 Category :: Bankruptcy Articles |
Author :: Brooke Sikula  |
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| Article Title :: What the New Bankruptcy Laws Mean to You |
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| The year 2005 was witness to one of the most significant overhauls of the personal bankruptcy in more than half a century. The new laws enacted by Congress and signed by the President will make it much more difficult for many consumers to walk away from credit card debt, overdue bills and other debts.This overhaul of the bankruptcy system was designed to cut down on the perceived abuse of the system by people who could afford to pay the money they owed but chose to file bankruptcy instead. These new laws, however, are likely to affect more than just those who were out to cheat the system. It is important for every consumer, no matter what their current financial situation, to un (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Brooke Sikula |
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| Article Title :: What You Need to Know When Considering Bankruptcy |
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| For most people of course, bankruptcy is very much a last resort, to be considered only after all other debt consolidation and debt reduction options have failed. Even so, the new bankruptcy laws passed in 2005 mean that filing for bankruptcy is now much more complicated, and for many people much more expensive that it had been before the new laws went into effect.Just what has changed?Perhaps the biggest change that was instituted in the world of bankruptcy laws is the introduction of a two part means test. The results of this means test are used to determine which of the two forms of bankruptcy the individual must use.The first part of the means test uses a formul (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Dean Shainin |
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| Article Title :: Bankruptcy Attorney - Utilizing their Expertise and Choosing the Right One |
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| Bankruptcy can be the biggest burden to an individual, small business or a multi million dollar corporation. Bankruptcy is a condition where the business cannot meet its debt obligations and petitions as well. In the action, the debtor pays his property to the creditors. This action is maybe voluntary or involuntary, and conducted as prescribed by the National Bankrupt Act. When this happens, there should be no worries because there is a bankruptcy attorney to help you to set your assets in order, and smoothly take care of the files for bankruptcy.Finding a lawyer for this kind of devastating problem is relatively easy. Bankruptcy attorneys specialize in bankruptcy law and can prov (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Damian Sofsian |
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| Article Title :: Bankruptcy Chapter 7 Exemptions |
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| Chapter 7 is a 'liquidation' of nonexempt assets to pay debts. In an orderly, court-supervised procedure, a court appointed trustee liquidates the non-exempt assets of the debtor’s estate and makes distributions to creditors. In Chapter 7, the debtor selects property he/she is eligible to keep from either a list of state exemptions or exemptions provided in the Federal Bankruptcy Code. Although the debtor files a schedule C form for property claimed as exempt, the property is not exempt until the trustee files the property exemption report which actually divides the property as exempt or non-exempt.Although state exemption laws are different from state to state, these states typi (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Damian Sofsian |
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| Article Title :: Chapter 7 Bankruptcy |
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| Bankruptcy is a legally declared inability of individuals or businesses to discharge their debts. A declared state of bankruptcy can be requested not only by creditors in an effort to get what they are owed but also by the insolvent individual or organization. If it is difficult to repay debts, declaring the bankruptcy may be the right solution to debt problems.Out of six basic types of under the Bankruptcy Code, Chapter 7 is a “liquidation” of nonexempt assets to pay debts. In a court-supervised procedure, a court appoints a trustee who liquidates the non-exempt assets of the debtor’s estate and makes distributions to creditors. The Bankruptcy Code allows the debtor to keep (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Damian Sofsian |
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| Article Title :: Chapter 7 Bankruptcy Discharge |
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| The primary purpose of bankruptcy court is to discharge certain debts to give a debtor a fresh start. A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. Discharge prohibits the creditors from taking any form of collection action against debtors on discharged debts. The bankruptcy discharge varies depending on the chapter of bankruptcy a debtor files. Unless there is lawsuit involving objections to the discharge, the debtor will usually automatically receive a discharge.In chapter 7 cases, a discharge is not an absolute right of the debtor. An objection to the debtor’s discharge may be filed by a creditor, by the trustee in the (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Damian Sofsian |
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| Article Title :: Chapter 7 Bankruptcy Form |
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| A chapter 7-bankruptcy case starts with the debtor filing a two-page petition with the bankruptcy court. Statement of financial affairs with schedules of assets and liabilities, current income and expenditures, unexpired leases and contracts must be attached with the petition. There are several forms that must be attached with petition papers. One has to follow the local and federal bankruptcy court rules in completing the forms. These forms must be submitted within 15 days.The official forms are not available from the court. They may be purchased at legal stationery stores or downloaded from http://www.uscourts.gov/bkforms/index.html.Preparing these complex forms requires a (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Damian Sofsian |
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| Article Title :: Chapter 7 Bankruptcy Law |
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| Under the grant of authority given by Article I, Section 8, of the United States Constitution, Congress enacted the "Bankruptcy Code" in 1978, which is codified as title 11 of the United States Code. From October 17, 2005, the courts must charge a $220 case filing fee, a $39 miscellaneous administrative fee, and a $15 trustee surcharge, which must be paid to the clerk of the court upon filing. However, individual debtors may pay in installments with the court's permission.To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor can be an individual or business entity. This eligibility is discussed under U.S.C 11 subsections 101(41), 109(b). An individual may not be (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Damian Sofsian |
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| Article Title :: Chapter 7 Bankruptcy Qualification |
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| Filing for bankruptcy has become the only relief for thousands of people who are experiencing massive debts. According to section 11, an individual, a partnership or a corporation or other business entities can qualify for relief under chapter 7 of the Bankruptcy Code.On October 17, 2005, a "means test" was enacted to determine whether a debtor is eligible to file chapter 7 bankruptcy or not. The purpose of the means test is to find out whether a debtor has enough disposable income after deducting certain allowed expenses and required debt payments. If an income is below the median income, then the debtor will be eligible. If the income is more than the median income for families i (read full article) |
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| Category :: Bankruptcy Articles |
Author :: Damian Sofsian |
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| Article Title :: Chapter 7 Bankruptcy Software |
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| This is the age of computers and the computer has given its Midas touch to each and everything in our life. Legal procedures have also witnessed the information technology revolution. As many software and web based solutions are available for legal work, one can file for bankruptcy using the computer.A bankruptcy software program has been developed to the high standards of quality, accuracy and professionalism. This software uses modern database technology and guides users through a straightforward entry program to let users easily create, print, edit and reprint bankruptcy forms. The printed forms are ready to be filed. The bankruptcy software is not a forms kit or a web based dat (read full article) |
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