bankruptcy?

Question

types of ways to file

Answer 1

You can file with or without an attorney for chapter 7, but you need an attorney for chapter 13. I just filed and I would advise you to consult an attorney though because those are legal papers and you have to make sure everything is correct and they know more about it than I do. If you go to an attorney, the first consultation is usually free. So, you can go to several and "shop around" until you find someone you like. The attorney will actually file for you. Chapter 7 is liquidation....where all or most of your debts are discharged. YOu may lose some of your asssets though with 7. Chapter 13, you work out a repayment plan. This is another reason you need an attorney.

Answer 2

Filing Bankruptcy – The Process

Filing bankruptcy may not be easy as some people think it would be. Under the new Bankruptcy Code, people considering bankruptcy needs to submit more documents to qualify for the procedure. Right after submission of a petition for bankruptcy, detailed supporting documents and forms must be ready at hand within 45days of submitting the petition, if not, then the debtor’s case would be automatically dismissed and he would have to re-file for the bankruptcy including re-paying the attorney’s fees. The debtor must then gather up all bills, payment receipts, income statements, and also tax returns to be handed to his case trustee when needed.

Another preparation in filing bankruptcy is the debtor’s certificate of completing a special credit course and pre-bankruptcy briefing, administered by an agency-provider that is certified by the US trustee or bankruptcy district administrator.

After the initials of filing bankruptcy, the debtor becomes protected from creditors’ actions (‘stopped’ lawsuits, wage grasp, or payment demands) through a legally imposed ‘stay’ – one of the most sought after benefits for filing bankruptcy. However, the ‘stay’ may not always be ‘automatic’ since the new bankruptcy law has put a span-limit in putting the ‘stay’ into effect. The 30-day ‘stay’-limit is imposed particularly for those bankruptcy filers who had already been once discharged from a previous bankruptcy case. Those who had been discharged twice, receive no ‘automatic stay’ unless given court-approval. Nevertheless, a limited ‘automatic stay’ may still be expanded upon the debtor’s extension-request.

Here are other important notes on filing bankruptcy:

Once a debt is ‘discharged’ then the debtor is released from the liability of paying for it. The creditors are prohibited to collect any payment for discharged debts (except those secured/lien-protected debts), or to make any form of personal contact with the debtor.

Not all debts are discharged and are therefore still subject to debtor’s payment. These debts are not dischargeable due to public policy reasons (based on the debt’s nature as with tax or employee’s wage, or the fact that the debts were from the debtor’s improper behavior as with damage to property).

The court generally grants the discharge from debts as soon as practicable for the debtor – 4mos.-4yrs. However, the court may not give the debtor's discharge if he fails to complete his pre-bankruptcy and financial counseling course. The debtor will usually automatically receive a discharge once there are no more objections proceedings. The bankruptcy court mails a copy of the order of discharge to all creditors, the US trustee, the case trustee, the trustee's attorney, and of course to the debtor and his attorney.

A creditor who is also the debtor’s employer may not end the debtor's employment solely because he didn’t pay the discharged debt.

Answer 3

Before filing for bankruptcy I would first do a little bit of research. first familiarize yourself with the UCC or universal commercial code which is the system that you are dealing with. Depending on how far in debt you are and how long you have let this problem go unanswered would be the deciding factors in considering using the bankruptcy laws. There are other alternatives available, such as renegotiating your debt position, novations or the possiblity of outright discharge of said debt. Understanding the "legal" definitions of all words included in any "contracts" is of paramount importance. Words that you think you know the definitions of most likely mean something else when used in the construction of a legal document. Make an offer to your creditors that "you" can live with, often times the renegotiation will leave you in a better place than if you file for outright bankruptcy. Also you did not elaborate as to whether you were dealing with your creditors on a first hand basis or if the delinquent accounts have been placed with a collections agency. If the account or contract has been sold to a collections agency without your consent it renders the debt null & void unless you have entered into contract with the collections agency, either verbally or by not responding in a timely manner (not responding equals consent & validation). remember that you do not have a contract with them, ask for validation of the debt, most likely they will not be able to produce any binding document and they assumed the risk when buying the contract.
If they cannot "validate" you do not have an obligation to them. Remember that you do not have a contract with them and be careful as to what you say when talking on the telephone lest you unknowingly enter into contract with them. Instead ask the callers name, company, and all pertenant information on the collections agency for contact, then request that all further communications be done by mail and "HANG UP". After doing this write a letter requesting the same thing in writing. If by chance they call back mention the Fair Debt and Credit Collections Act and again make a formal protest in writing, if the calls continue contact your State Attorney General and lodge a complaint. Remember to respond to all correspondence in a timely manner, it's best to deal with it as soon as you recieve it. Read their letter to you and what their "offer" is, if it is acceptable to you then you have the option of "accepting" or "you can make a counter offer" Everything under UCC rules is "offer & acceptance" this applys to all areas of your life from registering your car to registering to vote. Before ever Signing your name to anything "ALWAYS, I REPEAT, ALWAYS READ AND UNDERSTAND EVERY WORD ON WHATEVER DOCUMENT YOU ARE SIGNING. Some words are ambiguos and have meanings other than that what is commonly known (a good reference to have or use is a Black's legal dictionary) Never sign a document before doing this as you are governed under the laws of commercial code and not that of Constitutional Law as you might think you are. This information and more concerning the discharge, novation, or negotiation of debts can be found on numerous websites along with the supporting case law. the one that I personally found to be the most informative was the7thfire.com , I contacted the site administrator and was able to ask very pointed questions to which I was given very sound advice and information. I am not sure if you are able to contact me thru this venue but if you are able to I will be glad to forward all information that I have concerning this subject. I hope that this is of some help.

Answer 4

The various types of bankruptcy are: Chapter 7, 11, 12 and 13. Depending on the type of debt, quantity of debt and your status whether person or a company; will decide the appropriate category for you.
http://www.get-out-of-the-debt-trap.com/category/Types-of-Bankruptcy.html

Answer 5

As a person, as opposed to a business or a farm, Chapter 7 or 13. Can't give you the ins and outs as the laws changed after I stopped practicing law.

Answer 6

My husband went through it before we ever met. I never did. From what I understand, it's either Chapter 7 or 11. Like I said, don't know from personal experiece. Good luck!

Answer 7

Are you sure you don't have any other options??? Bankruptcy is a drastic solution. Please contact Consumer Credit Counselors first. Let them give you advice. If they cannot help you, they will lead you in the right direction.

Answer 8

chapter 13

Answer 9

You'll need a lawyer. The laws have changed. Good Luck! :)