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Has filing for bankruptcy any benefits?

No reasonable person would never consider bankruptcy just for no reason. Bankruptcy is not a walk in the park and we can certainly put an emotional charge about you and your family. Bankruptcy is not just a motion that anyone can jump on you without having some way. Filing bankruptcy may make you feel like

Begin your own way of banking

Banking can be a challenge or can become an easy process. Only after two years using we can understand what we want from our bank. We just need to use the Internet for our banking. May be somebody still does not trust the Internet and that’s OK. We have confidence in the safety of banks

Do you find a good bankruptcy attorney?

In our economy, it is not unusual that people become quite overwhelmed with debt. You know about this from the news, friends and relatives, and in some cases, your own home. But if you’re the only one facing a mountain of debt, it is important to know who to contact to help you get back

How you can economize on your banking

Banks are a necessary part of any modern financial system. However, this does not mean that you should pay more fees or charges that you owe. Using some easy rules can help you save money during the most of your banking transactions, and reduce your costs or expenses. Many banks provide SMS alerts prior invoices

Bankruptcy and the Elderly

Posted by admin on January 11th, 2010
 
The economic times are tough for people of all ages, but senior citizens and the elderly are perhaps impacted the most.  The weak economy is preventing many seniors from earning the income that they need to make ends meet.
 
I previously wrote that according to a report by AARP, the rate of personal bankruptcy filings for those ages 65 and older grew by 125 percent, while the bankruptcy rate of senior citizens ages 75 to 84 grew by an incredible jump of 433 percent.
 
I regularly see many senior citizens in my Long Island bankruptcy practice who are barely able to pay their bills.  These seniors are often living on just pensions and Social Security, yet juggle soaring medical bills, credit card payments and rising food and gas costs.  Some must deal with mortgage payments as well.  See Many Long Island Seniors Suffering From Debt .
 
Many Seniors Are Not Financially Equipped to Handle Retirement
 
Several months ago I had the opportunity to talk with nationally-known author and economist Thomas J. Mackell, J

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Tags: Elderly
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Do You Have to be Broke to File Bankruptcy?

Posted by admin on January 9th, 2010
 
Some clients ask if they have to be poor, penniless or destitute to file for bankruptcy.  The answer is no.
 
Most of our Long Island bankruptcy clients actually have steady jobs and earn significant salaries.  You do not have to be in the “poor house” to eliminate debts and get bankruptcy relief.
 
A good majority of our clients are working and earning typical salaries that employees on Long Island tend to earn.  We started getting so many clients earning more than $100,000 per year that several months ago I wrote a blog post:  If I Make Over $100,000 a Year, Can I Eliminate Credit Cards Debts in Bankruptcy?
 
Bankruptcy relief is available to anyone who is over-burdened by their debts and has difficulty paying them.
 
Although many of our clients have regular, steady jobs and are earning healthy salaries. they share key one point in common:  dealing with their debts has become overwhelming.  For many middle-class Long Island consumers, bankruptcy is the only realistic way out of a bad debt situation.  See my post:  Middle-Class Being Driven Into Bankruptcy by Recession According to Report .
 
When we meet with a client, we look at salaries and income to analyze them for determining eligibility under the means test .   Seven out of eight people who we meet with qualify for eliminating all of their debts with Chapter 7 bankruptcy.  Those who do not qualify for Chapter 7 bankruptcy can still seek relief under Chapter 13.
 
In these difficult financial times, many people are out of work.  But, many others continue working, only to pay a great portion of their take-home income to pay their credit card debts.   Whether you are working or unemployed, bankruptcy is an option for managing debt and getting a fresh new financial start.
 
The first step in tackling serious debt problems is meeting with a Long Island bankruptcy attorney.
 
 

Tags: Bankruptcy
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Understanding a Chapter 13 Bankruptcy

Posted by admin on January 8th, 2010

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Home > Bankruptcy

Understanding a Chapter 13 Bankruptcy

by: BMA Editorial Team A

The main purpose of this form of bankruptcy is to regain control of your financial situation and have a fresh start. Read full post…

Tags: Bankruptcy, Chapter 13
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Indiana Small Business Bankruptcy – Chapter 11

Posted by admin on January 8th, 2010

Two days ago in my Indiana bankruptcy blog, I wrote about Freight Masters Systems, an Indianapolis trucking and logistics firm that filed bankruptcy.  Yesterday, I responded to a reader’s question about whether Chapter 7 or Chapter 13 was more advantageous for a small business seeking Indiana bankruptcy help. 

Since my blog is part of an effort on my part to provide useful bankruptcy information in Indiana. I think it might be helpful for my blog readers and Indiana bankruptcy clients to understand why Freight Masters Systems chose Chapter 11, and what the special requirements and advantages are of that form of bankruptcy. <

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Tags: Bankruptcy, Bankruptcy Chapter
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Bankruptcy Blog Reader’s Question: Which Is Better – Deed For Lease Or Mortgage Modification?

