Different Ways to File the Bankruptcy
A bankruptcy is the last option any businessman wants to take. They can cause a big dent on their credit rating and deeply ruin their reputation. But sometimes filing for bankruptcy is the only solution to get a person out of dire straits. An important thing when looking for the right form is location. Make sure it is for the state and whatever locality that you are in. State laws vary widely, so it is especially important to find the form for the state you live in. It is worthless if it’s for the wrong state. Also, make sure that the form is official. Look for government seals, or compare it with the others, and it will be easy to see whether it is or not. Filing with an illegitimate form won’t do you much good. There are various steps which you must follow when you want to file the bankruptcy. First, you have to fill out a bankruptcy form where you will provide your personal information and information on your finances, recent financial transactions, secured and unsecured debts, expenses, creditors, assets, and tax returns. This will serve as a petition. Upon filing, you will have to submit one original copy plus three other copies to your local United States bankruptcy court. You will keep one copy for yourself for reference. At this stage, you can ask the help of a bankruptcy lawyer to help you decide on what kind of bankruptcy you want to file. If you choose to file a Chapter 13 bankruptcy, you will be required to pass a repayment plan of three to five years. Research your options as it relates to filing. Some people choose to file without the aid of a lawyer. But it’s highly recommended to hire a lawyer. Your research should help you decide on a lawyer. In most cases, people who choose large firms to represent them will work with a paralegal and not the lawyer. Try to find a firm in which you have direct contact with your lawyer. In filing a bankruptcy case, do not use your credit cards. If you do so with the intent to file, a creditor can challenge the discharge of the debt owed or even your right to discharge any debt. If you obtained the debt knowing that you could not repay it, you may not be able to discharge that debt if the creditor challenges it through a lawsuit, or adversary proceeding, in your bankruptcy case. Immediately upon filing, there will be a provision to prevent creditors from contacting you or laying claim on your property for a month. After a month, the bankruptcy trustee will call for a meeting where you and your creditors will have to attend. This meeting is called the 341 meeting. This meeting usually lasts just five minutes. If both parties are not able to compromise and an objection is made, a judge will intervene. If a compromise is reached however, a notice from the court will be sent to you after four to six months discharging you from debts.Steve Buchanan writes article on many topics including <a href="http://www.bankruptcyinformations.com">Bankruptcy advice</a> and <a href="http://blog.bankruptcyinformations.com">bankruptcy information</a>.
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Can I File for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Many people struggle with the decision to file bankruptcy. Usually this is because they have misconceptions about bankruptcy in general. Basically, bankruptcy is a legal way to level the playing field between an individual debtor and creditors. It is a legal proceeding that provides the debtor with a fresh start. The two types of bankruptcy that are most commonly available for an individual are: Chapter 7 and Chapter 13. Chapter 7, or straight bankruptcy, is what most people typically think of as bankruptcy. In Chapter 7 bankruptcy, a debtor s non-exempt assets are liquidated or sold and the proceeds are used to pay toward unsecured debts (credit cards, loans, medical bills, etc.). In the overwhelming majority of cases, however, people do not lose any property which means unsecured creditors get nothing. At the end of the bankruptcy, roughly 3-4 months after filing, the debts are discharged and the creditor can never collect on the debt. Chapter 13 is a debt reorganization or consolidation bankruptcy. If a person has a regular monthly income, their debts (mortgage arrears, car payments, credit cards, medical bills, loans, student loans, etc.) are rolled into one low monthly payment. Because the debtor is paying back his creditors through this repayment plan, the debtor does not risk losing any assets as he might under Chapter 7 bankruptcy. Furthermore, while in the repayment plan, typically 3-5 years, creditors are stopped from contacting the debtor without first going through the debtor s attorney and the court. Millions of people declared bankruptcy last year alone to get the fresh start they needed. Contrary to what many believe, bankruptcy does not permanently damage your credit, and you will still be able to have credit. The new bankruptcy laws that went into effect in 2005 changed bankruptcy very little.Michele Wallace, author of this article, writes for the <a href= http://www.maliselawfirm.com/><b> MaliseLawFirm"</b></a>. Hire experienced <a href=http://www.maliselawfirm.com/><b>"San Antonio bankrupty attorneys"</b></a> with Malaise and get the debt relief you deserve.
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Debtor's Rights - Credit Report
A bad credit report can prevent you from obtaining credit. If you have trouble obtaining credit, it might be because a credit agency has issued a bad report on you. You might be able to obtain a copy of your report and -if it contains false information - get it corrected. Can I see my credit report? If you are denied credit, you are entitled to a free copy of the consumer credit report that formed the basis of the denial. The creditor is required to tell you the name of the credit reporting agency that prepared the report on you. You must request a copy of your credit report from the agency within sixty days of the denial. The three major credit reporting agencies are: Experian, (800) 301-7195 Equifax, (800) 525-6285 Trans Union, (800) 680-7289 When the creditor tells you the name of the reporting agency that furnished the report, call them to find out their address. Then write a letter to the agency requesting a copy of your report. Even if you have not been denied credit, it is probably a good idea to check your credit report for accuracy periodically. They often contain mistakes, and when you want to get a loan, you may not have time to correct them. Because you haven’t been denied credit, the report isn’t free. The credit reporting agency is allowed to charge you no more than $8.00 for a copy of your report. What information is in a credit report? In general, your credit report will contain information about your credit history during the last seven years. It will show: Whomyou have borrowed money from The amount of the debt Whether or not you made the promised payment on time and in full The identity of any creditor who has requested information about you If you file bankruptcy, the information remains on your credit report for ten years. What if my credit report is incorrect? You have a legal right to challenge the completeness and accuracy of any item in the report. Write a letter to the credit reporting agency explaining that some of the information in the report is incomplete or inaccurate. The agency must investigate your claim - without charge - within thirty days. The agency is required to delete any information that is inaccurate or whose accuracy cannot be verified. If the credit reporting agency’s investigation does not resolve the dispute, you have the right to send the agency a brief statement (generally 100 words or fewer) explaining your position. Your statement will become a part of your credit report and will be disclosed to creditors together with the other information in your file. If you believe a credit reporting agency has violated your rights, contact the Federal Trade Commission or see a lawyer who specializes in consumer rights. Henry Dahut. Please Visit Us at www.GotTrouble.com
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