Declare Yourself Bankrupt
By Renee Dunn

Are you thinking about whether to declare yourself bankrupt or not? Declaring bankruptcy can certainly wipe your debt slate clean giving you a fresh start but you really need to give this decision some serious thought.

If you are facing what appears to be insurmountable debt and can’t see your way forward for many years to come then bankruptcy might be your best option. Creditors can become a daily part of your life, ringing into your home, your work and your social life chasing down money you owe. Bankruptcy will halt this almost instantly.

Assets you own at the time of being declared bankrupt can be seized and sold to ensure the people to whom you owe money are able to receive some payment. You will not be stripped completely bare though so knowing the finer details that pertain to your local jurisdiction is important. Talking to a bankruptcy lawyer in your area will ensure you understand what assets, including your home if you have one, are at risk.

Your credit records will include details of your bankruptcy for as many as ten years in some cases. You need to be sure that you understand that although getting finance after your bankruptcy period has ended is not altogether impossible. Most people realise that their credit records are not going to be improving soon and in some cases could get much worse over the next few years without massive action to correct things financially.

In some cases you can agree to make set payments over a certain period of time under the laws of Bankruptcy, this means you aren’t entirely considered as bankrupt but the impact on your credit report will be very similar to that of full bankruptcy so if that is concerning you then be sure to understand the differences in your particular country and state.

If you are still unsure about going bankrupt there are other options you can explore to assist you in managing your way out of debt. Although it doesn’t seem like it today, financial freedom is attainable, you just need to understand your options and then take action without delay.

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Should You Go Bankrupt?
By Jon Arnold

If you’ve been wondering whether you should go bankrupt, you may have many questions. You’ve likely reached a point of financial desperation, wondering which way to turn. You don’t have the money to pay your bills, the creditors are calling, and the idea of bankruptcy can be tempting – after all, it would make all your financial woes disappear, right?

Not necessarily! There are many things to consider before filing bankruptcy, and it’s not always easy to get the answers you need. There may also be alternatives to bankruptcy that you haven’t considered. Before you enter into a legal bankruptcy ruling, it’s smart to learn as much as possible about the process. You shouldn’t make the decision to go bankrupt in haste, as you might end up regretting it for the rest of your life. Many forms of bankruptcy stay on your record for seven to twelve years – a long time to pay for a financial mistake.

Before you go bankrupt, it’s important to consider all your options. You should take the time to learn about bankruptcy laws, because they vary from state to state. The paperwork can be a nightmare to navigate if you don’t know what you’re doing, and there are often legal elements to bankruptcy that the common person isn’t even aware of. However, it can be difficult to get the answers you need without a financial adviser of some sort. There are many factors to take into account, and it’s hard to know which decision is the right one to make.

Many people don’t realize that the person filing is not in control of the chapter of bankruptcy that is chosen. Rather, the decision as to which chapter can be filed is up to the courts, not the person filing. If you aren’t careful to educate yourself, you can end up paying quite a bit more for the proceedings than you originally intended, leading to a real mess. An adviser can help you navigate the legal maze that is often associated with filing bankruptcy, allowing you to come out ahead for the first time in years.

If you’ve been trying to decide whether or not to go bankrupt, it may be wise to learn a bit about your alternatives. You might be able to take out a loan, sell off assets, or consolidate some of your credit cards. You might be able to take an aggressive approach to debt repayment and get out of the mess you’ve found yourself in. While these alternatives might be inconvenient, they’re also less expensive than filing bankruptcy.

Thinking about bankruptcy can be overwhelming – especially when you start weighing in on how much it might cost. If you’re in the process of deciding whether to go bankrupt or not, it might be wise to find an adviser to help you work through the pros and cons of your decision. Qualified advisers are often available for free, and can help you decide on the right choice for your individual financial situation. If you’re tired of the financial stress, and are just looking for a way out, don’t jump to a conclusion of bankruptcy. Instead, consider consulting a financial adviser to help you make the right decision.

For more insights and additional information about the decision as to whether you should Go Bankrupt or not, as well as getting a free bankruptcy evaluation from a qualified bankruptcy lawyer in your area so you can know where you stand financially, please visit our web site at http://www.bankruptcy-data.com

I, Robert Manchel, Esq. am the author of this article and Certified as a Consumer Law Bankruptcy Attorney by the American Board of Certification, which is accredited by the American Bar Association. If you wish to obtain additional information about bankruptcy, please call my toll free number 1(866) –503-5655 or visit my web site at  http://www.bankruptcylawyer-nj.com.

