There are some who would rather sell some of their properties in order to pay off their debts. This is not really a great solution to the situation. The reason thereof is that selling a person’s property leaves him without anything left. He may have paid his debts but the question now is where he is going to live if he is going to sell his house to pay off his debts. Hence, it can create even bigger problems.
Actually what a person needs to know are simple tips that can truly help him pay off his debt. There are actually times that creditors agree to debt settlement with their debtors. This debt settlement provides debtors a chance to lower the full amount that they are going to actually pay. Creditors would rather get paid at a portion of the total debt immediately rather than wait for a very long time to get the full amount. The reason thereof is that creditors can use the money to other better investments that can provide them with great deals.

Debt settlement is one of the most prevalent practices that are taken up these days by both creditors and debtors. Creditors agree to be paid and debtors agree to provide them with the agreed amount immediately. Hence, a person who owes someone can ask for a settlement in order to pay his debt. However, there are times that creditors do not agree to this kind of practice. They feel that they will lose more if they agree to the settlement. It is up to the debtor to convince the creditor that settlement is a better option rather than waiting for a very long time to get paid.

There is also another option to take which is debt relief consolidation. This is actually a new practice and system. This starts when a debtor goes to a debt counseling agency to ask for help to get rid of his debts. Then, the agency lists down the creditors of which the debtor owes money to. Then, the debtor agrees with the terms and conditions set forth by the agency. The agency makes certain that the debtor is able to comply the terms by providing him with realistic plans and goals of which he can truly achieve. The debtor then pays the creditors through the agency. The agency acts as a mediator between the parties which can be a good thing for both parties.

However, bankruptcy is implemented as statute law, and relevant statutes are incorporated within Bankruptcy Code of Title 11 of the United States Code. At present, two forms of filing bankruptcy are available to individuals: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is a liquidation of assets, while Chapter 13 involves a reorganization by which the debtor creates a three- to five-year payment plan.

Although bankruptcy cases are filed in the United States Bankruptcy Court, they are often highly dependent upon state laws. Hawaii is one of the thirteen states in the U.S. that offers a choice between federal and state bankruptcy laws.

Hawaii bankruptcy laws provide exemptions that save a part of the properties from bankruptcy. Details of the exempted property are provided in the Hawaii bankruptcy chart. When bankruptcy is filed in Hawaii, an individual gets federal exemption in addition to Hawaii exemptions. According to Hawaii bankruptcy laws, an exemption limit applies to any equity in property secured by loans. Properties included in the Hawaii exemption chart are homestead (up to $30,000 for senior citizens and $20,000 for others), all insurances, property of business partnerships, pensions, personal property such as appliances, books, burial plots, clothes, jewelry to $1,000, and motor vehicles to $2,575, public benefits, tools of trade, and wages to minimum of 80%. No wildcard exemptions are given in Hawaii.

In Hawaii bankruptcy law, Chapter 7 filing has advantages such as a complete fresh start, immediate protection, lack of a minimum limit on the debt, and quick discharge of the case. The advantages of a Hawaii Chapter 13 payment plan are that it enables a person to keep his property, has more dischargeable debts, gives more payment time, and separates creditors by class. Major changes in the new act effective October 17, 2005, include a means test, proof of income, state exemptions, counseling, and child support.

Declaring bankruptcy is an important decision and quite complicated in its implementation. Hiring an attorney with experience in the field concerned is generally recommended.

Bankruptcy Laws provides detailed information on Bankruptcy Laws, New Bankruptcy Laws, Chapter 7 Bankruptcy Laws, Chapter 13 Bankruptcy Laws and more. Bankruptcy Laws is affiliated with New York Bankruptcy Lawyers.

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The relevant law to consider is the Bankruptcy Code, which defines and outlines the procedures involved in filing for bankruptcy under each chapter.

The two most common types of bankruptcy in the United States are Chapter 7 and Chapter 13. The first is available only to individual consumers while the latter is available to both individual debtors and business organizations. The first involves a liquidation of all nonexempt assets and properties, while the latter allows you to keep your properties in exchange for signing up for a repayment plan.

Dischargeability of Debts

If there is one thing you should take note of bankruptcy, it is that not all debts can be discharged. Keep this always in mind. Because you might think that you can get away with your debts scot-free after filing for bankruptcy only to find out later on that you are still obliged to pay for some certain non-dischargeable debts.

