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Most folks I meet want to file a Chapter 7 Bankruptcy. Many do not know what it means, but they have had friends file a Chapter 7 Bankruptcy and keep everything they own. Therefore, they want to file bankruptcy the same way. Filing a Chapter 7 bankruptcy requires navigating through a couple of obstacles. The first is a means test. Second, is having qualified exemptions.
A Means Test You Say?
Most individual debtors filing for bankruptcy relief are required to complete a Statement of Current Monthly Income and calculations. Around the water cooler, we call this requirement “means testing”.
A debtor must enter income and expense information onto the appropriate form and then make calculations using the information entered. Some of the information needed to complete these forms, such as a debtor's current monthly income, comes from the debtor's own personal records. However, other information needed to complete the forms comes from the IRS.
After inputting this information we come up with a family's income. A family qualifies for a chapter 7 bankruptcy if they make less than the following: Single person: $48,415; couple: $63,030; three people $67,401; four people: $75,656.
If you make more than this amount, a chapter 13 bankruptcy might be the best fit, which is called the repayment bankruptcy option.
Exemptions You Say?
Chapter 7 is a liquidating bankruptcy. This means all non exempt property is sold by the trustee and disbursed to your creditors.
The good news is that most assets are protected. Homes, cars, tools of the trade, guns, household furnitre are protected to a certain degree. The point is to provide a fresh start. That means you will likely be able to exempt the Honda Accord, but have to surrender the Tesla. There are also exemptions for cars, retirement accounts, wedding rings, household goods, etc.
Ken Jorgensen, California Attorneywww.fresnobankruptcylawgroup.com
Photo Credit: http://www.flickr.com/photos/soldiersmediacenter/
Chapter 13 bankruptcy is a repayment approved by the bankruptcy court based on your income. While student loans are almost impossible to get discharged in bankruptcy, you can use the filing to help you reduce the amount you pay or you can delay making payments during the Chapter 13 repayment period. Students loans can be [...]
Here is an accurate article about what you can expect to pay when filing bankruptcy in Utah:
The Cost of Filing Chapter 7 Bankruptcy in Utah
Adam Brown is a bankruptcy attorney for Dexter & Dexter, a debt relief agency helping people file for bankruptcy.
National Collegiate Student Loan Trust is suing people in California, New York and elsewhere for past due private student loans. Who are they, and what should you do when confronted by this company?
Over the past year or so I’ve been a significant increase in the number of people calling me because they’ve gotten legal papers from National Collegiate Student Loan Trust.
These folks seem to have crept out of the shadows, and are filing lawsuits left and right.
In order to deal with the situation, here’s what you need to know.
National Collegiate Student Loan Trust Is Not A Lender
National Collegiate Student Loan Trust is a Delaware Trust that holds private student loans guaranteed by TERI rather than by the federal government.
All of the student loans in the trust were originated from several different banks under different loan programs that were structured with the assistance of The First Marblehead Corporation, which is an education loan finance company that also owns TERI.
National Collegiate Student Loan Trust Must Prove Ownership Of The Loan
Given the fact you didn’t borrow the money from that National Collegiate Student Loan Trust, they must have gotten the loan from another bank.
In order to sue on the balance due, they need to prove that they have the Promissory Note and are legally able to prove ownership.
In addition, they must prove that the amount claimed to be due is actually properly due.
A Lawsuit Against You Isn’t The Same As A Judgment
When someone files a lawsuit against you, all they’re doing is making a claim that you owe money.
It’s up to you to decide whether to do nothing or make them prove the case. If you do nothing, then a judgment will be entered against you.
But if you fight, you’ve got a chance of winning or settling the case on more favorable terms.
National Collegiate Student Loan Trust is counting on you doing nothing so that they can get a default judgment against you. After all, more than 90% of all collection lawsuits – including those for private student loans – end up with a default judgment. That means most people get lawsuit papers do simply do nothing.
Fight The Lawsuit To Get A Better Deal
If National Collegiate Student Loan Trust is suing you, there’s a good chance that it’s for a big dollar amount.
Sitting idly by will result in a default judgment being taken against you. Once that happens, you may be subject to wage garnishment, bank account freezes, or liens on your property.
Fighting the lawsuit, however, will force their attorneys to prove you owe them the money. They’ll have to account for the debt, as well as the fact that you are legally liable to them for payment.
It’s amazing at how often those simple facts can’t be proven. There may not be any documented proof that you owe the debt.
Other times, the debt is beyond the collection period.
Maybe you can get the lawsuit dropped. More often, you can get them to settle the case for either a lump-sum dollar figure or a reasonable monthly payment.
