BANKRUPTCY FILINGS SKY ROCKETING TO 1.4 MILLION

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The recent recession has not only hit the common person but also the high flyers. The American bankruptcy institute has predicted that the number of personal bankruptcies may touch 1.4 million by Dec 31. The jobs are not only being lost but also very difficult to get.
The number of bankruptcy filing in July 2009 was more than 126, 000. This was 34% than the number in July 2008. This is because of sudden and steep increase in the number of personal bankruptcies.

Reasons For Filing Bankruptcy:
The major reasons for the rise in filing for bankruptcy are:

• Loss of jobs
• New jobs scarce and difficult to find
• Pre-existing debts
• Loss in business

Many people misunderstand bad credit refinance to be the ultimate cure for debt and thought to avoid bankruptcy. This is not true. Bad credit refinance can just provide temporary relief and shows the way to get rid of debt. It does not nullify debt. Many people, even the celebrities like Stephen Baldwin and Lenny Dykstra have filed bankruptcy.

Benefits Of Filing Bankruptcy:
Filing bankruptcy is not a derogatory act. It is just a means to convey to your creditors that you cannot pay them anymore. Some of the benefits of filing personal bankruptcy are as follows.

• One can get rid of most of the debts. One can do it at one go or in installments.
• Stops property foreclosure of the residence
• This puts a halt on the collection process and calls made by the creditors and collection agencies.
• The basic utilities are protected from being cut off
• The debtor is saved from wage garnishment.
• This offers a chance to the debtor to contest the claims of the creditors in the court.
• Bankruptcy offers freedom from mental stress to respond to the creditors or the collection agents.

If the celebrities do not find the act of filing bankruptcy not a demeaning act then why should the common person feel so? There are some big businesses identities that have filed business bankruptcy. As mentioned earlier there is nothing illegal in filing bankruptcy. Moreover, there are many people who are hit by the recession and have to file for bankruptcy.

Nows the right time:
This could be the right time to file for bankruptcy provided you take some precautions like

• Not taking the services of embezzling finance companies and agents,
• Taking the help of genuine and experienced bankruptcy filing expert attorneys, and
• Going by the word of mouth reference from your professional and social acquaintances

One should seek Chapter 7 bankruptcy Information and Chapter 13 bankruptcy Information from reliable source.

Become debt free quickly by exploring your bankruptcy filing options today!

Arizona Bankruptcy Attorneys Can Help You Decide If Filing Bankruptcy is Right for You

Bankruptcy relief has been essential to the economic success of the United States for over 200 years. As per the examinations done in 2008, with the esteem of the nation's mortgage crisis, Arizona has emerged out in the fifth place in hardest hit states, in reality Arizona came out with second in home foreclosures. Moreover the bankruptcies in Arizona State have mount by a minimum 93%. The day you file your Bankruptcy case in Arizona, the Bankruptcy Court will prevent your creditors from these daily annoyances and threats. Hence nowadays it has become more important to find a good Arizona bankruptcy attorney.

An Arizona bankruptcy attorney assist you in navigating the multifaceted bankruptcy procedure, so that you can feel peace of mind, and look ahead to better days. Bankruptcy helps in Arizona will offers you personal attention from the initial consultation through the conclusion of the matter. A proficient legal adviser makes you sure that your bankruptcy is a straightforward as well as easy. In case you are able to find out a reputable Arizona bankruptcy lawyer you can shun general drawbacks and mistakes. With the right preparation and approach, you can narrow down and find the right Arizona bankruptcy lawyer.

Bankruptcy used to be a fairly simple legal action. Many people were able to file for Bankruptcy without the help of an attorney. However, the recent changes to the Arizona Bankruptcy laws have made it much more difficult for people to Filing Bankruptcy in Arizona. In 2008 by passing of the Bankruptcy Abuse Prevention and Consumer Protection Act several consumers has rushed to the bankruptcy courts. It really serves as a very big name for a law that carries out a simple thing i.e. making the procedure more difficult for filing bankruptcy. Hence this new law makes the people to go for appointing good and reputable Arizona bankruptcy exemptions to work on their side.

Please do not feel guilty about considering bankruptcy. Things change in life and occasionally we face tough times. Moreover, it is predicted in the United States, that of all 5000 people or businesses mainly file for bankruptcy on any agreed day. A good Arizona bankruptcy advice on any new or latest laws that may aid you in this complicated process.

