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3 weeks 2 days ago

Student loans might be discharged through bankruptcy.


3 weeks 2 days ago

A bankruptcy filing is a legal process that enables debtors to overcome financial problems and deal with their burdening amount of loans and debt. A bankruptcy petition may also help an individual have a fresh start at life. There are, however, certain things you need to consider before declaring bankruptcy:

  •         Bankruptcy forms are suited for certain types of debt

A specific declaration of bankruptcy that worked well for one could or could not work for another. Each bankruptcy case is unique, and you must think thoroughly to know which one is most appropriate.
There are different types of bankruptcy for different people and circumstances. The most common phrases you will encounter are personal bankruptcy, consumer bankruptcy, or business bankruptcy. The types of debt you owe, what you currently have, and how you intend to wipe out or pay all your debts will factor into the bankruptcy chapter suited for you.
Bankruptcy forms may look simple and easy to fill out, but they are not. You should hire and consult with a reliable bankruptcy lawyer. To avoid discrepancies and other issues, it is important to understand bankruptcy filings. You must be very honest when providing information about your finances, as these will be looked into during the actual bankruptcy proceedings. Be detailed and truthful when disclosing your assets, total debt, and list of creditors. If you violate any federal bankruptcy law, you may be sued and charged with a federal crime.  

  •         Filing bankruptcy is not cheap

Filing for bankruptcy can be expensive. From filing fees to court fees, it would cost you a lot of money. Filers may petition for a fee waiver. The bankruptcy court will likely look into your monthly income and decide on the approval of the waiver.

  •         Know the different types of bankruptcy  

Bankruptcy Chapter 7 is also known as liquidation bankruptcy. Individuals who file bankruptcy under this chapter will have their assets liquidated, the sales shall be distributed to his or her creditors. To ensure that there is no interaction between the debtor and any creditor, a bankruptcy trustee will be assigned to take care of selling and making payments to the creditors. Bankruptcy cases under Chapter 7 usually take about four months.
bankruptcy pros and consMeanwhile, if you want to secure most of your personal property while dealing with debt, reorganization bankruptcy is for you. Filing bankruptcy under Chapter 13 will allow an individual to keep his or her assets. In this type of bankruptcy proceeding, you will pay back lenders with whom you have a secured debt (such as car loans or mortgage payment) through a payment plan. Under the relevant bankruptcy law, such a plan will run for a set period, usually three to five years. While you must pay for the value of non-exempt properties to unsecured creditors, its main advantage is that you will be able to avoid repossession and foreclosure.  
After filing a bankruptcy petition, an automatic stay shall take effect. In either chapter, this protects you from debt collectors. This can stop foreclosure, eviction, wage garnishment, and utility disconnections. However, there are certain issues that an automatic stay cannot stop, such as those involving tax proceedings, criminal proceedings, or pension loans. Bankruptcy lawyers educate you on how this would work for your particular case before you file for bankruptcy.
Bankruptcy laws can be detailed and confusing. If you are struggling with debt and loans, seek help from trusted bankruptcy attorneys. Remember, you may face fines and penalties if any bankruptcy rules will be violated. Such additional expenses would be the last thing you would want.
A bankruptcy proceeding begins with filing a petition in bankruptcy court. The goal of going through the tedious bankruptcy process is for you to wipe out or repay all your debts. It is highly recommended that you contact an experienced bankruptcy attorney as soon as early as you can. Ask about the bankruptcy procedure, including anything unclear to you with an experienced bankruptcy attorney.
For legal help and assistance on your bankruptcy filing, give us a call at the Northwest Debt Relief Law Firm.
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The post Filing Bankruptcy: Advantages and Disadvantages appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.


4 weeks 1 day ago

five-star“Diane and Jay saved us.  We were in deed financial trouble due to my mother’s care.” P.E.
Diane and Jay saved us. We were in deep financial trouble due to my mother’s care. Both Diane and Jay were always available to answer any questions and helped us through the entire process. In the beginning it was a bit daunting putting together all of the information, but necessary. Once we turned everything over to Diane we never had to deal with it again. Diane went with us to our meeting with the trustee which was amazing considering some of the people there just met their representative at the hearing for the first time. If you want the best bankruptcy attorney, that’s Diane Drain!
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The post Diane and Jay saved us. appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.


