Archive for the ‘Chapter 13 Bankruptcy’ Category

US Bankruptcy Code

The United States Bankruptcy Code from 1978 was rewritten and is now known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Public Law No. 109-8, 119 Stat. 23, April 2005).  This reform act took nine years from the start of discussion to actual enactment and went into effect on October 17, 2005.  This act is the most recent revision of the Title 11 Bankruptcy Code (11 USC § 101 et seq).  This new law has made major changes to both chapter 7 and chapter 13 bankruptcies.  Chapter 7 of the bankruptcy code is liquidation and chapter 13 of the bankruptcy code is a reorganization of your debts. 

You can receive a full copy of the text via the Government Printing Office; click here for the Reform Act.  The House Judiciary Committee also has a redline version of the act online.  The redline version shows the line-by-line contextual changes in the act.  The American Bankruptcy Institute has made that document available here – Public Law 109-8.

Posted in Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy |

Filing for Bankruptcy

If you are reading this site then you are probably in a financial bind and are considering bankruptcy as one of your options for debt relief.  Filing for bankruptcy is a federal court procedure.   The first step in filing for bankruptcy is to find a knowledgeable bankruptcy attorney.  The attorney will sit down with you and go over all of your assets as well as all of your debt to determine which chapter of bankruptcy would be appropriate for you to file; Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.  Upon determining which chapter you will file the paperwork begins.  Your credit reports will be pulled in order to make sure that there are no debts that you’ve missed.  The protections offered under the two bankruptcy codes will begin once the bankruptcy petition is filed in a federal court.

Now that you know a bit about getting started you may be asking yourself, is this the right step for me?  There are alternatives to filing for bankruptcy but for the most serious of cases bankruptcy is the right step.  The bankruptcy laws were changed in 2005 and are written in such a way to help the person gain the most benefit out of filing for bankruptcy.  Not only does it give them a fresh start with regards to debt but with the counseling classes it gives the individual more knowledge to make the best of the fresh start.

Posted in Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy |

Bankruptcy Lawyers

A very important part of filing your petition for bankruptcy is finding the right bankruptcy lawyer.  Just as an employer would interview possible job applicants it is important that you interview possible bankruptcy lawyers.  You will want to find a lawyer that either specializes in bankruptcy or devotes a large portion of their practice to bankruptcy cases.  Ask them how many bankruptcy cases they have overseen and whether all of the outcomes were positive as things can and do go wrong in bankruptcy proceedings. 

You will also want to ensure that you are comfortable with your lawyer on a professional level.  The two of you will be spending time together going over sensitive data and a good professional working relationship is key.  Make sure you feel comfortable asking questions of the lawyer and that they answer the question to your liking.  If you aren’t sure what is being discussed or is to happen then ask, that is what they are there for.  Don’t feel the pressure to retain the first lawyer that you interview, if you don’t feel that this is the lawyer for you then thank them for their time and continue on to the next lawyer on your list.

Another important aspect of a bankruptcy lawyer is finding one that is certified for bankruptcy in your state.  Your state’s Bar Association should have that information and may even have a lawyer referral service to help you start your list of lawyers to interview. 

Once you have found the lawyer you like please be sure to get a statement of fees as you’ll want to know how much the preparation, filing, representation, etc is going to cost.  You’ll want to know whether such additional matters as disputes with the trustee and other non-traditional transactions will be covered.

Posted in Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy |

Bankruptcy Forms

As with any legal proceeding, there are several different forms that will need to be filled out and submitted when filing your bankruptcy petition.  Filling out the forms may prove difficult and that is where having a bankruptcy attorney comes in handy.  The list is long and there are different forms required to file a petition as well as different procedural forms that may be used throughout the proceedings.  You can view all of the forms on the US Courts website.

Posted in Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy |

Bankruptcy Checklist

In order to begin your bankruptcy petition you will need to have many types of information readily available and organized in one place. The following checklist will give you a good start as to what you will need when you sit down to fill out the paperwork either by yourself or with the help of a paralegal or bankruptcy attorney.

• Copies of your federal and state tax returns for the past two years
• Copies of your last two paycheck stubs
• Your Social Security number
• List of all the bills you owe, a recent statement from each creditor would be best
• History of residential addresses for the past six years
• Copies of the deed or mortgage papers for any real estate you own
• Appraisals of any property you have including non real-estate items like jewelry, furst, etc
• List of all your bank accounts including a recent statement from each
• Safe deposit box information if you have one
• All insurance policies including homeowners and life
• Information regarding all of your investments including stocks and bonds
• Copies of any leases or other promissory notes from the past three years

Posted in Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy |