How To Know When To Pull The Trigger On Bankruptcy

There are definitely times when bankruptcy is not a good option for you and other times when bankruptcy will be a lifesaver for you. If you are thinking about it, have considered it, or definitely know that you would benefit from it, then you should review your financial situation with a bankruptcy attorney in Seattle, WA. Here are the top 5 clear indicators that a bankruptcy is your best option. If you are experiencing any or all of these, the very next item on your to do list should be to call an experienced bankruptcy attorney to go over your options with you.

You Are Making Only the Minimum Payments

Making the minimum payments on your credit cards is not going to get your debt paid off anytime soon, so if you are only making enough to be able to make the minimum payments on your credit cards, then you should talk to a bankruptcy lawyer immediately about filing for bankruptcy. At the very least they can help you identify ways that you can change up your financial situation to determine how you got into the situation you are in and what little changes you can make to improve it. Bankruptcy might be your best option but talking to a lawyer is going to help you know for sure.

You Are Getting Harassed by Creditors

If creditors are calling you, then you might be in a rush to get them off your back. Bankruptcy is a surefire way to do jus that. Collection agencies and bill collectors are usually ruthless and can even resort to calling your family members and friends they know are connected with you in an attempt to get a hold of you. Retaining a bankruptcy attorney can actually go a long way to stop these but in order to make it illegal for them to contact you at all, your bankruptcy must be filed.

You Are No Longer in Control of the Situation

Few things make people feel more helpless than severe money setbacks. If you cannot look at your monthly income and expenditures without feeling a small wave of panic, or without having to practice your deep breathing exercises, then bankruptcy might be a good option for you. A lot of people worry about their financial situation but if it makes you feel totally out of control, hiring a bankruptcy lawyer to review your options, including bankruptcy, is a great first step towards getting free of your burdens.

You Don’t Know How Much Debt You Have

If after sitting down and trying to write down all your debts from memory you find you cannot form a complete list of who you owe money to and how much you owe to each one, or if you do not know a sum total of your debts combined between all of your creditors, then bankruptcy is a solid opportunity for you to start over again with a clean slate and no debt weighing you down. No number is easier to recognize than zero.

You Pay Regular Bills with Credit Cards

One of the worst things that a person can do is pay for basic necessities and regular bills such as utilities and gas with credit cards. If your situation is such that you can no longer afford to pay for these regular necessary expenditures, bankruptcy might be in your future and it might be the shining light at the end of the long dark tunnel you have found yourself in. There are many reasons to file for bankruptcy and it is often out of your hands.

Bankruptcy should be seen as a wise way out of tough financial times to those who really need it. If you are going through any of these scenarios in your head and they are ringing true for you, know that a bankruptcy attorney in Seattle, WA can help.

Reasons To Hire Minnesota Bankruptcy Lawyers

Going through bankruptcy is the worst nightmare. It is undoubtedly the most distressful period in an individual’s life. A bankruptcy lawyer can help you in a situation like this. The purpose of the bankruptcy laws is to give debtors a fresh start. Minnesota bankruptcy lawyers are highly recommended. They focus on bankruptcy and consumer law and aggressively protect the interests of individuals.

Hire the services of Minneapolis bankruptcy lawyers to protect your rights. They are well trained to protect your legal rights and negotiate a fair settlement of assets and debts. Legal representation is a must otherwise you are likely to be taken advantage of in unfair ways. Bankruptcy laws ensure a level of protection in court that Minneapolis lawyers understand. Those who enter into bankruptcy proceedings, unrepresented by a lawyer might find themselves victimized by unscrupulous creditors. Ignorance of the law is yet another reason why you need legal representation in bankruptcy cases. Most individuals who petition for bankruptcy protection have absolutely no idea of filing the necessary paperwork. As a matter of fact, courts have formidable filing requirements that average citizens are not aware of. Minneapolis bankruptcy lawyers will file the proper paperwork at the right time and for the right reasons. They understand their job well. They are well versed with the many aspects of bankruptcy.