1 month 17 hours ago

While every Chapter 7 and 13 bankruptcy case ends with a bankruptcy discharge, not all kinds of debt may end up in bankruptcy discharges. Knowing ahead of time which debts the court may or may not be discharged can help you avoid a major disappointment and prepare for what’s to come. This article discusses which debts can be wiped off and which debts you will still need to pay back to your creditors. 
A discharge notice is a court order which legally declares that you no longer have any obligation to pay back certain debts after your bankruptcy case. This legal document is the “light at the end of the tunnel” sought by every Chapter 7 and Chapter 13 bankruptcy filer. 
Dischargeability of Debts
However, certain obligations are not allowed to be wiped out. These include government-mandated loans and fees such as child support, alimony or spousal support, car and home mortgages, taxes, homeowner’s association dues, debt due to fraudulent activity and criminal convictions, DUI or DWI related loans, student loans, and nondischargeable debts remaining from your previous bankruptcy application. 
The bankruptcy court, when making its decision, shall assess your financial situation and determine whether or not to remove your obligation to pay back the following dischargeable loans: credit cards, medical bills, and nursing expenses, personal and business loans, utility bills, lawsuit judgments, mortgage payments (past due), tax penalties, and other unsecured debts. 
If the government has a lien on your property, you will still be required to pay property taxes before you can remove the debt. There are special exemptions where a borrower can have his tax debts removed such as: when the taxes are from income tax;  if it had been due for three years before your case was filed; if you have a record of filing taxes on time and there was no intent for tax evasion, and all your tax return statements are clean (no evidence of fraud). 
Chapter 7 vs. Chapter 13 Discharge
Bankruptcy DischargesThe timing of the release of the discharge notice will depend on which type of bankruptcy you applied for. If you file bankruptcy under Chapter 13, then the discharge notice will only be given after you are done fulfilling the new repayment plan agreed upon by you, your lenders, and the bankruptcy judge. Since Chapter 13 bankruptcies allow filers to catch up on their payments within three to five years, the discharge can happen after the payment period is over. 
On the other hand, debts can be discharged in just a few months when you declare bankruptcy under Chapter 7. Of course, you will need to satisfy the eligibility requirements for filing. If you are not familiar with the qualifications, then a licensed bankruptcy attorney near you can help you determine which bankruptcy type suits you. Choosing this option when filing bankruptcy means you agree to have a bankruptcy trustee handle your properties and sell your assets to pay back your creditors. 
Bankruptcy Dismissal and Discharge Denial
Bankruptcy discharges are different from bankruptcy dismissal. You would not want to get the latter, because dismissals mean the debtors still owe their debts. Your case can be dismissed if you fail to provide your monthly payments (Chapter 13 debtors) or if you don’t have enough assets to liquidate (Chapter 7 borrowers). There are other potential reasons for the court to dismiss a case, such as failing to attend your credit counseling course, having an income above your state’s median income, or evidence that you committed bankruptcy fraud, and that you don’t intend to repay your loans. 
In certain cases, your case may not have been dismissed but your bankruptcy discharge gets denied. Even if you’re bankruptcy petition went through, bankruptcy courts may, later on, decide to deny you a discharge if they found evidence of any of the following:

  • Disobedience to court orders
  • Misinformation and misrepresentation in your bankruptcy documents
  • Defrauding creditors through asset transfers
  • Facing perjury charges during your bankruptcy proceedings
  • Non-attendance in credit counseling sessions

