What Information Do You Need to File Bankruptcy?

With the changes to the bankruptcy code, came a whole new list of information needed to file bankruptcy. It is much easier to file Chapter 7 bankruptcy than Chapter 13 and that is why there is so much proof needed to file. To qualify to file Chapter 7 a person will have to prove their annual household income and make sure it is below the state’s median household income. This is one area where a bankruptcy attorney is a huge help.

A person filing bankruptcy will be required to come up with their last six months paycheck stubs or proof of income if they are self-employed. They will need a copy of the last two years of taxes and up to two years of bank records depending on the situation. That is the documentation they will need to prove that they qualify to file Chapter 7 bankruptcy.

After qualifying to file Chapter 7, the individual will need to supply their bankruptcy attorney with an itemized list of all their property and the valuations. This list will include f

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What Can Bankruptcy Do For You?

Most people never imagine they’ll need the relief of filing bankruptcy, but sometimes debt builds up unexpectedly. A job loss or medical bill may lead to increased credit card debt, and you may only be able to make minimum payments. Other bills rack up, and before you know it, you’re in over your head. There are many benefits to filing bankruptcy, but it’s also important to weigh the consequences of filing before moving forward.

First Steps

Most people know that bankruptcy can discharge many of their debts, but you’ll need to make some important decisions to get to that point. First, we’ll conduct the Means Test to help us decide which chapter of bankruptcy is best for you. If you pass the Means Test, you’re eligible to file a Chapter 7, which discharges most unsecured debts, including medical bills, credit cards, utility bills, and back rent. If your income is too high or you have assets and property you need to protect, a Chapter 1

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If I File Bankruptcy, Do I Lose Everything?

Having debt hanging over your head can be stressful, but when even the minimum payments are impossible, the situation can be too much to handle. It’s time to take some serious action, starting with taking a hard look at your budget and cutting out things that aren’t necessary. You may also be able to work with your creditors for reduced payment plans or interest rates to make your monthly expenses more manageable. Still, you may get to the point where your best option is to file bankruptcy, which can be a welcomed relief. While bankruptcy can discharge many types of debts, you may worry about the immediate and long-term consequences of filing. You may have heard stories of people losing everything they own, just to get out of debt, but there are many safety nets in place to protect your assets and livelihood.

For Your Benefit

The purpose of bankruptcy isn’t to leave you destitute as a punishment for your debt; it was created to ensure consumers have a

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Improving Your Credit Score After Bankruptcy

Most people don’t pay much attention to their credit score, which is easy to do when you’ve always been able to pay your bills on time and haven’t acquired much debt. But even the most responsible consumers can be hit with unforeseen circumstances such as a job loss or medical bills. Credit cards may be able to float the expenses for a while, but eventually the debt can mount up to a point where payments are no longer manageable. Missed or late payments can lower your credit score, but you may avoid bankruptcy, hoping to stop any further damage. However, sometimes bankruptcy is the correct choice, and there are things you can do to rebuild your credit score after filing.

Your Credit Report

If you have a pattern of late payments, filing bankruptcy can discharge many of your unsecured debts and put an end to those late payments. A bankruptcy will lower your credit score, but after you file, you’ll be given a “Discharge of Debtor” docum

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How to Recover From Filing For Bankruptcy

The Fastest Ways to Recover from a Bankruptcy

No one expects being in a financial bind (personally or business wise) that makes them have to file for bankruptcy. In the worse case scenario if you have to file for bankruptcy (whether it is chapter 7 or chapter 13) understand that it is not the end of the world. All you have to do is understand that there is a way to rebuild your finances back up to normal and eventually live life stress free again (at least in this situation).

Save, save, save!

The main key to recovering from a bankruptcy is beginning to save your money wisely. After a financial burden such as bankruptcy you will not only have to pay off your debt (which could include interest) in addition to daily living. Once you begin saving your money and budgeting correctly you will be able to pay off your debt while being able to pay current bills and other life necessities.

