An Overview of the new Federal Consumer Bankruptcy Law from FindLaw. URL: www.findlaw.com
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Nuttall may face bankruptcy – lawyer
An $ 82,000 fine imposed on jailed former Queensland minister Gordon Nuttall could force him into bankruptcy
Read more on BigPond News

Bankrupt homeowners shed second mortgages – Sun, 15 May 2011 PST
SAN JOSE, Calif. — Stung by the crash of the housing market, some struggling homeowners are using a little known but increasingly popular provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure. Statistics are hard to come by, but bankruptcy lawyers say the provision has been used effectively on hundreds, if not thousands, of cases in the San Francisco Bay Area …
Read more on The Spokesman-Review

Are you facing bankruptcy and are scared of all the legal stuff that you do not quite understand. You will need a bankruptcy attorney who can solve your credit problem and save you from possible fiscal downfall.

Lawyers who specialize in dealing with bankruptcy cases are known as bankruptcy attorneys. Finding such a lawyer is now easier than before, you will need to log on to the internet and simply use websites that provide you a list of attorneys and lawyers according to your geographical region. This helps you locate lawyers quite easily and you will end up saving a lot of time.

Let alone single lawyers, you can find firms that deal in bankruptcy so you will have a complete organization backing you and serving your purpose for solving your financial crisis problem. These attorneys have been included in the list because they are one of the best in that region. You can not just trust these people, you can also check out about them with their previous clients who have consulted them about their financial problems.

Bankruptcy attorneys can save you from imprisonment, auctioning of your assets, your credit rating from falling down drastically, etc. these attorneys are well versed with the legal books that concern the personal finance laws. These attorneys also have contacts with all credit companies, therefore are well equipped to help you out with your credit problems.

What Does A Bankruptcy Attorney Charge?

Your bankruptcy attorney will charge you certain amount of commission, this too will be payable in parts if you cannot afford it at that point of time. You can decide with the attorney how much needs to be payable and at what time and date. You can build your positive credit rating once you are out of the financial crisis.

Finding bankruptcy attorneys need not be through someone you know. Finding them online can protect yourself and not let your financial problems be known to the world. Online you can save this embarrassment and can work secretly without giving stress to your family.

Online through these websites you can check out reputation and experience of your chosen attorney. This will help you remain discreet, you can also check out openly provided information by prior clients who have used services of this attorney. Bankruptcy attorneys will also help you in reducing rate of interest on your accrued credit card bills, help you in avoiding complete payment of your credit overdue, instead you can reach a settlement and pay only some part of the loan instead of paying the complete amount. This method has saved a great many families from reaching complete bankruptcy.

You can use services also for understanding the law for personal finances better, and also for finding out whether you are being outsmarted by the finance companies as regards to interests. This will help you in understand and saving your money at the same time not being taken by the finance companies for a ride. Bankruptcy attorneys can help you save yourself from financial disaster. A good bankruptcy attorney can save you a lot of stress and grief.

Ryan Luv

http://www.articlesbase.com/

A good bankruptcy attorney can save you a lot of stress and grief.

Can I go bankrupt myself or do I need a bankruptcy lawyer? This is a question many people wonder when considering filing for bankruptcy. There are a lot of changes to the bankruptcy laws so depending on your situation, it might be a wise thing to do. However, there are a few situations where you don’t really need one.

Here’s a tip that might help you decide whether using a bankruptcy attorney is a good idea for you. Did you know that many law firms will give you a free initial consultation? That’s right. You can sit down, talk about your situation and get your questions answered before you pay a dime. It doesn’t hurt to call a law firm, explain your situation, and ask to talk to someone (and make sure it’s a free first consultation)

If you have zero assets, very little income and are in a situation where no family or spouse is involved, you can probably file for Chapter 7 bankruptcy yourself. This is called “pro se”. It is a fairly simple process.

However, if you have family, dependents, and a lot of assets, you probably want the help from a law firm that specializes in this type of arrangement. If you own a home you would be foolish to try and do this alone.