To contact a Arizona bankruptcy attorney Just fill out small application form

Personal Bankruptcy Info Critical For Filing Chapter 7 Bankruptcy

Classically, chapter 7 bankruptcy foreclosure entitles a debtor for liquidation of his assets under a court supervised procedure. A court appointed bankruptcy trustee converts the previously owned assets into cash to pay of the creditors. The new bankruptcy laws however, seek to impose certain restrictions on bankruptcy filers whenever they are filing for a personal bankruptcy under chapter 7 bankruptcy procedures. Not to say that anybody who is a resident of US and owns a property or business can file for a bankruptcy under chapter 7. But all the debts do not get chapter 7 bankruptcy discharged. Certain debts like child support taxes, liability caused due to injury or death on account of drunken driving, student loans, fines or penalties on criminal offenses and non-dischargeable debts accrued from previous bankruptcy are not eligible for a discharge.

Another important aspect of bankruptcy filing is that a debtor who has been previously discharged for debts under chapter 7 prior to six years or has availed a chapter 13 bankruptcy plan to reorganize finances and for repaying his earlier creditors is not eligible to file for a personal bankruptcy under chapter 7. Alternatively, even if a bankruptcy petition has been dismissed for any reason cannot file for one within 180 days. Other cases which are likely to run into rough weather involve the debtors who try to hide their financial situations by lying to the judge with the intention of cheating his creditors or the court trustee. Typically, a bankruptcy solution under chapter 7 seeks to:
1. Eliminate community debts.
2. Put an end to liens, if any.
3. Prevent or stop home foreclosures.
4. Stop harassments caused by creditors.
5. Provide financial protection to the debtors by imposing restrictions on creditors who could be the filer’s employers.

Thus, by filing a chapter 7 bankruptcy foreclosure of home could be avoided. That is as far as the debtor is concerned. The other parties involved in the bankruptcy court proceedings are:
1. Bankruptcy judge who is in charge of the case.
2. Court trustee who takes care of the administrative functions.
3. Creditors to whom the debtor owes money.

Bankruptcy might grant a reprieve to a debtor from excessive debts but its effects are felt and actually experienced by individuals, who have been discharged for their debts, for a long time to come. And it could be quite a serious financial decision to file for a bankruptcy. The bankruptcy laws as well as code accord protection to the debtor, but it is imperative for a debtor to have personal bankruptcy info before filing for one. The best way to go about it is to utilize the professional services of reputed online service providers like www.bankruptcyonly.com who employ qualified and highly experienced bankruptcy attorneys. By availing the much desired bankruptcy consultation, you could get for yourself proper guidance and factual information pertaining to personal bankruptcy filing procedures as well as the qualification criteria required by law, to be eligible for a chapter 7 or chapter 13 personal or business bankruptcy filing solution.

By filing for a chapter 7 bankruptcy foreclosure of home could be avoided. But filing for a bankruptcy itself is a serious financial decision. Hence, it is imperative for personal or business bankruptcy filers to avail bankruptcy consultation with an experienced bankruptcy lawyer prior to actually filing for one.

Is Online Bankruptcy Filing Correct?

It is imperative for all to be equipped with the basics of personal bankruptcy rules and all information related to federal bankruptcy as it is also an important financial decision that can make or break the future financial health.

The word itself spells devastation and something which everyone would rather avoid. The decision to file for bankruptcy is the last resort and has the harshest consequences both mentally and financially. Filing for bankruptcy and specially a personal bankruptcy is a tough decision but it needs personal grit to face the situation and experts like bankruptcyonly.com to understand the rules and the frame work. A positive approach and professional help of bankruptcy attorneys better the chances of benefits and avoiding situation like foreclosure and repossession. These companies understand the state of affairs and then decide on the course of action. When one is facing financial distress of acute nature then it’s not always the time for chapter 13 bankruptcy rules. The experts help one identify the appropriate chapter that minimizes the damage and bankruptcy filing may not be the solution always.

The social stigma attached to personal bankruptcy has prevented many from realizing the true benefits or taking correct steps before, after or while filing for bankruptcy. This is a decision that affects many other aspects over the next 7 or 10 years. It is imperative for all to be equipped with the basics even when they filing bankruptcy online since it is such an important financial decision. Ideally it is something that should be avoided unless there is no other alternative. Not everyone would consider it to be a smooth process and an opportunity to start at zero. It is one of the most impactful negative aspects that have altered many lives. It’s most devastating thing to go through and something similar to divorce or severe illness or disability. It affects both the mental peace and the credit rating of an individual.

