Avoiding Debt In College

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Between classes, tests and work college students have enough to worry about. Unfortunately, debt among college students is rapidly rising making it a growing concern for many young adults. Credit cards make it easy and convenient for the cash strapped college student to buy things, few of which every stop to think of the long terms effects of their purchases. Student loans are also becoming one of the biggest sources of debt and bankruptcy filings among graduates today.

Staying Out Of Trouble

The first aspect to controlling debt in college is education. Teaching kids about smart money management skills early on can help establish a lifetime of financially healthy habits. Even after they get to college, there is still plenty one can do to prevent debt from getting out of control.

First, develop a monthly budget that clearly outlines expenses. It is important that the budget include a "fun" category, or category for spending on entertainment and activities. Tracking monthly spending and prioritizing purchases is a huge part of smart money management. Next, outline rules for using credit cards. Credit cards should be viewed as a financial tool for boosting credit and maintaining a responsible borrowing history, not a matter of convenience. Setting up guidelines for what purchases are acceptable for use of a credit card and a maximum purchasing limit can keep unnecessary spending in check. Last, maintain an open line of communication. It is important for students and parents to remain honest about finances so that help can be given for an emergency. It is far better for a parent to help finance an unexpected, important purchase than to secretly charge it to a line of credit than can cost hundreds more in interest fees.

Looking Smart

Another aspect to managing credit and staying out of debt in college involves choosing the right type of credit line. When looking for a credit card it is important to find one with the lowest possible interest rate. Since college students are just starting out in the credit world, most offers may boast unreasonably high credit lines in exchange for a high interest rate. These types of cards are unnecessary and will only lead to financial trouble.

Finding the right student loan is becoming increasingly difficult. While grants are preferred, they aren't always available. Many private lenders are boosting interest rates in attempt to minimize loss in the event of default, and federal loans can be difficult to obtain. The best type of student loan is one that has a low, fixed interest rate and offers a temporary buffer between time of graduation and due date for the first payment. Since student loan debt is rarely dischargeable in bankruptcy, finding solutions when defaulting becomes an issue is quite challenging. Therefore, it is best to shop around and find the best type of student loan that offers payments expected to be within reach after graduation.

Christopher M, of Lee Law Firm, understands that financial hardships can affect honest, hard-working people. His early experience growing up in a very blue collar family in a rural area of Indiana, made a significant impression on his business philosophy today. As a child, he watched his family struggle as money didn't come easy and his parent work hard to provide for their family. As a bankruptcy attorney in Dallas, Tx his practice has given him the opportunity to directly impact the lives of many people.

The Intersection of Bankruptcy and Divorce

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In the current economic environment, many people are considering bankruptcy as a way to manage overwhelming debt. With the stress of financial difficulties straining relationships, more couples are also getting divorced. Before filing for bankruptcy and divorce, though, spouses should understand how each process affects the other process, future debt obligations and marital property division.

Bankruptcy and Domestic Support Orders

By filing for bankruptcy, people can reduce, restructure or even eliminate their debt. Prior to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, some people also used bankruptcy as a tool to avoid financial obligations to former spouses because spousal support (sometimes called alimony) and other support obligations were unsecured debt that could be discharged in bankruptcy.

Now, however, federal bankruptcy laws consider any "domestic support obligation," such as spousal support, ineligible for discharge. According to the bankruptcy code, a debt is a domestic support obligation if:

· The debt is owed to a spouse, former spouse, child, child's parent or guardian, or a governmental entity.

· The debt is a form of alimony, maintenance or support, regardless of what the divorce decree calls it.

· The debt arose from a separation agreement, divorce decree, property settlement agreement, other court order or determination of a government unit.

· The debt is not assigned to a nongovernmental entity, unless the person owed the debt voluntarily assigned the right to collect the debt to the nongovernmental entity.

Most spousal support and child support orders qualify as domestic support obligations. Therefore, spousal and child support obligations cannot be eliminated in bankruptcy. In addition, an individual will not receive an order of discharge from the bankruptcy judge until all domestic support obligations are current.

Depending on the type of bankruptcy, other debts established by a divorce decree may or may not be eliminated. In Chapter 13 bankruptcy, debts to a former spouse that are not domestic support obligations can be discharged; in Chapter 7 bankruptcy, they cannot.

Automatic Stays

Another important feature of bankruptcy is an automatic stay placed to stop all creditors' collection efforts once a bankruptcy petition is filed. This stops foreclosure proceedings and can even prevent a petitioner's spouse or former spouse from collecting money from him or her.

But, an exception exists for domestic support obligations, and the automatic stay does not apply to the establishment or modification of a domestic support obligation like spousal support. Nonetheless, filing for bankruptcy is likely to suspend or postpone divorce proceedings.

Bankruptcy Timing and Filing

Spouses considering divorce and bankruptcy have several options. They can file for bankruptcy jointly or individually before getting divorced, or they may file for bankruptcy individually after the divorce.

Even after a divorce is finalized, a former spouse may still be personally liable for debts the other spouse acquired during the marriage. And, when one spouse/former spouse files for bankruptcy individually, any discharge of that individual's debt does not eliminate debt that could be applied to the other spouse/former spouse.

Therefore, if a couple has significant debt for which either person could be liable, it may be better to file for bankruptcy jointly so any debt discharge applies to both. Also, couples who file for bankruptcy jointly can pay court filing fees and any attorney's fees together, rather than paying more for two separate filings and attorneys in individual bankruptcies. Of course, the best time and filing status for bankruptcy depends on each person's unique circumstances.

Marital-Property Division

When a divorcing couple has a lot of debt, one person may receive a greater share of the couple's assets in exchange for agreeing to pay off a larger portion of the debt. In these instances, the division of debt and assets should be carefully structured in the divorce decree, especially when bankruptcy is a possibility. This is because some of the debt allocated to that person later may be discharged in individual bankruptcy, leaving the former spouse who filed for bankruptcy with a lion's share of the assets and virtually no debt.

To learn more about property division and the financial aspects of divorce, contact a knowledgeable family law attorney in your area. If you are considering divorce, an experienced lawyer can help ensure that the division of assets and debts between you and your former spouse is fair.

James D. Garrett heads the Virginia Beach law firm of Garrett Law Group, PLC. If you have further questions, contact his firm to speak with a lawyer for a divorce and bankruptcy. His law firm also staffs attorneys for traffic and criminal defense, and car accident injuries. Call (757) 422-4646 or email at garrettlawgroup@yahoo.com.

Before and After Bankruptcy

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The bankruptcy process can be tedious and often requires active participation from the filer. While it isn't difficult to obtain a debt discharge, there are still some aspects to filing bankruptcy that should be considered beforehand. More specifically, making sure you are aware of what is required both before and after a bankruptcy can ensure the best outcome possible.

Pre-Bankruptcy

If you are considering filing for bankruptcy there are a few things you can do to prepare yourself in order to minimize the risk of mistakes that could jeopardize the outcome of your case. First, be prepared to have your financial life reviewed with a fine tooth comb. Having documentation to back up your debts, income and financial transactions can save you valuable time and hassle down the road. The court may ask you to provide copies of your paycheck stubs, bank statements and your debt accounts. Organizing this information prior to filing the petition can streamline the process.

Second, bankruptcy laws require that anyone filing for bankruptcy attend a credit counseling course. This course is designed to provide you with information about your debts, how to manage your finances and smart tips for staying out of debt in the future. Failure to complete this course, or provide the certificate of completion to the court, could result in a delay or dismissal of your case. Further, only courses provided by approved credit counseling agencies will be accepted by the court, so be sure to find an approved provider through the U.S. Department of Trustee's website.

Also, you should understand that certain actions on your part could influence the outcome of your case. Your income is the main factor used to determine your eligibility for bankruptcy. Major changes to your income, such as a raise or second job, could disqualify you from eligibility for Chapter 7 or change how much you are required to pay in Chapter 13. Also, uncharacteristic changes to your debt accounts or could be viewed as suspicious by the courts. Rapidly paying off debts, or accumulating more debts, before filing could lead to a case dismissal. Further, selling or giving away assets prior to filing may be considered fraudulent and could jeopardize your chances at a discharge.

Post-Bankruptcy

Once you have successfully completed a bankruptcy case there is still work to be done. It is your responsibility to ensure you have a copy of all of the paperwork related to your case. Make sure you keep this information in the event a creditor attempts to make a collection attempt in the future. Also, not all creditors update account information to credit bureaus right away. Monitor your credit report and request for your accounts to be updated by any creditors who have not reported the latest information. Your most important step after bankruptcy is to begin a path to rebuild your credit. Find one or two small lines of credit to begin keeping manageable balances on. Keep making timely payments for six months to a year, and your credit will begin to reflect your hard work and positive borrowing potential.

The Lee Law Firm is a Fort Worth, Texas bankruptcy firm that aims to provide local residents with high quality legal representation at affordable rates. Their attorneys are professional and compassionate, giving clients the personalized attention they deserve. When filing bankruptcy, the Lee Law Firm is the right choice to help in the face of financial hardship.

Services Provided By A Bankruptcy Attorney

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For the more than one million individuals who file for bankruptcy each year, the process can be long and often intimidating. There are court dates to attend, paperwork to file and creditors to contact, all under the stress and uncertainty of whatever underlying factors caused the economic crisis. During this economic hardship, going it alone may seem like a good option, but a good bankruptcy attorney can not only make the process smoother, but also save a filer money in the long run.