NON-DISCHARGEABLE DEBTS UNDER CHAPTER 7

Recent taxes

Trust fund taxes

Child or family support

Criminal fine or restitution

Accident claims involving intoxication

Unscheduled debts

Penalties payable to the government other than tax penalties

Student loans

Debts listed in prior bankruptcy where debtor was denied a discharge

NON-DISCHARGEABLE DEBTS UNDER CHAPTER 13

Debts for alimony, support, and maintenance

Debts for death or personal injury related to drunk driving

Debts for criminal fines and restitution

Most debts for student loans

Debts not covered by the plan

Installment debts maturing after the close of the plan

It is important to know what debts are dischargeable and what debts are non-dischargeable under any of these two bankruptcy types.

If you have substantial debts that are dischargeable under Chapter 13 but non-dischargeable under Chapter 7, then a Chapter 13 bankruptcy might be preferable to Chapter 7.

A sub-factor to consider in this is your eligibility for a discharge. The law states that a person who has received a Chapter 7 discharge in a case that was filed within six years is not eligible for a Chapter 7 discharge. In that case, the only other option you have is to file for a Chapter 13 discharge.

A bankruptcy attorney can help you get fast debt relief and give you the resources, services and expert advice to get your financial situation back in order. With the proper information in regards to the new bankruptcy laws you can avoid the hassles many people have to deal with because they did not take the time to do some research. Only you can decide what is best for your debt burden.

Dean Shainin offers online Bankruptcy and debt advice. For more information, articles, current news, tools and valuable resources on bankruptcy and debt solutions, visit this site: How To File Bankruptcy

Author: Dean Shainin
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The other process is Chapter 13 bankruptcy, also known as a “Wage Earner’s Plan“. Under Chapter 13 you retain control of your assets, but you are required to make monthly payments for a three to five year period to repay your creditors.

At first glance it may appear that, for someone with a lot of debts, a Chapter 7 bankruptcy is the best option: you don’t have to repay your creditors, the process ends relatively quickly, and if you have no assets, you have no assets to lose. Chapter 13 seems like a worse alternative, since you will probably be making payments for the next five years.

However, there are some obvious reasons why a Chapter 13 Wage Earner Plan is the better option.

First, thanks to the 2005 Bankruptcy Reform legislation, all potential bankrupts are subject to a means test; if your income is too high, you cannot file bankruptcy under Chapter 7; you must file under Chapter 13.

Second, a Chapter 13 Wage Earner Plan generally allows you to retain all of your assets, so if you would lose assets in a Chapter 7 bankruptcy, Chapter 13 may be the correct option for you. Each state has a list of assets that are exempt if you file a Chapter 7 bankruptcy (exempt means you don’t lose them when you go bankrupt). It is important to have your bankruptcy attorney review the list of exempt assets for you, so that you know what you will lose if you file a Chapter 7 bankruptcy. If you will lose assets, Chapter 13 may be the best option.

Finally, if you are about to lose your home through foreclosure because you are behind on your mortgage payments, a Chapter 13 Wage Earner Plan may be the only logical option. While a Chapter 7 bankruptcy may delay foreclosure, it does not prevent it. In the worse case your Chapter 7 bankruptcy many require that the property to be sold to repay the mortgage debt. In a Chapter 13 Wage Earner Plan, you may be able to negotiate with the mortgage holder to get caught up on the mortgage arrears as part of the court approved repayment plan. If the lender agrees and if the mortgage is brought up to date, the bank will not foreclose on your home.

As you can see, it may appear that a Chapter 7 bankruptcy is the quickest and cheapest option, but for many debtors a Chapter 13 Wage Earner Plan is the correct option. The rules are complicated, so seek the advice of a competent bankruptcy attorney before making your final decision.

Ronald Thompson writes about personal bankruptcy, including Chapter 7 bankruptcy and Chapter 13 bankruptcy. Visit http://www.bankruptcy-america.com for information about Chapter 7 bankruptcy and Chapter 13 Wage Earner Plans

Author: Ronald Thompson
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There are categories for bankruptcy: Chapter 7, 11, 12 and 13. Which category you fall under will depend upon how much debt you have, the type of debt and whether you are filing for a business or individual.

Chapter 7 bankruptcy is the most commonly filed form. Also called personal bankruptcy, Chapter 7 will eliminate almost all of your unsecured debts. Unsecured debts are those such as credit cards, or loans without collateral. When you file, the companies that you owe the money to can no longer attempt to collect funds from you. Any assets that you have, such as homes or vehicles will be turned over to a trustee. These items will be liquidated and the funds will be used as part of the settlement with the creditors. Different states have different exemptions on what type of assets can be liquidated. Chapter 7 will take approximately six months from start to finish. Chapter 7 may only be filed for once every 6 years.