Federal bankruptcy has various options as chapter 7 bankruptcy where the person’s debts are totally wiped out and this remains on the credit report for 7 to 10 years. Chapter 13 bankruptcy is a repayment plan and remains on the credit report for 7 years. The impact on the psyche remains for life though. There will be questions about bankruptcy during job applications or loan applications and it is not correct to hide or lie about it and may amount to a criminal fraud. Bankruptcy advice from professional bankruptcy firms as Bankruptcyonly.com can help you chart out a proper course of action for unmanageable debts. It is important to take rational and knowledge based decision in financial difficulties of this nature. It is better to be equipped and confront the issue rather than live on false hopes and miracles. Bankruptcy is very painful and traumatic experience and best avoided.

To file for bankruptcy is a tough decision. Experts are required to understand the rules, the frame work and the need. It need not be the best solution always though it may seem to be an easy way to get out of debts.

Online Bankruptcy Help Critical Prior To Filing Bankruptcy

By filing bankruptcy, debtors inevitably have the chance to get their debts discharged. But what exactly happens when a debtor files for a bankruptcy is possibly something that most borrowers aren’t aware of. Thereby it is important for a bankruptcy filer to have a thorough understanding of the intricacies involved in the entire bankruptcy process. To that effect, individuals who are considering filing a chapter 7 personal bankruptcy need to know that the new bankruptcy law passed by the Congress in 2005 has made it more difficult for debtors to completely get rid of their debts. Under the new procedures, focus is being maintained on making the debtor more responsible and for ensuring this; the debtor is subjected to a “Means Test” in order to qualify for a chapter 7 bankruptcy. The Means Test helps determine the net disposable income available with the debtor. To get more information about it is imperative for a debtor to avail consultation with personal bankruptcy . This could be critical as most debtors nowadays find it difficult to qualify for a chapter 7 bankruptcy solution.

And if a debtor is not eligible for a chapter 7, he is required to file chapter 13 bankruptcy which involves a court supervised monthly repayment plan to pay back the creditors. Nevertheless, when debtors file for legal protection, under chapter 13 bankruptcy rules, bankruptcy confirmation proceedings are mandatory. Popularly known as the “re-organization” process, the rules require the debtor to furnish a repayment plan to the bankruptcy court. The court appointed “Trustee”, who takes care of the administrative aspects of the case, is authorized to carry out a confirmation hearing if the proposed plan is in accordance with the regulations stipulated by the United States bankruptcy code and the new bankruptcy law. The entire bankruptcy confirmation process is normally over in 45 days of the “341 meeting” convened by the “Trustee”, in which the creditors can question the debtor regarding his ability to repay their debts. However, once the repayment plan or bankruptcy confirmation takes place, debtors are required to regularly pay the monthly installments to the Trustee who takes the responsibility of distributing it to the creditors each month. Usually, the repayment plan is scattered across a period of three to five years. And after the debts are repaid completely, the chapter 13 bankruptcy is discharged.

While it could be true that by filing bankruptcy, a debtor can reduce his excessive secured and unsecured debts, it is imperative for you to know that a bankruptcy could more damage than any good as it could impact the credit scores for a long time to come. Hence, if you are considering exploring bankruptcy options you should first consider bankruptcy alternatives like consumer credit counseling, debt consolidation or debt settlements by availing bankruptcy advice from reputed online professional service providers such as www.Bankruptcyonly.com which could help you get proper guidance and information.

By filing bankruptcy, debtors can inevitably get their debts discharged. However, under new bankruptcy law it could be hard for a debtor to qualify for a chapter 7 personal bankruptcy. To understand the entire process and get more information you need to consult qualified and experienced chapter 7 bankruptcy lawyers.

Filing for Federal Bankruptcy can prevent foreclosure

Contrary to the popular misconception that federal bankruptcy prevents foreclosure, it only delays it. If you want to prevent a foreclosure, all you have to do is repay the loan which can be done either by selling the house, refinancing it, or obtaining a loan modification.

