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What a Bankruptcy Attorney Can Do For You

Poster — Thu, 26 May 2011 21:27:10 +0000

If you are considering applying for bankruptcy, you need an experienced bankruptcy attorney on your side. Bankruptcy attorney Utah can provide you with the information and options that you need to make the most informed decision possible about whether bankruptcy is right for you or not.

It is possible to file for bankruptcy on your own, but most people quickly learn that it can be very difficult, if not impossible, to do so without the assistance of a qualified bankruptcy attorney. Bankruptcy law is very confusing and complex. A bankruptcy attorney can navigate through the confusion and perplexing legal terms to ensure that you are treated fairly and can claim all that you deserve in your bankruptcy case.

Your bankruptcy attorney can take care of all of the paperwork for you throughout the course of your bankruptcy. The courts will often require additional information throughout the process and will require that it be submitted correctly by a certain date. If it is not submitted on time, you may not receive the benefits that you deserve.

Your bankruptcy attorney can also provide you with more information on what to do after bankruptcy. After you have successfully filed for bankruptcy, you need to begin rebuilding your credit right away. A qualified bankruptcy attorney can help you to do this.

Many people filing for bankruptcy want to avoid the cost of legal representation. After all, the point is to eliminate debt, not to assume more debt. However, the benefits that a reliable attorney can offer usually far outweigh the costs, making their services a valuable investment in your financial future. Make sure to find an experienced, reputable bankruptcy attorney to represent you. Many bankruptcy attorneys will offer free consultations so that you can ask all of your questions and decide if you have found the right attorney for your needs.

Claim Bankruptcy in California

Poster — Tue, 16 Nov 2010 05:16:03 +0000

There are various types of bankruptcies that one must choose from when the likelihood of making a claim is imminent. For example, Chapter 7 might just be the right choice for someone who has assets but not enough to actually live their lives free of financial concerns. For that same person the bankruptcy court can overlook the rule of the individual having to sell such assets in order to repay his creditors. Please continue to read on for an honest and step by step account on how to claim bankruptcy in California under Chapter 7.

Steps to Claiming Bankruptcy

Here are the 5 steps that one must follow in order to claim bankruptcy in California:

1. The individual is required to go to a credit counseling course with an agency that has been authorized by the United States Trustee’s office. The fee for the course varies slightly across the US but should not set you back much more than $50. After you have completed the course, you will be presented with a certification of having completed credit counseling and you are required to show this certification to your local bankruptcy court.

2. You will then have to undergo a means test. There are certain ‘cut-off’ amounts in respect of income for individuals and families and these vary from time to time so you need to make sure that you find the most up-to-date information when it is time to make your claim. When you have found out the acceptable income level, compare it to your household income and decide whether or not you will be able to claim under Chapter 7. If you qualify to file under Chapter 7, you will be able to pass on straight to step four.

3. If your income is in excess of the ‘allowed’ figure, you will have to work out your spare cash on a monthly basis. To do this, simply subtract your monthly outgoings from your monthly income. If the figure derived from this calculation is less than $100 you can proceed with filing under Chapter 7. On the other hand, if the figure calculated is in excess of $100 filing under Chapter 13 may be the best option for you.

4. You will have to file your case at your local bankruptcy court. Make sure you know the current bankruptcy attorney fees – at this time you will be required to pay the filing fee of $300. You must ensure that all details pertaining to your assets, liabilities, income and expenditure have to be included. You also have to submit a financial budget.

5. The next step is to re-affirm property that is exempt under a Chapter 7 claim. The court will assign a trustee or guardian to your case who will oversee all of your non-exempt assets and these will be sold in order to pay off your creditors. There are various rates that apply under the Homestead rule that determine whether or not you will be able to keep your home; this is largely dependent on individual or household income and a number of other factors.

For further information consider setting up an initial consultation with a reputable attorney in your area.

Understanding Bank Foreclosure Terminology

Poster — Tue, 02 Feb 2010 22:07:37 +0000

If you aren’t familiar with the concept of bank foreclosure then let’s shed some light on some of the legal terminology involved in the matter:

1) Refinance is the term given to the situation that occurs when lenders give borrowers extra money to pay off debts already incurred. Thus a home can be refinanced to pay off credit card debt etc. The creditor would take legal possession of a set percentage of the property in this situation (until the borrower repaid the debt). This option is particularly useful to people that have an unexpected bad turn in their finances and helps them to recover. If the person doesn’t already own around twenty percent of the property, lenders are unlikely to offer refinance deals.

2) Forbearance is a legal situation that defines the relationship between borrowers and lenders and re-establishes delinquent loans when the owner of the home pays a specified amount of the outstanding debt as a lump sum payment. The rest is paid over time. In effect it is a lifeline that re-establishes the loan as it was.

3) Modification is the term used to mean a change in terms in a credit contract.

4) Junior mortgages are mortgages that assist people that have defaulted on exiting debt and helps them to pay any of the costs, fines and charges etc, that are incurred in association with defaulting on payment. These loans help to get the original loan reinstated and can have rates from 10% to 20% percent and a contract up to a decade long.

5) Bankruptcy has several advantages and disadvantages. Filing for bankruptcy has a severe stigma attached to it but allows people that simply cannot manage their debts to organize a way to pay back slowly over time in a manageable and sustainable fashion. Alternatively a Chapter seven filing can eliminate a lot of the debt permanently. The downside of this is that all assets belonging to the borrower that can be sold will be sold, this is what has lead to the increased bank foreclosed homes for sale. In this way, bankruptcy is a double edged sword. It is also irreversible and credit will be almost impossible obtain for at least a decade.

For more information on up to date tips and techniques visit the bank foreclosed homes guide . Remember understanding some of the legal mumbo jumbo will help you if you find yourself in the foreclosure process.