Getting the Discharge Notice
Once your debts have been wiped clean, you will receive a copy of the document and your lenders will also be notified about the bankruptcy order. As soon as this is released, no creditor, lending company, or agency can go after any debt listed in the notice. If they continue calling you, you can even sue a lender for contempt. 
In a discharge, creditors also lose the right to file a lawsuit against you for failing to pay your dues. You also don’t need to worry about taxes because discharged debts are not taxed by the IRS. 
However, you should prepare to see the discharged debt on your credit report. Moreover, while contractors can’t reach out to you about a dischargeable debt, they may still take actions to repossess your item or property especially when there is a secured lien on it. 
If you’re worried about losing your home or valuable possession, speak with a bankruptcy attorney right away to prevent foreclosures and repossessions. Our compassionate bankruptcy attorneys from Northwest Debt Relief Law Firm are dedicated to helping you overcome obstacles and achieve financial success.
At The Northwest Debt Relief Law Firm, we believe that getting you out of debt involves more than filing your bankruptcy case. That’s why we offer every client a complete package, which includes a free initial consultation with an experienced bankruptcy lawyer, free collection letter review, flexible payment plans, unlimited phone calls and emails, complete court representation, and many more! Call us now and let us get started on your journey to debt relief. 
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The post What Do Bankruptcy Discharges Mean? appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.


1 week 5 days ago

The Hardest Question You’ll Get Asked at Your Bankruptcy Hearing Like most people, you will be stressed when you get ready for your bankruptcy hearing. People are worried they’ll be asked “How did you get into this mess?” Actually, that almost never comes  up. The hardest question that always comes up is this one: “Have […]
The post “Have You Sent Us a Bank Statement for Every Account?” by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.


1 month 5 days ago

The Hardest Question You’ll Get Asked at Your Bankruptcy Hearing Like most people, you will be stressed when you get ready for your bankruptcy hearing. People are worried they’ll be asked “How did you get into this mess?” Actually, that almost never comes  up. The hardest question that always comes up is this one: “Have […]
The post “Have You Sent Us a Bank Statement for Every Account?” by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.


1 month 6 days ago

For many people filing their federal income tax return is followed by the anticipation of receiving a refund check from the government. This annual refund becomes part of an individual’s yearly budget. When filing a bankruptcy the question arises of what becomes of that expected yearly bonus. The first thing to understand is, when you […]
The post How Bankruptcy Affects Your Tax Return in California appeared first on The Bankruptcy Group, P.C..


1 month 1 week ago

Are you financially stressed right now? What to know about options, from debt negotiation to bankruptcy

This short video from the Consumer Financial Protection Bureau “CFPB” is actually very informative and goes over the various options for homeowners who have received a forbearance. If the homeowner is not in Chapter 13, contacting their servicer or discussing their options with a HUD approved counselor is their best course of action. If the homeowner is in Chapter 13, they need to contact their attorney (you) for advice.
This video (click here) explains basic options dealing with your mortgage, paying back missed payments once a forbearance end.  Remember that it is very important to know what type of mortgage loan you have because each type (federal, conventional or private) have different processes or options or no options at all.

.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:980px) {.fusion-title.fusion-title-1{margin-top:15px!important;margin-bottom:0px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-1{margin-top:10px!important;margin-bottom:10px!important;}}MUSINGS BY DIANE:knowledgeMy favorite client, or prospective client, is someone who wants to learn as much as possible about their situation, so they can make informed decisions. Finances are confusing and everyone needs to take time to determine the best way to find a solution that works in the long run, not just today. Never rely on the Internet for advice – there is more bad advice than good. Always seek advice from at least two people or resources who are experienced in the area you need help. Know both the pros and cons of your options.  Once armed with good information, then use your common sense to decide what is best for you.
@media only screen and (max-width:980px) {.fusion-title.fusion-title-2{margin-top:0px!important;margin-bottom:6px!important;}}@media only screen and (max-width:640px) {.fusion-title.fusion-title-2{margin-top:10px!important;margin-bottom:10px!important;}}– Diane L. Drain.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 30px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 45px !important;margin-left : 1.92%;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}.fusion-button.button-1 {border-radius:10px;}.fusion-button.button-1.button-3d{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}.button-1.button-3d:active{-webkit-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);-moz-box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);box-shadow: inset 0px 1px 0px #fff,0px 5px 0px #003d00,1px 7px 7px 3px rgba(0,0,0,0.3);}Click here for steps to your free bankruptcy consultation
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.fusion-body .fusion-builder-column-5{width:75% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-5 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 15px !important;margin-right : 10px;padding-bottom : 0px !important;padding-left : 15px !important;margin-left : 10px;}@media only screen and (max-width:980px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 10px;margin-left : 10px;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 10px;margin-left : 10px;}}.fusion-body .fusion-flex-container.fusion-builder-row-4{ padding-top : 0px;margin-top : 5;padding-right : 0px;padding-bottom : 0px;margin-bottom : 20px;padding-left : 0px;}
The post Problems Paying Your Mortgage During COVID? – Check Out the Options appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.


