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In Chapter 13 Bankruptcy, What\’s The Plan?

By K. Hunter Goff on Friday, September 3rd, 2010 | No Comments

It always help to have a plan. Plans are are a good idea for relationships, business, and life in general. When filing Chapter 13 bankruptcy, a plan is not only a good idea, it\’s required by law.

My clients hire me as their Orlando bankruptcy lawyer to create a Chapter 13 plan payment that meets their financial goals. A Chapter 13 plan lasts between 36 to 60 months and can be used to catch up a mortgage payment, wipe out a second mortgage completely, eliminate credit card debt, pay off a car loan, or take out IRS debt.

The Debtor, the person filing the Chapter 13 bankruptcy, has to file a payment plan at the outset of the case. The plan\’s job is to tell everyone what goals the Debtor wants to achieve during the time the Debtor is in bankruptcy. The plan also instructs creditors how they will be dealt with, and tells the Chapter 13 Trustee who to pay and how much to pay each creditor.

The Debtor has several options to choose from when creating a chapter 13 plan. Too often in Court I see folks try to develop a plan with no idea how to express what they want to do in the plan in a way that can be understood by anyone. The result is that the plan gets objected to, or the Debtor\’s case gets dismissed by the Trustee. This is bad because then the Debtor has filed bankruptcy and got nothing from it.

If you want a good result from your Chapter 13 case, hiring an experienced Orlando bankruptcy lawyer is a great place to start. In almost all of my cases, so long as my client keeps up with the Trustee payment during the plan, my client will never see the inside of the Bankruptcy Court. Even better, my clients will have met all of the goals they wanted to achieve when their case was filed.

Plans are the King in Chapter 13 cases. Having a solid plan that eliminates your debt and provides a smooth ride in your Chapter 13 case is the best!

Learn more about Chapter 13 bankruptcy. Stop by K. Hunter Goff\’s site where you can find an experienced Orlando bankruptcy lawyer and learn how he can help you.

3 Commonly Asked Questions About Massachusetts Bankruptcy

By Chris Thompson on Friday, February 19th, 2010 | No Comments

The decision to file for bankruptcy should not be taken lightly. I\’ve addressed a few of the more common questions that come up when people are considering bankruptcy.

Do the phone calls, voicemails, emails, etc. from creditors stop once I declare bankruptcy?

Getting harassed by creditors can be a miserable experience. You know the routine, phone calls, messages, emails, it never ends. One of the benefits of declaring bankruptcy is an automatic stay. Automatic stay makes it illegal for creditors to harass you anymore. They can no longer collect on the debt you owe.

What does debt discharge mean?

When you are eligible for Chapter 7 bankruptcy and decide to move forward with your filing, a debt discharge will wipe away all previous debt. What a Chapter 7 debt discharge does is take away any outstanding debt liability. In other words, you don\’t have to pay those debts off. Not everyone qualifies for Chapter 7 bankruptcy. Speaking with a bankruptcy attorney is the best way to find out what the right solution for you is.

After I file for bankruptcy, will my credit be ruined?

Bankruptcy is an effective means to take back control of your spiraling debt. Often times, people that are considering filing for bankruptcy have damaged credit to begin with. Many of these people see their credit scores actually improve not too long after filing.

It\’s important to note that filing will affect your credit. In most cases, filing will stay on your credit report for at least ten years. Although, sometimes this time period is less. While on your report, the bankruptcy filing can negatively impact your credit. However, bankruptcy is a way to take back control, start anew, and begin rebuilding your credit. It is important to keep in mind that your situation is unique as is your credit history. The type of bankruptcy you file as well as where your credit currently is at all play a role.

Individuals may choose to file bankruptcy to resolve a hopeless financial situation, or to delay debt-collection for a period of time to allow for financial reorganization. Contacting a bankruptcy lawyer MA can help you resolve your financial issues. If you are considering bankruptcy in Massachusetts we can help.

5 Common Bankruptcy Myths: Things To Consider When Filing For Bankruptcy

By Seth Furman on Friday, January 22nd, 2010 | No Comments

Misconceptions about bankruptcy and what it means to file are prevalent. What I\’d like to do is discuss 5 of the most common misconceptions people have about the process.

I\’d like to address the top 5 most talked about myths when it comes to your bankruptcy filing.

1. If I choose to go ahead with my bankruptcy filing, everyone will know that I did it. Unless you are a prominent person worth doing a news story about, chances are pretty good that the only people to find out are the ones you choose to tell. Bankruptcy is a public proceeding, but due to the sheer volume of bankruptcies, no commonly read publication devotes the space to publish all the bankruptcies.

2. Everything I own is going to be taken away. This isn\’t the case. While the exemptions in each state vary, things such as your house, clothes, retirement savings, and car (up to a certain amount) are protected.