Posted by admin on January 4th, 2010

As an Indianapolis bankruptcy lawyer for close to 25 years, I made the decision just one year ago to offer help with mortgage modifications and to keep readers of my Indiana bankruptcy blog up to date on mortgage issues and programs that help save homes. 

I thought my Indiana clients and blog readers would be interested in the answer to one blog reader’s question:  “Which is better,” he asks, “a Deed for Lease, or a mortgage modification?”

The first thing I need to explain is that Fannie Mae, the federally-controlled mortgage agency, will not even offer its new Deed for Lease to homeowners unless those homeowners have tried to negotiate with their lenders and been unsuccessful.  Homeowners must also not qualify for the Obama loan modification plan.  It’s not a question, therefore, of Deed for Lease being better than modification, or the other way around.

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Tags: Bankruptcy Blog, Mortgage, Mortgage Modification
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Effect of the Automatic Bankruptcy Stay on Matrimonial Litigation and Support Proceedings

Posted by admin on January 4th, 2010
 
I received a disturbing call from one of my Long Island Chapter 7 bankruptcy clients tonight.  Several weeks ago I filed his bankruptcy petition and he wanted me to fax someone a copy of the official court notice of his bankruptcy filing.
 
When I asked him why, he said that his ex-wife had just sued him in Family Court over support and maintenance issues. 
 
He then said that he had just retained a family law attorney who advised him that the bankruptcy stay would stop the Family Court suit.  The client also said that according to his new, family law counsel, sending the ex-wife a copy of the bankruptcy notice of filing would be effective in staying the Family Court hearing scheduled for next week.
 
Wrong.  Wrong.  Wrong.  It seems that the family law attorney does not understand bankruptcy law involving how the automatic bankruptcy stay works.
 
The Automatic Bankruptcy Stay Does Not Stop Most Family Court Matters
 
Generally, the automatic bankruptcy stay, which is provided by Bankruptcy Code section 362(a), stops any activity of any kind to collect a debt.  However, section 362(b) provides for certain exceptions, especially most actions involving Family Court matters and domestic support obligations.
 
Thus, there is no protection in bankruptcy court from the obligations imposed by a Domestic Support Obligation.  Here’s what Bankruptcy Code section 362(b)(2)(A)(ii) says:
 

The Automatic Stay created by a bankruptcy filing bars the commencement or continuation of most legal proceedings, but it has no effect on a proceeding for –

  • the establishment of paternity,
  • the establishment or modification of an order for a Domestic Support Obligation such as child support,
  • the determination of child custody or visitation issues, or
  • the dissolution of marriage, except to the extent that such proceeding may seek to determine a division of marital property in which the bankruptcy estate also has an interest. In this instance, the divorce

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Tags: Bankruptcy, Bankruptcy Stay
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Columbus Bankruptcy Lawyer’s Last-Of-Year Employment Update

Posted by admin on January 2nd, 2010

This has certainly been a year of good-news/bad news combo reports when it comes to layoffs and hiring. All during this recession, I’ve considered it an important function of my providing Indiana bankruptcy information to report on the jobs market.  I’m always careful to explain why: 

Precisely because my career as an Indiana bankruptcy attorney  and debt consolidation lawyer has spanned an almost twenty-five year period, I know that the goal of my work and of my clients is not filing bankruptcy; the goal is emerging from bankruptcy.  Whether I’m dealing with an individual, a family, or a small business, I know the emphasis needs to be on developing a steady flow of income for the financial rebuilding process.  To do that,  my clients need to be able to find well-paid jobs.  If my work involves a small business owner,  that business needs to be able to bring in enough income to attract the work force they need in order for the business to grow. One way

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Filing For Bankruptcy? Remember To Disclose All Income!

Posted by admin on December 31st, 2009

That would be a problem, but it’s even worse because during that time Willie and his wife were in Chapter 13 bankruptcy. Under the rules of the bankruptcy court system, you’ve got to disclose all of your income from all sources. Period.

Now Willie has struck a plea deal which calls for a maximum of five years in prison plus payment of restitution of $39,939 – the amount he received from the state after switching to Chapter 7 bankruptcy.

Willie’s wife has entered a “not guilty” plea and is apparently fighting the charges.

Oh, in case you’re wondering – after he gets out of jail WIllie will likely still be in debt.

If he’d disclosed the income and worked through the bankruptcy system honestly the chances are very good that he wouldn’t be going to jail for bankruptcy fraud.

Word to the wise.

The original article can be found here.

Tags: Disclose, Disclose Income
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