1 month 1 week ago

Not a lot of people are familiar with the bankruptcy process, more so how to file bankruptcy forms. Bankruptcies allow individuals to repay their debts in a relatively less stressful manner. Bankruptcy filing starts when debtors file a petition in court. There are several types of bankruptcy. The circumstances, resources, and goals of the individual who decides to file bankruptcy are all taken into consideration. The most common bankruptcy cases are under either Chapter 7 or Chapter 13.
Bankruptcy Chapter 7 is also referred to as liquidation. The assigned trustee in bankruptcy cases under this chapter shall liquidate the assets of the debtor, thus the name. Your bankruptcy trustee will have all your non-exempt assets liquidated and all proceeds will be distributed to pay your creditors. Trustees also ensure that there is no interaction between the debtor and the creditor, especially to avoid any issues involving debt repayment. In the usual bankruptcy procedure, you could be asked to repay some of your unsecured debt, but most would be dischargeable.
Meanwhile, bankruptcy filings under Chapter 13 are also called reorganization. One advantage of filing for bankruptcy under this chapter is that you are not required to surrender any personal property to pay back your debts. Filers can avoid foreclosure because they are given a chance to pay off their debts through a payment plan (that runs from three to five years). Your monthly income is often the basis of your ability to repay your creditors. In this bankruptcy proceeding, you shall reorganize your debts and propose a repayment plan with your bankruptcy petition. You may negotiate for monthly payments or any schedule that will enable you to pay back what you owe.
Filing for BankruptcyUnder the relevant bankruptcy law, an automatic stay shall take effect immediately after filing. Unless lifted through a court order, this shall be in place throughout your bankruptcy filing and prevents any further collection activities from your creditors or even creditor harassment. However, there are certain things that you must do before filing your bankruptcy petition.
Take for example individuals who previously signed up for loans or credit cards to address financial problems. Banks or credit card companies may proceed with set-offs. This means funds in the bank account may be taken to pay off the loan debt or credit card debt. Make sure that you manage your accounts well to prevent set-offs before your bankruptcy case. This could be explained further by your bankruptcy attorney.
In bankruptcy filings, debtors are required to complete pre-filing and post-filing courses. Make sure to have completed a credit counseling course before you filed for bankruptcy since you should file the certificate of completion along with your bankruptcy petition. Similarly, you must complete a debtor education course and file it to the bankruptcy court before you can receive your bankruptcy discharge and wipe out your debts.
You’ll need to pay the appropriate fees after filing your petition to the court. If you’re unable to pay the filing fees, talk to your bankruptcy attorney about the possibility of submitting a waiver.
As soon as you consider filing, get a trusted bankruptcy attorney. Bankruptcy law must be taken very seriously. You may be sued for keeping secret vital bankruptcy information. Not only will bankruptcy cases with erroneous or false information be dismissed; you may even face fines or other penalties. As such, you must be careful not to miss out on the details when you file for bankruptcy. After all, your goal is to have your bankruptcy discharged, not dismissed. 
Bankruptcy lawyers will explain to their clients how to file following the bankruptcy laws. Bankruptcy proceedings are complex and complicated. By getting the right bankruptcy lawyer, an individual could make the most out of his or her debt-relief efforts through a bankruptcy filing. When done right, it will allow you to wipe out your debts and have a fresh start with your finances. Contact us at Northwest Debt Relief Law Firm for legal help and assistance.
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The post Things You Should Know Before Filing for Bankruptcy appeared first on Vancouver Bankruptcy Attorney | Northwest Debt Relief Law Firm.


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