Law Firm Offers Free Bankruptcy and Debt Seminars To Consumers

December 21st, 2011 by Bank Loan | No Comments | Filed in Loans

Dallas, TX (PRWEB) December 15, 2011

Many people find the bankruptcy process to be confusing and overwhelming, but it doesn’t have to be. As one of the area’s leading bankruptcy law firms, The Lee Law Firm (http://www.leebankruptcy.com) has expanded their spectrum of services to include free, informational seminars. Consumers organizations, special interest groups, employers, financial advisers and local organizations can take advantage of numerous seminars aimed at providing valuable information about the bankruptcy process.

The free presentations are aimed at providing more information on a variety of bankruptcy topics such as the basics of the bankruptcy process, how to prepare for bankruptcy, bankruptcy rules and life after bankruptcy. These presentations are informative and written in a way to help just about anyone that is interested.

Christopher Lee, owner of the firm, understands financial hardships. He grew up in a blue collar family on a farm in rural Indiana where his childhood experiences led him to becoming a lawyer so he could help those struggling with debt and financial hardships. This bankruptcy practice has given me the opportunity to directly impact the lives of many people, says Lee. He also enjoys “being there when people need me and having the ability to make things better.” Christopher takes his responsibility as a lawyer seriously and finds pride when a client “reaches that coveted result.”

As a previous partner of one of the largest bankruptcy firms in Texas, Allmand & Lee, Christopher started his own practice to provide a big firm expertise and professionalism with the flexibility and affordability of a small firm. Christophers firm has done exactly that for Tarrant county residents and he now wants to provide all residents of Dallas-Fort Worth that same, personalized and compassionate service. He has successfully handled thousands of Chapter 7 and Chapter 13 cases and knows all too well how the bankruptcy process can intimidate people.

The Lee Law Firm specializes in bankruptcy and mortgage loan modification work. Their mission is to provide the best representation at the best price, guaranteed. The law firm offers an Aftercare Program aimed at helping clients rebuild their life and obtain a fresh start after bankruptcy. Christopher notes, Rebuilding credit after bankruptcy isnt just the clients problem, it is our problem too, and he intends to stand by his consumers each step of the way.

Many of The Lee Law Firm’s past clients can attest that the overall sense you is that you are a member of their own family. We focus on getting to know our clients and the nature of their problems, and then provide the best and most sound legal advice possible, says Christopher.

A 2003 graduate of Texas Wesleyan University School of Law, Lee is a member of the National Association of Consumer Bankruptcy Attorneys, the Dallas County Bar Association, the Tarrant County Bar Association, and the American Bankruptcy Institute. He is also a longstanding member of the American Bar Association, as well as the Tarrant County Young Lawyer Association, the Dallas Association of Young Lawyers, and the American Consumer Bankruptcy College.

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Allmand Law Bankruptcy Firm Launching ?Times are Tough ? Win a NOOK!? Social Media Contest

November 12th, 2011 by Bank Loan | No Comments | Filed in News

Dallas, TX (PRWEB) November 11, 2011

Weldon ?Reed? Allmand, managing partner of Allmand Law Firm, is launching a social media contest to get people talking about a subject that many consider taboo. The contest is titled ?Times are Tough ? Win a NOOK? and asks followers to use the Hashtag ?#DallasBankruptcy? in a tweet along with a bankruptcy related question. One winner will receive a NOOK e-Reader and five others will receive a Bankruptcy Information Packet that includes CDs, DVDs, and two books written by Reed Allmand himself. The winners will be announced on December 9, 2011.

?Times are Tough ? Win a NOOK!? is the first social media contest launched by Allmand Law Firm. Allmand is always looking for ways to stay connected to the community and also give people a chance to talk about the sensitive subject of ?bankruptcy.?

Reed Allmand has been handling bankruptcy cases in the Dallas, Fort Worth Metroplex for over ten years and has used many media outlets, such as newspapers, radio and TV, to make information available to the public. Times are changing and the way information is delivered is changing as well.

?Using Twitter and Facebook, as well as the Allmand Law website, is a great way to increase our social network. It will allow followers to ask questions and learn more information about a subject that most people shy away from but more people need to know about in today?s economy,? Reed Allmand said.

The contest will run thru December 8, 2011. To follow Allmand Law on Twitter and to submit a question go to http://twitter.com/allmandlaw. All qualified entries submitted before the December 8th deadline will be entered for the drawing and the winners will be contacted on December 9, 2011. To learn more information about the contest and rules please visit the contest quidelines.