An obligation to pay debt is based on an agreement between the individual(s) and the creditor. A spouse is not responsible for the debt of the other spouse solely because of the marriage. If only one spouse contracted to pay a debt, than only that spouse is responsible for the debt. If both spouses are obligated and have contacted to pay the debt, than both spouses are responsible for 100% of the debt.  If both spouses contracted to pay the debt, the creditor may pursue and collect any percentage of the debt from either spouse, but never in excess of the total amount due. In other words, the creditor may get 60% from one and 40% from the other, or 20% from one and 80% from the other spouse.

If two people wish to file for bankruptcy together, the two individuals must be married. In general, it is not necessary for both spouses to file for chapter 13 or 7 protection. When evaluating whether one spouse should file individually or jointly, each person should carefully consider their entire financial circumstances, independently, and together with the other spouse. 

In a chapter 7, if the filing party meets all of the bankruptcy code criteria, the filer will eliminate “certain” dischargeable debt. If the non filing spouse, owes a joint debt with the filing spouse, the non filing spouse will not eliminate or discharge any of his/her debt. This means that the creditor may pursue the non filing joint debtor spouse for all of the debt, which he/she is responsible to pay.

Immediately upon a chapter 7 or 13 bankruptcy filing, the “bankruptcy stay” prohibits any and all creditors from commencing or pursuing any action against the filing party. In a chapter 7, the court will typically permit the creditor to pursue the non filing joint debtor spouse in connection with any balance due.

New Jersey residents can obtain answers to questions regarding foreclosure resolution and bankruptcy laws by visiting http://www.bankruptcylawyer-nj.com

Unsecured debt is debt that is not secured by property, such as the following: credit card debt; personal loan; and, health care debt, etc. 

The following pertains to a chapter 13. In a chapter 13, the filing party must make monthly payments to a trustee. The amount and number of the payments are based on numerous factors. Also, the determination as to which creditors are entitled payment of funds from the monthly trustee payment, is based on numerous factors. In certain circumstances, the filer must or may pay all or a portion of the unsecured debt, through the monthly trustee payments (bankruptcy plan).

In a chapter 13, the filing party is required to treat all unsecured creditors equally. Therefore, a spouse filing individually, may not decide to pay 100% of the debt to one credit card company and 5% to another credit card company. Typically, if one unsecured creditor is paid 100%, than all unsecured creditors must be paid 100%. If the unsecured creditors are receiving less than 100%, each creditor must be paid on a pro rata basis.

Immediately upon the filing of a chapter 13, the “stay” and “co-debtor stay apply. The “co-debtor stay” initially prevents any creditor from pursuing the non filing spouse, who owes a joint debt with the fling spouse. However, the court will permit a creditor to pursue the non filing joint debtor spouse, if the filing spouse does not pay 100% of the debt to the unsecured creditor. In other words, if a chapter 13 Joint debtor spouse, who files individually, pays less than 100% to an unsecured creditor, the creditor can apply to the court for permission to proceed against the non filing joint debtor spouse, for the balance that will not be paid through the trustee payments.

An individual would file a chapter 13 for the purpose of saving a house from foreclosure. Typically, if the mortgage(s) and note(s) are in the name of both spouses, and they are unable to modify any mortgage and/or note, only one spouse need file to save the house from foreclosure. Typically, if the mortgage and note are in the name of one spouse, only that spouse would need to file to save the house. This interpretation may vary.

Typically, an individual would file a chapter 13 for the purpose of saving an auto from repossession. Generally, if the financing, is in the name of both spouses, and they are unable to modify the financing agreement, only one spouse would need to file to save the auto from repossession. If the financing is in the name of one spouse, typically only that spouse would need to file to save the auto.

Disclaimer: The bankruptcy laws are complex and may be applied differently, in each case, and State.  There may be numerous exceptions and variations for each law and rule. Do not rely on the information provided in this article. If you are considering filing for bankruptcy protection or have  foreclosure issues, you should consult with an experienced  lawyer. We are a debt relief agency. We Help people file for bankruptcy relief under the bankruptcy code.

