Product Description
Practical Bankruptcy Law for Paralegals is the textbook that meets all the needs of paralegal students exploring the topic of bankruptcy as it relates to their future profession. It presents this sometimes-complex subject in a straightforward manner. The text explores why bankruptcy law covers what it does, the written and unwritten rules of procedure that guide how the substantive law of bankruptcy is implemented and the necessary tools for mastering the procedural… More >>

Practical Bankruptcy Law for the Paralegal, Third Edition

Bankruptcy is often seen as the last resort in solving any debt issues, but I do not subscribe to this. In a related article I will take you through the pros and cons of bankruptcy, and the myths of an IVA which is often touted as the debt solution to take. Please read these and it will become apparent that bankruptcy has been and remains a far more utilised debt solution than the IVA.

The consequences of becoming bankrupt may mean you lose your house, it could prevent you from pursuing certain careers and, for example, prevent you from becoming a company director for the period of time that you are bankrupt.  Having said that, the severity and stigma of bankruptcy has lessened over time and it is now far more acceptable than it used to be. This year some 80,000 individuals will become bankrupt.

Bankruptcy can be a daunting experience. There are however companies such as mine that specialise in taking customers through the bankruptcy process, even attending court with you if necessary. Faced with a statement of affairs of 35 pages which needs to be completed in triplicate can be an unnerving proposition. Advice from an expert as to whether bankruptcy is the right route, and then someone to fill in the forms and help you file them at court and then attend with you is something to be considered, especially when I can help you keep your house and your income.

How do I know if I need to pursue the bankruptcy option?

The easy way to find out is to call an expert debt advisor.  They will, very quickly, get to understand your current financial position and advise the best way to solve your situation. The conversation is completely confidential, free of charge and without obligation. You should choose someone who is not allied to either a Debt management company or an IVA firm such as me I will give impartial advice not the solution which makes me the most commission.

What is bankruptcy?

Bankruptcy means that all your debts (subject to a very few minor exceptions) are written off on the instant you are made bankrupt. If you have disposable income you may be required to pay this to the Official Receiver for a maximum of three years. However part of what I do is to configure your disposable income to reduce as much as possible the potential of having to make income payments. You will generally be discharged from bankruptcy in a year or less. If you have equity in your property or valuable assets you may have to release these to the Official Receiver. Although in the vast majority of cases I have seen this year, with very little if any equity in property, homes can be transferred from the Official Receiver back to the bankrupt or his or her spouse for his fees, of about £400.

If you have ever considered bankruptcy as a way to get out of a debt problem you can do no better than call me today. Below are the details of the local county court.

Kendal County Court

The Court House
Burneside Road
Kendal Cumbria
LA9 4NF

Switchboard

01539 721218

Product Description
This casebook is an authoritative introduction to bankruptcy. Case studies, case notes, and examples illustrate points under consideration. Thought-provoking questions generate classroom discussion and hone students’ legal reasoning. Students reap the benefit of the author’s expert opinions, insight, and experience. Representative topics include the individual debtor, corporate reorganizations, and claims, property of the state, and the Strong-Arm Powers…. More >>

The Elements of Bankruptcy, 5th

Filing for Bankruptcy costs money and even if you do the filing all by yourself you will still need to spend money on documents, papers and other information requirements.  If you want to know how to file personal bankruptcy for free then you will just find yourself with no answers.  What you can do is to learn the ways to cut cost when you file bankruptcy.  To get into that, you must have a basic understanding of bankruptcy.  You do not need to become an expert of it but just become familiar with the bankruptcy laws.

Bankruptcy is considered as a privilege by many because it has the capacity to eliminate the debt of a person.  The two types of bankruptcy you should be learning should be chapter 7 and chapter 13.  These two types of bankruptcy are the most commonly filed by people.  There are advantages and disadvantages with each type and learning them can help you make preparations in which type you will be able to file.