Minnesota bankruptcy lawyers speak the language of the court. Words commonly used in legal proceedings are not used in everyday conversations. Hiring a bankruptcy lawyer to speak on behalf of you ensures that your best interests are both heard and understood by all parties. Bankruptcies involve possible liquidation of assets. Minnesota bankruptcy lawyers will help you reduce your financial damage. They will minimize the future effects of bankruptcy. They will take care of your financial matters in the most profitable way. They are qualified to negotiate a fair settlement that will benefit you and your creditors. There are benefits galore of hiring bankruptcy attorneys. Some jobs are best left to professionals like them. When it comes to bankruptcy and debt, it is recommended that you hire professional to resolve your financial matters.

Declaring bankruptcy without hiring the services of experienced bankruptcy lawyers is a foolish move. There are several reasons to hire lawyers. As a matter of fact, you are mandated by law to hire the services of a bankruptcy lawyer to file for bankruptcy. It is a wise decision to hire them. The legal process is extremely time consuming and complicated. Experienced lawyers like Minneapolis bankruptcy lawyers will guide you through the case. They will help you navigate through the complex legal minefield. Moreover, since they represent your case without any emotional attachment, they will definitely make fair decisions.

If you are contemplating whether or not to file for bankruptcy, you are not alone. Given the dismal economy, more and more people are being forced to file for bankruptcy. However, you can hire the services of Minneapolis bankruptcy lawyers to help you sail through this tough time.

Make Bankruptcy Less Painful by Hiring the Right Columbus Bankruptcy Lawyer

A good Bankruptcy lawyer and experienced Bankruptcy attorneys can make the task of filing for insolvency a lot easier. Turbulence in the economy is forcing many people to think about filing for insolvency. In fact, over a million and a half Americans have been doing this in the year 2009. Not all these cases arose because of overspending because factors such as huge medical bills and loss of employment as well as divorce and emergency expenses have all contributed to the problem. Types of insolvency Insolvency implies that a person or company is unable to pay their debts after the debts fall due. In most cases, insolvency refers to businesses and more particularly to the inability of the company to repay its debts. There are two types of business insolvencies; cash flow insolvency and balance sheet insolvency. The former implies that the company is not able to pay off its debts after the latter become due. The latter type implies that the company has negative assets or in plain words, its liabilities exceed its assets. It is possible for a business to experience cash-flow insolvency but at the same time it could also be balance-sheet solvent. This situation occurs when the business has non-liquid assets. Negative assets It is also possible for the business to have negative assets on its balance sheet but it could still be in a cash-flow solvent position. This situation often arises when the business has ongoing revenues that are sufficient to pay off debts. Once a person or company declares itself as being insolvent it will have to face the consequences. Some jurisdictions consider insolvency to be an offense, especially when it is a company that is declaring insolvency. Other states may not have such restrictions and these states may even allow the company to continue under special arrangements till such time as alternative options to achieve recovery can be found. The trend is for legislation to favor alternative methods to help the insolvent company wind up for good. Civil action A company that declares itself insolvent can face civil action. The best course of action for them would be to enter into debt restructuring which allows private as well as public companies and even sovereign entities to reduce as well as renegotiate its bad debts so as to improve and even restore its liquidity. Different countries around the world have worked out their own insolvency regimes and will encourage companies to use different strategies with which to overcome their condition. South Africa, for example, treats owners of the insolvent company to be held personally liable for the debts of their businesses. The United Kingdom treats insolvent companies differently and will normally put the company into liquidation. There is also provision that allows the directors and the shareholders of the company to initiate liquidation process without involving the courts of law. In the US, there is the Uniform Commercial Code which considers a person to be insolvent when they have ceased to pay their debts in the ordinary course of business or who are unable to pay off their debts that become due.

Free Phoenix Bankruptcy Lawyer Advice – How Bankruptcy Affects Your Home and Foreclosure

