Marriage During Chapter 13 Bankruptcy

Marriage During Chapter 13 Bankruptcy

We can never tell the future. Some people file bankruptcy and then get married. With a Chapter 13 Bankruptcy will last between 3 to 5 years. And a lot can change during that time, including finding Mr. Right or Ms. Right. For individuals who are still in a Chapter 13 Bankruptcy affect the bankruptcy"? And "if it does, how"?

The simple answer is yes, marriage during Chapter 13 Bankruptcy does or, at least, can affect the
bankruptcy.

One of the first things that you do when filing bankruptcy is to disclose your income and expenses so that the court, trustee, and creditors can fairly determine your financial situation and your ability to pay on a Chapter 13 Bankruptcy, the law looks at the married couple's finances even though one Spouse is not involved in the bankruptcy.

Also, in determining if an individual qualifies for bankruptcy, the finances of the individual or the married couple are compared to other people in your state in a similar situation.

The law does not merely look at your financial situation at the beginning of filing bankruptcy. Rather, the law will look at your financial situation when there are changes because the changes may affect your ability to pay the payment plan.

In the case of getting married during a Chapter 13 bankruptcy, you may actually be able to pay more to your creditors because your monthly net income (income less expenses) may increase if your new Spouse helps pay household bills. However, if your new Spouse does not work and does not pay toward household expenses, you may actually have less money to pay toward your payment plan.

Regardless of whether or not your new Spouse works and contributes to paying household bills, you need to notify the trustee of your marriage. Depending on your situation, your Chapter 13 bankruptcy payment plan may need to be amended to reflect your new ability to pay or not to pay.

Even though your new Spouse can affect your payment plan, your new Spouse will not be a party to your bankruptcy.

This is general information. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

This article may be republished, but the wording must not be changed and the author links must remain active.

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Can a Chapter 7 Bankruptcy Stop Car Repossession

Can a Chapter 7 Bankruptcy Stop Car Repossession

Can a chapter 7 bankruptcy stop car repossession? The short answer is no! A Chapter 7 bankruptcy can delay car repossession, but Chapter 7 bankruptcy does not stop it.

One of the fundamental rules of bankruptcy is that secured debts are either paid or the secured creditor may seek to enforce its' lien on property, and ultimately obtain ownership of the property. In other words, when you get a car loan, you put the car up as collateral for the loan. If you do not make your car payments, then the lender may seek to repossess the car. Bankruptcy does not change the process. Rather, bankruptcy confirms the process. You pay, you keep the car. You don't pay, you lose the car.

Bankruptcy can delay repossession of a car. Whenever anyone files a bankruptcy action, there is an "automatic stay" (stopping) of most civil actions such as car repossession. This means that a car lender cannot proceed with a car repossession. Instead, a car lender must wait and, at the appropriate time, file a motion asking the bankruptcy court to allow it (the car lender) to proceed with the car repossession. In most cases, unless there is a good reason not to, the bankruptcy court will allow the lender to proceed with the car repossession. However, the car repossession will have been been delayed while waiting for the court's approval for the lender to proceed.

While a Chapter 7 bankruptcy does not stop a car repossession, it can help you keep your car in another way. The primary advantage of a Chapter 7 bankruptcy is that it can discharge unsecured debts (such as credit cards, medical bills, personal loans) meaning that you do not have to pay the unsecured debts. By not having to pay the unsecured debts, you may have more money with which to pay your car payments and, thereby, keep your car.

You should know that it is probably not worth filing bankruptcy if your only debt is your car debt. The costs, including the filing fee, and disadvantages (negative information on your credit report) will probably exceed to benefits of keeping your car.

This is general information. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

This article may be republished, but the wording must not be changed and the author links must remain active.

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Removal of a 2nd Mortgage Through Chapter 13 Bankruptcy

Removal of a 2nd Mortgage Through Chapter 13 Bankruptcy

Chapter 13 Bankruptcy offers an important, and often unknown, option to consumers who have residential real estate mortgages. Namely, removing a junior lien holder or "2nd" from your debt. Since the value of real estate has decreased, a common complaint I hear is, "I cannot believe I am paying more than my house is actually worth."

If you purchased a home in the past three to four years and financed with 80/20 mortgages, or if you refinanced your home and took out a second mortgage, chances are you can completely remove that second mortgage and other junior liens from your home.

Imagine...file a Chapter 13 Bankruptcy to eliminate all your credit card debt, reduce your car payments, cure the back payments on your first mortgage and now, entirely remove your second mortgage.

In addition, if your house value bounces back, that equity is yours to keep.

It is important to realize that the removal of a 2nd mortgage is available in a Chapter 13 Bankruptcy only. The ideal candidate for this process has a 2nd mortgage on a home that is no longer appraised at or above the amount of the 1st mortgage. It is necessary to obtain comps for the property and an appraisal to establish your the fair market value of the home.

If the fair market value works, a motion to get court approval will need to be filed. The mortgage company may oppose this motion. This will then require an evidentiary hearing and perhaps an adversary complaint. If the court decides that the fair market value of the home is below what is owed on the first mortgage, the second mortgage is "stripped" from the home and the debt associated with the second mortgage is made an unsecured debt (essentially being treated like credit card debt). Typically, in a Chapter 13 Bankruptcy, a small percentage of the unsecured debt is paid, if at all.

Once the motion is approved, you will need to make all plan payments (over a 3 to 5 year period) and obtain your discharge. Once the debts are discharged, the second mortgage is completely gone.