Reed Allmand serves as a member of the American Bar Association, the State Bar of Texas, the Tarrant County Bar Association, and the Dallas Bar Association. Due to his years of experience, he commands high esteem in the courts and handles large volumes of bankruptcy filings each year. Mr. Allmand has devoted his career as an attorney to helping people manage their finances and became certified in consumer bankruptcy by the Texas Board of Legal Specialization in 2005. At Allmand Law, Mr. Allmand and his associates meet their goal of ?helping good people get a fresh start? by helping them file for Chapter 7 and Chapter 13 bankruptcy. Mr. Allmand can assist individuals in making the best decisions regarding which kind of bankruptcy to pursue and how to protect their assets. He focuses on providing clear, informed guidance to clients while remaining sensitive to the particular challenges of their situations.

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So how exactly does Personal bankruptcy Purpose? The facts At the rear of Clearing Yourself In the Disappointment associated with Financial Failing

October 27th, 2011 by Bank Loan | No Comments | Filed in News

So how exactly does Personal bankruptcy Purpose? The facts At the rear of Clearing Yourself In the Disappointment associated with Financial Failing

Article by Shaun Wolf

Battling to preserve your income in check could not be probable for a lot of linked with an individual in the course of this time period associated with financial pressure. For anybody attempting to remedy the actual query “how will the individual bankruptcy functionality? inch, keep on scanning this submit.

It truly is challenging getting to be in occasions specifically where you might be feeling you aren’t in cost, however the way in which you discovered myself in this particular specific clutter isn’t since important since comprehension how to get free from this. To discover the incredibly most effective strategy to cope with this kind of situation it’s best that you should have a no cost of charge discussion along with someone who has encounter in working with circumstances for instance this.

Simply since you will obtain presently 3 types of individual bankruptcy to turn out to be submitted: Section 7, Section 11 or maybe Section 13. Via speaking to an professional you can uncover exactly that segment is heading to become greatest employed for your provider or person finances. Realizing that area to be able to document may possibly indicate the real distinction in amongst your loan providers obtaining part or perhaps all of your home. You might even wind up fortunate enough to grow to be free from your own monetary load completely.

Have you been nonetheless questioning what type of personal bankruptcy functions? I must go on performing this information to become particular you understand specifically how necessary it may well be to get concept of exactly what property could possibly be exempt out of your loan providers. You might not must shed all you personal and you’ll seriously have the capacity to preserve a number of in the points an individual really worth the majority of. The true distinction in between Segment seven at the same time as Part 13 could suggest developing an intend to pay again your monetary troubles and even hitting theaters out of one’s financial financial debt too as starting clear. Be certain you understand you are going to possess a simpler interval coping with this particular situation if you are aware of precisely what you will be permitting stop and also the pressure connected with continue could possibly be easier to cope with.

1 more factor you may not even so understand is actually which even though your own monetary load may well be eased when you seek out bankruptcy relief, you are going to need to get prepared for finding this specific within your credit score history with regard to a minimum of ten many years. For a lot of households that get prepared for this certain ahead of time, it isn’t actually a challenge. If you are able to strategy collectively to aid one yet another in the course of this interval after that it ought to be simpler to cope with. If you discover you might must move forward broke so that you can endure, I’ll allow you understand through individual encounter, time will pass fast also as there have to be credit rating opportunities that you should help fix your own credit rating the moment your own personal bankruptcy is actually approved too as shut.

Ideally, at this point you have some options in order to what type of personal bankruptcy features. I am particular you’ve much extra to comprehend consequently start these days by means of doing some investigating on line. I have an understanding of personal bankruptcy is in fact unpleasant at the same time as annoying having said that satisfaction is at your own obtain.

Find out more info about how does bankruptcy work with my top recommended bankruptcy info blog and learn more from the bankruptcy chapter 13 information authority site here as well with http://freebankruptcyinformation.com










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Hard Money Lenders Save Apartment Complex From Bankruptcy

September 1st, 2011 by Bank Loan | No Comments | Filed in Loans

(PRWEB) October 21, 2004

Loan: $ 3,500,000 – Project: 22-unit apartment building – LTV: 64%

One of the most difficult tasks in the construction industry is predicting the ?snags? that might increase the budget or prolong development. A few such snags put a 22-unit apartment building construction project in California over budget and behind schedule. The construction loan, as well as personal funds contributed by developer, was depleted.