Every Phoenix bankruptcy lawyer hears it and they are often asked about how filing for bankruptcy affects your home and foreclosure. Let’s take a look at the question, in the state of Arizona, will filing bankruptcy stop a foreclosure? Yes it will stop a foreclosure. In Arizona, foreclosures occur when you haven’t paid 90 days of your mortgage payments and you’ve been sent a Notice of Trustee Sale. That will indicate to you that within 90 days of receiving that letter, your house will be sold if you don’t catch up on the payments. Those payments they are looking for are a lump sum. They will need both the mortgage that you’ve been behind on as well as the penalties and fees that it’s caused both yourself and the lender to bring that sale. You can stop that foreclosure process by filing bankruptcy. If you file a Chapter 13, you can actually file and catch up on your payments. For example, if the lender is looking for $22,000 in back payments and you don’t have that, you can file your Chapter 13 and that will allow you to make a monthly payment towards that $22,000. For people that have seconds on their homes, those seconds can be removed as secured debt from the house, and you can pay a portion of that back as unsecured debt in a Chapter 13. So you really have an opportunity in a Chapter 13 to sort of move around your finances and bring things down to their actual value. The biggest factor in filing bankruptcy is to hire an experienced Phoenix bankruptcy lawyer. You can choose to file a Chapter 7, and that’s different from a Chapter 13. In a Chapter 13 you are repaying a portion of your debt back to your creditors, whereas in a Chapter 7, you are saying, “I don’t have the ability to pay anything back.” With a Chapter 7 what will happen is you will file it to stop a foreclosure. You will not become current. And for four months while the bankruptcy goes on, you’ll reside in the home without making payments. Then after the bankruptcy is finalized in that fourth month, the creditor will then set the home up for sale. So another three months will go by. With the help of a Phoenix bankruptcy lawyer and good bankruptcy planning, you could remain in that home for seven months after filing and not make a mortgage payment. Maybe you could put those phantom mortgage payments towards other bills that you have. So the answer, in short, is, yes, it will definitely stop it. And it gives people an opportunity to really re-evaluate whether they want to keep that house or not. Upon hearing this answer, people typically then ask, “If I file in Arizona, can I keep my house if I’m behind?” Again, depending on which Chapter you’re filing. That’s such a crucial question right now in our economy, especially in Arizona. A lot of people have suffered enormous depreciation in the value of their home. For example, maybe I bought my home for $300,000. But now I notice that my neighbor’s home and the house down the street and even online databases like Zillow.com and Cyberhomes.com are telling me that my home is only worth $150,000. I really need to question whether I should be holding onto that house. Is that a good idea? If it weren’t my home … it were just a credit card, and I was making payments on $150,000 debt … and I knew that I wouldn’t have the ability to pay off, it’s probably better if I let go of that house. If I file bankruptcy and I’m behind on my house payments, but I’ve done the analysis and I know that maybe my home has some equity in it, I have a decision to make. Say, for example, my mortgage is $300,000 but my house is worth $310,000 or even $350,000, I should be holding onto that home. I should be choosing a Chapter 13 because I want to become current on those payments. But again, if I’m behind and I have a lot of negative equity, I could remain in the home for seven months after filing. I’d be filing a Chapter 7 and I would release the home after that seven-month period. So to go back to the question, it depends on which Chapter I’m really filing. As we said before, also consult with a qualified Phoenix bankruptcy lawyer. If I’m behind, I should choose a Chapter 13. If I’m behind and I want to surrender the home but maybe take advantage of the fact that I need to remain in the house, (maybe my children are in school in that school district), I need time to find a rental. I could use those mortgage payments towards car repair or medical issues, even utilities. I still have the opportunity to stay in the home, pack, and plan my life while I’m in my bankruptcy. So each type of bankruptcy filing, whether Chapter 7 or Chapter 13, has advantages, depending on where you are in the situation and what you actually want to accomplish. It is always best to speak with a Phoenix bankruptcy lawyer directly because they can point you in a specific direction, targeted to where you want to be at the end of the process. Bankruptcy is an amazing financial tool, especially in our economy right now. In Arizona, as well as around the country, many real estate values are dropping. Just a small 9% drop is substantial when you’re spending several hundred thousand dollars on a house and your home is your biggest purchase. You really have to look at whether you think it’s appropriate to hold onto that house, especially when you have other creeping debt. So for people who have a home that’s dramatically upside down, a good Phoenix bankruptcy lawyer will do a lot of financial planning for you to make sure that, when they file your bankruptcy, you get the fresh start that you really need.