And, if you are filing Chapter 13 bankruptcy you need a bankruptcy lawyer to assist you.

How Can I Afford To Pay For A Bankruptcy Lawyer?

There are also cases where your lawyers fees will be paid out of the proceeds of your bankruptcy. In this case your creditors get a little less money and the firm representing you gets paid from the disposition of your assets.

Considering this information, we suggest you at least talk to a bankruptcy lawyer about their services, and your options.
To answer the question, “Do you need a bankruptcy lawyer?” You won’t know for sure until you have a consultation and talk to them. You might even consider talking to a few bankruptcy lawyers before you make your final decision. If you are going to use a bankruptcy lawyer make sure it’s a person you can relate to.

The first consideration about deciding to file for bankruptcy is to determine whether your situation is a fit for a Chapter 7 or a Chapter 13. It’s important to note that the laws regarding filing bankruptcy, and then being discharge, are very strict. When you file for bankruptcy, if you don’t follow the guidelines exactly you may not be discharged. And, not all debts can be erased by bankruptcy these days. You can usually get a free consultation from a bankruptcy lawyer to get some expert advice.

Let’s discuss the difference between a Chapter 7 filing and Chapter 13 bankruptcy. Most Chapter 7 processes involve having the debtor make some payments to their creditors. Unless you have zero income, and no assets, you might have to make some payments. Chapter 13 is a much more complicated process and is generally the choice if you have real physical assets and some income. In most cases, you will be required to fill out some paper work and a “means test” will be done. This test is to determine your debt load, and your ability to repay. A bankruptcy firm or attorney can help you with a quick means test and then advise you as to your best option.

Can Anyone File For Bankruptcy?

Here are the few requirements you must meet if you with to file:

- You have to be at least 18 years of age.
- To file in US courts you must be a US citizen (even if you are currently living here)
- Or, if you are conducting business in the US, you can file in a US court
- Or, if you are a US real estate/property owner you can file in the US court

Can you file for bankruptcy more than once?

If you go through a Chapter 7 bankruptcy you are not allowed to file again for 8 years. And generally, if you go through a Chapter 13 bankruptcy you must wait at least 6 years. There are a few special exceptions for unusual cases.

What should I do before I file?

Our suggestion is to first inform yourself of your options. Second, go have a free initial consultation with a bankruptcy attorney. Many times a professional can help you optimize your “means test”. By preparing and planning for your “means test” you can reduce the likelihood that you’ll have to make significant payments while in the bankruptcy process.

Unfortunately, many of the people who follow the “do it yourself” method actually end up paying more during their bankruptcy. A good lawyers or firm that specializes in this process can actually save you money in the long run. Call around an try and get a few free consultations. These firms can be a wealth of good information when deciding how to file for bankruptcy.

Bankruptcy Abuse? Do you know anyone personally who has abused the Bankruptcy laws, and are consumers really protected? Or, should this new bankruptcy bill be called the “Abuse the Consumer and Protect the Fraudulent Banks Act”?

We’ll soon see…

In order to understand these unfair new bankruptcy laws, and to help you see that you must avoid bankruptcy, lets cover the original purpose of the BK laws.

According to U.S. Bankruptcy Courts, the primary purpose of the old bankruptcy Chapter 7, bankruptcy Chapter 11 and bankruptcy Chapter 13 laws were: 1) to give an honest debtor a “fresh start” in life by relieving the debtor of most debts, and 2) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

Apparently the primary purpose of the new credit card bank BK laws is: 1) to repay banks and creditors in an orderly manner to the extent that the debtor has property available for payment.

However, with the new BK laws, giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with.

The finance companies and credit card banks all blame the necessity of the bankruptcy changes on the .003% of abusers of the old bankruptcy laws.

Sponsors of the bill claim that most bankruptcy personal cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors so the new BK legislation, will eliminate “filing bankruptcy for convenience”.