With the project approximately 95% complete, contractors had stopped work. Although he had substantial equity in the project, the developer was unable to obtain bank funding and was about to lose the entire project for lack of the last leg of operating capital. An alternative funding source, able to provide creative financing, was needed to see the project through to completion.

Avatar Financial Group developed a funding package of $ 3.5 million dollars. Avatar paid off the construction lender and, by paying contractors, cleared the contractor liens from the property as well. The balance of $ 200,000 provided the operating capital needed to complete the project.

By building an interest reserve into the loan, Avatar?s package provided affordable monthly payments with an accrual of the additional interest due, along with a one-year balloon payment. This enabled the developer to achieve a monthly positive cash flow during the initial rental phase. The project is healthy again and provides much needed housing to the community.

Companies like Avatar Financial Group are known as hard money lenders. Hard money lenders fund where traditional banks and mortgage companies fear to tread. Used for commercial purposes, hard money loans are collateralized by the borrower?s equity in existing real estate. The proceeds of the loan can be used for any commercial purposes. Even private residences can be collateralized to purchase a business in some instances.

While hard money loans cost more than traditional mortgages ? ranging from 12 ? 20+% and 4 ? 15+pts ? they can be lifesavers for developers, rehabbers, business owners, and commercial property owners. Basic personal and corporate financial requirements are far less stringent than traditional banks; credit scores are less important than cash flow on the project and the financial viability of the project and the borrower. Hard money provides foreign nationals’ access to US based real estate opportunities which would otherwise be unobtainable. Speed is also a great advantage of hard money loans: Avatar has a documented ready-to-fund timeframe of two weeks or less.

Based in Seattle, WA, Avatar Financial Group has funded more than $ 50,000,000 in commercial and residential real estate bridge loans in the past months. Information about the company and the projects they fund can be found at http://www.avatarfinancial.com or by calling the company at 888-886-0097.

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Rochester, NY Bankruptcy Attorneys of The Law Offices of George Mitris Launch New Website

July 26th, 2011 by Bank Loan | No Comments | Filed in Loans

Rochester, NY (PRWEB) June 19, 2011

The Rochester, NY law firm of The Law Offices of George Mitris recently launched their website, providing a valuable online legal resource to current and potential clients.

The site offers helpful information to remove some of the fear and uncertainty from the legal process, including basic information on Rochester, NY Bankruptcy laws.

Website visitors learn how the experienced bankruptcy attorneys at The Law Offices of George Mitris can assist them with their legal issue. The firm has developed a reputation for maintaining high ethical standards while aggressively representing clients throughout Rochester, NY in bankruptcy legal matters.

The Law Offices of George Mitris provides legal advice and representation to residents of Rochester, NY, as well as Monroe and surrounding counties in bankruptcy-related matters. The firm helps people stop foreclosures and repossessions, save their homes, cars and other property, and reduce or entirely eliminate all kinds of debts, including credit card debts, medical debts and tax debts. Attorneys at the Law Offices of George Mitris offer legal counsel primarily in the following areas:


Bankruptcy
Foreclosures
Garnishments
Repossessions

In this troubling economy, many individuals face mounting debt to degrees they never have before. Credit card bills, mortgages, car loans and medical bills pile up quickly and can devastate an entire family’s finances. Before this happens, contact an experienced Rochester bankruptcy attorney to learn how filing for bankruptcy can help you.

The lawyers at The Law Offices of George Mitris have more than 20 years of combined experience. For more information about the firm, please go to http://www.georgemitrispc.com or call (585)225-7830.

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New Bankruptcy Laws: Are These Good or Bad?

February 9th, 2011 by Bank Loan | No Comments | Filed in News

New Bankruptcy Laws: Are These Good or Bad?

Yes,the ‘B word’ is avoided like the plague and is actually regarded as if a ‘foul’ language when uttered.Yes,Filing for Bankruptcy in Massachusetts is avoided in many circumstances.But the question still remains are Massachusetts bankruptcy filing is such a plague that it should be avoided.The answer is a big resounding NO.In fact no matter how hard we try still staying above the water financially becomes a big issue and debt can sometimes become a runaway train.And this is when you need to know how to file for bankruptcy in Massachusetts to get rid of your debt with dignity.