Under existing Bankruptcy laws, debtors are not able to force a first mortgage to modify the terms of the mortgage on loans for their primary residence. Many lenders who realize the alarming state of the economy are willing to negotiate a modification of their mortgage, allowing a debtor to lower their monthly payments. This is a relatively recent change for many lenders who had previously refused to accommodate such requests. Such a modification may drastically help a homeowner who wants to keep their home but who is suffering from a reduction in income and home value. This benefit is even more evident when used in conjunction with the removal of a second mortgage for debtors who have both a first and second mortgage.

Further, recent legislation was introduced in Congress in the first week of 2009 that would now allow Bankruptcy judges in Chapter 13 cases to modify first mortgages by:

-reducing the amount of the secured claim (i.e. lowering the balance on the mortgage/deed of trust that is secured by the home);
-changing the interest rate of the loan or modifying the adjustable feature of certain loans; and/or
-changing the term of the loan.

This bill, if enacted, would finally provide some relief to homeowners. In the past, the mortgage lenders have vehemently opposed such a change. However, this time may be different. News reports indicate Citigroup has already suggested that it would support this legislation with some minor revisions, one of which is to require that a homeowner first attempt to modify the loan directly with the lender(s) before the loan can be modified by a Bankruptcy judge.

Thanks To : Is Bankruptcy Right For You?

Low-cost, Cheap Chapter 7 Bankruptcy Without Lawyer, and How to Restore Life and Credit Afterwards

Low-cost, Cheap Chapter 7 Bankruptcy Without Lawyer, and How to Restore Life and Credit Afterwards

Confused about cost for bankruptcy? Or, about the general issues of personal (or business) debt and the bankruptcy system, such as after bankruptcy life or credit? Or, are you seeking simple, practical, non-technical "layman" education and information about such issues? Such as, how to get low-cost, cheap Chapter 7 after bankruptcy without lawyer, or practical information on how to restore your life and credit after bankruptcy. Do you want, for example, to know about or to research certain practical consumer bankruptcy issues, or some debt and financial issues, and the terminologies, procedures, etc., that you might come across?

A new team of bankruptcy and personal debt relief experts attempts a more ordinary, non-technical, consumer-oriented break down of such matters in plain English to answer debtors' and bankrupts' ordinary queries and concerns. According to this team, the efforts will be "to de-mystify, for the benefit of the ordinary, average-Joe consumer, 'the law' - in personal debt issues, the bankruptcy process, personal finance issues."

AIMS AND OBJECTIVES

The basic goal of this group is to share, in a more in-debt format, information and knowledge with, and among, American debtors and consumers generally. The topic area will center around issues of debt, the bankruptcy system and the practical ways and means by which qualified consumers can exercise their constitutional right to bankruptcy in the most accessible and cheapest and most AFFORDABLE ways, and then, the practical financial tools and habits by which the debtor can get back to sound financial life and credit after bankruptcy.

In short, the primary objectives of the program will be:

1. To explore the practical ways and methods by which qualified debtors can file low-cost, cheap Chapter 7 Bankruptcy without law, or with lawyer.
2. Ways to make Bankruptcy cheap, and ways to make chapter 7 bankruptcy cheap
3. Restoring debtor to sound financial life and credit after bankruptcy.
4. Ways to file Chapter 7 bankruptcy without lawyer.
5. The practical tools, habits and culture, by which the debtor can rehabilitate themselves to financial health after his or her after bankruptcy.

As a vital method of operation, the team will, among other things, frequently post special articles of interest as well as published legal case studies - stories about good and bad things that happened or happen to other bankrupts or bankruptcy debtors, actual use of cheap Chapter 7 bankruptcy methods by debtors to successfully file their bankruptcy, and successful after bankruptcy life by debtor, and the like. The aim is to have the debtors and bankrupts learn from these accounts. Also, this blog will examine and review books, systems, studies and reports of relevance which deal with the subject areas of debtors' interest, and announce the results in that blog from time to time.

ONE OTHER THING

They will NOT, however, give what is generally characterized as "legal advice." They will freely give legal INFORMATION, but NOT legal ADVICE. Meaning what, exactly, by this? Just so that you'll have a general idea (the concept is often an amorphous one in law!), the team will be willing, for example, in situations where deemed necessary or pertinent, to explain their authors' take on a procedure, even if a "legal" one, that is involved generally in bankruptcy cases, or to offer ideas or comments about why something might have happened in, say, a bankruptcy case or situation. That will be deemed "legal information" - information of legal nature.

However, if a debtor were to construct a specific set of facts and circumstances, and ask a question such as: "what should I do?" in such a specific situation, then that has crossed the line - it is now in the "legal advice" territory. And that will be the territory that is, and will be, forbidden territory for the team and which will not be crossed into by its administrators. Other than that, they'll be open to any other questions!

In any event, as a general proposition and approach, you should, any way, generally view any and all pieces of information presented in one particular program or any forum, merely and solely as general educational information about the subject addressed - NOT specific advice that is applicable to any particular situation. Therefore, you should not just jump off and take any specific action based solely on what you read from this group (or on any other similar source whatsoever). But what you may do, is take what you read here, go research some more on it, put it all together with the information you gather from elsewhere, try make sense of the whole, then make a decision - an "informed decision."

FOR FOLLOW-UP INFORMATION

For a follow-up on this new internet resource for debtors, for ex-debtor bankrupts, and consumers generally. Or to take advantage of this new resource to do a cheap, low-cost, affordable bankruptcy, visit: http://afford-bankruptcy.com/proSeBankruptcyTrend.html

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Cash for Keys: How Not to Lose This Money if You're in Foreclosure and File Chapter 7 Bankruptcy

Cash for Keys: How Not to Lose This Money if You're in Foreclosure and File Chapter 7 Bankruptcy

Many homeowners facing foreclosure seek relief by filing a Chapter 13 Bankruptcy and foreclosure.