For one, a bankruptcy attorney can help determine which form of bankruptcy to file. Chapter 7 allows individuals to eliminate most forms of debt, provided the individual can pass a means test. This is the most popular form of bankruptcy, with close to two-thirds of all filings the Chapter 7 variety. The remaining one-third are Chapter 13, which allows filers to pay back a smaller portion of their debt during a given time frame, generally three to five years.

Bankruptcy attorneys can also help navigate some of the newer regulations related to filings. The Bankruptcy Abuse Prevention Act of 2005, along with the Consumer Protection Act passed the same year, were measures meant to prevent filers who abused the system, but had the end result of making the process more difficult for many ordinary filers. A study from the American Bankruptcy Institute found that this law drove the cost of filing for bankruptcy up 40 percent. It also created heaps of new paperwork, making it harder for many filers and driving away many individuals badly in need of the fresh start bankruptcy offers.

Because bankruptcy can put many of an individual's assets at risk, individuals who need help understanding their rights can find it with a bankruptcy attorney. Bankruptcy lawyer firms help keep filers protected throughout the process and determine which type of debts can be discharged and what type of property a filer may keep. These include jewelry, vehicles and a certain level of equity in a home. A person's home itself is not always safe from seizure as part of the process, so an attorney can determine the best way to file and status of loans to prevent this if possible.

Bankruptcy attorneys can also be a source of stability during the difficult process. They are familiar with the laws in an individual's state, and can make sure all paperwork and debt schedules are complete without mistakes before filing. Because a single mistake can jeopardize the entire process, filing without an attorney is a risk most are unable to assume. The best attorneys are those who specialize in bankruptcy rather than those who practice it as a sidebar to a larger practice. These specialized attorneys understand the process, having answered the basic questions about the process many times, and are often familiar with judges and other court officers involved. They will file the petition with the court, serve as a liaison with the assigned trustee and appear with the filer during the Meeting of Creditors.

Individuals are not the only ones who can benefit from a bankruptcy attorney. Bankruptcy lawyer firms can also help business owners through the forms of bankruptcy available to them. A Chapter 11 bankruptcy, also known as a business reorganization, allows a company to pay a more manageable portion of the debt they owe, which creditors also like because it means they will receive a larger payment than if the company were liquidated. This process can be beneficial, but first the business owner must have a detailed debt repayment plan that a qualified bankruptcy attorney can help craft.

Understanding Lien Avoidance in Bankruptcy

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To truly understand the effect of filing bankruptcy you must know the difference between a debt and a lien. A debt is when someone owes money. Sometimes debts are secured by property. When the person who owes the money defaults on the debt, the creditor can seize the property so that it can be liquidated and applied against the amount owed. These types of debts are called secured debts. The mechanism that attaches the debt to the property is called a lien.

In most instances, bankruptcy discharges debt but has no effect on the lien itself. For example, if someone files bankruptcy and discharges their mortgage, the lender cannot sue the debtor for money damages, but they may still foreclose on their house. However, there are two instances where a bankruptcy case not only discharges the debt but also removes the lien from the property.

The process of removing a lien from property in bankruptcy is referred to as avoiding the lien. The first type of lien that can be avoided is the judicial lien. Judicial liens are created when a creditor sues a debtor, receives a judgment, and then attaches that judgment to the debtor's property in the form of a lien. Most judicial liens can be removed simply by filing a motion with the court. The Bankruptcy Code makes an exception for judicial liens resulting from a domestic support obligation, such as child support, alimony or spousal maintenance. These types of judicial liens cannot be avoided.

The second situation where a lien can be avoided in bankruptcy applies to a very specific type of lien. First, the lien must be nonpossessory, meaning the lender is not in possession of the collateral. Second, the lien must not be a purchase-money security interest in household goods. A purchase-money security interest arises when the loan is made for the purpose of purchasing the collateral. Household goods is a broadly defined term referring to household furnishings, clothing, appliances, books, and about ten other types of collateral listed in section 522(f)(1) of the Bankruptcy Code. If the debtor is in possession of the collateral and the loan was not made for the purpose of purchasing the collateral, then the debtor should be able to avoid the lien. One notable exception to this rule is that liens attached to motor vehicles generally cannot be avoided.

The ability to avoid a lien seems to be a powerful tool available to bankruptcy debtors. In practice it doesn't come up that much. Most lenders offering secured loans use vehicles or real property as collateral and these types of liens cannot be avoided.

Nathan S. Graham is an attorney with The Wright Firm, LLP. Nathan represents individuals and small businesses in Chapter 7 and Chapter 13 bankruptcy cases. The Wright Firm, LLP, has offices in Dallas, Denton, Lewisville, and Frisco.

For more information about Nathan Graham visit Nathan's Dallas Bankruptcy Attorney Blog at http://bankruptcyinfo-dallas.com/.

What Is Chapter 7, Chapter 11 and Chapter 13 Bankruptcy

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Bankruptcy is the legal remedy available to individuals and businesses that become insolvent and are unable to repay debts. Insolvent businesses often file for Chapter 11 reorganization when their financial situation has become untenable, but not insurmountable. By the time that an individual files for bankruptcy, however, the situation often has progressed past the point of salvaging.

There are three primary types of bankruptcy available to individuals and businesses. Chapter 7 is a liquidation bankruptcy available only to individuals. Chapter 11 is a reorganization bankruptcy most often used by businesses, but in some cases also is used by individuals. Chapter 13 is the most common reorganization form of bankruptcy used by individuals. It is not available to businesses.

Chapter 7 Bankruptcy

The Chapter 7 bankruptcy is the most common type of bankruptcy proceeding filed by individuals. Chapter 7 essentially wipes the slate clean so that the individual, married couple or separately - filing married individual can start fresh. It is known as a liquidation approach to discharging debts, but in most cases, the filer is able to retain all personal property. In some cases, the filer can exclude debts for a mortgage or a car loan so that he can retain those items and continue paying the debt owed on them.

Generally, the "clean slate" applies only to consumer or medical debt. Federal student loans cannot be discharged through bankruptcy, and neither can most delinquent tax situations. How clean the clean slate is primarily depends on the types of debt held by the bankruptcy filer. In most cases, a Chaper 7 bankruptcy can be completed in four to six months' time. It remains on the filer's credit report for ten years, and the filer cannot file for Chapter 7 again for at least eight years.

Chapter 11 Bankruptcy

Chapter 11 is highly uncommon among individuals, but it is the most common form of bankruptcy taken by businesses. Whereas Chapter 7 focuses on liquidation, the purpose of a Chapter 11 bankruptcy is to reorganize debts so that the filer is able to pay them. Chapter 11 also allows the business to continue operations during the reorganization period. Neither creditors nor the bankruptcy trustee can take property from the debtor who has filed for protection under Chapter 11. Thus the business retains the ability to continue to conduct its business, and retains the tools that it needs in that effort.

Chapter 11 is available for individuals as well, but it is uncommon that individuals enter into Chapter 11 proceedings. Where individuals file under Chapter 11, it generally is because their debts are higher than the limits permitted in Chapter 13.

Whether the Chapter 11 filer is a business or an individual, the process is that the debtor proposes a debt repayment plan, one that generally includes significant concessions on the part of creditors. Creditors vote on whether they will accept the debtor's proposals. The bankruptcy court orders a plan that creditors have had a say in creating, binding both creditors and the debtor to the terms of the plan ordered by the court.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy often is referred to as the wage-earner's bankruptcy, because it requires that the individual filing for bankruptcy under Chapter 13 has a regular, disposable income. The filer also must have less than $336,900 unsecured debt and less than $1,010,650 in secured debt. The bankruptcy court establishes what the debtor can afford to repay on a monthly basis, and groups creditors into a hierarchy in which they will be paid. Repayment plans extend from three to five years. Creditors can expect to be paid between zero and 100 percent of what the debtor owes them, but neither creditors nor the bankruptcy trustee can take property away from the debtor. A Chapter 13 bankruptcy also can remain on the debtor's credit report for up to ten years.

Penachio Malara LLP is a law firm in White Plains New York specializing in Chapter 7 bankruptcy law. Since 1991 they have helped hundreds of clients protect from foreclosure and insolvency. Visit us at http://www.whiteplainsnybankruptcyattorney.com/

Does a Canada Bankruptcy Guarantee Future Trouble Opening Bank Accounts

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A Canada bankruptcy is a cost effective way to deal with debt burdens you can no longer manage. While there are negative consequences to a bankruptcy filing, the constant advice that bankruptcy is the debt solution of last resort leads many people to simply not bother to learn what bankruptcy is all about. Why bother learning about something you have every intention of avoiding? Without straight information, people believe many of the myths they hear about bankruptcy. One of them is that mainstream banks will not deal with customers who have been through bankruptcy. Is Bankruptcy a guarantee of future trouble opening bank accounts?

As of 2003, the federal government rolled out the Access to Basic Banking Services Regulations. These regulations prohibit federally regulated banks from denying applicants a basic personal bank account for reasons other than fraud, crimes against any bank, harassment of bank employees, or providing false identification.

The regulations do not apply to Internet or telephone applications. To be protected you must apply in person with an original form of identification. The ID is standard Canadian fare - driver's license; passport; certification of naturalization; SIN card; Provincial health card; or Canadian birth certificate.

If you have lost your job or are in bankruptcy or had declared bankruptcy previously, you cannot be denied access to an account. The federal agency charge with enforcing these regulations is the Financial Consumer Agency of Canada (FCAC). In the unlikely event you actually experience trouble opening bank accounts, you can file a complaint with the FCAC.