Re-adjust your lifestyle

This element goes hand in hand with the firs

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Delaying the Inevitable Bankruptcy Filing

Back in 2008 just about the whole world was aware of the dire financial situation the global economy was in. The Federal Reserve ran to Congress and asked to fire up the printing presses to avert a financial crisis that would make the Great Depression of 1929 seem like the good old days. And like everyone also knows, Congress agreed to it with a stimulus bill close to $1 trillion. The only problem is, none of it really reached the economy. All this money did was bail out the bad financial dealings of the Federal Reserve member banks. If it only let those banks fail, the US probably would have already recovered and been able to stay as the number one global economy. It seems that now that is changing as China is taking a run at the number one spot. The only thing the US is now exporting is debt. That is selling U.S. Treasury’s to be able to keep the sinking ship afloat.

A few years ago large numbers of people were racing to the bankruptcy courts to file for bankruptcy. T

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What Is Chapter 20 Bankruptcy?

When we meet to discuss your financial situation, I’ll take the time to get to know the details of your circumstances so that we can create a custom solution to your debt troubles. For some people, budget and spending revisions and negotiating with creditors can help them to avoid bankruptcy altogether. Others may need the immediate discharge of a Chapter 7, and still others will use a Chapter 13 to get their debt under control while protecting their property and assets. In order to maximize the benefits of bankruptcy, a Chapter 20 may also be used. This is when someone files a Chapter 7 followed by a Chapter 13. There are some guidelines surrounding to this option, and we’ll work together to make the right choice for you.

Exploring Your Options

I’ll walk you through the benefits and eligibility requirements of each chapter and will guide you as we make these important decisions. A Chapter 7 is usually resolved in just a few months and discharges most

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Moving and Other Faux Pas Made Prior to Bankruptcy Filing

When it comes to filing for bankruptcy there are many things that you should do and shouldn’t do prior to filing. First and foremost the Bankruptcy Court requires individuals that are filing for bankruptcy to be totally honest and upfront in everything they do. Any indiscretion can end up in the dismissal of the bankruptcy discharge putting the individual back in fair game for the creditors. A person should really sit down with a bankruptcy attorney and discuss the do’s and don’ts prior to the bankruptcy filing to make sure they have a full understanding of what’s required of them. When it comes to dealing with the government it’s more of a do as I say then do as I do situation. Although it’s important to be honest with the court, it’s sometimes pretty hard to understand this requirement with all the corruption in the government agencies. The federal government keeps talking about how transparent they are while at the same time all these sca

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Should Christians File Bankruptcy?

For many people financial woes have them stressed out, while they barely survive living paycheck to paycheck. They may have medical bills, student loans, credit card debt, car loans, payday loans and more piling up on their desk. For many it seems like an insurmountable task to get debt free and stay that way. So many turn to Bankruptcy as a quick fix to their problems… but is that the right answer for Christians?

When we look at bankruptcy we have to understand what it means to most people. Chapter 7 bankruptcy eliminates all of your debt, wipes the slate clean, and leaves you with a damaged credit score for a very long time. There are other forms of bankruptcy that allow you to restructure your debt, and pay it off over a longer period of time, with a much lower monthly payment.

Biblically speaking it is very clear that as Christians we are to pay our debts (Ecclesiastes 5:4-5) and that the wicked “borrows and does not repay” (Psalm 37:21). It may s

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Can Filing For Bankruptcy Keep The Creditor Sharks Away?

Are you tired of the phone calls and voice messages asking you to call some 1 800 number so you can be reminded; how many payments you are behind? Perhaps you are like I was, hesitant to open the mailbox for fear of seeing a notice to appear in court. If you are you are either hoping for a miracle or wondering if filing for bankruptcy can keep the creditors from taking all of your stuff please read on.

The good news is that for the most part, creditors don’t want your stuff. They just want their money plus interest. If you give them their money, they will go away for good. If you don’t pay them, they will be relentless in their efforts to get you to pay up. There are times when folks are forced to liquidate their assets to help pay off their debts. It depends on the case and the circumstances surrounding the debt.

The bad news is that most creditors have money and time on their side to wait for you to pay up. When they get tired of waiting they may sell the

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