Chapter 13 Bankruptcy: Repaying Personal Debts
Chapter 13 filers come from all walks of life, but bankruptcy laws create a few requirements for those seeking this form of debt relief. These include: A predictable source of income: Chapter 13 filers must commit to up to five years of monthly …
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Pavilion Grille owner fights landlord's right to seize restaurant
But Pavilion Grille owner Fred McGhee filed for personal Chapter 13 reorganization bankruptcy last week, listing among his debts $ 68500 to the Pavilion Grille's property manager for the business lease and $ 35500 in unpaid Ohio sales taxes dating back …
Read more on Dayton Daily News (blog)
Bankruptcy's Silver Lining – Integrity Law Group Releases Vital Information …
Bankruptcy specialists, Integrity Law Group, offers incredible service for people who are considering filing for Chapter 7 or Chapter 13. Under the proper set of circumstances, filing can have positive consequences for the debtor, the lenders and the …
Read more on Seattle Post Intelligencer
When someone fails to make ends meet he has to go for a bankruptcy. If you are thinking about filing a Chapter 7 bankruptcy then it is the best time to analyze each and every aspect of your financial condition and ask yourself whether bankruptcy is your only option left or is there any way to get rid of debt without liquidation. In a financial crunch people tend to make bad decisions. One such decision is going for a bankruptcy (Tampa) when there is no need to do it. Such people can’t see the after effects of bankruptcy which include a bad credit score and severe financial hurdles. All they see is a chance to get rid of their debt.
A Chapter 7 bankruptcy attorney is the person who possesses the required skills and expertise to represent your case successfully. There are several important factors to think about when choosing an attorney. Cost, specialty, education and experience are a few of them. In this article I will talk about a few of these factors in detail so that the daunting process of choosing a Chapter 7 bankruptcy attorney can become a bit easier for you.
Expenses Related to a Chapter 7 Bankruptcy:
Expenses vary from case to case and depend on the city you live in, the number and quality of legal firms in your area and most importantly the level of proficiency of your bankruptcy attorney. The fees of an attorney can range any where between $ 600 to $ 4000. However there are some standard expenses which are quite predictable. For instance you need to pay somewhere between $ 247 to $ 299 as court fees. Take some time to familiarize yourself with the fee structure in your area. Also, if you find the expenses to be too much then you can attach an application for a waiver while filling.
Communication with the Attorney:
Mostly, attorneys have assistants with them who take care of most paperwork and some important matters. Sometimes this can be harmful for your case. If an attorney asks you to meet him in a free consultation session then it’s the best time to ask him about his style of communication. Will the attorney stay in contact you on a regular basis? Will there be regular exchange of information between you and your attorney? These are some questions that you must ask in the session. If your attorney keeps you in dark then you won’t feel comfortable so it is best to clarify in the beginning.
The time factor:
Time is essence. The sooner your cases closes the better. After all, you don’t want to keep worrying for a long time. Do you? Good attorneys give the due attention to their clients and try to minimize the amount of time involved in the legal procedure.
Keep the factors mentioned in this article in mind while choosing a Chapter 7 bankruptcy attorney in Tampa [http://bankruptcyattorneysintampa.com/tampa-bankruptcy-attorney] and you’ll be heading towards a brand new start in no time at all.
Article Source:
http://EzineArticles.com/?expert=Jahmel_A_DeVerger
Gone are the days when filing a bankruptcy was generally considered to be a do-it-yourself project. These days most people prefer to hire a professional for this job. Bankruptcy attorneys in Tampa help people get rid of their debt by choosing the ideal type of bankruptcy. In most cases attorneys have to make a choice between chapter 7 and chapter 13 bankruptcies, the two most common forms of bankruptcies. These two types of bankruptcies have been designed for different purposes. Chapter 7 bankruptcy governs liquidation while chapter 13 results into reorganization. In simpler terms chapter 13 allows a person to keep his property and pay back the debt in three to five years whereas chapter 7 forces a person to liquidate the property to pay the creditors. Both these chapters have their pros and cons and a good bankruptcy lawyer is supposed to be fully aware of them in order to make a good decision.
In this article we will focus on chapter 13 bankruptcy which is preferred by most people because of the fact it results into reorganization instead of liquidation.