You can find complaint forms on the FCAC website but most complaints are resolved at the bank level. If you remind the bank of your rights under the Access to Basic Banking Services Regulations, they are likely to comply on their own. You might have to invest some time working your way up the food chain within the bank.

The belief that bankruptcy will inhibit your access to banking services is one of many falsehoods floating around about bankruptcy. As you may know, bankruptcy filings are handled by licensed bankruptcy trustees. However, they can do more for you than managing your bankruptcy paperwork.

Bankruptcy trustees can and will counsel you on all available alternatives to help you deal with your financial problems, not just bankruptcy. In fact, they are required by law to do so. An initial consultation with a trustee is free of charge. At that time, they can assess your financial circumstances and help you select the best alternative for getting out of debt and back on sound financial ground.

If you have trouble opening bank account, you can visit Personal Bankruptcy Canada at PersonalBankruptcyCanada.ca. Contact an Alberta bankruptcy trustee today to set up your free consultation.

Dealing With Credit In Bankruptcy

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Dealing with one's credit is an ongoing job and can be stressful at times. When finances are tight and payments get missed, credit can be affected quite quickly. One of the most worrisome times for individuals is in delinquency. Debts become burdensome and even the idea of bankruptcy can seem overwhelming. Further, most people tend to view bankruptcy as being bad for their credit, a myth that should be more carefully reviewed.

Credit During Bankruptcy

The hard truth is that bankruptcy does not damage your credit, missed payments and delinquent accounts do. By the time a person ever files for bankruptcy they have most certainly missed a few payments or carry a delinquent account standing. This means that the damage has already been done long before a bankruptcy filing.

The interesting thing about credit when in bankruptcy is that everything stops. Once the automatic stay order is issued, creditors cannot collect on debts. No debt collection means that they have nothing further to report to credit bureaus, essentially freezing one's credit standing. Debtors typically find that their credit report does not change while in bankruptcy, which can be a good thing. However, once a debt discharge is received, credit standings can change in a matter of days.

Credit After Bankruptcy

One of the best things about filing for bankruptcy is the chance to start over. Not only will a debtor find relief from their debts, but negative account histories are erased and delinquent accounts become current. With such negative information eliminated from one's account history, the negative credit standing also improves. When debts become resolved and creditors report positive account information the credit report is updated to reflect these changes. It isn't uncommon for a debtor to find an immediate improvement in their credit score and standing right away.

It wouldn't be fair to say that securing credit after bankruptcy is easy, but it is far from impossible. The fact that finding good lines of credit after a bankruptcy can be challenging is where people tend to assume the worst. In fact, there are plenty of creditors that lend to post-bankruptcy consumer as their main audience. While these lines of credit may not hold the ideal terms and conditions, they certainly don't exclude a debtor from having a chance at rebuilding their credit lives either. The trick for post-bankruptcy borrowers is to shop around and find a low limit card with the best interest rate to begin the process. Simple and small charges, followed by consistent payment patterns can put anyone on the fast track to good credit.

Christopher understands that financial hardships can affect honest, hard-working people. Growing up in a very blue collar family and rural area of Indiana, money didn't always come easy for his parents. The struggles his family faced in his childhood made a significant impression on his business philosophy today. As a Fort Worth bankruptcy attorney his practice has given him the opportunity to directly impact the lives of many people.

Questions To Ask Your Bankruptcy Lawyer

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Filing for bankruptcy can be an overwhelming process for some people. While it isn't intended to be difficult, the stress of dealing with creditors and debt collections can send anyone over the edge. Although some people are successful in navigating the process alone, hiring a bankruptcy lawyer is strongly recommended. Having representation on your side can ease the burden of dealing with creditors and maximize your chances of a successful case.

Knowing What To Ask

Preparing for bankruptcy is extremely important and making sure to ask your lawyer the right questions before you file is invaluable. First, ask your lawyer: Do I qualify for bankruptcy and, if so, for which type of bankruptcy? The differences between a Chapter 7 and 13 filing are important to the overall success of your case and financial future. If you are filing for Chapter 7, be sure to find out if you meet qualification standards beforehand. In the event you do not qualify, you may find it more suitable to file for Chapter 13.

Next, ask your lawyer: Are my finances in order? While this may sound like an odd question, changes to your financial history prior to filing can complicate the process. If you accumulate more debt, pay down debts or have an increase in income prior to filing, you may be disqualified from filing. The general rule of thumb is to avoid taking on new debts, paying off debts, acquiring more income or inheritance or moving around assets within the 180 days prior to filing. Any one of these actions could be viewed as suspicious to the court and even lead to your case being dismissed.

You may also want to ask: What will happen to my assets? It is important to determine if any of your assets may be at risk for liquidation in bankruptcy, especially if you are filing for Chapter 7. Bankruptcy exemption laws protect some of your assets from creditors, but you need to find out which ones may not meet these exemptions. Further, it is important to know whether filing for Chapter 7 or 13 is better if you are working to stay out of foreclosure or repossession.

Finally, ask: What will my credit be like after the discharge? While filing for bankruptcy doesn't directly damage your credit, there are some credit issues to be addressed after your debts are discharged. It is important to find out what is expected of you in terms of rebuilding your credit after your case is closed. You will want to monitor your credit for changes and make sure that they debt resolution is reflected on your credit report. You may have to dispute information and request an account update to be sure your credit report is accurate. It is also important that you develop a post-bankruptcy credit plan that includes securing one to two small lines of credit to begin establishing a positive credit history.

Ryan understands that financial hardships can affect honest, hard-working people. His area of expertise is bankruptcy law and aims to provide all his clients with the fresh start they are looking for. His business philosophy is guided by one thing, helping people get back on track. As a Austin bankruptcy attorney his practice has given him the opportunity to directly impact the lives of many people.

Important Terms To Know In Bankruptcy

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Although the bankruptcy process can seem to be complicated, it doesn't have to be. In fact, just learning about a few key terms can help make the process smoother and less stressful. In order to maximize your chances at successfully completing a bankruptcy case, it is important that you become actively involved. The best place to start is learning about the basics through a few important terms commonly used in the bankruptcy process.

Asset--is property of value that you own or are making payments towards owing. Common examples include a home, car, jewelry, furniture and clothing. A list of your assets is required in the filing process in order to determine whether you have any property of value that could be used to satisfy debts.

Asset Liquidation--is a process in which creditors seize and sell your assets. Asset liquidation occurs when the court grants creditors access to your debts in efforts to satisfy the debt owed to the creditor. However, some assets can be protected from liquidation through bankruptcy exemption laws.

Bankruptcy Exemption--is a law that protects certain assets from liquidation in a bankruptcy case. Each state has their own bankruptcy exemption laws that specify which property and up to what value amount is protected in bankruptcy. There is a federal bankruptcy exemption law that anyone can choose to claim over their state's bankruptcy exemptions.

Bankruptcy Petition--is the document that must be completed and submitted to the court to initiate the filing. This document includes detailed information about a debtor's assets, debts, income and financial history.

Chapter 7 Means Test--is a test used to determine if you qualify to file for Chapter 7. In order to qualify for a Chapter 7 case, your income must be less than the median income of the state of filing. If your income is greater than the median income of the state, you will not be eligible for Chapter 7 and must file for Chapter 13 instead.

Chapter 13 Plan--is the repayment plan that outlines how you will repay your debts in a Chapter 13 case. The plan is developed and approved by the court before being presented to the creditors. Once approved, creditors must adhere to the terms outlined by the plan and cannot collect on the debt outside of the plan. A typical Chapter 13 plan allows for debts to be repaid over a three to five year period.

Credit Counseling Course--is a debtor education course that is required before a discharge can be issued. The 90 minute course covers topics such as how to use credit wisely, money management skills and debt management options.

Debt-- is a line of credit or borrowed amount owed to a creditor. Debts include both secured and unsecured debts, both of which have the potential to be discharged in bankruptcy.

Discharge--is the court ruling that marks the closing of a bankruptcy case after successful completion. The court will issue a debt discharge once the debts have been successfully eliminated through Chapter 7 or repaid through Chapter 13.

Dismissal--is the court ruling that marks a rejection of a bankruptcy case. The court may be dismiss a case for failure to complete one of the required steps or due to fraudulent actions.

Christopher M, of Lee Law Firm, understands that financial hardships can affect honest, hard-working people. His early experience growing up in a very blue collar family in a rural area of Indiana, made a significant impression on his business philosophy today. As a child, he watched his family struggle as money didn't come easy and his parent work hard to provide for their family. As a bankruptcy attorney in Dallas, TX his practice has given him the opportunity to directly impact the lives of many people.

Dealing With Debts In Marriage Or Divorce

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Money problems are a big source of strain in both marriage and divorce. Many people face tough decisions when unexpected circumstances arise. While filing for bankruptcy can be a great tool for resolving debt troubles, there are additional considerations to be made when filing in either marriage or after a divorce.

Bankruptcy In Marriage

The biggest decision to be made when filing for bankruptcy in marriage is whether to file together or separately. Filing together means that both spouses will file jointly, both claiming debt liability and asset protection under bankruptcy laws. Filing separately means that only one spouse will claim liability and protection under bankruptcy, which can leave the non-filing spouse in a vulnerable position if not handled carefully. Which type of filing is best basically depends on the status of the debts. If the bulk of the debts were acquired together in marriage, or are shared debts, then filing together may be the best solution. However, if one spouse owns the majority of the debts, or accumulated the debts prior to marriage, filing separately may the better solution.