There is NOTHING further from the truth then these claims alleged by the credit card banks and finance companies. And, as you dig deeper into these pages, you’ll see who’s really abusing who in America’s credit, finance and banking game.

They claim that bankruptcy costs the credit card banks billions of dollars each year and that those costs are passed on to customers in the form of higher interest rates.

That of course would be true if the credit card banks were actually lending any of their own money, or their customer’s deposited money. For more details, read our page a history of money and banking secrets that banks don’t want published.

And, by making bankruptcy filings harder for those with financial trouble, legislators say that more people will pay their bills, the credit card companies will save billions of dollars, and the resulting savings will be passed on to consumers in the form of lower interest rates.

We’ve never ever heard of a credit card company lowering interest rates voluntarily, and we know they never will.

New Bankruptcy Law Highlights

The key highlights of the credit card banks new bankruptcy laws are:

The new bankruptcy laws apply a means test for people filing bankruptcy. If a debtor has at least 0 per month left over after an IRS determined monthly expense plan, (can you picture that?) the debtor will be forced to file Chapter 13 and pay for five years.

Just imagine life after bankruptcy now.

They will not be able to file Chapter 7 of the Federal bankruptcy code, which would have eliminated all of their unsecured debt.

There are no provisions in the bankruptcy law for debt problems caused by job loss, illness or other traumatic events, despite studies that show that these are the cause of most bankruptcy cases.

Can you say Debt Slave?

With these new, credit card BK laws, attorneys are now responsible for the accuracy of paperwork filed by their clients. So in other words, your attorney must now search your dresser drawers for those hidden family heirlooms.

This will no doubt result in fewer bankruptcy attorneys, with the remaining ones raising their fees in order to cover this additional liability.

With the new bankruptcy laws most consumers are now completely unprotected from losing a job or having medical problems. They can no longer start over by filing for bankruptcy Chapter 7.

They will have less affordable help from capable BK attorneys due to the new bankruptcy law liability stipulation.

Giving an honest debtor a “fresh start” in life by relieving the debtor of most debts has been done away with completely thanks to the new bankruptcy laws.

However an amazing discovery has been made that you cannot miss learning about. Now that you must avoid bk as there is no PROTECTION for consumers provided by the new Bankruptcy Abuse and Consumer Protection Act if filing bankruptcy under the new bankruptcy laws.

1. My ex-wife didn’t declare all her debts in the divorce papers. I recently found that out on my own. She is a very dishonest person and had a secret life during our marriage. I guess she didn’t disclose everything on the papers as she was afraid she could lose custody of our child when all the nasty details of the affair, hotel payments, etc. came afloat. Without getting into “you can sue her” for lying on the papers or “contact an attorney”, how can I find out all her debt so I can get it discharged? She won’t tell me about it. I have my 3 year old daughter’s social security (for medical debt inquiries, etc.) and I know my ex’s too (using hers for debt inquiries could be illegal I think). My initial thought was to start calling collection companies around, Sears, Check into cash, Banks, Walmart (she did some nasty s. once and Walmart was sending “you owe me money” letters, etc. ) with her social security but that’s illegal I think. How can I find out all her debt? I don’t want any surprises after I file for bankruptcy. I appreciate it if you don’t give me “Ask a bankruptcy lawyer” type of answers. I just need some answers now from people that might have gone thru this or have experience dealing with bankruptcy matters.

2. We were separated for almost 2 years before the divorce. I kicked her out of the house so it wasn’t legal separation. In the creditor’s eyes, is the NEW debt she incurred after our separation but before our divorce considered my debt too?

3. In the eyes of the creditors, is the debt she incurred during our marriage, SOLELY IN HER NAME (her credit card, some loans she received, etc.), considered my debt too? Obviously she had a secret life and I didn’t sign most of her agreements. I didn’t have any clue about her dealings.