File Bankruptcy Under Supervision of Orange County Bankruptcy Lawyer

Bankruptcy is a section in federal law that governs those laws and regulations pertaining to people who end up in so much debt that they cannot recover from it. This section of the federal law is designed to enable such people to recover from their debt and make a fresh start. This is done by giving them a longer time period margin in which they have to pay back all their debt and by even reducing the total debt amount by a certain percentage. All bankruptcy laws are distinguished from each other based on the chapters of the Bankruptcy Code in which they appear. There are a total of five chapters for all types of debtors and out of these five chapters three pertain to individuals. These chapters are Liquidation (chapter 7), Reorganization (chapter 11), and Reorganization (chapter 13). Whether you are an individual or a business facing liens, lawsuits, repossession, wage garnishment, or foreclosure you should definitely hire a bankruptcy lawyer to help you solve your financial problems the efficient way. Finding a good bankruptcy lawyer is the first and most important step in this whole process. There are multiple resources that you can consult to find the perfect bankruptcy lawyer for you but always ensure that the lawyer you hire is from your area rather than any other area. This is because the laws and regulations differ from one state to another and only those lawyers who have been practicing bankruptcy cases in your area will be able to handle your case better. Therefore stick to the list of bankruptcy lawyers working in your state. You can try getting a list of all bankruptcy lawyers working in your state from the yellow pages or through an online directory. Once you have tracked down a list run some preliminary background check to see which ones are the most reputed ones. The ones with most experience should be your first priority. Contact them and arrange for a free consultation session. If the lawyer does not offer a free consultation session then you should switch to someone else. These lawyers already charge a pretty high fee and since you are filing for bankruptcy it’s obvious that you do not have enough cash to just throw around. Therefore avoid the most costly lawyers and stick to the ones offering free consultation. When attending your free consultation session always notice the lawyer’s habits. Lawyers who are keen about timings and are more organized can be trustworthy and reliable. Another important factor to look out for is how comfortable you feel with that person. Since you will be spending a great deal of time with that person in the future you need to ensure that the two of you click, understand each other, and you feel comfortable with him or her. Only then can you work well together. Always check out at least four or five bankruptcy lawyers before finally settling on one. Carefully planning all these things will help you find a good bankruptcy lawyer who will successfully take you through your case. One last thing you should analyze is the size of the firm your bankruptcy lawyer is working for. Here the opinion of experts differs. Some people prefer hiring lawyers who work for really large and famous law firms whereas some people prefer hiring lawyers working for smaller firms. The problem often associated with big law firms is that they usually have so many cases lined up that they fail to give you the personal attention you need. On the other hand smaller firms have fewer cases and dedicate much of their time to it to ensure a strong name from winning those cases. Published at: https://www.isnare.com/?aid=964970&ca=Legal