© 2008 Robert Manchel

Avoid Bankruptcy

Bankruptcy is a legal procedure that individuals put into force when trapped in an impending financial crisis caused by a huge debt. Filing for bankruptcy gives the individual the opportunity to start afresh financially. The person filing the bankruptcy is referred to as the debtor, and the person whom he/she owes the money to is called the creditor.

The decision to file for bankruptcy is an important one, and the consequences of it must be understood before it is taken. It is an extremely difficult decision to take and better left to the discernment of lawyers who have the expertise, and are aware with the nuances such cases.

How Do I Know When I Should File For Bankruptcy?

Your lawyer will of course be the best guide for you on that. But even better would be for you to use the evaluation tool on this website which answers this pertinent question for you. The evaluation tool scrutinizes individual cases in order to provide a customized solution. All you have to do is to fill a form that asks for details pertaining to the type of pending debts, any and all information about your assets, your income and a few personal details. At the end of this process, a reliable assessment of your case will be made which will help you answer this extremely difficult question.

How To File For Personal Bankruptcy?

The word ‘filing’ might suggest a straightforward process, but filing for bankruptcy is far from that. The lengthy process of bankruptcy is usually best left to work out by lawyers. Reason might advice otherwise – after all it is an added expense! Yet, one must be warned that carrying out the process of filing for bankruptcy on your own requires a lot of patience and groundwork. To start with, keeping records in order is the key to filing bankruptcy properly, without making any errors. A lot of information will have to be furnished as part of the process of filing and this must be utmost care. Suffice to say, go for a lawyer!

When choosing a lawyer you must be watchful of the credibility and the background of the person you are deal with. When dealing with independent lawyers in particularly, there have been plenty of instances where lawyers don’t cater to your needs adequately because they have their hands full with many other cases. Seek the help of employee assistance programs or of course people you know and trust. A filing fee must be paid to the court; there is the possibility of paying this fee in installments. The fees of the lawyer are different although there are some public-funded legal services programs that don’t charge attorney fees when handling personal bankruptcy cases.To learn more about bankruptcy and bankruptcy alternatives, please visit Total Debt Relief.

Avoid Bankruptcy

Bankruptcy is a legal procedure that individuals put into force when trapped in an impending financial crisis caused by a huge debt. Filing for bankruptcy gives the individual the opportunity to start afresh financially. The person filing the bankruptcy is referred to as the debtor, and the person whom he/she owes the money to is called the creditor.

The decision to file for bankruptcy is an important one, and the consequences of it must be understood before it is taken. It is an extremely difficult decision to take and better left to the discernment of lawyers who have the expertise, and are aware with the nuances such cases.

How Do I Know When I Should File For Bankruptcy?

Your lawyer will of course be the best guide for you on that. But even better would be for you to use the evaluation tool on this website which answers this pertinent question for you. The evaluation tool scrutinizes individual cases in order to provide a customized solution. All you have to do is to fill a form that asks for details pertaining to the type of pending debts, any and all information about your assets, your income and a few personal details. At the end of this process, a reliable assessment of your case will be made which will help you answer this extremely difficult question.

How To File For Personal Bankruptcy?

The word ‘filing’ might suggest a straightforward process, but filing for bankruptcy is far from that. The lengthy process of bankruptcy is usually best left to work out by lawyers. Reason might advice otherwise – after all it is an added expense! Yet, one must be warned that carrying out the process of filing for bankruptcy on your own requires a lot of patience and groundwork. To start with, keeping records in order is the key to filing bankruptcy properly, without making any errors. A lot of information will have to be furnished as part of the process of filing and this must be utmost care. Suffice to say, go for a lawyer!

When choosing a lawyer you must be watchful of the credibility and the background of the person you are deal with. When dealing with independent lawyers in particularly, there have been plenty of instances where lawyers don’t cater to your needs adequately because they have their hands full with many other cases. Seek the help of employee assistance programs or of course people you know and trust. A filing fee must be paid to the court; there is the possibility of paying this fee in installments. The fees of the lawyer are different although there are some public-funded legal services programs that don’t charge attorney fees when handling personal bankruptcy cases.To learn more about bankruptcy and bankruptcy alternatives, please visit Total Debt Relief.