Pre-Bankruptcy Planning It is best to file bankruptcy after you have had a chance to plan for your filing. Most people have thought long and hard about whether or not to file a bankruptcy case long in advance of the actual filing. It is true that some people bury their heads in the sand and think that their financial problem will handle themselves on their own. But for most people, bankruptcy is not something that creeps up overnight. Bankruptcy is an idea that comes into one’s mind after they realize that they just cannot manage the debt anymore. It is usually not one catastrophic event. It is usually a sequence of events over time that leads one to the conclusion that bankruptcy may be + Click Here For Read More

Personal Bankruptcy Filing Fees As of today, the court filing fee for a chapter 7 bankruptcy case is $335. The court filing fee for a chapter 13 bankruptcy case is $310. You should plan on having those funds available at the time you meet with your lawyer. The lawyer that you meet with is going to quote you a separate fee for whatever he or she is charging. But at a minimum, you will need the court costs before anything can be officially filed. Let's talk about some other requirements for filing bankruptcy.  Credit Counseling You will have to take a credit counseling session. This is typically a one hour session in person, on the computer, or over the phone where a credit counseling + Click Here For Read More

Personal Bankruptcy Is Technically Public The fact is that filing a personal bankruptcy case is public record. However, the fact you filed is not something that is easy to obtain by the general public. There is a public access system known as PACER which contains information regarding bankruptcy filings throughout the country. To gain access to that system you must register and pay per page of each document you obtain. For this reason, the general public typically doesn't obtain a pacer account. Pacer is more or less used for bankruptcy professionals, lenders, and others who have a direct need to look up prior bankruptcy cases in detail. The fact that you filed personal bankruptcy will + Click Here For Read More

Bankruptcy Help Is Harder To Get When you are struggling financially, you need bankruptcy help. You need to find a bankruptcy attorney that can take you from point A to point B. You want to get out of debt, you want to get a fresh start, you want to get back to a life without financial stress. Unfortunately, it seems to be getting harder and harder to get bankruptcy help.  Bankruptcy Filing Fees Increased Nationally On June 1, 2014, the filing fees to file bankruptcy cases throughout the country increased. The federal government is requiring an additional $29 per case under chapter 7 and under chapter 13 bankruptcy filings. Although this doesn't sound like a lot in and of itself, you have + Click Here For Read More

Bankruptcy Means Test If you're trying to file a chapter 7 bankruptcy, you must first qualify. One of the qualifications is that you must pass the means test. The means test is a mathematical formula designed to prohibit those from filing a chapter 7 bankruptcy if they have the ability to repay a portion of their debt over time. If you are making under the state median based on your household size, then you will automatically pass the means test. However you must not have available money per month from your budget from which to pay a repayment plan. If you are over the state median for your household size, then you must submit to the bankruptcy means test.  How The Test Works The + Click Here For Read More

Bankruptcy Petition Can Be Amended Your bankruptcy petition can be amended after you file. This is often the case when someone forgets to list a particular creditor. The creditor may not have shown up on the credit report or the debtor simply misplaced a bill from that creditor. In a chapter 13 case, the bankruptcy petition often has to be amended to make changes to the budget. Additionally, secured creditors are going to object to the number that is listed in the plan since they are never exactly correct. For chapter 13 bankruptcy cases in Chicago, attorneys will estimate what the secured debt is on a vehicle or a mortgage. The creditor will file an objection to confirmation whereby they + Click Here For Read More

Should You File? Let's talk about a bankruptcy scenario that comes up from time to time. Let's say you're someone who is struggling with debt, you're single, and you finally found someone you want to marry. Your future spouse does not have any debt and he or she has a very good income. The question is should you file for bankruptcy prior to getting married? The answer is a little bit complex. It used to be that if one party to a marriage had debt, that party could file a chapter 7 bankruptcy and get a fresh start. This could be done regardless of what the non-filing spouse earned per year. The old law basically said that just because you are married, the non-filing spouse's income is not a + Click Here For Read More

Not An Easy Decision To File Bankruptcy For many people filing bankruptcy is not an easy decision. Even though people struggle with debt for years and years, they are reluctant to actually pull the trigger on a bankruptcy filing. It could be due to pride. It could be due to the uncertainty of life after filing. It could be the fear of not getting future credit. It could be a combination of all these factors and more.  Look At Your Total Financial Picture When considering whether to file bankruptcy or not, one has to look inward at their overall financial picture to get an idea of whether or not it makes sense to file or not. If you are someone who has very little in the way of income and + Click Here For Read More

Filing Is A Mistake If.... Filing chapter 7 bankruptcy is a mistake if you have assets that are going to be taken in exchange for your fresh start. It is one thing if you know that your assets are going to be taken and you're willing to sacrifice them. It's quite another thing to have the trustee demand your assets when you thought that they would be protected. This happens when people either underestimate the value of the property or fail to disclose the existence of particular property. Your attorney will do the best to protect your assets but he or she must know exactly what you possess. Is The Debt Dischargeable? It is also a mistake to file chapter 7 bankruptcy if the type of debt + Click Here For Read More