Chapter 7 is the straight or liquidation type bankruptcy.  This bankruptcy works by liquidating the properties of a debtor.  The amount of money that will be produced from the liquidation will be distributed to the creditors.  Debts that are unpaid by the completion of the liquidation are categorized as forgiven or eliminated and therefore, cannot be claimed by the creditors anymore.  The debtor can keep properties that are called exempt properties.  These types of properties are exempted from the liquidation; other properties that are not categorized as exempt are put through liquidation.

Chapter 13 is referred to as a reorganization or repayment plan.  This type of bankruptcy works to resolve debts by letting the debtor propose a plan to pay the debts he owes from his creditors.  The only way he can be eligible for this is to prove that he has an income that exceeds his expense.  Currently, most people are encouraged to file this type of bankruptcy because of the new requirement of the new bankruptcy law which is that a person must attend a credit counseling session conducted by credit counseling agencies.  These agencies provide the repayment plan for you so indirectly influencing you to file a chapter 13.

If you want to know how to file personal bankruptcy for free or at least at very minimum cost then I can suggest a few ways in which you can achieve this.  The first thing you can do to cut cost in filing your bankruptcy is doing it all by yourself.  This is hard work and most likely will take you time to get things done.  Also, adding to the problem is the risk that you might make a mistake preparing your papers.

The best thing I can suggest you can do is to hire a petition preparer or a bankruptcy lawyer to prepare your papers.  This way, mistakes can be avoided.  You just pay their flat fee and then you do the rest of the work.  You do not have to spend a lot of money when you file bankruptcy.  For more support on how to file bankruptcy, visit the link below.

Although federal bankruptcy law mainly regulates bankruptcies, the individual states can have specific guidelines for the process within their jurisdiction. States can typically choose to have their own rules that govern the types of exemptions that the debtor is allowed to keep after filing for a discharge of their debts.

For instance, some states will allow debtors to keep their homes no matter how expensive or extravagant they are whereas other states will force the liquidation of property as an attempt to pay off the debts. Other variations include the types of debt that a debtor can discharge, although many of these are federally mandated without exception.

Florida bankruptcy law heavily favors debtors in regards to the property that they can retain. In fact, Florida has a reputation for being one of the most liberal states in the country for debtors to petition for a discharge of debts. The state government has elected to opt out of the federal regulations concerning the debtor’s lawfully retainable property.

According to Florida bankruptcy proceedings, you can keep more of your personal property during a bankruptcy than in any other state. As a result, many people who plan to file often move to Florida with their assets in order to take advantage of the state’s lenient bankruptcy law.

To see a contrast in the how the bankruptcy law changes from state to state, look at the exemptions that the Maryland law allows. Maryland is stricter in regard to the debtor’s assets that must be liquidated in a bankruptcy.

For instance, a debtor who files bankruptcy in Maryland is only entitled to keep $500 worth of household goods and furnishings as well as $3,000 of cash in their bank accounts. Also according to Maryland bankruptcy law, debtors can only retain up to $2,500 worth of personal property and the rest must be sold or liquidated so the proceeds can go towards paying the creditors.

Different states have varying guidelines regarding bankruptcy law, but each category has specific regulations, too. In a Chapter 7 bankruptcy, for instance, you can have many of your debts completely discharged so you can get a fresh financial start.

On the other hand, Chapter 13 bankruptcy requires you to enter into a repayment agreement that the courts will oversee and make provisions to help you pay off your creditors in a timely manner. Rules also vary as to how much of your property you are allowed to retain when going through a bankruptcy.

Although federally regulated, bankruptcy law hinges on the guidelines of the individual states and the bankruptcy chapter that the debtor chooses to file. While some states have lenient laws that favor the debtor’s situation, the bankruptcy laws in other states tend to favor the creditor.

Until the recent amendments to the federal bankruptcy code, the federal guidelines favored the debtor, but those times have changed and now it is much more difficult for a debtor to completely discharge their debts. As a result, many people either try to find solutions through loopholes in the system or they deal with the ramifications that filing for bankruptcy will have on their financial future.