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How to File Chapter 7 Bankruptcy and Keep Your Car

How to File Chapter 7 Bankruptcy and Keep Your Car

If you have filed Chapter 11 Bankruptcy filer that is upside down on their loan (owes more on the car then it is worth) can have the courts force the current lender to release the lien on the vehicle to the filer so they own the car outright.

Sounds great right? Well, the only issue is that the filer has to payout the value of the car in cash to their current lender. Take for example:

Car Value = ,000 Amount owed to current lender = ,000

The filer must pay out ,000 in cash to the current lender to be given the lien to the car. In the extremely rare case that the filer has ,000 to pay their current lender they can own the car, but this is generally not the case of a Chapter 7 filer.

This is where a 722 Redemption Loan comes to ease the difficulties of paying the current lender. The filer can apply for a new loan to cover the costs of the amount owed on the loan. Thus, lowering their monthly payments and the loan balance so they can keep the car they have and get a fresh start!

The 722 Redemption Loan must be approved by the Bankruptcy Court and handled by your bankruptcy lawyer. Upon qualification, you can start Lowering Your Monthly Payments and Loan Balance. There is no down payment required on the loan; all fees for legal services are included in the loan. A 722 Redemption Loan is often called Car Redemption, Redemption Car Loan, and sometimes just a 722 Redemption. If you have a bankruptcy lawyer already or plan to file Chapter 7 then make sure to ask them about it. There is a way to keep your car even after you have filed Chapter 7 bankruptcy and it is a 722 Redemption Loan.

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Chapter 7 Meeting of Creditors - What to Expect

Chapter 7 Meeting of Creditors - What to Expect

Usually during the initial consultation, a Chapter 7 debtor will ask, with some trepidation, if he or she is required to appear in court. The answer is that most Chapter 7 debtors will never see the inside of a court room. However, every Chapter 7 debtor must attend a 341(a) meeting.

Section 341(a) of the Bankruptcy Attorneys or accountants who are familiar with Bankruptcy Attorney is required to send a written notice to all creditors of the adjourned date (for which the debtor usually will be charged an additional fee).

The debtor is required to bring his latest pay stub (called a payment advice), and may be required to bring documentation to prove his expenses if requested by the trustee. In addition, the debtor is required to produce his latest bank statement(s) and brokerage statement(s) if any. Although not required, a debtor who owns real estate should provide a copy of a comparative market analysis and a mortgage payout statement. This will allow the trustee to determine whether any equity exists. If the debtor does not speak English well, it is advisable to bring a translator and to notify the trustee in advance.

Although called a meeting of creditors, it is rare for a creditor to attend a meeting, and even more rare for a creditor to question the debtor. In the cases that I have seen a creditor attend and question a debtor, it is usually because an unsophisticated creditor believes that he is required to appear, or a creditor is trying to find out the location of collateral. If the creditor is not represented by an attorney, the exchange between the debtor and creditor can get a bit unpleasant because they tend to know each other. Therefore, the trustee usually limits questioning and advises the creditor to retain counsel.

For the most part, the trustee conducts the questioning of the debtor. In most cases, the questioning lasts for less than 5 minutes. In all cases, the trustee confirms that the debtor signed the petition and other required documents, and reviewed them for accuracy. He asks about assets, income, expenses, possible lawsuits, domestic support obligations, transfers of property, and why the debtor got into financial trouble. More time will be spent if the debtor sold real property within 3 years of the filing, or if the debtor had his own business.

I have been involved in many 341(a) meetings both as a trustee and as debtor's counsel. No matter what you say to a client, he is going to be nervous about the 341(a) meeting. The debtor is worried that he may freeze, that he may forget something important, that he will make a misstatement, that the trustee will say something that will embarrass him, that he will not get his discharge. Being questioned under oath by a trustee, who certainly is not your friend, is enough to make anyone nervous.

How is the best way to handle the matter as debtor's counsel? As an attorney, you want the questioning to be over as soon as possible, and you want no surprises. The best way to get this result is to make sure that you have properly vetted the petition, schedules and other filed documents to make sure they are accurate. You want to prepare your client for the hearing. Sample questions are available in the Chapter 7 Trustee's Manual which is available on the Internet. Go over the questions with the client and have them give answers to the questions. If the debtor sold a house, get the closing statement to ascertain what money the debtor received. Then find out what he did with the money. If the debtor lost his job shortly after selling his house, it is reasonable to assume that he used a good amount of the proceeds to survive until a new job. If the debtor owned a business, make sure that he has the records and can answer basic questions about the business and its finances. Preparation is the key.

I ask my clients to show up for the meeting early. As stated above, in today's economic environment, panel trustees may have upwards of 70 cases per month for which they must conduct 341(a) meetings. Trustees will usually schedule 30-40 meetings for a single day beginning at 9 AM and going until 3 or 4 PM. If your client gets to the hearing room early, he can listen to the questions that the trustee is asking the other debtors. They tend to be the same questions. He can also see that the rest of the debtors in the room look like him, sound like him and are in the same boat. This tends to calm down your client. Finally, I stress to the client that I am there to protect him- that's my job.

Most 341(a) meetings are closed by the trustee at the end of questioning. In some cases, the debtor may be required to provide some additional documentation. It is advisable to meet all reasonable requests of the trustee as soon as possible. The quicker the 341(a) meeting is closed, the quicker the debtor will receive his discharge- and that is the goal.