It’s worth having me take a look at the lawsuit to see if it makes sense to fight back.
What You Need To Know If You’re Being Sued By National Collegiate Student Loan Trust was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.
The Federal Housing Administration will now allow a bankruptcy debtor to get an FHA backed mortgage in as little as a year after bankruptcy, provided that certain minimal criteria are met. Many bankruptcy experts believe that this is yet another strong sign that bankruptcy is well on its way to losing whatever stigma may have been associated with it in the past.
The FHA will now consider borrowers who have received a bankruptcy discharge or short sale or foreclosure more that one year prior if the borrower can show the following:
- Debtor(s) experienced an “economic event” beyond the debtor’s control that resulted in a loss of household income of at least twenty percent for a period of at least six months; and
- Prior to the economic event, the borrower had good credit and that certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control;
- the borrower has demonstrated full recovery from the event; and
- the borrower has completed housing counseling.
The FHA seems to be recognizing that in order to fully recover from the economic downturn, many Americans are turning to bankruptcy in order to get a real fresh start and that these people are credit worthy and will want and deserve to be able to obtain mortgages after bankruptcy. Obviously the real estate market is never going to recover if potential buyers are kept out of the market for no good reason. This is good news for everyone.
The original post is titled Federal Housing Administration is Now Making it Easier to Get a Mortgage After Bankruptcy , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
Just read that now that Spring has purchased Clearwire, it will be laying off 161 people in Belleveue and Kirkland, Washington. I don’t pretend to know anything about economics, but I must say that it seems like every time a large company decides to lay people off, it always chooses the Washington or Oregon portion Read MoreThe original post is titled Seattle Area Layoffs , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
I just ran across the website of a non-attorney business that said you don’t need a bankruptcy attorney for consumer cases, and that all consumer bankruptcy attorneys were basically overcharging for services that could be performed for a fraction of the price by non-attorneys. This type of blanket statement is just flat out scary because it’s wrong.
When I interned for the United States Trustee’s Office, I assisted with cases where the US Government pursued individuals and businesses that prepared bankruptcies illegally under the bankruptcy code in violation of 11 USC 110. Not only were individuals commonly overcharged in violation of both local rules of bankruptcy and the federal rules of bankruptcy, many of the cases were prepared improperly. And even worse, some of the issues in the bankruptcy filings were so serious, the debtors didn’t receive a discharge.
On top of that, anyone who is paid even a cent to assist you in preparing a bankruptcy must disclose the fact they assisted you. Many non-attorneys (and yes, even some attorneys) will take your money yet not disclose on the forms that they assisted you. Use your common sense to figure out why that is…
Here’s a few basic examples of why you might just want an bankruptcy attorney’s assistance:
1. I once had a client come in and tell me he needed chapter 13 because that’s what he was told by someone else. I told him chapter 13 fees were higher than chapter 7 in most cases . The client told me that wasn’t an issue because of his circumstances. Upon reviewing his case, I recommended chapter 7 because the client didn’t need to file chapter 13 which requires a repayment of debt. Our chapter 7 case was successful, and the client saved thousands of dollars not only in attorney’s fees, but also fees that he would have otherwise paid into a chapter 13 plan. Yes, the client could have filed a ch13 case with a petition preparer for $200.00. However, it is highly unlikely the case would have been confirmed under the proposed plan, and furthermore, the client would have had to repay money under the plan! Instead, he simply filed a chapter 7 and saved thousands by coming to me instead.
2. I once saved a bankruptcy client almost $100,000.00 through a Chapter 13 Bankruptcy case.
3. Most reputable attorneys actually appear with you at the 341 meeting of creditors. I regularly personally appear with my clients. Most other reputable attorneys appear personally or at least have a reputable attorney colleague appear on their behalf. Beware of petition preparers and even attorneys who won’t appear with you in Court.
4. An actual reputable bankruptcy attorney is trained to see problems that might arise in your case and tell you BEFORE the case if filed. The guys who don’t even disclose they assisted you with the bankruptcy documents could care less since they are violating bankruptcy law under 11 USC Section 110 by not disclosing that you paid them for assistance.
5. People who have car loans need to file reaffirmation agreements (See In Re Dumont 9th Circuit). I don’t charge my clients extra for this assistance and do it as part of my services. People who don’t hire the right attorney get charged EXTRA for this help. And those who go to a document preparer have to tough it out and figure it out on their own.
These are just some examples of how a person can benefit from hiring the right bankruptcy attorney. At JCH LAW FIRM, we are dedicated to our clients and have their best interest at hand. Call or Contact us today for assistance.