Employing a Bankruptcy Lawyer to File Below Illinois Bankruptcy Laws

Filing liquidation below the Illinois bankruptcy laws is not an effortless point to do in a sense that you require to be aware of the problematic set of particular laws connected to impoverishment that is applicable only in the state. This is since of the issues involved in the different bankruptcy laws in Illinois that we constantly propose debtors to hire a very competent and skilled attorney to manage your liquidation case. When it arrives to filing bankruptcy under the state laws, there are several points that you require to consider into your careful consideration.License Of The Bankruptcy LawyerThe first thing that you have to make sure is that the lawyer has a valid license to handle impoverishment situations in the state. Some folks have the misconception that all the bankruptcy lawyers are approved to manage cases in all the states, which is not accurate. The attorney will get the license to handle these kinds of cases in a distinct state only. In some locations, in which the boundaries of the states meet, the attorney may possibly get the license to handle liquidation instances in a lot more than a single state. So, it is prudent to check all these points before employing the lawyer.Lawyer PaymentThe bankruptcy lawyer will charge you a charge, which is usually a significant sum. As a result, while choosing the right lawyer to file insolvency on your behalf beneath the state laws, the very first of the couple of items that you must ask the lawyer is the amount they will cost. You must check out to get into the particulars because sometimes, there are concealed charges that you occur to know only when it is too late.Interview The AttorneyYou are organizing to hire a liquidation attorney because you want someone that could defend your claim successfully in the courts. Consequently, do not hesitate in asking issues. It is important to make sure that the lawyer you have chosen is the greatest a single for your scenario. The lawyer should be in a position to make issues less difficult for you, keeping in mind that the Illinois bankruptcy laws are complex ones and it is not achievable for a typical particular person to be aware of every little thing. The attorneys are the specialized individuals and they know how to use the numerous clauses of the bankruptcy code in favor of the debtor. If you are filing bankruptcy underneath state liquidation laws, you will demand filing out a quantity of free of charge varieties. You have to be quite careful whilst filing out these varieties simply because if the court finds some manipulation with the details, you may possibly stop up having to pay out some penalties. Your lawyer should aid you in filing out these types. Filing liquidation below the Illinois bankruptcy laws is not an effortless point to do in a sense that you require to be aware of the problematic set of particular laws connected to impoverishment that is applicable only in the state. This is since of the issues involved in the different bankruptcy laws in Illinois that we constantly propose debtors to hire a very competent and skilled attorney to manage your liquidation case. When it arrives to filing bankruptcy under the state laws, there are several points that you require to consider into your careful consideration.License Of The Bankruptcy LawyerThe first thing that you have to make sure is that the lawyer has a valid license to handle impoverishment situations in the state. Some folks have the misconception that all the bankruptcy lawyers are approved to manage cases in all the states, which is not accurate. The attorney will get the license to handle these kinds of cases in a distinct state only. In some locations, in which the boundaries of the states meet, the attorney may possibly get the license to handle liquidation instances in a lot more than a single state. So, it is prudent to check all these points before employingthe lawyer.Lawyer PaymentThe bankruptcy lawyer will charge you a charge, which is usually a significant sum. As a result, while choosing the right lawyer to file insolvency on your behalf beneath the state laws, the very first of the couple of items that you must ask the lawyer is the amount they will cost. You must check out to get into the particulars because sometimes, there are concealed charges that you occur to know only when it is too late.Interview The AttorneyYou are organizing to hire a liquidation attorney because you want someone that could defend your claim successfully in the courts. Consequently, do not hesitate in asking issues. It is important to make sure that the lawyer you have chosen is the greatest a single for your scenario. The lawyer should be in a position to make issues less difficult for you, keeping in mind that the Illinois bankruptcy laws are complex ones and it is not achievable for a typical particular person tobe aware of every little thing. The attorneys are the specialized individuals and they know how to use the numerous clauses of the bankruptcy code in favor of the debtor. If you are filing bankruptcy underneath state liquidation laws, you will demand filing out a quantity of free of charge varieties. You have to be quite careful whilst filing out these varieties simply because if the court finds some manipulation with the details, you may possibly stop up having to pay out some penalties. Your lawyer should aid you in filing out these types. Published at: https://www.isnare.com/?aid=827816&ca=Legal

Bankruptcy and Debt Relief – Perspective of a Pennsylvania Bankruptcy Lawyer

Over 1 million people filed for bankruptcy last year to get relief from debt and harassing creditors. Most of our bankruptcy clients are hardworking Pennsylvania families who through no fault of their own cannot pay the bills and need to obtain debt relief. We help people who have lost their jobs, whose business has gone under, or who have suffered from a debilitating disease or accident get debt relief and a fresh start. Debt can be overwhelming. Let our firm help you. Don’t be afraid of your creditors. We can make them leave you alone. Contact us today. There is no charge for the initial consultation. Bankruptcy Highlights Chapter 7 and Chapter 13 There are two types of bankruptcies that individuals may qualify for – Chapter 7 and Chapter 13 in Pennsylvania.** Chapter 7 Bankruptcy is harder to qualify for but is generally more desirable because in general you get to keep all your stuff and the debt goes away. Chapter 7 bankruptcies are also very quick so you can rebuild your credit sooner. In Chapter 7, most unsecured debts are forgiven. In addition, some assets are exempt. In Chapter 13, you to pay your debts in installments over an agreed-upon time period, usually three to five years. In mot cases you pay back back pennies on the dollar with no interest or other penalties. Chapter 13 plans are used when the debtor makes too much money or has too many assets to qualify for a Chapter 7 bankruptcy. Top Four Reasons People File 1. Health care bills. 2. Credit Card debt/ high interest rate loans make paying off the debt impossible. 3. Illness or injury cause a dramatic decrease in income. 4.Unemployment or small business failure. Don’t give into fear and don’t be ashamed. These situations are why bankruptcy exists. We know you would pay your bills if you could. Bankruptcy will give you a new start so you can tackle debt and provide for your family. Creditors Harassing You? – Know Your Rights Consumer debt collection is regulated by the Fair Debt Collection Practices Act (FDCPA). The Act protects people from abusive debt collection practices. It places limits on how often they can call, what they can say, and how they can collect a debt. Give us a call if you are being harassed. The Act provides for $1,000.00 per violation and attorney’s fees. Consultation on FDCPA cases is free. Better yet, if you hire our firm you will never pay any fee to us to pursue an FDCPA claim. We will collect the fees directly from the creditor who is harassing you! From offices in Coudersport, Potter County, Pennsylvania, Ross and Ross, LLC serves the personal injury, bankruptcy, social security disability, divorce and family law needs of Western, Northwestern, Central and North Central Pennsylvania including Potter County, McKean County, Tioga County, Cameron County, and Bradford County. Published at: https://www.isnare.com/?aid=757268&ca=Finances