However prior understanding the concept of filing for bankruptcy in Massachusetts let us first understand the concept of Massachusetts bankruptcy in details.The legal definition of Massachusetts bankruptcy foreclosure says that bankruptcy is a typical situation where the company or an individual fails to meet the financial requirement.Well,let’s face the fact,financial imbalance can happen anytime,as while starting a business,no one thinks that the business might fail,or while fulfilling the ‘big American dream ‘of owning a house,no one thinks that financial instability can strike.The small business which you own in Massachusetts might fail,due to the damage caused by the snowstorm.Yes it can happen and it’s not too hard find life throwing lemons instead of apples and even can leave you at the edge where the threats of Massachusetts Foreclosure looms large.Well,your financial instability then can leave you with just only one option of filing for bankruptcy in Massachusetts.

Yes you got that right,If you are falling behind on your bill payments,if your credit card debt has become unmanageable,if you are “robbing Peter to pay Paul,”.It’s time to consider contacting the Massachusetts bankruptcy attorney to make an initial inquiry and get your Massachusetts bankruptcy info.As a matter of fact,a number of people have used bankruptcy as a last resort,and discovered the relief of stress that comes with being hounded by creditors.Well,when it boils down to the point of becoming stress free then despite the perceived negatives associated with how to file for bankruptcy in Massachusetts,getting the bankruptcy services become the most important thing to many.In fact the Massachusetts bankruptcy procedure helps in eliminating most of the debts and allows you to repay the rest debts via sale of expensive assets.The best part is the Massachusetts bankruptcy services are now available for individual and also for partnership where businessman,organizations,and big corporation can go with liquidation.However,How to File for Bankruptcy in Massachusetts is a decision for life time hence does not file it without proper advises.Bank on the Massachusetts bankruptcy attorneys as he is a professional of this field and will be capable to tell you many different ways come out from debt trap.

Here are some basic steps to follow if you are thinking filing for bankruptcy in Massachusetts.Although technically you may file for bankruptcy on your own,but the new law passed in 2005 make it virtually impossible to do without hiring a good bankruptcy attorney.Once you retain an attorney,all debt collection calls and inquiries can be directed to him or her,thus alleviating some of your burden right away.Not only can the Boston bankruptcy lawyers protect you from harassment,but they will make you aware of your rights,and inform you of the new bankruptcy laws in Massachusetts and also about the requirements surrounding the type of bankruptcy for which you may file.In fact this should be done within the 180 days before your filing for bankruptcy.

You also need understand the legal option well,if you are asking how to file for bankruptcy in Massachusetts.Chapter 7?Chapter 11?Chapter 13?Which one to bank on? Well,these are the various bankruptcy chapters and your Massachusetts bankruptcy attorney can tell you which one is right for you and your situation.Well,nowadays there are arrays of option available to restructure your financial portfolio,such as now there is the Loan Workout in Massachusetts which can stop foreclosure in its track.The fact is,now there are a number of variables which can come into play when it boils down to the point of acquiring the Massachusetts bankruptcy help and it is indeed important to have a good Massachusetts bankruptcy lawyer,who can actually represent your interest.

Get in touch with the Massachusetts bankruptcy center to have the best legal services.The attorneys have the expertise to hold your hand throughout the daunting legal proceedings and the firm utilize almost every opportunity in bankruptcy i.e.,Redemption,Selling real estate in Bankruptcy,Avoid Liens on Property and many more.

Consult the Consumer Bankruptcy in Massachusetts because Filing for Bankruptcy in Massachusetts is indeed not that easy and as a debtor you need to thoroughly understand the need and demand and also the intricacies of the legal process.


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Bankruptcy Filings Rising Across the Country

January 13th, 2011 by Bank Loan | No Comments | Filed in News

Chicago, IL (PRWEB) May 2, 2006

Immediately after the new bankruptcy law took effect in October of 2005, bankruptcy filings dropped dramatically, but that trend is rapidly reversing itself. The abrupt drop-off in bankruptcy filings might have many causes, but two of the most significant are surely the rush to file that took place immediately before the law change and the misinformation that created the impression among consumers that it would be far more difficult to file for bankruptcy protection after October 17, 2005.

Nearly half a million people filed for bankruptcy in the weeks leading up to the law change. Since that number represented about a third of the average annual filings, that rush surely cut down the number of potential filers in the upcoming months. More importantly, though, many consumers were misled into believing that they were no longer eligible to file.

That’s why Total Bankruptcy’s website at www.TotalBankruptcy.com provides detailed information about what the new law does—and doesn’t—require. The website includes side-by-side comparisons of Chapter 7 and Chapter 13 bankruptcy, articles about trends in filing, information about what the changes really mean to consumers, and a detailed explanation of the “means test” that is largely responsible for the misconception that many people are now disqualified from filing for bankruptcy protection under Chapter 7.

