Bankruptcy is not a place you want to be, but sometimes people are so far into debts for one reason or another that it is unavoidable. At least they THINK it is unavoidable. The truth is that there are several options to filing for bankruptcy, and since bankruptcy is such a huge and drastic step, it should only be considered as your last option, AFTER you have thoroughly investigated and exhausted all other options as not being applicable or feasible.
But if bankruptcy is indeed your only or best option, it is not something you should do alone or by yourself, whether personal bankruptcy or business bankruptcy. The laws differ from state to state, and you really need the advice and counsel of a good bankruptcy lawyer. This bankruptcy attorney should be local to you, should be familiar with bankruptcy in your state, and can advise you as to what your real options are, as well as helping and advising with the mountain of paperwork and forms that will be required.
There are some common misconceptions about bankruptcy. It is totally different than declaring bankruptcy in the game of Monopoly, but some of the things that people assume about bankruptcy are totally false, and we will take a look at some of those things here.
Untruth #1: I will lose everything
There are different types of bankruptcy, and again, a qualified attorney can talk with you about this. But there is no guarantee or mandate that you will lose everything, or in fact, ANYTHING. You may be in a position to actually retain the things you have, and to be conscious to get caught up on overdue payments as well as making timely payments to your creditors in the future.
Untruth #2: Everybody will know about it
Basically, this is up to you and who you tell. Yes, bankruptcy is a matter of public record, but who will go into public records to search for it? Do you regularly go to the public records database to see if any of your friends or neighbors have declared bankruptcy? Only your creditors will know, and they are prohibited from making it public knowledge.
Untruth #3: Iâll never get credit again
Some people think that after declaring bankruptcy that they will never be able to buy anything again, even with cash. Nothing could be further from the truth. While it is a fact that filing bankruptcy will put a notable red mark on your credit report for the next 7 to 10 years, you will get credit again. In fact, you may even be inundated with offers for a secured credit card, which is not a bad idea to get your credit score built back up. Make sure you have learned something from your bankruptcy experience though, since these credit offers will probably come to you at exorbitant interest rates.
Untruth #4: It is difficult or impossible to file for bankruptcy
bankruptcy laws have changed in recent years, and it is certainly not as easy as it once was. In fact, it is still a tedious and difficult process, and one that you would be well advised to work on with a bankruptcy lawyer to make sure you get all the forms right. But it is far from impossible.
Like anything else, you know to know the facts about something, and with bankruptcy, you need to know the law and your rights. Knowledge is power, and the more knowledge you have, the more options you have to exercise.
Jon Arnold
http://www.articlesbase.com/finance-articles/common-misconceptions-about-bankruptcy-139212.html
If I am in a chapter 7 bankruptcy, can I voluntarily dismiss it myself? I know you can dismiss a 13, but I'm not sure about a 7.
why are you trying to dismiss your Chapter 7? It will still show up on your credit report regardless since you already filed. You minds well just follow through with it.
I have been working on a "plan" with my attorney and trustee for almost a year now. Now they want to increase my payments to a point where I cannot afford it. I may want to dismiss my case but what happens when I do that? I know I am thrown back to the sharks so to speak as far as my creditors go. Do I have to wait to re-file another Chapter 13 plan with a different attorney?
Sounds like you have your facts right.
1) The stay is automatically lifted and your creditors will be after you.
2) All that money you invested in your plan for the past year goes to your attorney and trustee…..they are now paid. Do you think they care about you now?
3) You get to wait 6 month before you are allowed to file again.
4) I don't think you will qualify for upgrading to Chapter 7…if so you would have done it already.
What is the reason they are raising your plan payments? Unless you came into some more money, or a new job, I see no reason for this. Why isn't your attorney fighting this?
You may with to consult a differant attorney and get his opinion, maybe evern let them do your case. It sounds like your current attorney has botched your case.
Establish an Employer Identification Number (EIN) free from the IRS–check with your local Employment Security Office for information, or online.
Then your business has it's own identifying number, not necessarily tied to your Social Security number which will be flagged by the bankruptcy.
Good luck!