The advantages to filing together in marriage is that both spouses are protected from creditors, debt collection actions and the risk of asset seizure or liquidation. Not only will both spouses be protected under bankruptcy, but the mutual debts will be resolved with little chance of further collections from creditors. However, filing together does mean that both spouses will suffer credit consequences for the delinquent debts and both will have the bankruptcy indicated on their credit report. The advantage of filing separately in marriage is the avoidance of damaging the non-liable spouses credit due to delinquency on a debt owned by the filing spouse. However, filing together does leave the non-filing spouse vulnerable to creditors if they decide to pursue collections following the discharge of the other spouse. This means that the non-filing spouse could be subject to credit collections on a debt they are not liable for, but still legally eligible to be collected.

Bankruptcy After A Divorce

The biggest challenge in filing for bankruptcy after a divorce relates to how debts and assets were divided in the divorce. If there were any debts that were left undivided, both individuals can be pursued by creditors for full liability over the owed debt. This means that if one individual files for bankruptcy on the debts, the non-filing spouse can be held solely liable by creditors for the debt. Further, any assets that were divided to the non-filing spouse may also be at risk for seizure or liquidation. Having the debt and assets divided clearly in the divorce decree is the best way to avoid unnecessary consequences to the non-filing spouse after a divorce.

Christopher understands that financial hardships can affect honest, hard-working people. Growing up in a very blue collar family and rural area of Indiana, money didn't always come easy for his parents. The struggles his family faced in his childhood made a significant impression on his business philosophy today. As a Fort Worth bankruptcy attorney his practice has given him the opportunity to directly impact the lives of many people.

Getting Your Life Back After Bankruptcy

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HOW TO REBUILD CREDIT AFTER BANKRUPTCY

So you've filed for bankruptcy but now what? You've gotten a fresh start from bankruptcy and this time you want to make sure your financial future is secure so this doesn't ever happen again. But how and where do you start? This article will discuss the steps you can take to build back your credit so that you can finally get your financial life back on track.

First and foremost, make sure that you pay ALL of your bills on time. This is so critical after bankruptcy. The quicker you show that you're responsible by paying your bills on time, the quicker you will see your credit score increase. And as more time passes and you establish more credit, the effects of bankruptcy will lessen. However, if you have a late payment or get put into collection after bankruptcy, your credit score will take another beating and lenders will still look at you as a bad risk.

Create a budget so that you keep your spending under control and stick to it. You don't want to repeat the same mistake that caused you to file for bankruptcy in the first place so creating a budget is crucial to making sure you stay on track financially. The first step in creating a budget is finding out your average monthly income. Write down all your sources of income and take into account any kind of overtime or bonuses. Next you'll want to list all your monthly expenses so you can see how much you're spending each month. You'll want to keep all your receipts and bills and write down the actual amounts so that you know how much you actually spend versus simply guessing what you spend each month. Many people underestimate how much they spend and some expenses will vary throughout the year (i.e. gas, electricity, taxes, etc.). By writing down the actual amounts, you can accurately determine if you're living within your budget or going over it. You'll also be able to see trends in your spending so you'll know where you can cut costs and you can adjust your budget accordingly.

Start putting aside money for an emergency fund even if it's not a lot. While your main focus after bankruptcy is to make sure you pay all your bills on time, you'll also want to make having an emergency fund a priority. Once you have your budget in place, start setting aside some money each month for your emergency fund. While you probably can't save enough to cover 3-6 months worth of expenses as most experts suggest, you can at least start saving up for minor emergencies. You'll never know when an unexpected expense will pop up and you'll want to be able to have that cushion.

Get a credit card that will help you rebuild credit. One way to help rebuild credit is to look into getting a secured credit card. A secured credit card is a type of credit card where you deposit cash into the card and that deposit becomes your credit limit. You can only charge what is available on the card so beware of fees and additional charges. You'll want a card that doesn't charge an application fee and one that has lower interest rates and fees. If you're a credit union member, ask if they offer secured credit cards because they typically will have lower interest rates and fees. If you can establish a good payment history, some banks will even add to your credit limit and you could qualify for an unsecured credit card within a year. Lastly, make sure that your card payment history gets reported to the credit bureaus so that it's positively factored into your credit score.

Don't beat yourself up over your present circumstances. If you've filed for bankruptcy, just know that you are not alone. There are many people who have been or are currently in this situation. Yes, this will be a tough time in your life but it won't last forever. You don't have to let bankruptcy define you. View this as a temporary setback and look forward to the possibilities of the future. The point of filing for bankruptcy is to get back on track financially and to get a new start on life. So make the most out of this opportunity that you've been given and create a new path for yourself.

Before and after the bankruptcy loan

One of the largest areas ensure everyone in the light of insolvency is, what will happen to their credit. The truth is that bankruptcy credit, but missing payments is not damaged. While there are many negative effects of bankruptcy on credit not, there is still much about your credit before you file bankruptcy to check.

Before submission

Filing bankruptcy is a serious decision that should be pursued without careful consideration. The reason is that not everyone qualify for bankruptcy and some perhaps not necessarily the protection that you can offer the. Although submission does not really damaged bankruptcy your credit for several years, which can make it more difficult to secure the future credit in some cases can be reported. To avoid an unnecessary filing date or future challenges, it is important to check whether filing bankruptcy is really right for you.

First, look at your debt accounts and determine the severity of their delinquency. You are more than three months behind? Have assets threatened you liquidation by this debt? If the answer "Yes" to determine, that filing bankruptcy is your best option. However, if not significantly over through your accounts, you are can afford, to pay off these debts, direct and your assets are safe from creditors, to determine that debt negotiations is the best option with your lender. Resolve your debts directly with a lender can eliminates the need for court fees and will prevent that the bankruptcy will be listed on your credit report.

After discharge

Who needs protection is well developed through the process that can stop collections, foreclosures and repossessions, while debts are resolved. If the case is closed, your debts will be dismissed. At this time a unique situation are to take care of your financial future. Although your filing bankruptcy for a few years are listed on your credit report, you can still get credit to get. The trick is to find the right kind of credit after bankruptcy.

There are finding a few things if you try to save the new credit post bankruptcy. First, you stay away from secured lines of credit you need put up an asset or personal property as security against the loan. This means that it not for a mortgage or car loan should apply to insolvency. Adhere to unsecured lines of credit, such as a credit card that you can use to keep a small balance. Is a manageable balance to keep and the payments your credit card the best way to rebuild. Avoid prepaid-credit or debit cards, like this do nothing with which your credit to repair or to win a positive credit history.

The Lee law firm a Dallas, Texas-bankrupt company, which aims to ensure the residents with high-quality legal assistance at an affordable price. Their lawyers are professional and compassionate, give customers the personalized attention they deserve. When filing bankruptcy is the right choice the firm Lee, to help in the face of financial need.

Is Bankruptcy Right For You?

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More and more hard-working Americans are finding it increasingly difficult to keep up with mounting bills and mortgage payments. One family emergency may be enough to send their budget over the edge, seemingly leaving them with no options. If this is your situation, you may have more options that you believe. Although filing for bankruptcy has come to possess a social stigma, this is not the true intent of this process. In fact, it was designed specifically with the debtor in mind. Lawmakers understand that people who have worked hard their entire lives may suddenly find themselves trapped by debt, through no fault of their own. With the added factors of a slow job market, weak economy, and poor housing market, it is understandable that families and individuals throughout the country are considering bankruptcy.

So what stops people from getting a fresh start through bankruptcy? Perhaps one of the reasons is that they believe the myths they have heard regarding bankruptcy. Instead of investigating to see if they could benefit from this financial tool, they believe the rumors and accept whatever happens. One myth of bankruptcy is that those who file for it will lose everything. This is not true for many reasons, one of which being that there are different types of bankruptcy. Chapter 7 bankruptcy is also known as liquidation bankruptcy and it involves selling some assets in order to discharge debts. Debtors who choose this route may be able to keep some loans, such as car loans, so that they do not lose all of their belongings. Creditor harassment, if it was occurring, will be put to a halt, as will any wage garnishment that was occurring. However, not everyone qualifies for this type of help so it is helpful to meet with a legal representative to see what is available in your case.

If you do not qualify for filing for bankruptcy under Chapter 7, Chapter 13 bankruptcy may be a viable option for you. This allows debtors to create a repayment plan that can span over three to five years. If you do not believe that bankruptcy is right for you, there are other options of debt relief. For example, if you are being threatened with losing your home, you may wish to decide to apply for a loan modification. This could cut down on interest rates, late fees, as well as your overall principal. A short sale is another option that may suit your specific needs. If the market value of your home is less than the amount you owe on it, the bank may allow you to sell your home and forgive the remainder of your debt. Whatever your case, it is always advisable to have a strong legal advocate on your side both to fight for your rights as well as provide you with the counsel you need to make the best decision for you.

If you have questions about bankruptcy or bankruptcy alternatives, Sheppard Law Offices may be able to help you. With years of experience in helping those who have found themselves in financial trouble, this team of professionals is here for you. A Columbus bankruptcy attorney from their team could assist you in Chapter 7, Chapter 13, filing for bankruptcy, bankruptcy myths, and more. Contact a Columbus bankruptcy lawyer as soon as possible. They offer a free consultation, so call today!

Debts in chapter 13

There are risks and benefits for both the personal filing of bankruptcy, but many people see Chapter 7 of the desirable type be the case. When searching for elimination of debts, Chapter 7 is the best choice. However, not everyone qualify and many people at the end of file for chapter 13 instead.