Chapter 11 bankruptcy is most commonly used by businesses who wish to keep all their assets. Debts are paid over time, unlike Chapter 7. It is a type of restructuring bankruptcy and can be fairly complicated. It is best to file for this type of bankruptcy with an experienced attorney.

Chapter 12 is a specific bankruptcy for farmers. It allows the farmers to keep their assets and repay their creditors over time. It is similar to Chapter 13.

Chapter 13 bankruptcy will let you keep those assets which would be liquidated under Chapter 7, such as vehicles or a home. This is a reorganization of your debts. Payments are worked out with the creditors to allow you to pay back your debts over a period of several years (up to 5). There are limits to how much debt you can actually have to qualify for Chapter 13, so check with your state’s guidelines. A trustee will be appointed to you to oversee your bankruptcy. Payments are made to the trustee, who disburses the payments to your creditors. If you default on payments, or find yourself unable to make payments, you do have a choice to change to a Chapter 7 bankruptcy.

At anytime during your bankruptcy proceedings, if you feel you can get back on track – you can ask that your bankruptcy be dismissed. As long as the bankruptcy hasn’t been discharged.

When you file for bankruptcy, your credit score will sink rapidly. Although, if you have been having trouble keeping up with your bills, it probably was low already. Bankruptcies can stay on your credit report for up to 10 years after they have been discharged. The good news is, your credit score will start to rise as soon as a discharge has been issued, if you are timely with your payments.

You can file for bankruptcy on your own, particularly with Chapter 7, which is the least expensive option. However, dealing with an experienced attorney can help the process move along faster and they can advise you on the best type of bankruptcy to file for.

Michael Russell Your Independent guide to http://bankruptcy.guide-for-you.com/ Bankruptcy

Author: Michael Russell
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Did you know that a bankruptcy will show up on your credit report for 10 years? This will make getting any type of loan, credit card, or a home mortgage, next to impossible. Sure, there may be a few lenders who will extend you credit after a few years, but only after jumping through hoops and paying a very high interest rate. Another aspect to consider before filing for a bankruptcy is that some of your possessions may actually be repossessed. When the bank finds anything of value that is not considered a necessity, it may seize the items to pay off your debts.

You should also keep in mind that not all debts are canceled by filing a bankruptcy. If you owe taxes to the IRS, past due child support, alimony, or any court judgments, you will still have to pay these off. They are not erased with a bankruptcy.

Filing for bankruptcy should be avoided if at all possible. In addition to future credit restrictions, filing a bankruptcy will even prevent you from holding some various jobs in the workplace. You can’t be an accountant, or hold a magistrate position.

The only real advantage of filing a bankruptcy is that the phone calls at all times of the day and night will stop. Your debts will be written off when your bankruptcy is discharged. You’ll have peace of mind once again.

Instead of only considering filing for bankruptcy to get out from under all the debt you’ve incurred, think about trying debt consolidation. Debt consolidation companies will help you to manage your bills. They have the ability to put some programs in place to help you. They can contact your creditors and make special payment arrangements, new loans, lower interest rates, extended loan periods, etc. Many times this can help prevent you from having to file for bankruptcy. The debt consolidator will make the payments to your creditors and handle everything. All you do is make one monthly payment to the debt consolidation company.

With the recent bankruptcy reform law, filing for a Chapter 7 bankruptcy is next to impossible. A Chapter 7 filing lets you keep your home and property, but discharges all of your debts. Chapter 13 is a re-organization of your debts that you pay off in 3-5 years. Most all filings are now forced into a Chapter 13.

The new law also makes it mandatory for you to meet with a credit counselor before filing for bankruptcy. You must meet with them for at least 6 months. Because of this new law, there is a shortage of credit counselors, forcing you to wait until you can find one before you can begin filing your bankruptcy. You must also attend a money management course, at your own expense.

It is always a good idea to speak with an attorney who specializes in bankruptcy law before making a decision to file. By knowing all of your options and doing some research, you may very well find a solution to getting out of debt without having to file for bankruptcy.

Michael Russell

Your Independent guide to Bankruptcy

Author: Michael Russell
Article Source: EzineArticles.com
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Bankruptcy court records can tell you a lot of things about the person or company you want to partner with including their full name, when and where they filed bankruptcy and even what kind of chapter they filed.