While most people would love to keep their property and payback the debt gradually, chapter 13 bankruptcy is not for everyone. There are certain requirements that need to met before filing a chapter 13 bankruptcy. One has to prove that his or her income is enough to run the business and fulfill his monetary obligations. If you are thinking about going for a bankruptcy then you should talk to a bankruptcy attorney. He is the person who can decide whether chapter 13 applies in you case or not. Laws prevent a person from filing this type of bankruptcy if his secured debts (those debts which give creditors the right to sell the property of a person in case of non-payment) exceed $ 1,010,650 and unsecured debts (debts like medical bills etc which do not give any rights to the creditor) exceed $ 336,900.
Before filing for bankruptcy one has to attend a credit counseling session arranged by an agency approved by United States Trustee’s office. In numerous cases such agencies charge a fee for their services but the fees is reduced or completely waived off if someone is in a very poor financial condition. Other charges that a person needs to bear include a filing fees of $ 274 (this is the fees being charged these days but the amount keeps changing with time). To have more in-depth instructions you need to talk to an experienced bankruptcy attorney in Tampa.
Bankruptcy can be your chance to get rid of debt but for that, choosing the right chapter of bankruptcy law is of utmost importance. A bankruptcy attorney can help you in making an informed choice. If you don’t have enough funds to pay an expensive attorney then there are several ways to find a cheap one. The method preferred by most people involves approaching several law firms simultaneously and comparing their prices with each other to find the one which offers high quality services at the lowest possible price.
If your looking for more resources on the bankruptcy process and are looking to see if bankruptcy is the right choice for you then check out Bankruptcy Attorneys in Tampa [http://bankruptcyattorneysintampa.com/bankruptcy-attorneys-in-tampa].
Article Source:
http://EzineArticles.com/?expert=Jahmel_A_DeVerger
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Fred Hill Materials closes with Chapter 7 bankruptcy
Fred Hill Materials, a construction materials company founded in 1946, closed Monday after entering Chapter 7 bankruptcy proceedings. By MEGAN STEPHENSON POULSBO — Fred Hill Materials, a three-generation concrete materials supplier to the Kitsap and …
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Assets Exempted from Liquidation under Chapter 7 Bankruptcy
by Tampa Bay Bankruptcy Center, PA on 4/16/2012 Under Chapter 7 bankruptcy, your assets are liquidated to pay off your debts. However, the bankruptcy code lists certain assets that are exempted from liquidation. So don't worry, filing for Chapter 7 …
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Bankruptcy filing impacts Kratz lawsuit
Under Chapter 7, debtors can claim certain property as exempt. A trustee, however, could sell non-exempt property and use the assets to pay creditors. Kratz's filing lists 34 creditors including Bellin's law firm. "I am certain she will be eventually," …
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Question by mertz: Filed chapter 13, receive SSD , can the Trustee change or question the law”?
The new bankruptcy law states not to include social security benefits as income. We receive long term disablity as well. that our attorney showed as income. When filing our papers our attorney did as the new law states, which in turn showed that we owed zero amount to our creditors since the social security was not to be included. When we went before the Trustee for the 341 meeting, the Trustee did not feel that it was right for us to owe nothing and challenged our attorney to prove to him why the social security that we receive should not be included as income. Does a Trustee have the capacity to request this? He wants us to pay something, but why should the law change? Has there been a similar case since the law changed in 2005?
Best answer:
Answer by msi_cord
The trustee most definitely has the capacity to request this, as he/she is the moderator between you and your creditors. If you have no other income, the trustee may also request that you re-file for Chapter 7 bankruptcy to liquidate some of your assets to pay your debts. It is really not fair that you can get off debt free without paying a penny to any of your creditors and your repayment plan which calls for this probably can be said to not be in good faith meaning it can be invalidated. I am not entirely sure how the new law applies to SSD income.
I would have to believe that if SSD is your sole source of income, that it can be counted as income in your Chapter 13 repayment plan. If you have no income, you should be forced to file for Chapter 7.
Add your own answer in the comments!