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Chapter 13 Bankruptcy - Making Your Payments to the Bankruptcy Trustee

Chapter 13 Bankruptcy - Making Your Payments to the Bankruptcy Trustee

In a Chapter 13 Bankruptcy case.

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Bankruptcy: What's the Difference Between Chapter 7 and Chapter 13?

Bankruptcy: What's the Difference Between Chapter 7 and Chapter 13?

When consumers contemplate the option of bankruptcy generally, the remedy they are specifically referring to is Chapter 13 Bankruptcy. Chapter 13 Bankruptcy approach you decide to take. On the one hand, filing Chapter 7 offers you the freedom to be rid of the heavy debt that is currently hanging over you, while Chapter 13 offers you only the chance to restructure that debt to be more manageable. But on the other hand, filing Chapter 7 also means the liquidation of almost all your valuables as well as the total devastation to your credit rating, whereas filing Chapter 13 allows you to keep many of your possessions while keeping your credit score intact.

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My Personal Chapter 13 Bankruptcy Story

My Personal Chapter 13 Bankruptcy Story

I received back an email reply that a particular attorney would call me during the time window I had selected, the next morning. He actually called me back within an hour of my completing the inquiry, and cordially offered to wait and call again later, or talk now if I had time. Since this was fresh in my mind, I liked the momentum, and asked him all the questions I could think of. He was very direct and detailed and I felt very comfortable, so I decided to work with him then on the spot. He was from a city over 50 miles from my home, but he assured me that we could do everything by email and fax, and if I wanted to meet him, we could arrange to meet halfway. The Federal Bankruptcy Court location was halfway between us, so it was quite workable.

Because of certain property that we wanted to keep, and because we believed we could afford to keep our house and vehicle, we elected to file Chapter 13 Bankruptcy Petition, I had to provide details of my possessions, debts, income, etc. For details on that process, I write more about it here: http://www.happy-after-bankruptcy.com/steps-to-filing-bankruptcy.htm
The draft of the petition was 40 pages long, and he sent it to me in a .pdf file via email about 2 weeks after I gave him all of the information.

Old Law - New Law

Now, I can't really speak about the old law versus the new law when it comes to the October 2005 Bankruptcy Reform Act, except for one thing. There is now a requirement for credit counseling from a service approved by the US Dept. of Justice. http://www.usdoj.gov/ust/eo/bapcpa/ccde/index.htm
This link can take you to all the approved services.

The credit counseling was the biggest waste of .95 that I have ever spent, and a waste of 2 hours of my time, as well. I essentially had to input all of the same info I provided to my lawyer (see above) into slow-loading on-line forms, then I had to participate in a phone conversation with a "credit counselor", who just repeated the information we'd submitted. There was no value whatsoever added to my understanding of my finances, credit, or anything else. Enough about that.

Blessed Quiet

As soon as we made the decision to file, I gave all my creditors the attorney's name and contact info, and they stopped calling! It was wonderful. The mortgage company and the auto lease company required a case number, but that was provided within days of filing the petition. All contact stopped.

This is where a word of caution is in order. There were 2 accounts we needed to keep paying, and they stopped sending us bills. They also disabled our on-line bill payment access. So, all of a sudden, we had no routine method of making payment. Without any contact it was easy to let a couple of months slip by, and as I was mailing checks, they were preparing a "Motion for Relief from Stay". My attorney said this was common, but I wish I had known about it and avoided it.

Plan Payments

Part of my Chapter 13 filing included a plan to pay off the amounts I was liable for, after the means test had been addressed. I had to make monthly payments to the Bankruptcy Court Trustee, using certified funds. These payments actually started prior to any hearings or court appearances. They were calculated based on my income, and would continue for 36 months, or until all amounts due under the plan were satisfied.

Going to Court

A part of the process of filing bankruptcy involves going to the Federal Bankruptcy Court location - at least once in most cases. The first required appearance for me took place 5 weeks after we officially filed. It was called the Section 341 Meeting of Creditors. This served 2 purposes: the Bankruptcy Trustee took a number of statements from us after checking our photo ID, and these statements were sworn to and notarized, and our conversation was recorded. Also, this was an opportunity for our creditors to appear in person to make claims against us. In our case, no one else showed up. We arrived early and were first to meet with the Trustee. It was over in about 20 minutes.

Roughly a month after the Section 341 Meeting, the hearing took place to confirm our Debtor's Chapter 13 Plan - which was essentially the payback arrangement. Our lawyer stated that we didn't have to both be there - it would look better to the court if one of us did attend, but neither of us were required. I decided to attend, and this time I had to wait for my case to be called on the docket. I had time to observe hear the discussions related to the cases before mine.

What an eye-opening experience. There were people who had multiple criminal charges and/or civil lawsuits filed against them, complicating their bankruptcy filing. There were people (not present) who hadn't been in touch with their lawyer for months, and the lawyer was representing them blind. There were people with injuries and health problems that were seriously complicating their financial situation. When my name was called, my lawyer told the judge that I was current in my Chapter 13 Plan payments, all was in order, and my plan was approved. It took about a minute.

This 40-minute period in court, waiting my turn, served me very well in emphasizing that I could be so much worse off than I am! I spent most of my drive home really counting my blessings.

Right now I am working on moving forward to get back on my financial "feet". Looking back over the past year, I'm relieved to know that there is a system in place for dealing with my debts, and that I can face the future feeling like I have a fresh start. I will continue to document my experience on my site, and invite you to read my articles, as my future unfolds.