Total Bankruptcy also maintains a bankruptcy blog with current posts about bankruptcy developments, cases in the news, and credit issues of interest to people considering or recovering from bankruptcy.

Once a consumer has looked at the statutes, the options, recent decisions in bankruptcy courts, and other relevant information, he can fill out a brief form or make a toll-free phone call to schedule a free consultation with a bankruptcy attorney in his area. During this no-obligation consultation, the bankruptcy attorney will answer questions to help the consumer make good decisions about which type of bankruptcy—if any—he should pursue.

As the impact of the huge number of filings in the fall of 2005 dissipates and the public becomes aware that only a tiny fraction of intended bankruptcy petitioners are actually affected by the credit counseling and means testing requirements, the number of petitions filed is growing each month, with many states reporting three times as many filings—or more—in March as they saw in January. If this trend continues, the new statutes may turn out to have had little effect beyond making the process more complicated for consumers and their attorneys.

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Bankruptcy Report Announced by The Debt Counsellors

January 6th, 2011 by Bank Loan | No Comments | Filed in News


(PRWEB) April 9, 2006

The Bankruptcy Report has been released by debt help professionals The Debt Counsellors to provide an in-depth guide for those facing insolvency in the United Kingdom.

Bankruptcy is a serious and growing problem in the UK. Official Insolvency Statistics have revealed record figures for the fourth quarter of 2005: there were 20,461 bankruptcies, which represented a 15% rise on the third quarter of 2005 and a 57% rise on the fourth quarter of the previous year.

In total, there were 67,580 bankruptcies filed in 2005 but those in the debt advice industry are warning that as many as 100,000 people could go bankrupt in 2006.

The Bankruptcy Report, therefore, has been produced to help people with serious debts to understand the details and processes involved in bankruptcy and, above all, avoid bankruptcy altogether.

The Bankruptcy Report also aims to dispel some of the myths that have developed around bankruptcy, such as it being an ‘easy way out’ of serious debt problems; on the contrary, bankruptcy carries with it serious risks to key assets as well as numerous financial restrictions, as detailed in the Report.

Another key aspect of the Bankruptcy Report is its detailing of alternatives to bankruptcy, such as the IVA, or Individual Voluntary Arrangement, whereby someone with debts over £15,000 can enter into an agreement with creditors to pay off a greatly reduced sum over a five-year period.

John Porter, a senior counsellor with The Debt Counsellors, says: “Everyone knows of the term ‘bankruptcy’ but many are unaware of the details. So the Bankruptcy Report provides vital information for anyone who wants or needs to find out more.”

Porter adds: “Of course, the main message of the Report is that bankruptcy is best avoided, so there is information on how to do that by exploring the alternatives and getting professional advice on the problem.”

The Bankruptcy Report can be viewed at http://www.debtcounsellors.co.uk/reports/bankruptcy-report.html

For further debt advice and information on bankruptcy visit http://www.debtcounsellors.co.uk/

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Filing Bankruptcy? Don’t Do It On Your Own!  

January 1st, 2011 by Bank Loan | No Comments | Filed in News

Filing Bankruptcy? Don’t Do It On Your Own!  

Article by San Antonio Bankruptcy Lawyer





The state of Texas is where everything is supposed to be bigger. It should come as no surprise that there are plenty of ways to find a San Antonio bankruptcy lawyer in Texas, either. The truth of the matter is that there are many well qualified attorneys in the city of San Antonio but doing your research is the only way to find them without a major headache.

Bankruptcy has a lot of truths and myths floating around that end up confusing many people. The first thing you should do before seeking an attorney is to educate yourself on bankruptcy and the different chapters there are. The attorney that you end up hiring will be able to educate you, but it might be best if you start off with a bit of a foundation of knowledge. Plus, when it comes time to choose your lawyer, you will be able to find one who specializes in exactly the type of bankruptcy you wish to file, or they might even be able to recommend a different chapter of bankruptcy to file if they feel it would better suit your situation.

Don’t lose sight of the fact that you are facing financial difficulties that you have not been able to overcome. This means there is no shame in seeking to gain the expertise of a good San Antonio bankruptcy lawyer who can provide their services at a price you can afford. You can come to an agreement before signing any contracts or forms that become legal and binding once your signature is placed on them.

A great tip to remember is to generate a list of questions that you want to ask an attorney during the initial meeting, or consultation. Try to keep in mind that this “interview” should leave you feeling confident that the San Antonio attorney is not only qualified to practice law, but is familiar and experienced in handling bankruptcy cases and has a proven track record of such. If you walk away feeling like the lawyer left something to be desired, feel free to “shop around” until you find someone who better suits you. There are plenty out there to choose from, so don’t feel like you have to compromise!