I have the possiblity that I might be sued for a delinquent credit card bill. They take you to court and sue you for payment, and it is called a credit card judgment (CCJ), and they can garnish your wages or take from your savings, etc.
Does anyone know, can you declare bankruptcy after the judgment (CCJ) is made, and have the CCJ included under the bankruptcy protection? Can you declare bankruptcy and have the CCJ as a part of it? Someone tried to tell me that it becomes a "secure" debt that you can't include in a bankruptcy, once the court makes a CCJ judgment.
Thank you in advance.
I don't understand the first answer given. I am a bankruptcy paralegal, and ALL credit card debts, including civil judgments, must be included in your petition and schedules. Maybe it is different in different parts of the country, but where I am from you are required to list all debts, lawsuits, judgments, etc. I have put a stop to many lawsuits and judgments in my day through the bankruptcy code. My best advice is to contact a bankruptcy attorney and set up a free consultation. Good luck.
I have to find 4 historical references in chapter 7-11. If you know please tell me what they are and the page number you found them on. Thanks
There are several historical references, and for that matter one of the characters' name, Atticus, is in itself a reference to Roman times. But, as you're only asking for four references, these are the ones I've dug out:
Chapter 8:
Appomattox. The village where, on April 9, 1865, Confederate General Robert E. Lee surrendered to Union General Ulysses S. Grant, ending the Civil War.
Rosetta Stone. Discovered in Egypt in 1799, the Rosetta Stone carried a text written in the three historic languages of Egypt. The stone helped historians deciphre the Egyptian Hieroglyphs.
Chapter 9:
This time we aren't fighting the Yankees. A second reference to the US Civil War, which pitted the northerners ("the Yankees") against the southerners ("the Dixies").
chapter 11:
An excellent chance of being murdered with a Confederate Army relic. Third reference to the US Civil War. The southern armed forces' official name was the Confederate States Army. The "relic" – a gun – could have been used in the war.
For further reference you may wish to check this site: http://www.lausd.k12.ca.us/Belmont_HS/tkm/
does anyone know how often you can claim bankruptcy?is it 7 or 10years?also what has changed in the new bankruptcy laws?
i believe it’s ten years now, and the new laws don’t just let you walk away from your debt–the bankrupcy court can (and will) make you pay some of it back, so bottom line, too many people declared bankruptcy and walked away, so now the laws are much tougher. I’d think twice about declaring bankruptcy a second time; the courts will not take kindly to it.
I think they are called let George clean it, but I looked at the ingredients and it's pretty environmentally sound. Shame if it is going out of business.
Perhaps…I think he has a few grills left though.
I just did chapter 7 bankruptcy papers online and would like to know if there is anyone that can have review them before you file them to make sure everything is alright? I am in California… thank you
Can a paralegal do it?
It is always recommended that you consult with licensed lawyers or paralegal to review your file. You could fill the forms yourself, but the detailed process would not be as easy as you think when it comes to further details.
My driver's license in IL is suspended because I owe a substantial amount in parking tickets. I have been advised by lawyers that a chapter 13 bankruptcy will reinstate my license. Is it tough to make this work? How much would it cost for legal fees, and what will it take to convince the judge to approve the bankruptcy?
Well, you really have received some poor advice…..
First, you have to prove that you have NO ability now or in the future to pay off your debts. You have to show that your job will never pay enough money – and that you won't receive raises.
You have to show that the debts you owe are more than your income would permit paying.
Then, if the Judge lets you declare 13, you will have a credit rating in the toilet – where it will stay for 10 years. This means no credit – anywhere, for anything. It can mean you will have difficulty finding an apartment (landlords won't rent to you because you are not considered reliable), you will not be able to have a bank account. Many companies won't hire you if you have bankruptcy in your records.
Why don't you just pay the dam tickets. Make arrangements to pay your debt off a little at a time. If you had paid them in the first place, you wouldn't be in this bind.
Bankruptcy, while it MIGHT restore your license, will ruin you for years.
And, you might want to check further….I don't think a bankruptcy forgives things like fines, tickets, etc. I know it won't forgive any IRS debts.