Most homeowners hire a bankruptcy attorney to file bankruptcy so that they can save their house from foreclosure. And these attorneys will put your home in to bankruptcy without telling you other intricacies of the whole process and will be great for benefit for availing personal bankruptcy advice. Bankruptcy filing is a good option for many but it might not be the best choice for everyone. This is because, if a homeowner goes for bankruptcy filing, then loan modification programs of only a certain type can be taken. But a homeowner needs many options of a loan modification program because it is not a one size fits all solution. Variety is a blessing when it comes to loan modification.

Recently, a wide range of loan modification programs has been launched for homeowners who have chosen bankruptcy filing. Bankruptcy should be the last choice. Adding to the difficulty of filing bankruptcy, recent reforms have made it tougher for people to qualify for a chapter 7 bankruptcies.

Around 66-75% of homeowners who file a chapter 13 bankruptcy are unable to finish the plan, so foreclosure without bankruptcy protection takes place and this leaves a black stain on their credit report. Chapter 13 bankruptcy gives the bankruptcy attorney more commission and this is why they often force the borrower to choose this option. This is because chapter 13 bankruptcy plan goes on for 3-5 years. Filing for bankruptcy is a cumbersome task if you don’t follow the right approach. You should choose a proper loan modification program so that you get the maximum benefits.

Some Procedural Chapter 13 Personal Bankruptcy Information

When you are filing for bankruptcy under chapter 13, it is imperative for you to thoroughly understand the process involved in a chapter 13 bankruptcy case. Since, the process involves legal complexities, proper personal bankruptcy guidance provided by a bankruptcy lawyer could be of immense importance to the debtor.

When you need Bankruptcy Advice under chapter 13, it is imperative for you to thoroughly understand the process involved in a chapter 13 bankruptcy case. The primary objective of bankruptcy laws is to provide legal protection to a debtor against creditors. It is very much imperative for you to know that a chapter 13 bankruptcy focuses on a repayment strategy to pay back the creditors within a time frame of 3 to 5 years. The various steps followed in a typical chapter 13 bankruptcy case are:
1. Formulation of a chapter 13 repayment plan
2. Trustee meeting
3. Confirmation of the chapter 13 plan
4. Court motion to allow and disallow claims

Formulation of a chapter 13 repayment plan.
A chapter 13 bankruptcy permits the debtor to retain ownership of his properties but a debtor is required to furnish a detailed monthly repayment plan for paying back his creditors. Such a filing chapter 13 bankruptcy is approved by the bankruptcy court. The court appoints a “Chapter 13 Trustee” for taking care of the administrative aspects of the case. The debtor might be required to appear before the bankruptcy judge when finalizing the plan in front of the creditors. Alternatively, a debtor can propose a sale of assets or a paying off the creditors by availing a home mortgage refinance loan. But there are post-petition counsel fees and trustee commissions involved in the process which is to be borne by the debtor.

Trustee meeting
The function of chapter 13 bankruptcy trustees is very much like the ones executed by chapter 7 bankruptcy information. Once the debtor submits the repayment plan, the Trustee calls a meeting of creditors which is also called the “341 meeting” that is mandatory under section 341 of the bankruptcy code. Such a meeting is normally called exactly 30 days after filing of the bankruptcy petition and it helps the Trustee get an overview of the debtor’s financial situation. The Trustee also has a “orientation program” with the debtor before the beginning of the meeting for about two hours to help the debtor understand the chapter 13 process.

Confirmation of the chapter 13 plan
The court approves the chapter 13 bankruptcy plan within 45 days of the Trustee meeting subject to the condition that the plan is in accordance with the provisions of the bankruptcy code. Once approved, the plan serves carves out a legal relationship between the debtor and his creditors for the remainder of the case

Court approvals to allow and disallow claims
After 6 months of confirmation of chapter 13 plan, the debtor can file a motion to allow and disallow claims with the bankruptcy court. This provides the debtor with an opportunity to object to claims made by creditors and to prevent certain liens imposed against the debtor’s properties.

Considering the above intricacies, it is always desirable for a debtor to obtain proper filing personal bankruptcy prior to filing a petition in the bankruptcy court. Nevertheless, the best way to get proper guidance is to get expert help from qualified and experienced chapter 13 bankruptcy attorneys employed by reputed online professional service providers like wwwbankrutpcyonly.com who legally assist bankruptcy filers in filing bankruptcy online.

It is imperative for debtors to know the chapter 13 bankruptcy process when filing for bankruptcy under chapter 13. Since, the process involves legal complexities, proper personal bankruptcy information could be of immense importance to the debtor.