Make Bankruptcy Less Painful by Hiring the Right Columbus Bankruptcy Lawyer

A good Bankruptcy lawyer and experienced Bankruptcy attorneys can make the task of filing for insolvency a lot easier. Turbulence in the economy is forcing many people to think about filing for insolvency. In fact, over a million and a half Americans have been doing this in the year 2009. Not all these cases arose because of overspending because factors such as huge medical bills and loss of employment as well as divorce and emergency expenses have all contributed to the problem. Types of insolvency Insolvency implies that a person or company is unable to pay their debts after the debts fall due. In most cases, insolvency refers to businesses and more particularly to the inability of the company to repay its debts. There are two types of business insolvencies; cash flow insolvency and balance sheet insolvency. The former implies that the company is not able to pay off its debts after the latter become due. The latter type implies that the company has negative assets or in plain words, its liabilities exceed its assets. It is possible for a business to experience cash-flow insolvency but at the same time it could also be balance-sheet solvent. This situation occurs when the business has non-liquid assets. Negative assets It is also possible for the business to have negative assets on its balance sheet but it could still be in a cash-flow solvent position. This situation often arises when the business has ongoing revenues that are sufficient to pay off debts. Once a person or company declares itself as being insolvent it will have to face the consequences. Some jurisdictions consider insolvency to be an offense, especially when it is a company that is declaring insolvency. Other states may not have such restrictions and these states may even allow the company to continue under special arrangements till such time as alternative options to achieve recovery can be found. The trend is for legislation to favor alternative methods to help the insolvent company wind up for good. Civil action A company that declares itself insolvent can face civil action. The best course of action for them would be to enter into debt restructuring which allows private as well as public companies and even sovereign entities to reduce as well as renegotiate its bad debts so as to improve and even restore its liquidity. Different countries around the world have worked out their own insolvency regimes and will encourage companies to use different strategies with which to overcome their condition. South Africa, for example, treats owners of the insolvent company to be held personally liable for the debts of their businesses. The United Kingdom treats insolvent companies differently and will normally put the company into liquidation. There is also provision that allows the directors and the shareholders of the company to initiate liquidation process without involving the courts of law. In the US, there is the Uniform Commercial Code which considers a person to be insolvent when they have ceased to pay their debts in the ordinary course of business or who are unable to pay off their debts that become due. Published at: https://www.isnare.com/?aid=623874&ca=Finances

Free Phoenix Bankruptcy Lawyer Advice – How Bankruptcy Affects Your Home and Foreclosure