After chapter 13

Filing for chapter 13 from the beginning to the better option can actually according to the type of debt you carry. Even if chapter 13 is no guarantee is that you are liable for the full debt repayment. How much you will be responsible for the repayment which creditors get paid uses and the courts several factors to determine.

In fact have not all creditors even a chance in chapter 13 will be returned. The reason is that the Court owed creditors at the art of guilt prioritized and whether or not it is considered any asset or security against the debt. Mortgages and car loans are for example, higher priority than a credit card or medical debt, because both have hedged asset against the loan, while a credit card or medical debt is unsecured. Secured claims are risky because of their possible asset liquidation or withdrawal, which is why they take top priority case in chapter 13.

Secured vs. unsecured repayment

Secured debts keep also specific guidelines priority not only in a chapter 13 case, but they for repayment. To keep possession of the asset, should the debtor to repay the debt. This does not mean, however, always paid back the full due amount. The value of the property is important when determining the amount. If the value of the asset is less than the debt is owed, the Court can eliminate the difference and require only refund to the value of the element. The interest rate is also important as the court what is due, based on the interest rate can make changes. The Court may freeze or lower the interest rate save for the debt the debtor money refund of charges. However, can also stationary kept the rate or increased if the Court believes that the creditor with more money for the overdue debts.

Unsecured debts are treated very different. If the creditor is to pay about Chapter 13, it is usually far less than outside the insolvency would be paid back. The reason is that the court calculated left the repayment potential based on disposable income of the debtor or the amount of income after all basic living expenses are paid. Also if you not for Chapter 7 was may notice that their income for unsecured creditors in chapter 13 repayment enough.

Christopher M, Lee law firm, understands that financial hardships can affect honest, hard-working people. His early experiences grew up in a family very blue collar in a rural area of Indiana, that today a significant impression on his philosophy. As a child, he saw his family battle as money not just come and his parents work hard to care for her family. As a bankruptcy attorney in Dallas, TX him his practice given the opportunity, directly affect the lives of many people.

Starting over after bankruptcy - rise from your financial ashes

Bankruptcy: You are in good company

Hardships and adversities are the clay from which our character is formed. It is the trials and tribulations of life, the forms that we are as individuals. It is our job, from all experience and above all learn to use the bad as stepping stones towards a positive future.

The worst kind of accident can financial hardship, as it is accompanied by strong emotional stress and familial difficulties. Thanks to the built-in "fresh start" bankruptcy can be used process as a recovery tool, to propel you into a future of financial freedom.

Some of the greatest entrepreneurs and leaders of our time have been insolvent at some point in their lives. Henry Ford, Walt Disney, and even Abraham Lincoln all low point before moving on to change not only their worlds, but us. If it is to be withdrawn for the fresh start who they were by the bankruptcy this big men could never out of the ashes of financial ruin has increased.

The new beginning is passed not only on a silver platter to you. For this, you need to work with the understanding that bankruptcy is just the start gate race for your financial future.

Post bankruptcy: I go where from here?

Common post bankruptcy questions are: "Where I go from here?" "Will I can restore credit?" "Is my credit ruined?" These are all excellent questions and they answered all of the beginning of the new concept.

After every bankruptcy they are granted a discharge. Simply put, this means that you are now debt-free, and your credits will be cleaned. A common misconception is that bankruptcy of credit card will ruin. While temporary damage occurs, the long-term benefits are not usually measurable and therefore they are not fulfilled, the air time, that they deserve.

Along with clean credit comes a spirit refreshed. It is the emotional use the new beginning, so often overlooked in this process. Without financial burden and ensure you and your family help you can search with a positive view of the future.

Work for your new beginning

The new beginning is post-bankruptcy available for inclusion. It is passed not only to you. It is your responsibility, hard work, to rebuild your credit card and get deprived of the opportunity, while at the same time, you avoid the credit card fall draw your way.

In addition to building your credit card, you must build new financial habits. A thrifty lifestyle live and save for the future are essential to the creation of financial happiness. It is made job loss a good idea to plan the worst and if correct, medical emergencies and other financial barriers are small bumps in the road instead of potholes.

An experienced lawyer or financial advisor should able to come up with a plan to create your credit card and save for the future, to help regardless of your income.

"Failure is simply the opportunity, once again, this time a smarter start." - Henry Ford

This quote says it all. This is the man who brought the affordable car consumers on a large scale and in this way, the world changed. He experienced bankruptcy, financial difficulties and was on the verge of bankruptcy. He is not on his errors harp and again on the wrong track.

Thanks to the bankruptcy fresh start, Henry Ford could get up and was offered the opportunity to once again begin. He made the most of it and so can you!

Frank Pipi clays is a long of Iceland bankruptcy attorney, focuses on all issues relating to consumer protection and debt resolution.

Which Bankruptcy Is Best For Your Debt?

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When it comes to filing for bankruptcy, the choice is often a difficult one. To make matters worse, most people have very little idea of how the process actually works. The problem with having a limited understanding of the bankruptcy process is that it is easier for mistakes to be made, ones that could drastically impact the outcome of the case.

The first step before deciding to file for bankruptcy is to get an idea of the type of debt being carried and how that influences the type of case to file. Get to know each type of bankruptcy and the associated risks and benefits of each.

Unsecured Debts

The most commonly held type is an unsecured debt. These debts are called "unsecured" because they do not hold any asset or property against the loan as collateral. Credit cards, medical bills, tax debts, student loan debts and some personal loans are considered unsecured debts. These debts are also the most common used to file for discharge when seeking bankruptcy.

The biggest concern regarding unsecured debts is how they are managed in a bankruptcy filing. In general, most of these are easily eliminated in a Chapter 7 case. Because creditors do not hold any repossession or liquidation rights over an asset, these can be discharged with little risk or payment from the debtor. However, tax debts and student loans cannot be discharged under Chapter 7, but instead must be repaid through Chapter 13 bankruptcy. It is also important to note that a creditor may still be eligible to seize certain personal assets in a Chapter 7 case if the court deems the debtor's assets to be sufficient for repayment.

Secured Debts

Secured debts are typically the largest of the debts held by most people. Mortgages, car loans, retail credit cards and title loans are all examples of secured debts. These give the creditor repossession rights over a specific asset in the even the debtor defaults on the loan. For this reason, managing them in bankruptcy can be more difficult.

In nearly all cases, the debtor will be required to repay if they desire to keep the asset. It is very rare for a debtor to be allowed to keep a secured debt asset in bankruptcy without making some repayment towards the loan. Secured debts are generally managed through Chapter 13 cases, which allow for the debtor to repay their debts over a three to five year period.

The Lee Law Firms aims to help local residents resolve their debt issues and achieve a financially healthy future. They provide high quality legal representation that helps lower monthly debt payments, stop wage garnishment,prevent foreclosures and repossessions, and stop calls from creditors. The Lee Law Firm bankruptcy lawyer in Fort Worth have many years of experience in all aspects of Chapter 7 and Chapter 13 Bankruptcy.

Bankruptcy timeline: what to expect after the Declaration of bankruptcy

There is more than one type of bankruptcy that can be dropped; two the most common chapter are 7 and chapter 13. The duration of your login and the common components of your process depends primarily on what chapter you file. In General, there are deadlines and expectations relating to the submission of any type of bankruptcy. About six months (180 days to be exact) before the presentation you by a certified credit counseling agency must be trained. Until this process is completed, be to use who may come declare bankruptcy by debt relief not eligible. About three months ago the (90 days) exactly you need to determine you are that you are valid resident of the State in which submit. It must be demonstrated that they have been resident in that State not less than 90 days.

Once he pre-filing period has expired, a whole series of new time standards will be applied to your case. The new deadlines start file a petition in bankruptcy court officially only once. Once this is done, the process will be officially under way. Will it always be borne in mind that only 15 days from the date of your deposit in the District Court in which all the information to the Court available specific to your case. This includes all details of personal expenses, assets, liabilities, income, etc., which may affect your financial performance. If you opted for chapter 13, you must be met that expected for a repayment plan file, in this same time frame.

Thirty days after filing Chapter 7 expected that the file is a statement of intent. Essentially, this a statement is identified all debts, which want to confirm you in this process. Chapter 13 cases, while you have this same time - about 30 days - file your repayment plan with the Court and also the first scheduled payments. After 45 days of registration, a meeting of creditors in court finds in your case. This part of the process is designed specifically for about six weeks after the first login of your case occur.

More long-term aspects of insolvency are proof of the claims, which can be stored on your case. This can happen at any time for 180 days after your submission and it will be taken by the Government authorities, the claims against you. The IRS and other similar faculties may include these agencies. Chapter 13 cases have the potential to extend, sometimes on longer, as long as three to five years after your initial payment has been made. It is important to note that certain laws are, determine, or if you ever can submit, and some of them are time-related and. In particular is who has previously filed for Chapter 7 waiting one eight years before you are charged again. When a chapter 13 filing that wait is time two years after the bankruptcy discharge.

Chicago bankruptcy lawyer from the firm of Joseph p. Doyle, you can restore the financial burden was on your life with a weight. Whether this is through bankruptcy or some other type of debt relief, you can confidently rely on the company for competent legal counsel in all matters of bankruptcy law, from the most standard to the most complex. The company lead lawyer dedicated to people help a second chance in the financial stability to fight for a certain period of time. Not that offers excellent legal to clients represents, it services never missed their professional services with personal support and supplement. If you are working with Joseph p. Doyle will give you a free consultation of your case and Attorney are day according to the conclusion of your case by your page form.