Searching through bankruptcy court records also gives you a detailed picture of the company or individual’s honesty and creditworthiness as well as lets you have a bigger picture of their financial situation. Bankruptcy court records allow you to know what assets the company or person has and what assets they may have lost through declaring bankruptcy. It also gives you an understanding of any claims that could be made against money that you would jointly make in a business venture.

Searching through bankruptcy court records also is a great way to verify that the information you have obtained about an individual or company is correct. When a company files for bankruptcy they have to use their legal name and give their location, giving you a solid documentation to use when verifying information that they have given to you.

Researching bankruptcy court records can even help you with your business. Knowing the bankruptcy court records of potential clients can help you to know whether or not you should extend credit to them or help you to determine how much credit you are willing to extend.

Depending on the type of business you are in, searching through bankruptcy court records can even help you to find new clients. If you are in the loan business, real estate, or working with clients that have bad credit, having bankruptcy court records can give you a direct list of people that could easily become new clients. Because bankruptcy court records include real names and addresses, the information on bankruptcy court records can be a basis for a mass mailing that could lead to several new clients.

Searching through bankruptcy court records is a great way to do a background check on a company or business that you are considering doing business with. The information contained in bankruptcy court records can help you to determine whether or not you want to do business with a particular company or individual and help you to verify information that they have given you. With bankruptcy court records so readily available, it just makes good sense to check the backgrounds of your business associates. The minimal amount of time and effort it takes to search through bankruptcy court records is well worth it, if it turns up information that is valuable to your business.

Dr. Amit Mehta is a writer for http://Find-Court-Records.org, a large online database that provides unrestricted instant access to bankruptcy court records.

Author: Amit Mehta
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Bankruptcy is a last resort for those people who are swimming in debt and cannot pay their bills. Bankruptcy credit repair is an option for those people who have declared bankruptcy and would like to begin to reestablish themselves without paying exorbitant interest rates. Bankruptcy may allow them to keep their house and possibly one car payment. But, anything else of value goes.

Credit repair after bankruptcy may allow those who did not previously own a home, obtain a mortgage with a decent interest rate. A recent law requires that all persons who apply for bankruptcy relief have received credit counseling within the previous year. A Consumer Credit Counseling Services (CCCS) is a good place to start when a person is having trouble paying their bills. While credit counseling may prevent bankruptcy; credit repair counseling is not one of the services provided by the non-profit CCCS. The CCCS is allowed to charge a reasonable fee for their services, but the new bankruptcy law requires that if a person cannot afford credit counseling, it will be provided at no charge.

Credit repair after bankruptcy or after any event which damages one’s credit rating, is not free. It can be expensive, but if you have a past bankruptcy, credit repair may save you hundreds or even thousands of dollars in interest each year. The experts recommend that before you make any major purchase (whether or not you have a past bankruptcy) credit repair may be beneficial. If you are considering a major purchase, a house or car, obtain a copy of your credit report and learn your credit score. If your score is below 680, then you can benefit from credit report repair services. If you have a past bankruptcy, credit repair may be beneficial.

Some credit repair companies suggest options which are illegal. The only way to be sure that credit repair after bankruptcy or bad credit repair of any kind is legal is to choose a law firm that specializes in credit repair. They are aware of all laws regarding credit repair issues and they can advise you of your legal rights. For more information about bankruptcy credit repair services, visit the Credit Repair Blog.

The writers and editors of the Credit Repair Blog are dedicated to providing accurate information about credit repair after bankruptcy or at any time. Visit us at http://creditfixnow.blogspot.com

Author: Patsy Rose
Article Source: EzineArticles.com
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Bankruptcy is simply defined as the legally admitted inability to pay a creditor. If a creditor can sense that its client cannot make his/her payments, it can request that the client files for bankruptcy so as to collect as much of the money they are owed as possible.

The Primary Laws of Bankruptcy

1. To wipe clean the slate of a debtor, relieving him/her of almost all debts
2. To repay creditors so far as the debtor can afford to

The Benefits of Bankruptcy

Additionally, filing for bankruptcy enables those in debt to divide up their “non-exempt” assets among creditors, so as to resolve their debts altogether. On top of this, debtors are basically exempt from any other financial obligations even if their debts have not been fully paid off. During the filing process, the debtor is protected by a “stay,” which disables creditors from pursuing further actions.

Bankruptcy Trustees

The duty of a trustee is administering bankruptcy estates. To do so, they must prepare all paperwork for the debtor to officially declare bankruptcy, as well as review the documents so as to check for fraud. A trustee is also responsible for selling non-exempt assets and counseling debtors.

