Filing bankruptcy should be done in the right way because the success of filing heavily depends on what cause one to file bankruptcy

Like anything else, there is also a right and a wrong method to bankruptcy filing. The success of filing will depend heavily on what caused one to get into filing bankruptcy and even the status of the personal assets. Few reasons for filing bankruptcy are high medical expenses, unemployment, marital problems and high credit card bills. But know, one does not have to worry because Bankruptcyonly is there for help. It provides service relating to bankruptcy counseling, debt relief options, chapter13 bankruptcy, chapter 7 bankruptcy and chapter 11 bankruptcy.

Filing bankruptcy is not easy as one believes because few years back the bankruptcy laws were easier and more user-friendly but now today, the laws have bankruptcy have got tougher and now it’s not easy to file bankruptcy without a good case and good reason. Many people also don’t consider bankruptcy alternatives where bankruptcy should be the last choice of a person.

First and foremost one must consider his current situation. If a person is unemployed and have little or no money in his accounts and rent home or is living with others than there is only little that bankruptcy can do to ameliorate his financial condition. Well, if one feels that filing bankruptcy is his only option than he can further discuss it with bankruptcy lawyer. He will decide whether one needs to file Chapter 11 Bankruptcy or any other bankruptcy.

One can also avail chapter 13 bankruptcy information from the internet if he wants to file it. For many people the biggest drawback to file bankruptcy is that it will appear o the credit report for at least six years and this is a tremendous loss on the credit report and a red mark. Obtaining the new credit after filing bankruptcy is also difficult from the lenders and banks.

People can also file for small business bankruptcy but that should also be the last option. One should always check the credit report and should verify it continuously. Well many people are unaware about the fact that majority of the credit reports of the consumers have errors in them. Thus one should check it carefully. With bankruptcy, dealing it with the right way and knowing what one is getting is the finest way to approach it, so that one does not end up in getting more loss in that situation.

One of the most difficult situations to a debt overburdened individual is the decision regarding bankruptcy. The obvious reasons forcing someone to think of filing bankruptcy can be divorce, identity theft, death in the family, accumulated credit card debts and adjustable mortgage loans in times of a real estate crisis. The internet now makes it possible to search for bankruptcy legal advice as well as to file bankruptcy online. Among the companies offering online bankruptcy filing is BankruptcyOnly – a network of expert attorneys and having nationwide coverage.

Debt spreadsheets and written balance sheets comprise your business bankruptcy information. In addition you also need to separate your living expenses. Living expenses must include domestic utility bills, rent or mortgage, medical and auto insurance, education tuition fees and any other necessity of a family member. Considering filing Chapter 7 Bankruptcy may raise a question of whether doing it yourself or hiring the professional services of an attorney or a bankruptcy firm. A free consultation with a legal firm will put an immediate end to creditor harassment.

Trying to file your case alone may cause irreparable damage. A dismissed case cannot be reheard up to a certain time which may worsen your situation; neither can you File Chapter 13 Bankruptcy. And if you are convicted of using fraudulent means you may end up paying a fine. You can see why the expertise of a bankruptcy lawyer is necessary to examine your entire financial situation; documents needed and decide on the right course of action.

On the other hand if you are facing bankruptcy because of your business – big or small, your business and personal finances may have become intertwined. This situation requires Chapter 11 Bankruptcy information to separate exempt and non-exempt assets to help you make a fresh start after the successful discharge of bankruptcy. Thus filing bankruptcy requires a thorough knowledge of the related laws and a grit and gumption to deal with the legal system.

 

It is always desirable to have proper information on bankruptcy prior to actually filing for a personal or business bankruptcy. While filing for bankruptcy under chapter 7 or 13 guarantees legal protection to bankruptcy filers from their creditors, it could also be the best way to get rid of the financial stress. But it is imperative for you to know what kind of a bankruptcy you can qualify for. The new bankruptcy laws have imposed certain restrictions on the eligibility requirements for a chapter 7 personal bankruptcy. This makes it very much imperative for debtors to follow certain guidelines before filing a bankruptcy petition. Bankruptcy Only offers professional help to guide bankruptcy filers in understanding the bankruptcy process and in preparing the documents that need to be furnished along with the bankruptcy petition.

In case you have been swamped by excessive credit debts which have become hard to manage, you might often be given to the thought, How to file for bankruptcy ? The following bankruptcy information could provide you with some crucial insight into the same.

• Chapter 7 bankruptcy:In a chapter 7 bankruptcy debtors get an opportunity to get all their debts discharged through liquidation of property assets to repay the creditors. But debtors are required to fulfill certain requirements outlined by the new bankruptcy rules in order to be eligible for a personal bankruptcy under chapter 7. To know more about the qualification criteria, it is important for you to avail a free evaluation provided by professionally qualified and highly experienced bankruptcy lawyers.
  
  
• Chapter 13 bankruptcy :A chapter 13 bankruptcy on the other hand focuses on a monthly repayment plan for paying back the creditors while allowing the debtor to retain his assets. The debtor’s monthly income and expenses are used to determine whether there is any leftover disposable income every month. And the creditors are repaid through a court supervised monthly repayment plan.
  
  
Debtors who are considering filing personal or business bankruptcy need to know there is a cost to file for bankruptcy. Typically, the basic steps for filing a bankruptcy in the United States are mentioned below.