How Can Filing Chapter 13 Bankruptcy Improve Your Financial Situation?

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There are several reasons why debtors file Chapter 13 bankruptcy. The first reason is to benefit from the automatic stay. The automatic stay is what prevents creditors from collecting debt from people in bankruptcy. Once a bankruptcy case is filed, creditors are required by federal law to stop all attempts to collect debts. This includes repossession of cars and foreclosure of real property such as a home. It also includes phone calls from creditors, lawsuits, wage garnishments and all other attempts to collect debts incurred prior to filing bankruptcy. The automatic stay is a powerful tool of the Bankruptcy Code. Creditors who violate the automatic stay risk having financial penalties imposed upon them by a bankruptcy judge.

The second form of relief available in a Chapter 13 bankruptcy case is the discharge. Once a bankruptcy debtor completes a Chapter 13 case, all creditors are barred from future collection of the debts listed in the bankruptcy schedules, unless the Chapter 13 plan provides that the debt survives the discharge or for some reason the debt is not dischargeable. The discharge shields a debtor from future collection of all pre-petition debt permanently.

Debtors who file Chapter 13 bankruptcy don't receive these protections without giving something in return. In order to receive a discharge, debtors must file a Chapter 13 plan. The Chapter 13 plan explains to the court how the creditors are to be repaid in the bankruptcy case. Not all creditors are treated the same way in Chapter 13 plans. Secured creditors such as mortgage companies and creditors providing loans for the purchase of automobiles can be paid through payments to a trustee or the plan may provide that the debtor will continue to make payments outside the plan by paying the creditor directly. Priority creditors include debts owed to the Internal Revenue Service for taxes and past due child support. In most Chapter 13 bankruptcy cases priority creditors are paid in full. In addition to curing past due taxes and child support in the plan, debtors must continue to file tax returns each year and continue paying their child support.

Unsecured creditors are paid if the debtors have disposable income and are able to pay these creditors in the plan. Unsecured creditors may receive no payments in a plan, they may be paid in full, or they could receive a partial payment. Student loan debt is not dischargeable and any portion not repaid in the plan will have to be paid after the bankruptcy case is finished. At the end of the Chapter 13 bankruptcy case, debtors receive their discharge, and if all goes well they receive a fresh start having wiped out most or all of their unsecured debt, paid off their priority debt, and repaid secured creditors provided for in the plan.

Nathan S. Graham is an attorney with The Wright Firm, LLP. Nathan represents individuals and small businesses in Chapter 7 and Chapter 13 bankruptcy cases. The Wright Firm, LLP, has offices in Dallas, Denton, Lewisville, and Frisco.

For more information about Nathan Graham visit the Wright Firm's web site at http://www.northtexas-bankruptcy.com/.

Treatment of Student Loans in Bankruptcy

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Student loans receive special treatment in bankruptcy. They are unsecured loans, similar to credit cards, medical bills, and payday loans, which means they are not attached to collateral by a lien. However, unlike these other types of debts they generally cannot be discharged in bankruptcy.

In Chapter 7 bankruptcy cases student loans are put into forbearance until the debtor receives a discharge. These types of cases last about three and a half to four months, so the debtor receives a short reprieve from having to make payments during this time. Once the case is completed the creditor may begin collection of the debt.

In Chapter 13 bankruptcy cases the debtor may or may not be required to make payments to these creditors, depending on their monthly disposable income. In these types of cases the unsecured creditors get paid some or all of their claims depending on the amount of money available to pay them in the reorganization plan and the total amount of unsecured claims that are filed. If there is money available to pay unsecured creditors, the student loans get paid as well. If there is no money for this group of creditors then the student loans go into forbearance for the three to five years the debtor is in bankruptcy.

Under very rare circumstances, student loans may be discharged in bankruptcy. Discharging these types of debts requires a lawsuit within the bankruptcy court called an adversary proceeding. The test for whether or not the debtor will be successful in discharging the debt is different depending on the state in which the case is filed. One common test that many states follow is referred to as the Brunner test. The Brunner test requires that the petitioner prove that he cannot maintain a minimal standard of living for himself or his dependents, the difficulties preventing the debtor from repaying the student loans are likely to continue for a significant portion of the scheduled period of repayment, and the debtor made a good faith effort to repay the debt before seeking a discharge. This is a very difficult test to meet and very few bankruptcy filers succeed in discharging student loans.

Nathan S. Graham is a bankruptcy attorney representing consumers and small businesses in Chapter 7 and Chapter 13 bankruptcy cases in Dallas and surrounding communities.

For more information about Nathan Graham visit his web site at http://www.bankruptcylawyer-texas.com/.

Deficiency Balance After Repossession or Foreclosure

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Deficiency means it's simply not enough. It's not enough that you lost a vehicle to a repossession or a home to foreclosure, the debt in full must still be repaid. The deficiency balance reminds you that you're not quite done with your lender or in most instances, your third party debt collector. A deficiency balance can remain as much a part of your life as a third party debt collector wants it to be.

A deficiency balance is an obligation to repay the portion of an obligation that arose from the liquidation of a certain property you had once financed. It can arise from a repossessed vehicle or a home lost to foreclosure. A repossessed vehicle for example is usually sold at an auction by the finance company for an amount far less that what was owed on it. Hence the deficiency balance.

Like most people that finance a vehicle, by the time you drive the it off the dealer lot, you're already "upside down" because vehicles typically lose value or depreciate rapidly. And as you know, that difference between that market value and loan balance leaves you on the hook if the vehicle is ever repossessed or totally damaged.

Your finance company posts that deficiency balance on your credit report which eventually reports on your credit file as "charged-off". You may not have received any collection calls or harassing letters, but that does not mean that the deficiency won't come back to haunt you.

In fact a charge-off doesn't mean forgotten. It just means that your creditor is no longer attempting to collect this debt. But it doesn't mean that someone else won't. In fact, someone else, such as a third part debt collector, may and in fact will.

Same applies to a home particularly in this difficult housing market where published reports estimate that at least a quarter of the nation's homeowners are "under water". After the home is sold in a foreclosure proceeding, the loan difference not satisfied in the sale is the homeowner's responsibility.

A home foreclosure can place the burden of a deficiency balance against a family already devastated by the loss of their home. Legislation such as the Mortgage Forgiveness Debt Relief Act of 2007, does give homeowners some protection against tax liabilities related to foreclosure deficiency balances but collection attempts taken by third party debt collectors can leave families with few options other than bankruptcy.

A deficiency balance ignored can soon become a deficiency judgment and ultimately a wage garnishment or bank account freeze. Your charge-off deficiency balance could be quietly purchased by a third party debt collector to soon find you laying in the wake of a far worse financial entanglement.

In fact debt acquisition by third parties is a multi-billion dollar industry according to at least one independent survey conducted in the fall of 2011 by Earnest & Young. In this published report debt collection by third parties totaled $55 billion.

Debt collection is such a lucrative enterprise that banking giant Capital One Financial Corp has been alleged to take aggressive collection actions against individuals that were "cut loose" from their obligations in bankruptcy the Wall Street Journal reported.

In most instances, when a deficiency balance results in a judgment, whereby the debt collector seeks a local court's intervention for enforcement purposes, a Sheriff, Marshall or other judgment enforcement agent is entrusted to attach a levy against a debtor's assets. This levy can most commonly result in a binding order demanding that your employer withhold wages or bank to place a freeze of monies in your account.

Alex Frias is the publisher of http://www.docstowork.com/, an information bankruptcy website for individuals an joint petitioners seeking to file bankruptcy without an attorney.

Alex Frias' bankruptcy petitioner services provides fully compliant bankruptcy assistance and is a Debt Relief Agency in accordance with the bankruptcy code (Title 11 USC).

Bankruptcy Attorney Advice

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In the current economic climate it is easy to lose sight of your finances and end up in a situation beyond your control. Fortunately there are resources and help to make sure that this minor stumbling block does not become a situation that takes control of your life and ruins your future. Getting your life back on track is not necessarily a simple matter but it is certainly within reason to think that you will be able to remedy your negative debtor history. All that is necessary is a bankruptcy attorney who understand the nuances of the law and who can look at your situation with fresh eyes and an individual approach and can illuminate real and useful solutions to the problem. While there are numerous practitioners available who espouse their specialty in this branch of legal issues not all are created equally. That is why it is necessary to search for an attorney who offers a few requisite qualifications and to pursue their professional opinion.

First of all you want to try and find a bankruptcy attorney who will offer an initial consultation free of charge. This is important because you never know whom you it is you should bring your business to. There is certainly no harm in shopping around and finding someone who offers both experience and professionalism to his practice. During this initial consultation the person you speak with should be able to inform you of your rights and the course of action he most recommends pursuing. As part of this he should be able to offer an estimate of the time and money investment necessary to fully accomplish your goals. Not all debt is eligible for dismissal through bankruptcy proceedings and if your primary problem is something like student loans you are not going to accomplish much other than complicating your finances. Also, there are many options from Chapter 7 to Chapter 13 that may be the appropriate choice for your unmanageable debt. Be sure that the person you consult is able to explain what and why each type could be right for you.

While the initial consultation should be free you also want to find someone who will offer his services at a reasonable fee. It is not going to bode well for you if the cost of representation puts you in a worse situation than you were before. Be sure you find someone willing to work with your budget and who can establish a payment plan to help you remove yourself from this weighty burden. To this end they should be able to quote you a price up front with which the two of you can work for the duration of your proceedings.