4. As I said before, the declared debt was split in half on the divorce papers. I’m filling for bankruptcy now to discharge my part of the debt. Could my ex-wife have any legal grounds to go after me for not paying my part of the debt as there is no doubt the creditors will go after her? By filling for bankruptcy, to most rational people it would mean taking care of my debt. I could be wrong.

5. Divorce question. Am I divorced? It’s been 6 months already and I haven’t heard from the courts? Is our lawyers sending the divorce agreement papers to the courts considered being “DIVORCED” or do I have to wait for some certification of divorce from the judge? I was supposed to go for a final “optional” appointment with the lawyer to get answers to my questions but I just dropped the whole thing (too much $ $ $ $ $ $ $ $ $ $ $ $ $ )!!!!!

The more answers the better. Thanks guys!
Sorry, the state is Oregon. Please no “Call attorney” answers. Just answer if you know the answers to my questions. Thanks.

Best answer:

Answer by lovepreschool
All your typing is really in vain since you don’t even list your state of residency. I can tell you that until you receive the final papers, you are NOT divorced. You have way too many questions here to be trusting tired (and some drunk) second-hand opinions. Please call an attorney to make sure where you stand. If not, you could be setting yourself up for some unpleasant surprises.

What do you think? Answer below!

Debt is fast becoming a major financial disease in households all across the United States. Many people feel that their backs are against the wall and feel they have little choice but to declare bankruptcy. Unfortunately this is not a good choice, particularly with the recent changes that have been made to the national bankruptcy laws that favor the rights of creditors and loan providers.

Bankruptcy is the last possible option for anyone who is falling behind financially. There are ways to get out of debt, and while it will take time, patience, and probably some financial and emotional pain, it is much better for your financial future to attack those debts instead of going bankrupt. Resolving your debt issue is about facing it head on, getting mad and doing something about it. There are a lot of shady lending practices out there that get people into trouble but ultimately the responsibility for you finances falls on you so step up, accept the responsibility, and take action.

The first step to getting out of debt is figuring out just how much debt you have. If you haven’t taken an inventory of your financial situation then you have no idea how much you owe and to who. Having a feeling that things aren’t good, or keeping a running total in your head isn’t good enough. It needs to be written down and staring you back in the face.

Get out all your monthly bills, credit card and loan statements, sit down with a pencil and paper and in vertical columns write down the name of your creditor, the balance owed, interest rate, monthly minimum payment, and monthly interest paid for each and then add each column up for an overall total. If you are like 40 percent of American households you are at the least 10,000 dollars in debt. If the totals are higher then it may be almost overwhelming to even think about paying it down.

Once you get over the shock of actually seeing your debt in actual numbers it is time to build a plan to start paying that mess off. The best way to do this is build a monthly budget, which gives you total control over what your money does and where it goes. A budget gives you the ability to see where you are spending in a wasteful manner and cut those expenses out. This frees up some cash flow that you can start throwing at your debts.

A good way to get motivated is to pick your smallest debt and pay it off first, then once that’s done pay off the next smallest while rolling the previous debts payment into that one. Just getting those first two or three knocked out can keep you motivated to keep attacking and when you get to the larger debts you have momentum that will roll right through them.

Finding quick ways to make extra money is also very helpful. Have a garage sale or join the millions of people who sell their stuff on eBay. Getting a part time job can speed up the process. As little as an extra $1,000 a month can have a big effect on you ability to get out of debt. Any extra money will knock those balances down quickly, making you debt free sooner rather then later.

Negotiating with your creditors to lower interest rates, waive fees, and even lower monthly minimums can be done as well. The point is that all creditors want their money and will be willing to work with you if you explain the situation. As long as you send them something each month most creditors are happy and will leave you alone.

Filling for bankruptcy is the wrong way to get out of debt simply because there are better options available. If you know how much debt you have and work your monthly budget carefully you can begin to find relief from an overwhelming financial problem.

Andrew Bicknell
http://www.articlesbase.com/debt-consolidation-articles/filing-for-bankruptcy-is-the-wrong-way-to-get-out-of-debt-722107.html