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!

It is wise and advisable to appoint bankruptcy lawyer to file a bankruptcy so that the work can be done fast and smoothly without any hassles. The choice to find a good attorney may be a difficult one but it will surely save the person from many future troubles. Once when it is decided to file a bankruptcy one should consult a bankruptcy attorney for bankruptcy advice. It is very important to having information of bankruptcy program. There are so many sources of gathering or collect information related with bankruptcy law. Through yellow pages one can find the categorized attorneys according to the field and the expertise. Just have a glance at the list under “Bankruptcy Attorneys or Bankruptcy Lawyers” which will give you a good beginning.

Testimonials and Reviews of public for Bankruptcy Attorneys

A smart way of finding a good attorney is asking for a recommendation from the people who have satisfactory and adequate experience about the knowledge of Bankruptcy Lawyers in this field. Trustworthy attorneys can be located like this. These services are available by many but only few are experts. You should also inquire with your friends and family members to gain some knowledge about bankruptcy attorneys. You can check the activities and accomplishments of the attorney and know how much flourishing and successful a lawyer is, in his career. This creates a good understanding with the attorney which will be helpful in future.

How to Choose a Bankruptcy Lawyers

While making a decision of choosing a Bankruptcy attorney to filing for chapter 7 bankruptcy or personal bankruptcy must not make haste, select the lawyer cleverly. Take advantage of all the resources you have and find an attorney who is well planned, prompt, hardworking and careful in making efforts. Matters regarding fees and payments should be made known to prevent future problems. Some attorneys offer a first consultation free of charge and client should take advantage of the situation and decide whether he wants to continue with the same attorney or select other. All matters have to be made clear regarding the bankruptcy services so that future big fights regarding small issues can be avoided.

While discussing with the bankruptcy attorneys try to find out his/her span of experience and knowledge curve. One can guess the lawyer by no. of successful and winning cases, he has dealt with. Also find out whether the case will be individually handled by the lawyer or a junior lawyer will be asked to do the job. Make all the queries clear before the lawyers and only then sign a contract. The fees that you pay to a lawyer or to bankruptcy attorneys are very important and see that you pay the fees to a right attorney. Bankruptcy help taken at the right time is very helpful and necessary.

Bankruptcy help and very importantly chapter 7 bankruptcy information, is readily available online or from a local bankruptcy attorney. Chapter 7 is the most popular individual bankruptcy for those claiming bankruptcy. Chapter 13 is the other individual bankruptcy but is considerably more complex and generally requires a chapter 13 bankruptcy attorney. For most persons looking to claiming bankruptcy, the place to start is online.

With widespread access to the internet, there are a lot of resources available to the average person. One can read the many informative articles that are on the web. After doing some research one will have a general idea if chapter 7 or 13 best fits their situation. If they realize that they aren’t interested in claiming bankruptcy, this may be all the help they need. If they decide, based on what they find out, that they do want to keep moving forward and there’s a good chance they will undertake an individual bankruptcy, then the next step is to get in touch with a local bankruptcy attorney. A chapter 13 bankruptcy attorney or a chapter 7 bankruptcy can be the same lawyer. In most instances, the same attorney is set up to handle but chapters of individual bankruptcy. Again the internet can be a great help. There are many sites today that can connect you with a local bankruptcy attorney who is ready to answer questions and offer help. Most offer a free first consultation. This free consultation will help you confirm if what you are thinking based on your internet research is correct. If not, they can outline for you the correct facts.

This is a great way to start the investigative process of determining if business bankruptcy works for you and best of all its very cost effective. You haven’t made any commitments, spend no money and yet now you know what’s needed to make the important decision of claiming bankruptcy. This is the smart way to approach individual bankruptcy.

 
Declaring oneself bankrupt is a last resort in trying to fix your failing finances. There are very serious consequences that happen when you go about filing chapter 7 bankruptcy. For example, the record of you filing chapter 7 bankruptcy cannot be erased for 10 years. However, before you take that final step, there are measures that you can try. Good personal bankruptcy attorney advice would be, don't get yourself into debt in the first place if at all possible since the cost of filing bankruptcy can be hard, and by watching your budget at all times and saving for the future and for emergencies. With all the advice in the world, sometimes you just get hit with something unavoidable like medical bills. In these circumstances you might have no choice but to go about filing chapter 13 bankruptcy.