Every Phoenix bankruptcy lawyer hears it and they are often asked about how filing for bankruptcy affects your home and foreclosure. Let’s take a look at the question, in the state of Arizona, will filing bankruptcy stop a foreclosure? Yes it will stop a foreclosure. In Arizona, foreclosures occur when you haven’t paid 90 days of your mortgage payments and you’ve been sent a Notice of Trustee Sale. That will indicate to you that within 90 days of receiving that letter, your house will be sold if you don’t catch up on the payments. Those payments they are looking for are a lump sum. They will need both the mortgage that you’ve been behind on as well as the penalties and fees that it’s caused both yourself and the lender to bring that sale. You can stop that foreclosure process by filing bankruptcy. If you file a Chapter 13, you can actually file and catch up on your payments. For example, if the lender is looking for $22,000 in back payments and you don’t have that, you can file your Chapter 13 and that will allow you to make a monthly payment towards that $22,000. For people that have seconds on their homes, those seconds can be removed as secured debt from the house, and you can pay a portion of that back as unsecured debt in a Chapter 13. So you really have an opportunity in a Chapter 13 to sort of move around your finances and bring things down to their actual value. The biggest factor in filing bankruptcy is to hire an experienced Phoenix bankruptcy lawyer. You can choose to file a Chapter 7, and that’s different from a Chapter 13. In a Chapter 13 you are repaying a portion of your debt back to your creditors, whereas in a Chapter 7, you are saying, “I don’t have the ability to pay anything back.” With a Chapter 7 what will happen is you will file it to stop a foreclosure. You will not become current. And for four months while the bankruptcy goes on, you’ll reside in the home without making payments. Then after the bankruptcy is finalized in that fourth month, the creditor will then set the home up for sale. So another three months will go by. With the help of a Phoenix bankruptcy lawyer and good bankruptcy planning, you could remain in that home for seven months after filing and not make a mortgage payment. Maybe you could put those phantom mortgage payments towards other bills that you have. So the answer, in short, is, yes, it will definitely stop it. And it gives people an opportunity to really re-evaluate whether they want to keep that house or not. Upon hearing this answer, people typically then ask, “If I file in Arizona, can I keep my house if I’m behind?” Again, depending on which Chapter you’re filing. That’s such a crucial question right now in our economy, especially in Arizona. A lot of people have suffered enormous depreciation in the value of their home. For example, maybe I bought my home for $300,000. But now I notice that my neighbor’s home and the house down the street and even online databases like Zillow.com and Cyberhomes.com are telling me that my home is only worth $150,000. I really need to question whether I should be holding onto that house. Is that a good idea? If it weren’t my home … it were just a credit card, and I was making payments on $150,000 debt … and I knew that I wouldn’t have the ability to pay off, it’s probably better if I let go of that house. If I file bankruptcy and I’m behind on my house payments, but I’ve done the analysis and I know that maybe my home has some equity in it, I have a decision to make. Say, for example, my mortgage is $300,000 but my house is worth $310,000 or even $350,000, I should be holding onto that home. I should be choosing a Chapter 13 because I want to become current on those payments. But again, if I’m behind and I have a lot of negative equity, I could remain in the home for seven months after filing. I’d be filing a Chapter 7 and I would release the home after that seven-month period. So to go back to the question, it depends on which Chapter I’m really filing. As we said before, also consult with a qualified Phoenix bankruptcy lawyer. If I’m behind, I should choose a Chapter 13. If I’m behind and I want to surrender the home but maybe take advantage of the fact that I need to remain in the house, (maybe my children are in school in that school district), I need time to find a rental. I could use those mortgage payments towards car repair or medical issues, even utilities. I still have the opportunity to stay in the home, pack, and plan my life while I’m in my bankruptcy. So each type of bankruptcy filing, whether Chapter 7 or Chapter 13, has advantages, depending on where you are in the situation and what you actually want to accomplish. It is always best to speak with a Phoenix bankruptcy lawyer directly because they can point you in a specific direction, targeted to where you want to be at the end of the process. Bankruptcy is an amazing financial tool, especially in our economy right now. In Arizona, as well as around the country, many real estate values are dropping. Just a small 9% drop is substantial when you’re spending several hundred thousand dollars on a house and your home is your biggest purchase. You really have to look at whether you think it’s appropriate to hold onto that house, especially when you have other creeping debt. So for people who have a home that’s dramatically upside down, a good Phoenix bankruptcy lawyer will do a lot of financial planning for you to make sure that, when they file your bankruptcy, you get the fresh start that you really need. Published at: https://www.isnare.com/?aid=567947&ca=Home+Management

Free Phoenix Bankruptcy Lawyer Advice – How Bankruptcy Affects Your Home and Foreclosure