Business bankruptcies
This is a list of recent business-related bankruptcies filed in US Bankruptcy Court in Minneapolis and St. Paul. The number after the filing date is the case number. A Chapter 7 petition is for liquidation of the business; Chapter 11 (or Chapter 12 for …
Read more on Minneapolis Star Tribune
Direct Air bankruptcy goes to Chapter 7
By Dan Heath Niagara Gazette PLATTSBURGH — A judge has approved a request to convert the Direct Air bankruptcy from a Chapter 11 reorganization to a Chapter 7 liquidation. US Bankruptcy Judge Melvin Hoffman issued the order in US Bankruptcy Court for …
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The play-by-play of Warren Sapp's 59-page bankruptcy filing
Sapp filed Chapter 7, the most drastic bankruptcy alternative that requires the sale of assets to pay off debts. He did this, they say, because he's trying to say that his debts are mostly business debts, not consumer debts. If that's true, it doesn't …
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Question by brandimichelle_28: What is a “Judgment” classified as when someone files “Chapter 13 Bankruptcy”?
I am curious if I had a tenant that I placed a court ordered judgment on due to non payment of the rent, and he has now filed Chapter 13 bankruptcy where does the judgment now fall into play? Is it considered a “Secured or Unsecured” debt? I have done tons of research to try and find this out and all it talks about is filing a judgment after the tenant files. The judgment was placed before the tenant has filed and they put it as a “Unsecured” debt? Doesn’t seem right to me. Thanks in advance for all your help!!
Best answer:
Answer by dusty_titus
Well sir, your confusion lies in the term “unsecured” debt. Rent, utilities, medical bills are considered unsecured; that is the court is powerless to repossess any property in default. If your tenant in addition to not paying you your rightful rent also defaulted on his car/motorcycle or boat payment, those items could be repossessed by court order. Now you say your tenant has declared bankruptcy (chapter 13) which means he owes more than all the property is worth, and all the creditors will have to divey up the property (if sold) to get their share of owed monies, usually 10%. If your tenant has a auto with a appraised value of less than 3,000 he gets to keep it, plus all his household goods, including clothes/tools/household furnishings – such as bed and home furnishings, unless they exceed a certain value. O yes, your judgment is worthless. The best a landlord can do is get rid the non-paying renter as soon as possible, even to helping him move, and paying moving expenses.
Know better? Leave your own answer in the comments!
Florida's Caldwell Theatre Company Hit With Foreclosure Lawsuit
… artistic director Clive Cholerton said, adding that the resident Equity theatre is not discussing or considering Chapter 7 bankruptcy or liquidation. The Palm Beach Post reported on Feb. 14 that Legacy Bank of Florida claims in a suit in Palm Beach …
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Outsourced Paralegal Services LLC Further Expands, Providing Bankruptcy …
Outsourced Paralegal Services expands into Kentucky, now providing Chapter 7 and Chapter 13 bankruptcy paralegal services in eleven states. Plainview, NY, February 15, 2012 –(PR.com)– Outsourced Paralegal Services LLC – a firm providing Chapter 7 and …
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Gary Busey Bankruptcy Shocker: Actor Files for Chapter 7 Protection
"Lethal Weapon" star Busey filed for Chapter 7 bankruptcy Tuesday, revealing debts that far outweigh his assets. Also read: Newt Gingrich Loses Crucial Gary Busey Vote In the papers, the actor — born William Busey — indicates that he has $ 50000 or …
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Trust set up by RI's ex-nursing home exec frozen
Bankruptcy trustee Charles Pisaturo Jr. had argued that the assets of the Potter Road Trust should be turned over to Giordano's bankruptcy estate because the former nursing home executive was the beneficial owner at the time he filed for Chapter 7 …
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Survival & Chapter 13 Bankruptcy
That is what Chapter 13 Bankruptcy allows you to do. Chapter 13 Bankruptcy is a wage-earner plan. It protects your assets while you make payments, and lets you to catch up on unsecured debt. It acts like a consolidation loan—you make payments to a …
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Kennel owner could face more trouble
The judge has scheduled a hearing for March 7 on the motion to convert the case to Chapter 7. Ebersole owns Aberdeen Acres Pet Care Center, 667 Walters Mill Lane, Stephenson. He filed a voluntary bankruptcy petition under Chapter 13 on Sept.
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County court judge files for bankruptcy
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