Bankruptcy filing can be a welcome relief from the stress of high debt. However, it should be conducted in a way in which you do not end up worse off than when you started. You need to find someone who will represent you justly and thoroughly at a price you can afford.

Long Island bankruptcy doesn't have to ruin the rest of your life. Get control of your future by calling http://www.sfbflaw.com/

Debt Discharge In Bankruptcy

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While many people understand the basic idea behind filing for bankruptcy, few people actually understand some of the key concepts. There are two outcomes to a bankruptcy case, a discharge or a dismissal. A discharge is the desired outcome, which involves having their debts resolved and liability over removed. A dismissal is the closing of the case, in which there is not resolution to the debt. As people pursue bankruptcy there is still much to learn about how a discharge works.

Types of Debt

Debts fall into one of two categories, unsecured or secured. Unsecured debts are the most commonly held source of debt among bankruptcy filers. Medical bills, credit cards, some loans and even student loans are considered unsecured debts. The word "unsecured" refers to the fact that these debts do not hold any asset or collateral against the loan. Instead, these are given based on a promise of repayment. In general, unsecured debts are the easiest type to resolve in bankruptcy and can usually be managed in either a Chapter 7 or Chapter 13 bankruptcy.

Secured debts are those that hold an asset or collateral against the loan. In the event of default the lender can seize and liquidate the asset in order to satisfy what is owed. Common examples of secured debts are mortgage and car loans. In these loans, the lender can foreclose or repossess if the borrower is not paying what is owed. Secured debts are more complicated in bankruptcy in that the borrower must repay what is owed in order to keep the property. These are best managed in a Chapter 13 bankruptcy, whereby the debtor develops a plan for repayment.

Not All Are Equal

It is important to note that not all debts are equal. Even some that are considered unsecured may still be required to be repaid in order to avoid asset liquidation or wage garnishment. For example, back taxes and student loan debts are both considered unsecured. However, both of these are required to be repaid and are generally not eligible for bankruptcy. While there are some cases in which these may be included in a filing, there are very strict rules as to their qualification and inclusion in the case. Further, it is most often the case that these are required to become part of a Chapter 13 case in the instance they do become eligible for filing. Also, there are some debts that are not eligible for bankruptcy under any circumstance. Back due child support, unpaid court fees or criminal negligence payments are never eligible for a discharge.

The Walters Dunn law firm aims to help local residents resolve their debt issues and achieve a financially healthy future. They provide high quality legal representation that helps lower monthly debt payments, stop wage garnishment,prevent foreclosures and repossessions, and stop calls from creditors. The Walters Dunn bankruptcy lawyers in Austin have many years of experience in all aspects of Chapter 7 and Chapter 13.

Common Fears About Bankruptcy

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Although the bankruptcy process can seem intimidating, it is meant to be a tool of assistance to those in financial trouble. The main source of fear for most people who are considering filing for bankruptcy is misinformation. There are many myths that circulate about the bankruptcy process, most of which are completely false. The best way to get over fears about bankruptcy is through education and information.

Myths And Misconceptions

One of the biggest areas of concern among potential filers is what will happen to their assets. Most people assume, or have heard that, they will lose all of their assets in bankruptcy. While some assets may be eligible for liquidation under certain circumstances, it is not the case for everyone. In fact, these situations are more rare than one would think and there are many ways in which asset liquidation can be avoided. Filing for Chapter 13 can ensure there is less risk of asset liquidation as the debtor is making payments through a repayment plan. Also, bankruptcy exemption laws protect much of one's personal property and money from creditors in nearly all bankruptcy cases.

People also worry about their reputation in the community. Filing for bankruptcy is a matter of public record, but it is quite rare that this information is displayed publicly. The information is available through the courts and is not publicized in any fashion. Unless the case is considered high profile, involves fraud or an entity of general concern to the public, it is rare for filing information to get out to media or citizens. Further, bankruptcy laws protect against discriminatory actions based on a filing status. This means that landlords and employers would not be able to discriminate against a filer based on their status in the bankruptcy court.

Another issue of concern regards one's credit after bankruptcy. The truth is that bankruptcy itself does not damage credit, missed payments and delinquent account standing do. Credit damage is done long before anyone ever files for bankruptcy. In fact, filing for bankruptcy can actually improve one's credit when the delinquent account standings are erased and debts are considered satisfied. It isn't uncommon for a filer to see some level of improvement in their credit following a discharge. However, bankruptcy can bring certain credit challenges. Getting new credit after bankruptcy may be more difficult than someone without a bankruptcy notification on their history. While getting new credit can be challenging it is definitely not impossible. There are plenty of creditors who target post-bankruptcy consumers for lines of credit. The challenges usually lie in finding a good interest rate and favorable terms or conditions.

The Lee Law Firms aims to help local residents resolve their debt issues and achieve a financially healthy future. They provide high quality legal representation that helps lower monthly debt payments, stop wage garnishment,prevent foreclosures and repossessions, and stop calls from creditors. The Lee Law Firm bankruptcy lawyer in Fort Worth have many years of experience in all aspects of Chapter 7 and Chapter 13 Bankruptcy.

Common Myths About Bankruptcy

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There are many misconceptions that people hold about bankruptcy, mostly due to the lack of understanding of the process. While there will always be legitimate concerns, many of these myths prevent people from seeking the help that bankruptcy can offer. These top three myths are the most common when discussing bankruptcy and the facts behind the myth may be quite surprising to some.

I Will Lose Everything

Perhaps the biggest fear among potential bankruptcy filers is the idea that assets will be lost or seized by creditors. While some creditors may maintain the legal right to liquidate certain assets, there is by far no guarantee this will happen in bankruptcy. When you file for bankruptcy an automatic stay order is issued, which halts any collection or repossession actions. In general, there is a greater potential for some secured debt assets to be liquidated in Chapter 7, whereas a Chapter 13 case poses very low risk. The court has the final say as to which assets may be granted for seizure and liquidation and which are eligible to be kept. Further, bankruptcy exemption laws offer a range of protection for many assets in bankruptcy. In some cases, you may be eligible to exempt your house, car, personal property and nearly all retirement or investment fund accounts.

Everyone Will Find Out

Many people worry about their reputation when experiencing financial hardships. Although debts are a personal responsibility, having difficulty managing debts does not make you a bad person. In fact, there are numerous reasons why people end up in bankruptcy that are through no fault of their own. When it comes to protecting one's privacy in bankruptcy there are several issues to consider. First, a bankruptcy filing does become a matter of public record. However, this refers to the availability of the information for court and legal purposes. It is highly unlikely that anyone would find out about a filing unless they went digging for the information or you told them. Only high profile, corporate or fraudulent cases become a newsworthy matter. Also, there are bankruptcy laws that prohibit employer discrimination on the basis of a bankruptcy. While the chances of an employer finding out are slim, they wouldn't be able to make any employment decisions based on this fact alone.

My Credit Will Be Ruined

This myth is the most misunderstood concept about bankruptcy. Most people hold the assumption that filing for bankruptcy damages your credit. In fact, bankruptcy itself does not damage your credit and can even boost your credit immediately following a debt discharge. The confusion lies in the fact that missing payments and carrying delinquent accounts, which are essential for bankruptcy qualification, result in credit damage. You come into bankruptcy with the damage done and filing actually provides a platform for rebuilding credit with a fresh start. The other source of confusion is found in securing future credit. While finding a good deal on credit or loans after bankruptcy can be more challenging, it is far from impossible. There are numerous creditors whose target clients are post-bankruptcy consumers. The short of it is this: your credit was already damaged before bankruptcy; you gained a fresh start and have to work a little harder to prove your credit worthiness.

Ryan understands that financial hardships can affect honest, hard-working people. His area of expertise is bankruptcy law and aims to provide all his clients with the fresh start they are looking for. His business philosophy is guided by one thing, helping people get back on track. As a Austin bankruptcy attorney his practice has given him the opportunity to directly impact the lives of many people.

Filing Bankruptcy Is Not A Mark Of Shame

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Many Americans these days that are experiencing financial difficulties and are seriously considering filing bankruptcy should seek consultation with a bankruptcy attorney. They can then factor in all of their options, weighing the advantages and disadvantages that come with filing bankruptcy. The most obvious and common reason that individuals file bankruptcy is to gain a fresh financial start. Filing a Chapter 7 bankruptcy will wipe out all of an individual's unsecured debts, allowing them a chance to start over.

As with many good things, there is some bad as well. For many people, one of the most difficult parts of filing bankruptcy is the psychological effects it has on the debtor. Many people see filing bankruptcy as a failure and a mark of shame. Plus many debtors have a tough time knowing that all of their credit cards will be shut off and cancelled, even if they do not owe a balance on a card, due to the bankruptcy filing. Debtors feel that they have lost their financial freedom, not taking into account that the crushing debt they are saddled with is what is ultimately taking away their financial freedom and literally sucking the life out of them. After filing bankruptcy most debtors overcome the emotional effects quickly, and experience a huge sense of relief knowing that they will soon be debt free or close to it.