Every Phoenix bankruptcy lawyer hears it and they are often asked about how filing for bankruptcy affects your home and foreclosure. Let’s take a look at the question, in the state of Arizona, will filing bankruptcy stop a foreclosure? Yes it will stop a foreclosure. In Arizona, foreclosures occur when you haven’t paid 90 days of your mortgage payments and you’ve been sent a Notice of Trustee Sale. That will indicate to you that within 90 days of receiving that letter, your house will be sold if you don’t catch up on the payments. Those payments they are looking for are a lump sum. They will need both the mortgage that you’ve been behind on as well as the penalties and fees that it’s caused both yourself and the lender to bring that sale. You can stop that foreclosure process by filing bankruptcy. If you file a Chapter 13, you can actually file and catch up on your payments. For example, if the lender is looking for $22,000 in back payments and you don’t have that, you can file your Chapter 13 and that will allow you to make a monthly payment towards that $22,000. For people that have seconds on their homes, those seconds can be removed as secured debt from the house, and you can pay a portion of that back as unsecured debt in a Chapter 13. So you really have an opportunity in a Chapter 13 to sort of move around your finances and bring things down to their actual value. The biggest factor in filing bankruptcy is to hire an experienced Phoenix bankruptcy lawyer. You can choose to file a Chapter 7, and that’s different from a Chapter 13. In a Chapter 13 you are repaying a portion of your debt back to your creditors, whereas in a Chapter 7, you are saying, “I don’t have the ability to pay anything back.” With a Chapter 7 what will happen is you will file it to stop a foreclosure. You will not become current. And for four months while the bankruptcy goes on, you’ll reside in the home without making payments. Then after the bankruptcy is finalized in that fourth month, the creditor will then set the home up for sale. So another three months will go by. With the help of a Phoenix bankruptcy lawyer and good bankruptcy planning, you could remain in that home for seven months after filing and not make a mortgage payment. Maybe you could put those phantom mortgage payments towards other bills that you have. So the answer, in short, is, yes, it will definitely stop it. And it gives people an opportunity to really re-evaluate whether they want to keep that house or not. Upon hearing this answer, people typically then ask, “If I file in Arizona, can I keep my house if I’m behind?” Again, depending on which Chapter you’re filing. That’s such a crucial question right now in our economy, especially in Arizona. A lot of people have suffered enormous depreciation in the value of their home. For example, maybe I bought my home for $300,000. But now I notice that my neighbor’s home and the house down the street and even online databases like Zillow.com and Cyberhomes.com are telling me that my home is only worth $150,000. I really need to question whether I should be holding onto that house. Is that a good idea? If it weren’t my home … it were just a credit card, and I was making payments on $150,000 debt … and I knew that I wouldn’t have the ability to pay off, it’s probably better if I let go of that house. If I file bankruptcy and I’m behind on my house payments, but I’ve done the analysis and I know that maybe my home has some equity in it, I have a decision to make. Say, for example, my mortgage is $300,000 but my house is worth $310,000 or even $350,000, I should be holding onto that home. I should be choosing a Chapter 13 because I want to become current on those payments. But again, if I’m behind and I have a lot of negative equity, I could remain in the home for seven months after filing. I’d be filing a Chapter 7 and I would release the home after that seven-month period. So to go back to the question, it depends on which Chapter I’m really filing. As we said before, also consult with a qualified Phoenix bankruptcy lawyer. If I’m behind, I should choose a Chapter 13. If I’m behind and I want to surrender the home but maybe take advantage of the fact that I need to remain in the house, (maybe my children are in school in that school district), I need time to find a rental. I could use those mortgage payments towards car repair or medical issues, even utilities. I still have the opportunity to stay in the home, pack, and plan my life while I’m in my bankruptcy. So each type of bankruptcy filing, whether Chapter 7 or Chapter 13, has advantages, depending on where you are in the situation and what you actually want to accomplish. It is always best to speak with a Phoenix bankruptcy lawyer directly because they can point you in a specific direction, targeted to where you want to be at the end of the process. Bankruptcy is an amazing financial tool, especially in our economy right now. In Arizona, as well as around the country, many real estate values are dropping. Just a small 9% drop is substantial when you’re spending several hundred thousand dollars on a house and your home is your biggest purchase. You really have to look at whether you think it’s appropriate to hold onto that house, especially when you have other creeping debt. So for people who have a home that’s dramatically upside down, a good Phoenix bankruptcy lawyer will do a lot of financial planning for you to make sure that, when they file your bankruptcy, you get the fresh start that you really need. Published at: https://www.isnare.com/?aid=567947&ca=Home+Management