By having proper chapter 7 bankruptcy information, your chances of getting qualified for chapter 7 considerably increase. Besides, you could also explore other bankruptcy options prior to filing for a bankruptcy since you need to choose an alternative that actually cater to your financial needs and requirements.

Click here to know more about different types of bankruptcies!

If reports are to be believed, the first half of 2009 has witnessed a dramatic rise of 33% in bankruptcy filings. In the US, bankruptcies are commonly filed under chapter 7, 11 and 13. The new bankruptcy law, which came into effect in 2005, has laid down stricter conditions for a chapter 7 bankruptcy filing qualification. That makes it imperative for bankruptcy filers to have some critical information about eligibility requirements to be eligible for a chapter 7 bankruptcy.”

If reports are to be believed, the first half of 2009 has witnessed a dramatic rise of 33% in personal bankruptcy filing. In the US, bankruptcies are commonly filed under chapter 7, 11 and 13. The new bankruptcy law, which came into effect in 2005, has laid down stricter conditions for a chapter 7 bankruptcy filing qualification. Nevertheless, it has not in any way affected the number of debtors who are filing for personal bankruptcy to liquidate their assets under chapter 7. But those of you, who are still out to file for bankruptcy, need to be aware of the new bankruptcy rules in order to qualify for a chapter 7. Under the new law, a bankruptcy filer is required to pass the “Means Test” for determining the net disposable income available with the debtor to pay back the creditors. That makes it imperative for bankruptcy filers to have some critical information about eligibility requirements to be eligible for a chapter 7 bankruptcy.       

Qualification standards for chapter 7 bankruptcy:

Typically, a debtor who qualifies for a chapter 7 is entitled for liquidation of his assets for paying off the creditors. But as per new guidelines, to qualify for a chapter 7, a debtor is required to satisfy certain conditions outlined by the bankruptcy law. The first and foremost is that the debtor needs to have a legal residence in the US. Thereafter he is required to pass the “Means Test”. Hence, to understand the intricacies involved, it is important for bankruptcy filers to consult qualified and experienced chapter 7 bankruptcy information. This is because if you fail the “Means Test”, you do not become eligible for a chapter 7 personal bankruptcy solution.

How does the “means test” restrict chapter 7 qualification? :

There are two components associated with the qualification standard mandated by the new bankruptcy rules. To qualify for a chapter 7, your current monthly income has to be less than or equal to the median household income recommended in your state for a family of your size. If the monthly income exceeds the average income, debtors are put through a “Means Test” to be eligible for a chapter 7 bankruptcy filing process. The main objective of this test is to find out whether you have any surplus income left. This is done by subtracting your average income and certain expenses allowed by the IRS-not actual expenditures- as well as the debt payments. If the outcome of the “Means Test” results in enough disposable income above a pre-determined limit, chapter 13 bankruptcy automatically become applicable to the debtor’ case and he qualifies for a court approved repayment plan of 3 to 5 years under chapter 13, to pay back his creditors.      

So just check out if you qualify for chapter 7 today!

Considering the above mentioned complexities involved in the bankruptcy filing process, it is always better to utilize the professional help offered by reputed online bankruptcy lawyers providers like BKOnly. This could enable you to get expert guidance and active assistance in understanding the entire procedure from qualified and experienced bankruptcy lawyers when filing for a personal bankruptcy

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A debt-burdened consumer files for bankruptcy if he or she has no money, according to the constitutional right of American citizenship, filing for bankruptcy should not be expensive and the debtor should be able to afford it. The basic question ruling everyone’s mind is, Can bankruptcy be filed for free?

Free bankruptcy services, are they really available? Is it really possible for a debtor to file for free bankruptcy services? Well, in theory it’s YES. But in the real world the answer for the debtor is NO. The court filing fees for Bankruptcy is $300 and other additional charges are also included. The lawyers groups and their association have established some aid programs which allow the debtors to file for bankruptcy for free, but only a handful of debtors qualify for this program.

One more option available to many American debtors is to save money while filing for bankruptcy. This involves filing with the help of kits, competent legal manuals and trustworthy debt relief agencies. This will help to reduce the total cost suffered by the debtors. Bankruptcy counseling is also available at low cost and the debtors can opt for these better prospects.

Chapter 7 bankruptcy: Chapter 7 bankruptcy is also called as straight bankruptcy and it’s associated with the liquidation process. Here all the non-exempt property is turned over by the debtor to the trustee, who then auctions it to avail cash, which is distributed amongst the creditors. This complete process takes around four months and the debtors than receive a discharge. If the debtor has no possessions than Chapter 7 will provide that person a “Fresh start”. A debtor can file chapter 7 bankruptcy and it’s the quickest and the simplest process. It’s available to corporations, partnerships and married couples.

Chapter 13 bankruptcy: The aim to file chapter 13 bankruptcy is to repay all or some debts. It involves the process of restructuring debts where debtors are allowed to use existing sources of income to pay off their creditors in the future. Thus only those debtors who have regular income can file for chapter 13 bankruptcy, Filing bankruptcy online can also be done in this process and it’s very easy and quick.

Get your free counseling on filing for bankruptcy at Bankruptcyonly today!