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Car & Auto Loans After Chapter 7 Or Chapter 13 Bankruptcy Discharge Or Dismissal

Car & Auto Loans After Chapter 7 Or Chapter 13 Bankruptcy Discharge Or Dismissal

Obtaining a car or auto loan after a bankruptcy discharge or dismissal can seem challenging when you try to get approved at a local car lot. Here are some tips that you can use to better understand what you're up against and a recommendation that will help you to obtain auto financing a lot easier.

If you have had a Chapter 13 Bankruptcy that has been discharged within the last year, most all lenders are going to be very critical in regards to your credit history. You will find that at a local dealership it may be a serious challenge to get approved after a recent bankruptcy discharge. With a Chapter 13 Bankruptcy. That is only if it is been discharged.

On the other hand, if you have had a bankruptcy that has been dismissed then it will stay on your credit report for 10 years. Not 10 years from the date that you file for bankruptcy, but 10 years from the date of the dismissal. So, if you're in a bankruptcy for two years and it was just dismissed then the 10 year clock starts to run now.

There are legitimate sources on the Internet that you can go to to get a car loan after bankruptcy discharge or dismissal. You certainly cannot expect to only pay a 4% interest rate, however you can obtain a reasonable financing with reasonable terms, based upon your individual situation.

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What Forms Are Required To File For Chapter 7 Bankruptcy?

What Forms Are Required To File For Chapter 7 Bankruptcy?

Considering Chapter 7 Bankruptcy Attorney. If you insist on using attorney they typically charge between 700 and 50 which is typically reasonable. The second option is to use online software that complies with the Bankruptcy Attorneys to file for bankruptcy you it typically costs more money because the person working on your behalf calculates all the numbers and makes sure that the finished documents will be approved by the court. In most cases the full-service prepared documents are basically the same quality, it is trained staffs or paralegal who are really doing the work on your behalf.

There are many options for online or software bankruptcy form software. The automated online systems allow you to use computer software and your computer online compare complete the bankruptcy forms on your own. It is only you that can see the information as you are preparing the document. It checks for compliance as you go against both state and federal laws.. These systems can save you a lot of money. They cost anywhere between and 0 to complete your bankruptcy filing documents.

Over the last few years, automated online bankruptcy filing systems have become more sophisticated. If you are a do-it-yourselfer you'll find the systems easy use and very user friendly.

There are basically three steps in the process of using these online filing systems:

1) The first step is to basically place your order online which sets up your initial count with a secure logon to the online servers.

2) The second step is to logon and any your data in the online forms allowed for very easy entry. The online forms work like a wizard and make it easy for you to and answer the questions as it fills out the forms behind the scenes. These forms are very easy to use and they take anywhere from 30 to 60 minutes to fill in the information required to list all of your debtors.

3) The last step that given all your bills and personal information needed verify what you've entered. If you have left anything out you can always log back in and correct it. We are completely satisfied and a few review the documents on your web browser you'll build review and printed documents to either deliver by mail or in person to the courts to file a Chapter 7 bankruptcy.

Save some money now and try an online bankruptcy filing system.

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Chapter 13 Bankruptcy and Mandatory Counseling Courses

Chapter 13 Bankruptcy and Mandatory Counseling Courses

Generally Bankruptcy Lawyers are flooded with questions related to the two mandatory credit counseling courses and different aspects related to them. In order to answer questions like 'when are these courses required? How much do they cost? Why are there two courses? How long do the courses take?' and many others we provide you guide to the basics of these courses. As part of Personal Bankruptcy filing procedure, one needs to take up two basic courses.

1. Pre Bankruptcy Credit Counseling Course

This a preliminary course that any individual filing for either Chapter 13 Bankruptcy needs to undertake. This course is very important because the certification that you receive at the end of this course is part of the formal documentation procedure. This also requires that pre filing counselors are approved by trustee and they would evaluate your financial situation, consumer debts, help you in budgeting, might refer you to a debt management agency. In short your counselor would plan a long term plan for your financial activities. Such a course lasts for 60 to 90 minutes and can be done in person or by any other means of communication and it generally costs around to .

2. Pre Discharge Financial Management Course

This course happens once your Business Bankruptcy receives formal order of discharge from the court. The order of discharge terminates your obligation to pay the debts but for that you have to undergo a financial management education course. This course is conducted by a financial management counselor who is approved by the trustee. He would educate you in financial management and related aspects such as developing a budget and living within it, developing better spending techniques, learning saving, budgeting and checkbook control as well as wise use of credit. This is done about in two hours at cost of to $ 50.

If you have always wanted to know what is Chapter 7 Bankruptcy? Then here is your chance to understand that and much more about the credit counseling course and financial management course that one need to undergo for filing a bankruptcy application. Both these courses are aimed at educating you in basics of financial bankruptcy and credit and finance management. With two hours and at a mere cost of to , these courses acquaint you in different aspects of long term plan for your financial activities as well as wise use of credit.

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Survive Chapter 7 Bankruptcy - Ten Simple Steps to Prepare for Your Section 341 Meeting of Creditors

Survive Chapter 7 Bankruptcy - Ten Simple Steps to Prepare for Your Section 341 Meeting of Creditors

The slim envelope arrived in your mailbox days after you filed your Chapter 7 Bankruptcy Attorney had mentioned that you had to go to Court to finalize your Bankruptcy Attorney states. However, before you pack up the car and make a run for the border, take a deep breath and read on.