I just ran across the website of a non-attorney business that said you don’t need a bankruptcy attorney for consumer cases, and that all consumer bankruptcy attorneys were basically overcharging for services that could be performed for a fraction of the price by non-attorneys. This type of blanket statement is just flat out scary because it’s wrong.
When I interned for the United States Trustee’s Office, I assisted with cases where the US Government pursued individuals and businesses that prepared bankruptcies illegally under the bankruptcy code in violation of 11 USC 110. Not only were individuals commonly overcharged in violation of both local rules of bankruptcy and the federal rules of bankruptcy, many of the cases were prepared improperly. And even worse, some of the issues in the bankruptcy filings were so serious, the debtors didn’t receive a discharge.
On top of that, anyone who is paid even a cent to assist you in preparing a bankruptcy must disclose the fact they assisted you. Many non-attorneys (and yes, even some attorneys) will take your money yet not disclose on the forms that they assisted you. Use your common sense to figure out why that is…
Here’s a few basic examples of why you might just want an bankruptcy attorney’s assistance:
1. I once had a client come in and tell me he needed chapter 13 because that’s what he was told by someone else. I told him chapter 13 fees were higher than chapter 7 in most cases . The client told me that wasn’t an issue because of his circumstances. Upon reviewing his case, I recommended chapter 7 because the client didn’t need to file chapter 13 which requires a repayment of debt. Our chapter 7 case was successful, and the client saved thousands of dollars not only in attorney’s fees, but also fees that he would have otherwise paid into a chapter 13 plan. Yes, the client could have filed a ch13 case with a petition preparer for $200.00. However, it is highly unlikely the case would have been confirmed under the proposed plan, and furthermore, the client would have had to repay money under the plan! Instead, he simply filed a chapter 7 and saved thousands by coming to me instead.
2. I once saved a bankruptcy client almost $100,000.00 through a Chapter 13 Bankruptcy case.
3. Most reputable attorneys actually appear with you at the 341 meeting of creditors. I regularly personally appear with my clients. Most other reputable attorneys appear personally or at least have a reputable attorney colleague appear on their behalf. Beware of petition preparers and even attorneys who won’t appear with you in Court.
4. An actual reputable bankruptcy attorney is trained to see problems that might arise in your case and tell you BEFORE the case if filed. The guys who don’t even disclose they assisted you with the bankruptcy documents could care less since they are violating bankruptcy law under 11 USC Section 110 by not disclosing that you paid them for assistance.
5. People who have car loans need to file reaffirmation agreements (See In Re Dumont 9th Circuit). I don’t charge my clients extra for this assistance and do it as part of my services. People who don’t hire the right attorney get charged EXTRA for this help. And those who go to a document preparer have to tough it out and figure it out on their own.
These are just some examples of how a person can benefit from hiring the right bankruptcy attorney. At JCH LAW FIRM, we are dedicated to our clients and have their best interest at hand. Call or Contact us today for assistance.
I just ran across the website of a non-attorney business that said you don’t need a bankruptcy attorney for consumer cases, and that all consumer bankruptcy attorneys were basically overcharging for services that could be performed for a fraction of the price by non-attorneys. This type of blanket statement is just flat out scary because it’s wrong.
When I interned for the United States Trustee’s Office, I assisted with cases where the US Government pursued individuals and businesses that prepared bankruptcies illegally under the bankruptcy code in violation of 11 USC 110. Not only were individuals commonly overcharged in violation of both local rules of bankruptcy and the federal rules of bankruptcy, many of the cases were prepared improperly. And even worse, some of the issues in the bankruptcy filings were so serious, the debtors didn’t receive a discharge.
On top of that, anyone who is paid even a cent to assist you in preparing a bankruptcy must disclose the fact they assisted you. Many non-attorneys (and yes, even some attorneys) will take your money yet not disclose on the forms that they assisted you. Use your common sense to figure out why that is…
Here’s a few basic examples of why you might just want an bankruptcy attorney’s assistance:
1. I once had a client come in and tell me he needed chapter 13 because that’s what he was told by someone else. I told him chapter 13 fees were higher than chapter 7 in most cases . The client told me that wasn’t an issue because of his circumstances. Upon reviewing his case, I recommended chapter 7 because the client didn’t need to file chapter 13 which requires a repayment of debt. Our chapter 7 case was successful, and the client saved thousands of dollars not only in attorney’s fees, but also fees that he would have otherwise paid into a chapter 13 plan. Yes, the client could have filed a ch13 case with a petition preparer for $200.00. However, it is highly unlikely the case would have been confirmed under the proposed plan, and furthermore, the client would have had to repay money under the plan! Instead, he simply filed a chapter 7 and saved thousands by coming to me instead.
