent as any general unsecured debt.1

Even though the taxes, interest and penalties are discharged, the tax liability has often been secured with a filed tax lien — and the basic rule is that a properly filed tax lien survives bankruptcy.1

Forgive and Forget? Decoding Bankruptcy Debt Forgiveness Rul is a post from: Chapter 7 Bankruptcy Information

Personal bankruptcies on record pace

Sat, 31 Jul 2010 05:00:13 +0000

During the boom, Maggie Miley, 34, bought a house for $245,000 with an option-ARM mortgage. The payments were affordable, especially with her boyfriend paying half. But then he moved out and her hours performing facials were cut. In an economic downturn, “people don’t have as many important meetings and appointments to look good for,” she said.

She tried to sell, but owed far more than her St. Paul house is worth today. With a new commission-based job as an educator and salesperson for a skin care company, she hoped to modify her loan but was denied. The only way to get out from under the $50,000 second mortgage was bankruptcy.

Before housing values plummeted and the recession settled in, “I had never paid a bill late.”

Lower filings short-lived

Bankruptcy reform in 2005 seemed like a success at first. In the year it became law, 25,635 Minnesotans filed for personal bankruptcy, especially in the early fall of 2005 when consumers rushed to beat the mid-October switch. The next year, that number plummeted to 7,729.

But since then, bankruptcies have been steadily climbing. Last year, 21,302 people went bankrupt, and filings are on pace this year to exceed that number.

Another key tenet of the reform was to shift people away from Chapter 7 bankruptcy to Chapter 13, which requires a repayment plan. That failed. For every person filing a Chapter 13 in Minnesota this year, there are seven people filing a Chapter 7.

Chapter 13 bankruptcy used to be a popular tool for shedding some debts yet saving the house. Not anymore. Most people are too far behind, owe too much or earn too little to keep their home, Minneapolis bankruptcy attorney Curtis Walker explained while scrolling through recent cases.

“This woman is here because she lost a house and [the bank] is pursuing her for a $26,000 second mortgage on the house,” Walker said. “She wants to save her house, but she doesn’t have enough money to pay the amount behind and owes more than it’s worth.”

Of another client, Walker said: “He’s got a house, he’s way upside down on it. The county says it’s worth $205,000 and he owes $255,000 on it, and he’s about to retire.”

Personal bankruptcies on record pace is a post from: Chapter 7 Bankruptcy Information

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Fri, 30 Jul 2010 17:00:09 +0000

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Bankruptcy Services. Better Bankruptcy Services Also, minnesota … is a post from: Chapter 7 Bankruptcy Information