The term "Meeting of Creditors" is a misnomer. Creditors rarely, if at all, appear at the Section 341 Meeting. And if one does attend, usually the reason for the creditor's appearance is benign. For example, the creditor may simply want your signature on a reaffirmation agreement. On the other hand, if you are surrendering an asset, such as an automobile, the creditor may inquire about the location and condition of the vehicle.

"If creditors are not an issue, then why do I even have to go to this thing?" you may find yourself saying. Well, there is someone that needs to talk to you, and that person is the Chapter 7 Bankruptcy Attorney and verify that he or she received the notice and has it on the calendar.

2. Take another good look at the notice. Where will the meeting be held? Do you know how to get there? Do you know where to park? Make sure you find out and plan to arrive early. There are lots of obstacles that can slow you down - road construction and detours, lack of available parking spaces, weather, even nerves. Your best bet is to arrive with time to spare. If you arrive late, you risk the chance that your case will be dismissed (or at best, the meeting rescheduled).

3. Take one more look at the notice. Who is the trustee assigned to the case? Is the name of the trustee or his or her law firm familiar? If they represented you (or represented another party's interest against you), there likely is a conflict of interest, and the trustee will need to decline the case. If you suspect a conflict of interest, contact your attorney. If the case is assigned to a different trustee, your 341 meeting will likely be rescheduled to a different date or time.

4. Verify that all required documents have been filed with the Court. If you receive a notice or order from the Court and suspect that a required document was not filed, get on the phone to your attorney.

5. Make sure you have valid picture identification, such as a state-issued identification card or driver's license.

6. Make sure you have a valid notice of social security number. If your social security card is missing in action, the trustee may also accept a current W-2 form or health insurance card.

7. Read the Bankruptcy Attorney should have previously supplied you with this short document. If not, ask him or her to provide you with a copy.

8. Review you bankruptcy documents once more. Are they accurate and complete? If you notice any changes that need to be made, discuss them with your attorney and make a note to discuss these issues with the trustee at the 341 meeting.

9. Take a small notebook to the meeting. You can use this to jot down any requests that the trustee (or your creditors) make, so that you can remember what you need to do after you leave the meeting.

10. Relax! If you get too nervous and need a couple moments to compose yourself during the questioning process, let the trustee know. As long as you are completely honest and truthful, you really have no reason to worry.

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Car Loan After Bankruptcy - How to Get a Car Loan and Rebuild Your Credit After Chapter 7 Bankruptcy

Car Loan After Bankruptcy - How to Get a Car Loan and Rebuild Your Credit After Chapter 7 Bankruptcy

You just completed filing for your bankruptcy; it's been discharged and now you have a problem. Your car just died and you are in need of a car loan after bankruptcy. This can seem challenging especially after all the stress and confusion of filing for chapter 7. You may be afraid to go to a car dealership because you're afraid of being denied and laughed off the car lot. Luckily, I have good news for you folks.

Obtaining auto financing for a car loan after bankruptcy is a lot easier now that your bankruptcy has been discharged. Many individuals use automobile loans to begin rebuilding their credit and you can too. By searching for an auto loan online you can receive multiple offers from multiple lenders all within 60 seconds or less.

If you have had any bankruptcy that has been discharged within one year, most lenders and car dealerships are not going to be welcoming you with open arms. They know your bankruptcy will remain on your credit history for 7 years; so chances are the dealers financing company will not want to deal with you. The good news is, there are many lenders willing to overlook this problem and give you a chance to start over again. If you can afford to make consistent monthly payments it is possible to be approved for a car loan after bankruptcy. Quite a few individuals are rebuilding their credit the smart way. Having proved themselves by keeping their car loan payments up to date has improved their credit history significantly.

There are legitimate lenders on the Internet that will offer you a number of auto loans to compare once your bankruptcy has been discharged or dismissed. Don't expect to pay a 3% interest rate, but you will find multiple offers with various rates that you'll be able to compare and you will have options to choose that will fit your individual budget. From the comfort of your own home, you can find the best car loan after bankruptcy and begin to rebuild your financial history. Reasonable financing with reasonable terms is only a mouse click away.

Keep in mind the fear of walking into a dealership and getting denied is a thing of the past. Walking into the dealer with a pre-approved auto loan in your pocket will make you a VIP customer in their eyes. The lenders are aware that many folks use this method to rebuild their credit and the dealerships are more than willing to be a part of your financial rebuilding plan. Just make your choice and drive away with your new car or truck. Your new ride can be parked in your driveway by the end of the day.

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Chapter 13 Bankruptcy What Exactly Does It Mean?

Chapter 13 Bankruptcy What Exactly Does It Mean?

Chapter 13 Bankruptcy refers to the way an individual person can choose to go through a reorganization that is lead by the federal bankruptcy court. The Bankruptcy Code says that the ultimate goal of Chapter 13 Bankruptcy if we could afford to pay the balance we would.

But there are downsides to filing for personal bankruptcy and one of those reasons is that the discharge of the bankruptcy stays on your record for 10 years. During the time when the case is awaiting a discharge you as the debtor cannot apply for any type of credit unless the Chapter 13 Bankruptcy.

Some of the advantages of claiming Chapter 13 over Chapter 7 is that Chapter 13 stops foreclosures on properties and mortgages that have been accelerated were reinstated when the bankruptcy plan is completed. Another question some people have about bankruptcy is what can be claimed and what cannot be. We can help you get it straight. The dischargeable debts on Chapter 13 are personal loans, credit cards, repossession charges, auto accident claims, medical bills, judgments and tax penalties.

Things cannot be discharged are recent taxes, trust fund taxes, child or family support orders, criminal fines or restitutions, accidents that involved DWI or DUI and Student loans, as you can see there are many bills that will be allowed to be taken care of in the event of a bankruptcy. Sometimes things happen and you can get buried and that is why these laws exist.