About the Author

http://sanantoniobankruptcylawyers.net/

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New Bankruptcy Laws ? Why To Think Twice Before You File Bankruptcy

December 25th, 2010 by Bank Loan | No Comments | Filed in News

New Bankruptcy Laws ? Why To Think Twice Before You File Bankruptcy

At one point, filing bankruptcy was extremely easy, and generally hassles free. To begin with, the bankruptcy law was established to offer a new beginning to those who had financial difficulties. In April 2005, Congress made extensive changes in U.S. bankruptcy law with effect from October 17, 2005. Called the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” it spells trouble for Americans struggling with debt problems.

This new bankruptcy law and thanks to those who abused the privilege, new bankruptcy laws are stricter and have more requirements than ever before.

Some Facts on Bankruptcy

1. Between 1995 and 2004, bankruptcy filings doubled, while in that same period, credit card industry profits tripled.

2. For people 60 or older, 85% of bankruptcies are caused by medical bills or loss of job.

3. A divorced woman is 250% more likely to file bankruptcy than a married woman.

4. Approximately half of all bankruptcies are filed because of medical expenses due to lack of health insurance and inadequate coverage.

5. The median income of bankruptcy filers is ,000.

Here is a look at some of the changes within the new bankruptcy law and how these changes may affect your decision to file bankruptcy.

Bankruptcy Law – Credit Counseling

Now, with the new bankruptcy laws, no matter rather you decide to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you are now required to attend credit counseling. This must be done before you go to file for the bankruptcy, by a court approved credit counseling center.

You need to obtain a certificate and in some cases, a repayment plan. You will then have to submit all of this to the courts, as proof you have met the requirements under the new bankruptcy law.

After filing bankruptcy, you will then be required to submit a certificate showing that you have attended credit counseling, yet again, learning to manage your personal finances.

New Bankruptcy Law – Chapter 7 Filings

The requirements for filing a Chapter 7 bankruptcy have also changed. Now, thanks to the changes in the laws, you have to prove your income. If you have a higher income than stated by the median income within your state, you will likely have to file a Chapter 13 bankruptcy instead of a Chapter 7.

You will also be required to take what is called a means test. This is used to determine rather you are capable of making repayments under a Chapter 13 repayment plan bankruptcy.

Bankruptcy Law – Chapter 13

Now, with the new bankruptcy law, you may find, if you have to file for Chapter 13 bankruptcy, that you are paying more than you can comfortably live with. There are specific guidelines to calculating how much you have in disposable income and assets. This will depend on your income for the last six months before you filed bankruptcy and not your current income.

What is more, property value will be regarded with its real value, what a store might be able to get for that property. What this means, with the new bankruptcy law, is that depreciation is taken into consideration, which will include the condition and age of the property being sold.

New Bankruptcy Law – Residency

The new changes in law require certain residency stipulations that were not required before or are stricter. You see, states have homestead exemption, meaning that certain laws apply to residence of that state. However, now with the new law, the residency requirements increase from three months to two years, before these laws can apply to filers.

The worst aspect of the new bill is the use of IRS “allowable” expense schedules for determining your monthly budget. In short, people attempting to file bankruptcy are in for an extremely rude shock. No more cell phones, cable TV, high-speed Internet access, movies, meals out with the family, and anything else beyond the minimum allowable expenses as determined by the IRS and the courts.

Hundreds of thousands of Americans are going to discover the reality of this tough new bankruptcy law, and they are going to forgo the court system of filing bankruptcy in exchange of out of court settlement. Banks are also eager to settle with consumers for 50 cents on the dollar or less as it is beneficial for them because of following reasons:

a. Lump-sum of 30-50% today is far better than the same amount collected over 3 to 5 years.
b. Under Chapter 13, it will take the creditors 3 to 5 years to recover that 30-50%.

It is important to understand the new bankruptcy laws and how they apply to you before you file bankruptcy in any state. Make sure you do your homework and know what is best for you before you file.

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If you are on the verge of filing bankruptcy it would be wise to look into a debt settlement program. Debt settlement allows consumers to avoid bankruptcy and still eliminate 50% of their unsecured debt. While your credit score will take a hit it will not be nearly as bad as bankruptcy. To locate legitimate debt settlement companies in your area for a free debt consultation check out the following link:

Or Call – 877-853-6466


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