3. My credit will be destroyed forever and I\’ll never get it back. Not so. You will be offered credit again, albeit at higher interest rates. Large purchases should be made prior to bankruptcy due to the higher interest rates. Getting loans for things like a car or house may prove more difficult. However, you will be able to get credit again.

4. Filing for bankruptcy is a really difficult process. It really isn\’t a difficult process. With the assistance of bankruptcy lawyers in Michigan, you will discover the process is quite painless.

5. Filing for bankruptcy has a bad stigma attached to it and I don\’t want to be a deadbeat. The majority of bankruptcies are filed because people have come upon hard times. They got sick, divorced, or laid off. Bills piled up and there was little they could do to keep up.

Filing for bankruptcy isn\’t a process you should take lightly. It is a good idea to consult with bankruptcy lawyers in Michigan to make sure you are handling all aspects of the process correctly.

When you make the tough decision to file for bankruptcy the next step is to connect with bankruptcy lawyers in michigan. Ardelean & Dunne are experienced bankruptcy lawyers in michigan. They can help to file your bankruptcy issue and get you on the right track again.

5 Major Reasons To File For Bankruptcy

By Jessie Morales on Wednesday, January 13th, 2010 | No Comments

A legal declaration that an individual or business can\’t pay their debts is known as bankruptcy. There are many reasons why people would declare bankruptcy, and here are some of the top reasons:

1. Job loss – One of the most common causes why people file for bankruptcy is because they lost their job. The economy\’s current bad state has made a lot of people to leave their work, and therefore leaving them unable to provide for themselves and their family. A job loss may also mean losing insurance previously provided by their employer.

2. Medical bills – Sometimes, loss of insurance, a terrible accident or unexpected illnesses can be enough reason for a person to file for bankruptcy. Nowadays, medical costs are really high and could pile up to inconceivable amounts. Filing for Chapter 7 Bankruptcy can greatly cut or even completely eliminate these debts.

3. Preventing repossession of properties – Be it a car, your home, or any other highly valuable item that has been repossessed, filing for Chapter 13 bankruptcy could force the creditor to return the aforementioned items to you. After this, your past missed payments will be merged into your bankruptcy plan. What will happen is you will give monthly payments to the trustee of your bankruptcy plan, and they in turn will pay the finance company.

4. Stop home foreclosure and catch up on missed mortgage payments – Filing for Chapter 13 Bankruptcy won\’t get rid of your property mortgage, but it can stop foreclosure before bidding or sales will occur. It will then let you to repay the mortgage arrears, or the mortgage amount left.

5. Put a halt to harassing calls and behavior from creditors – More often than not, creditors tend to do debt collection in an unpleasant manner. Their abusive and frequently annoying behavior is very unneeded, and in fact, unethical. Filing for bankruptcy can put on hold the demands of many creditors, thus halting the many harassing phone calls and bad behavior.

There are plenty of other reasons to file for bankruptcy. Of course, the best way to handle whatever bad financial situation is to consult a lawyer.

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Should You Consolidate Your Debt?

By Cathy Ventura on Wednesday, January 13th, 2010 | No Comments

Many people have been falling in debt because of the bad state of our economy. There are many ways so people can fix their money woes, such as filing for bankruptcy, getting a loan to pay off previous debts, and opting for debt consolidation. Among these choices, consolidating debt seems to be the most popular and reasonable of all.

Debt Consolidation: What It Is

A very common misconception of debt consolidation is that people think it is the loan. However, the process of debt consolidation actually means merging all your existing unpaid loans into one easy-to-pay debt. This will resize and adjust the amounts you owe creditors, allowing you to pay them back under new, easy terms and conditions. This manner, paying off your debts will be less of a burden for you, and the creditors still get paid whatever you owe them.

Benefits Of Debt Consolidation

Many people choose debt consolidation because it is easy to understand and easier on their already damaged budgets. Because of lower interest rates, people can more easily pay off their debts and still have enough left to support themselves and their families.

Because all your debts and loans are merged into one, you don\’t have to be preoccupied thinking about multiple sources of bills, debt collector calls, and due dates. It is also a popular way of paying off credit card debt. People who have chosen debt consolidation like the fact that there is only one debt to pay, at a generally lower rate that they can easily pay off.

The reduced past interest and penalty is yet another reason why many people choose debt consolidation to solve their money troubles.

Consolidating Your Debts

\”How do I do all this?\” you may ask yourself. Some people claim to be able to consolidate their debts on their own, but the fact of the matter is you will most likely need professionals to do it for you.

A lawyer or firm is usually the best approach in solving a financial crisis, but doing a bit of online research won\’t do harm either. Just make sure to get service only from people and firms that you have confidence in, and perform a simple background check first on potential helpers to ensure that you are not being scammed.

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