But these laws are made for your protection as well as for the protection of the creditors, too many people will tell you they filed for bankruptcy because they overspent their means and with the old laws more people did it because they could get rid of their debts without repayment and they could keep separate what they wanted to keep in their bankruptcy cases, simply put it was way too easy.

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Chapter 13 Payments - Understanding Bankruptcy Repayment Plan

Chapter 13 Payments - Understanding Bankruptcy Repayment Plan

Chapter 13 Bankruptcy is filed. The debtor is required to make regular payments directly to an assigned Trustee who oversees the case. When Chapter 13 Bankruptcy court. Upon acceptance of the bankruptcy repayment plan, Chapter 13 Bankruptcy can halt the foreclosure process. However, if the debtor fails out of bankruptcy, the lender has the authority to initiate foreclosure proceedings. Additionally, the court may require the debtor to liquidate their assets under Chapter 7 Bankruptcy Code. If this occurs, the debtor must relinquish their property to a Trustee who will sell the assets and repay creditors.

Chapter 13 bankruptcy is available to all U.S. citizens. This chapter allows individuals to reorganize their debt and make payments over an extended period of time. However, certain eligibility requirements must be met and include outstanding unsecured debts must be less than 7,675 and secured debts must be less than 2,975. Additionally, the debtor is required to undergo credit counseling within 180 days prior to filing.

When an individual files Chapter 13 bankruptcy they must provide a certificate of credit counseling, proposed repayment plan, proof of income, detailed list of expenses, and a recent year tax return.

Collection actions against the debtor cease when the debtor files Chapter 13. However, it does not dismiss outstanding balances. As long as payments are made to the Trustee and disbursed in a timely fashion, no further action will be taken against the debtor. If the debtor is unable to make payments according to their chapter 13 agreement, the creditors can move forward with collection actions.

If circumstances arise that cause the debtor to become unable to make chapter 13 payments, the Trustee must immediately be contacted. If the financial setback is temporary, the Trustee may agree to reducing payment amounts or extending the repayment period.

In cases where financial setbacks are long-term, the court may modify chapter 13 payments, discharge the debts on the basis of hardship, convert to Chapter 7 liquidation, dismiss the Chapter 13 case, or temporarily suspend payments.

Chapter 13 bankruptcy provides individuals with the opportunity to retain their property and make a fresh start. When creating the repayment plan it's crucial to arrange chapter 13 payments that are reasonable so the debtor can consistently make payments in a timely fashion. Otherwise the effort will be fruitless and cause the debtor to fail out of bankruptcy and lose their home, automobile and other valuable assets.

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Chapter 13 Bankruptcy Definition

Chapter 13 Bankruptcy Definition

Chapter 13 Bankruptcy is a method employed by consumers who have debts and are not in a position to pay them back. It is a way for them to restore their financial status and get back to a zero balance.

Bankruptcy is a legal process whereby a creditor files for it in a court of law, expressing his inability to pay his debts. Chapter 13 Bankruptcy is usually called the reorganization bankruptcy. It is a debt that is filed by consumers who wish to pay their debts within a period of three to five years. It is a strategy that helps individuals to keep some of their possessions such as their homes and at the same time have a means of financially meeting their usual living expenses.

A consumer presents a bankruptcy petition before a court, listing his schedule of assets and liabilities. After this, the person filing for bankruptcy presents a repayment plan, which is meticulously reviewed by the creditors to check whether it meets their needs. After taking stock of objections and making amendments, both the parties follow this reorganization plan.

However, there are other additional confirmation tests that remain before the reorganization of bankruptcy. A part of this is a test to compare amounts that the creditors would receive if they were to follow Chapter 13 Bankruptcy. Another test requires the applicant to pay all their disposable income to the repayment plan as well.

Chapter 13 Bankruptcy. This is usually referred to as ?automatic stay? and allows time for a consumer to catch up on missed payments.

Chapter 13 bankruptcy is thus quite helpful. However, one important aspect one needs to keep in mind before filing is that a consumer?s credit record suffers a 10-year black listing where it becomes extremely difficult to secure a loan when one is needed.

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Motion For Relief From Stay - What a Creditor Needs to Prove in Chapter 7 Bankruptcy

Motion For Relief From Stay - What a Creditor Needs to Prove in Chapter 7 Bankruptcy

The automatic stay in bankruptcy protects you from creditors and bill collectors taking action while your case is proceeding. So long as the automatic stay remains in place, you don't need to worry about a mortgage company foreclosing or the car lender taking back your automobile. In other words, the automatic stay is your safety net in bankruptcy.

Under some circumstances, however, a creditor may ask the court to lift the automatic stay and let them proceed with action against you. This is technically called a motion for relief from the automatic stay, which essentially means the creditor is asking the judge for permission. Think of it as the old game of, "Mother, May I?" taken in the context of a legal proceeding.

Once granted, the creditor can pick up exactly where they left off before you filed for bankruptcy. So if the foreclosure sale was scheduled, it will be scheduled again. If the repo man was in the driveway, he'll be pulling up with the tow truck again.

In the context of a Chapter 7 bankruptcy, there aren't that many defenses to a motion for relief from the automatic stay. The reason for this is relatively simple - in Chapter 7, you're not using the stay for the purpose of catching up on the past due payments. You're in Chapter 7 to discharge debts, not to reorganize your finances. So the presumption is that there isn't a drive to keep making payments on the secured debt.