While your credit will not be completely ruined if you file chapter 11 bankruptcy, it will remain on your credit report for up to 10 years. If you have a regular, decent income you will typically find you can receive credit even after you file chapter 11 bankruptcy. Most people find they can still purchase an automobile after the cost of filing bankruptcy and can then begin rebuilding their credit from there. If you think about it, your credit is already in terrible shape if you're even thinking about filing chapter 7 bankruptcy with all the past-due credit cards, house payments, utility bills etc. So basically, it's almost better to file and wipe your debts completely clean


The old saying of time and good behavior comes into the picture when trying to repair your credit after bankruptcy. The effects of a bankruptcy will fade with time and even while it does follow you, you can still work to repair your credit after a filing chapter 13 bankruptcy. You can do this by being financially responsible, by paying all of your bills on time, by reducing your debt, and by closing old accounts. Over time, this shows a potential financial lender that your past financial misfortune of filing chapter 7 bankruptcy was an isolated event, and that you've demonstrated your financial responsibility since that time. On the other hand, if the filing was just one of a long series of financial misfortunes and irresponsible actions, then it suggests a dangerous pattern to these financial lenders.

When financial circumstances beyond your control such as loss of income, divorce, or a catastrophic medical condition push you over the brink, you may have no other recourse than claiming bankruptcy. However, that does not mean that you will never be able to get credit again. On the contrary, it is now relatively simple to get back on track after filing bankruptcy, and it’s imperative that you immediately take steps to improve upon your credit rating.


When you file Chapter 13 bankruptcy it effectively wipes out your debt, or at least a major portion of it. You may still be responsible for taxes and other government debts, and child support payments. The words filing bankruptcy does carry a strong negative undertone, and there are some people who may feel that you’ve done something wrong. Do not allow them to drag you down during the filing bankruptcy process.. Instead, you should start bankruptcy counseling right away to give yourself a truly fresh start that will give you a much more positive and healthier financial status in the coming years!


If you happen to have a good car that you still owe money on, file chapter 13 bankruptcy may be the way to go. You will get to keep the vehicle and continue paying it off. A reaffirmation tells the lender that you want your car and will make the payments faithfully from that point on.


Many people keep vehicles with very high payments because they don’t think they’ll be able to buy another car for years after they have gone about claiming bankruptcy. That thinking is mostly flawed; though the interest rates will be higher, purchasing a less expensive car can help lower the payment.


Carefully consider this option, because if you do keep the car and can’t keep up with the payments, repossession after filing bankruptcy can have an even more detrimental effect on your credit rating. Surrendering the vehicle during the claiming bankruptcy process is usually going to be a better option.

 

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The number of consumers filing for bankruptcy in April 2010 is 32% higher than in it was only one year ago. While the process of filing bankruptcy online can intimidate and confuse many, there is now a website that offers help right from the comfort of your own home. Many websites have been launched and can assist consumers with the medical bills bankruptcy process by offering information and services that will help them along the way. 

Chapter 13 bankruptcy websites contain bundles of important information regarding chapter 7 bankruptcy including the process itself, different bankruptcy laws, bankruptcy statistics, questions that consumers typically face, and more. These sites can assist people all over the United States because it allows consumers to look up laws and information based on the state that they live in, since these often vary from state to state. These sites also allow you to find a bankruptcy attorney in your area that will meet with you face to face to provide the finer details of your specific bankruptcy situation.

The amount of consumers filing bankruptcy between the past couple of years has risen drastically and so far 2010 seems to be continuing this unfortunate trend. The month of April saw the 2nd most amounts of people filing business bankruptcy since late 2005 when bankruptcy laws were tightened. Though we are facing a major economic crisis, there are ways Bankruptcy attorney can help. Along with providing much information, the site offers a free evaluation as well as a connection to attorneys in a specific area. 

Current CEO's of successful companies are reaching out and encouraging bankruptcy attorneys to contact them to provide their contact information. Through this process they hope to build the largest free database of bankruptcy information and bankruptcy attorneys in order to help consumers find their best available option for their bankruptcy advice.