Once the individual receives their bankruptcy discharge they will discover that they will soon start to receive offers for credit again. The debtor will be eligible for a secured credit card usually within months of their discharge from number of cars issuers. With a secured card the individual would deposit an agreed upon amount of money into an account and they will receive a major credit card that is secured by the deposited money. As the debtor makes their scheduled payments over the coming months, their credit limit will be increased at regular intervals. The debtor must be diligent to always make their payments on time to show they are responsible and their credit worthiness will be rewarded. More offers for credit will flow in and the debtor will be eligible for an auto loan or home loan within the near future. Filing bankruptcy is not meant to be a punishment, but on the contrary, a means of gaining a fresh start at financial freedom and responsibility.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

How the Chapter 11 Process Works

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Chapter 11 bankruptcy is one of the chapters of the U.S. Bankruptcy Codes that allows individuals and businesses to continue to do business while restructuring their finances when debt overshadows profit. A plan of repaying the debt is created and presented to the bankruptcy agency in the district of the filer. The main benefit of the Chapter 11 process is that it allows the business to continue operating the business while it is restructuring. Some or all of the debt may be forgiven.

A trustee will be assigned to the restructuring process and may take over if the debtor is unable to do so or is not handling the matter appropriately. It is extremely important that the debtor obtain qualified legal counsel during this process to ensure that all laws are followed properly.

The Chapter 11 bankruptcy process is complex and may take years to resolve. It will stay on the debtor's credit record for seven years. To ensure that it does not present additional hindrances, it is advisable to consult with a lawyer who is specifically experienced with finance as an area of practice.

This particular law allows the debtor to legally stop payment to creditors and informs creditors to stop the collection process during the bankruptcy proceedings. This does not mean that the business is exempt, although it may eliminate some debt, from paying its debts but gives it legal protection during the process in order to help it restructure its finances as a means to pay its debts. Debt can in turn be more easily consolidated instead of incurring harsh penalties that can permanently damage the reputation of an individual or established business.

Filing for bankruptcy is not for everyone who is experiencing financial problems in their business. It can ruin your credit standing for many years and can lead to not being able to get a credit card or have a bank account. All people or businesses that apply for Chapter 11 must receive credit counseling before being allowed to file for these conditions. Throughout the entire process, a lawyer's guidance can simplify seemingly perplexing terms, statutes, and steps.

The laws governing these procedures are not the same in every state so it is very important to understand them as they apply in each state under which they are filed.

The bankruptcy process is a very serious matter and requires careful consideration and expert advice before filing for this protection.

For more information on Chapter 11 please visit http://www.jscbklaw.com/

What To Expect In Bankruptcy

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The bankruptcy process is not intended to be stressful for anyone, but people are often overwhelmed by the process. The main reason is that very few people have an accurate understanding of how the process works and what to expect along the way. Getting informed about the ins and outs of bankruptcy can help prepare you for process and ensure you are able to make a smooth transition.

Qualification Standards

In 2005, some important changes were made to the bankruptcy laws. Some of these changes included specific rules as to the qualification standards associated with bankruptcy. The biggest change occurred in Chapter 7 cases, which now require that debtors pass a means test in order to qualify. In order to qualify for Chapter 7 you must (1) have an income less than the median income of your state or (b) lack sufficient disposable income to repay your debts. Not much was changed about Chapter 13 qualification standards and these cases are generally open to most people who file. However, there are still some rules as to when filers are eligible and which debts may be included.

Debts and Assets

They way debts and assets are handled in each type of personal bankruptcy can vary. The most important aspect for you to remember is that debts are not guaranteed a discharge and assets are not guaranteed protection from creditors. For example, there are certain debts that do not qualify for bankruptcy at all. Student loan debts, some tax debts and domestic support payment debts are generally not eligible for discharge in bankruptcy.

Chapter 7 cases are good for unsecured debts such as credit cards and medical bills, but offers less protection over assets. In a Chapter 7 case, the court will determine if your assets are sufficient or eligible for liquidation in order to satisfy debts to creditors. However, not all assets are at risk in a Chapter 7 case. There are bankruptcy exemption laws that offer protection over several assets, including your house, car and personal property. Chapter 13 cases are open to both secured and unsecured debts, as well as offer a higher level of asset protection. Since you will be repaying your debts in Chapter 13 there is less risk of having them liquidated in this type of bankruptcy.

Credit Challenges

Although most people assume a bankruptcy damages your credit, the truth is that the damage is done prior to bankruptcy when you default on your payments. Nothing about the bankruptcy process causes damage to your credit. In fact, bankruptcy allows you to have a clean slate and fresh start at your credit after a discharge. However, obtaining credit in the future may be more challenging, but his generally has little to do with bankruptcy itself and more to do with the prior default history.

Christopher M, of Lee Law Firm, understands that financial hardships can affect honest, hard-working people. His early experience growing up in a very blue collar family in a rural area of Indiana, made a significant impression on his business philosophy today. As a child, he watched his family struggle as money didn't come easy and his parent work hard to provide for their family. As a bankruptcy attorney in Dallas, Tx his practice has given him the opportunity to directly impact the lives of many people.

Filing Bankruptcy Multiple Times

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Although no one sets out to end up in bankruptcy, it can happen to the best of us. Job loss, medical illness or other unforeseen circumstances can lead even the most financially savvy into trouble with debt. While bankruptcy is meant to be a tool for helping alleviate financial pressure, there are certain rules associated with the filing process that are intended to prevent abuses such as multiple filings.

Considerations

The average consumer holds the notion that you can only file for bankruptcy once. This is false and there are instances in which the court will allow a debtor to file on multiple occasions. However, the guidelines for filing again are strictly governed and may depend on the outcome of one's previous filing. For example, if a case was dismissed due to failure to pay fees or complete a certain step of the process, one may be eligible to file within 180 days.

Obtaining a debt discharge, on the other hand, changes the rules completely. If a debtor files for bankruptcy and completes the process successfully they must wait anywhere between 2 to 8 years before they can become eligible to file again. A debtor who is filing for Chapter 13 and had prior debts discharged in a Chapter 13 case must wait at least 2 years before filing again. Anyone filing for Chapter 13 after a previous Chapter 7 discharge is required to wait a minimum of 4 years before filing again. Filing for Chapter 7 after a prior Chapter 13 discharge must wait 6 years before being eligible to file. A debtor is required to wait 8 years to file a Chapter 7 after obtaining a prior Chapter 7 discharge.

Business Bankruptcy

Filing for bankruptcy in business is a bit different than in personal bankruptcy. Although the processes and case outcomes are similar, there are additional aspects to the financial matters of the company that must be considered. While the general rule holds that businesses cannot file for business Chapter 7 within 4 years of obtaining a prior Chapter 11 discharge, there are instances in which the court approves this case. In general, there is no specific time limit between Chapter 11 cases in a business bankruptcy. However, both of these rules come with exceptions.

It is up to the court to determine whether a business has a chance at successfully exiting Chapter 11 before allowing the case to proceed. With so many businesses filing Chapter 11 for the second or more time in recent months, much is being questioned as to the efficacy of this rule. What seems to be happening is that more businesses are entering Chapter 11 with the intent to reorganize debts, but instead converting their cases into business Chapter 7 liquidation cases.

The Lee Law Firm aims to provide local residents with high quality legal representation at affordable rates. Their Dallas bankruptcy attorneys specialize in all aspects of Chapter 7 and Chapter 13 Bankruptcy. As bankruptcy lawyers in Dallas, the Lee Law Firm attorneys understand the pressures their clients face as the battle a financial hardship.

Filing Bankruptcy May Improve Your Credit Rating

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Most clients I talk to believe that filing bankruptcy will ruin their credit score permanently. The truth is that most people who are considering filing bankruptcy already have a poor credit rating, and filing bankruptcy will not cause much of a decrease in their score. In fact, filing bankruptcy may be the first step in restoring them to creditworthiness.

There are many reasons that after filing Chapter 13 bankruptcy a debtor may find that their credit rating improves. For example, Chapter 13 bankruptcy requires the debtor to prepare a budget and consider what they spend their money on. It's amazing how many people have serious financial troubles but never take the time to consider what they spend their money on. After reviewing a written record of their income and budget in the form of their bankruptcy schedules many debtors realize that they reduce their monthly expenses.

Second, bankruptcy allows debtors to reorganize their debtors and pay many of them through a repayment plan. A Chapter 13 plan often reduces interest rates, lengthens repayment terms, and discharges debt with no repayment at all. The Chapter 13 plan allows debtors to pay their debts in a way that they can afford. As a result, after filing bankruptcy they are able to pay their bills on time, which is very important for improving a credit rating. By making payments on time, debtors begin to improve their credit score. In addition, a Chapter 13 bankruptcy indicates to creditors that the debtor is trying to improve their financial situation, rather than simply defaulting on their debts.

Chapter 7 bankruptcy may also improve a debtor's credit rating. Chapter 7 bankruptcy cases last between four and five months, after which most of the bankruptcy filer's debts are discharged. At the time of filing bankruptcy the debtor may experience a temporary decrease in their credit score, but the case ends quickly, and afterwards the debtor's credit score will rebound fairly quickly, assuming they pay their bills on time, maintain a job, and do all of the other things that improve a credit rating. Filing a Chapter 7 bankruptcy will usually allow debtors to improve their credit rating faster than if they simply allowed their debt to linger and remain unpaid for years.

If your goal is to improve your credit rating, bankruptcy should be considered. Credit ratings do recover after discharge, and many debtors will find that their ability to obtain credit improves after bankruptcy.

Nathan S. Graham is an attorney with The Wright Firm, LLP. Nathan represents individuals and small businesses in Chapter 7 and Chapter 13 bankruptcy cases. The Wright Firm, LLP, has offices in Dallas, Denton, Lewisville, and Frisco.

For more information about Nathan Graham visit the Wright Firm's web site at http://www.northtexas-bankruptcy.com/.