Still, it's important to recognize that there are a few ways to defend a motion for relief. You need to be able to ensure that:

The creditor is the proper party in interest. In other words, that the creditor seeking relief actually has the right to that relief. It must be the actual lender or servicer of the loan. If they don't own the loan or have some contractual relationship with the owner of the loan, they don't have the right to relief in the first place;

The creditor has followed all of the local and federal rules relating to proving their case. Coming to the court and saying, "give us relief because we said so," just doesn't cut it;

The creditor has properly served all required parties in the right way. Filing papers with the court without giving everyone proper notice is a sure-fire way to get a motion denied.

Even after relief from the automatic stay is granted, it's important to remember that this isn't the end of the road - it just takes the issue out of bankruptcy court and back into your state or local court. The creditor still needs to follow state law regarding repossession or foreclosure, so it's important to talk with your lawyer to learn your options when the stay is lifted.

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Cost For Bankruptcy - File Cheap Chapter 7 Without a Lawyer, and Make Bankruptcy Affordable

Cost For Bankruptcy - File Cheap Chapter 7 Without a Lawyer, and Make Bankruptcy Affordable

A recent post on the internet propagated one increasingly common myth - a blatant falsehood, many will probably say - about filing for Bankruptcy Attorney, prominent author and specialist in Bankruptcy Attorney in a consumer Chapter 7 bankruptcy case. The procedures are almost exclusively administrative - that is, there is no appearance before a judge...The forms are all (with very few exceptions) pre-printed in plain English....[But, in spite of that fact], What's tragic is that people actually think they have to have attorney representation [to be able to do it]."

BUT LARGE NUMBERS OF DEBTORS HAVE ALWAYS BEEN FILING PRO SE, ALREADY, EVEN WITH THE RESTRICTIVE 2005 LAW

But, in all of this, there's probably one piece of evidence which remains as the strongest proof, the clearest demonstration, and most incontrovertible, of the utter fallacy of the claim that bankruptcy is "complex" and beyond the capability of the average debtor to comprehend or to undertake. And that is this: THE CHEER STATISTICS!

Independent survey studies by this writer and others, as well as bankruptcy court statistics, show that in several parts of the United States, but more particularly in urban jurisdictions like New York, Arizona and Los Angeles, both before as well as AFTER the draconian 2005 "reform" law, a significant number of the debtors who file bankruptcy, particularly Chapter 7, still file Chapter 7 bankruptcy without lawyer. Such debtors are referred to as pro se filers, meaning, without the use of a lawyer! And, while their numbers may have been larger in the years before the BAPCPA law was implemented, that number remains significantly high even today and is now growing incrementally in the current condition of national economic recession.

For example, in the Central District of California, San Fernando Valley Division, the reported proportion of debtors who had filed for bankruptcy without use of attorneys just before the 2005 law went into effect, was well OVER 50%, but then as of June 2006 even AFTER the restrictive 2005 law had gone into effect, it was about 27%. (That figure should obviously have gotten much higher today than that by the end of 2008 and thereafter, a time when a severe economic down turn and high unemployment rate hit the nation!).

After the passage of the 2005 law, there was an immediate dramatic fall off in the number of bankruptcy filings. But today, debtors, being increasingly overburden by their debt because of the current economic recession, and increasingly concerned about cost for bankruptcy, are now beginning, once again, to go back to the earlier ways in bankruptcy filing, which means they're doing doing the bankruptcy themselves without lawyers. And given the severe economic down turn and high unemployment rate that has since hit the nation by the end of 2008, and the fact that by the end of 2008, the official statistics for total bankruptcy filing had, once again, topped over 1,000,000 filers for the 2008 year, clearly the American debtors are beginning once again to troop to the bankruptcy courts for relief, with lawyers or without lawyers, notwithstanding the obstacles and discouragements earlier placed on their path by the new 2005 law!

LISTEN TO THIS FIRST-HAND 'expert':

"When I found myself with no other choice than bankruptcy, I did what most people do, I found a lawyer. Within a few weeks I became disenchanted with the lawyer's service I was getting and realized that I could probably do this on my own", wrote SANDRA D. WEISNER of Ohio, a recent bankruptcy filer.

"After much research, I finally found this book...guide explains all the details of filing a bankruptcy on your own.... when to use a lawyer and when to file on your own, to step by step form guidelines.... The book is written without the "legalese" that lawyers use to confound and keep us in the dark. Also, there are great resources for finding the forms needed online and getting the additional information I needed to file for bankruptcy. I've saved myself considerable time, aggravation and money. I would recommend this guide to anyone. You can do it yourself." This statement by SANDRA D. WEISNER, a recent bankruptcy filer in Ohio, had been made by her after she used a competent self-legal manual to do her own bankruptcy (quite easily and successfully, she explained), and honestly wrote about it, for the record, on Amazon.com.

What more is there to say, really? What more solid proof or objective evidence that is simply beyond debate, is there, really, that regular, average American debtors can, and DO, readily file successful bankruptcy, particularly file chapter 7 bankruptcy, without a lawyer? They've been doing so ALREADY for decades now. They're ALREADY doing so right now, as we speak! And this writer (and many other objective students of the American bankruptcy system) KNOW that fact to be so all too well, first hand, from a preponderance of studies!

NEED FOLLOW-UP INFORMATION?

Wish to join the growing army of financially hard-pressed bankruptcy seekers across America today who are successfully filing cheap chapter 7 bankruptcy without a lawyer, often probably using the other assistance of cheap "non attorney" tools and aids in getting it done? Visit this site: http://WWW.Afford-Bankruptcy.Com/proSeBankruptcyTrend.html

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