Legal Considerations

In Article I, Section 8 of the United States Constitution, Congress is governed to carry out a uniform law regarding bankruptcy throughout the nation. State law plays a critical role in most bankruptcy cases, so it is illogical to make generalizations concerning bankruptcy issues and policies.

Bankruptcy Chapters

There is a total of six types of bankruptcy filed under the Bankruptcy Code. Chapter 7 of Title 11 of the United States Code outlines a “liquidation-style” type of bankruptcy; Chapter 9 discusses municipal bankruptcy; Chapter 11 describes the “rehab” type used for the most part by business debtors with substantial debts; Chapter 12 talks about a payment plan/rehab case for farmers and fishermen; Chapter 13 does the same as the previous case, yet it is designed for individuals with a constant flow of income; and Chapter 15 deals with “cross-border” cases. Chapters 7 and 13 are among the most common types of personal bankruptcy.

Gregrey Pashby is a writer and contributor for Bad Credit Lender who specialize in bad credit loans and hard money loan information. Bad Credit Lender provides poor credit mortgage refinance loans, bad credit home loans, and hard money loans. In addition, Greg is one of the main contributors to the Coastal La Jolla Funding — A California Hard Money Lender and 1st Access Hard Money & Foreclosures.

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The new bankruptcy law is now in effect, the landscape has changed for those who are considering bankruptcy. All debtors will have to get credit counseling before they can file a bankruptcy case and additional counseling on budgeting and debt management before their debts can be wiped out. Some filers with higher incomes won’t be allowed to use Chapter 7.

What is Chapter 7 of the Bankruptcy Law?

The most frequently used bankruptcy law is the Chapter 7, often called the Liquidation Bankruptcy. It involves the complete liquidation of a debtor’s property, with the proceeds used to pay off the debts. Someone who considers bankruptcy is unaware of the nuances of bankruptcy or certain creditors’ rights in bankruptcy. Be familiar with all the applications for filling. This article will provide you with broad guidelines so that you may be comfortable with your decision. I will begin with an outline of basic procedures in Chapter 7 case and conclude with a discussion of various Chapter 7 pitfalls.

7 Basic Procedures Involved in Filing for a Chapter 7 Bankruptcy

1. You will be required to file a sworn upon filing, this includes a schedule of assets and liabilities, a list of exempt property, a schedule of current income and expenditures, a statement of your financial affairs and a statement of intent regarding consumer debts secured by property of the estate. You will surrender all your property state to the trustee. What this means, among other things, is that an automatic stay is triggered, prohibiting creditors from pursuing you or your property outside of the bankruptcy proceeding.

2. The clerk of court will give notice of the bankruptcy to your creditors.

3. Meeting of creditors will be held to question you about your debts and ability to pay. You will be attending the meeting whether you like it or not. The judge may not question you at this time. Other creditors and the trustee may question you. Unlike a trial, your attorney may not “object” to questions in a formal sense. It is an open opportunity for creditors to question you and you are required to respond in good faith.

4. A creditor of the trustee assigned to your case may object to your listed exemptions within 30 days after the meeting of creditors.

5. After the first date set for the meeting of creditors, a creditor must file a proof of claim within 90 days. If a surplus remains after all of the claims are paid in full at the end of the case, the court may grant an extension of time for filing of claims not filed during the initial 90 day period.

6. An objection to your receiving a general discharge of all of your debts must be filed by the trustee or a creditor within 60 days following the first date set for the creditors meeting If no objections are filed, and if no motion to dismiss is pending, the court will ordinarily grant a discharge upon expiration of the 60 day period.

7. A creditor may object to the discharge ability of a particular debt at any time if the debt if it:

o Is for a tax or customs duty

o Is not listed in the schedules so that a creditor could file a proof of claim

o Is related to alimony or child support

o Is a government fine or penalty; or is a government insured student loan.

After filing bankruptcy a creditor may object to the discharge of a particular debt only within 60 days of the first date set for the meeting of creditors. If the debt is a consumer debt created close to filing or is a result of fraud or is a result of a wilful and malicious injury to a person or property of another they can dispute the filing.

Dean Shainin offers online Bankruptcy and debt advice. For more information, articles, news, tools and valuable resources on bankruptcy and debt solutions, visit this site: How To File Bankruptcy

Author: Dean Shainin
Article Source: EzineArticles.com
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