2. I once saved a bankruptcy client almost $100,000.00 through a Chapter 13 Bankruptcy case.
3. Most reputable attorneys actually appear with you at the 341 meeting of creditors. I regularly personally appear with my clients. Most other reputable attorneys appear personally or at least have a reputable attorney colleague appear on their behalf. Beware of petition preparers and even attorneys who won’t appear with you in Court.
4. An actual reputable bankruptcy attorney is trained to see problems that might arise in your case and tell you BEFORE the case if filed. The guys who don’t even disclose they assisted you with the bankruptcy documents could care less since they are violating bankruptcy law under 11 USC Section 110 by not disclosing that you paid them for assistance.
5. People who have car loans need to file reaffirmation agreements (See In Re Dumont 9th Circuit). I don’t charge my clients extra for this assistance and do it as part of my services. People who don’t hire the right attorney get charged EXTRA for this help. And those who go to a document preparer have to tough it out and figure it out on their own.
These are just some examples of how a person can benefit from hiring the right bankruptcy attorney. At JCH LAW FIRM, we are dedicated to our clients and have their best interest at hand. Call or Contact us today for assistance.
The post Don’t Need a Southern California Bankruptcy Attorney? Think Again! appeared first on JCH LAW FIRM.
I just ran across the website of a non-attorney business that said you don’t need a bankruptcy attorney for consumer cases, and that all consumer bankruptcy attorneys were basically overcharging for services that could be performed for a fraction of the price by non-attorneys. This type of blanket statement is just flat out scary because it’s wrong.
When I interned for the United States Trustee’s Office, I assisted with cases where the US Government pursued individuals and businesses that prepared bankruptcies illegally under the bankruptcy code in violation of 11 USC 110. Not only were individuals commonly overcharged in violation of both local rules of bankruptcy and the federal rules of bankruptcy, many of the cases were prepared improperly. And even worse, some of the issues in the bankruptcy filings were so serious, the debtors didn’t receive a discharge.
On top of that, anyone who is paid even a cent to assist you in preparing a bankruptcy must disclose the fact they assisted you. Many non-attorneys (and yes, even some attorneys) will take your money yet not disclose on the forms that they assisted you. Use your common sense to figure out why that is…
Here’s a few basic examples of why you might just want an bankruptcy attorney’s assistance:
1. I once had a client come in and tell me he needed chapter 13 because that’s what he was told by someone else. I told him chapter 13 fees were higher than chapter 7 in most cases . The client told me that wasn’t an issue because of his circumstances. Upon reviewing his case, I recommended chapter 7 because the client didn’t need to file chapter 13 which requires a repayment of debt. Our chapter 7 case was successful, and the client saved thousands of dollars not only in attorney’s fees, but also fees that he would have otherwise paid into a chapter 13 plan. Yes, the client could have filed a ch13 case with a petition preparer for $200.00. However, it is highly unlikely the case would have been confirmed under the proposed plan, and furthermore, the client would have had to repay money under the plan! Instead, he simply filed a chapter 7 and saved thousands by coming to me instead.
2. I once saved a bankruptcy client almost $100,000.00 through a Chapter 13 Bankruptcy case.
3. Most reputable attorneys actually appear with you at the 341 meeting of creditors. I regularly personally appear with my clients. Most other reputable attorneys appear personally or at least have a reputable attorney colleague appear on their behalf. Beware of petition preparers and even attorneys who won’t appear with you in Court.
4. An actual reputable bankruptcy attorney is trained to see problems that might arise in your case and tell you BEFORE the case if filed. The guys who don’t even disclose they assisted you with the bankruptcy documents could care less since they are violating bankruptcy law under 11 USC Section 110 by not disclosing that you paid them for assistance.
5. People who have car loans need to file reaffirmation agreements (See In Re Dumont 9th Circuit). I don’t charge my clients extra for this assistance and do it as part of my services. People who don’t hire the right attorney get charged EXTRA for this help. And those who go to a document preparer have to tough it out and figure it out on their own.
These are just some examples of how a person can benefit from hiring the right bankruptcy attorney. At JCH LAW FIRM, we are dedicated to our clients and have their best interest at hand. Call or Contact us today for assistance.
The post Don’t Need a Southern California Bankruptcy Attorney? Think Again! appeared first on JCH LAW FIRM.
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Learn more about how Bankruptcy works and what you need to know.