Posts Tagged ‘Bankruptcy’

Life After Bankruptcy: 3 Things That Could Change After You File

August 28th, 2010 Christina Hall No Comments »

Today their are plenty of bankruptcy attorneys posting ads all over TV looking to give you the so called easy way out of your debts but is it.  Before you can consider ever reason bankruptcy will solve your problems, you also need to consider what is life after bankruptcy like?

In this article I’m going to cover three things that could change you life after filing bankruptcy and give you several question you think about before you consider the big “B.”

Loans and Credit

The first thing that will change in life after bankruptcy discharge is the availability of loans and credit.  In most cases your loans will be either liquidated or put into a payment plan and paid off over time.

Your credit score will be lowered dramatically with it now bearing the scar of bankruptcy.  In fact you will not be able to get any type of loan for at least a couple of years.

The average bankruptcy will last on your credit report for a minimum of 7 to 10 years.  This means no more credit cards, mortgages, car loans, or any other loans for that fact.  Your life will literally come to a stand still as credit and loans will dry up like a dessert.

You will have to rely on cash only to survive.  No more quick and easy credit cards to pay for dinner or a night out on the town.  You will have to live a slimmed down lifestyle that will require you to have a strong will and a ton of patance.

Do you have the will?

Housing

The next thing that may change for you is where you live.  If you are filing a chapter 7 bankruptcy you may lose your home, however with a chapter 13 bankruptcy they may be able to impose a homestead exemption to protect your home from being lost. However if your hom

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Tags: Bankruptcy, Bankruptcy Things

File Bankruptcy Online: A Legal Zoom Bankruptcy Review

August 26th, 2010 Christina Hall No Comments »

Are you looking for an easy way to get started on the bankruptcy process but don’t know where and how to get started.  In this article I am going to show you how to file bankruptcy online with a well known company called Legal Zoom.

Getting Started

Getting started with your online bankruptcy filing is actually very simple and with Legal Zoom they make it very easy to get up and running.  Now I should mention before you get started that you should also know just because you are going to file for bankruptcy online does not mean you will automatically be accepted.

To be fully excepted, a bankruptcy attorney will have to review your situation and qualify you.  The great thing about Legal Zoom is that they work with qualified attorneys all over the country and even in your area, and the best part is they will do it all for one flat fee through Legal Zoom.

Check The Pricing

The next thing you will have to do is check the pricing in your state.  To do this go to legalzoom.com and scroll down the left side and look for the bankruptcy link.  This will direct you to the bankruptcy page.

Next click on the check pricing tab.  In this section you will be able to see what kind of fees you will have to pay in order to file bankruptcy in your current state.  For example in the state of Ohio it will run you around $1400.

Now this does not include court filing fees which will run you another $299 for a chapter 7 bankruptcy.  However this is very reasonable since filing in some states with the traditional method can be very expensive.  If you decide instead to file for a chapter 13 bankruptcy you can as well but the fees may vary.

Complete The 3 Step Process

Once you have agreed on the price you will be able to get started by creating an account and filling out an online questionnaire.   This que

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Tags: Bankruptcy, Bankruptcy Online, File Bankruptcy, File Bankruptcy Online

Bankruptcy Mistakes you can Avoid

January 24th, 2010 admin No Comments »

The bankruptcy process is a long process that seems like it’s never going to end, but trust me, it ends sooner, or later.  Whether you’re going through the process right now, or maybe you’re about to start it, there are some things that you need to avoid, in order to make everything run smoothly.

  • Don’t try to hide anything: Hiding things won’t help you, and if you’re going to try to hide things that are of value to you, they are going to find out about it, sooner or later.  It’s always best to be open, and honest here.
  • Kiss your money goodbye: If the government, or someone is going to send you money, you’re not going to be able to keep it, so get that out of your head right now.  All money owed to you will be gone.
  • Don’t hide your money! Let’s say that you give some money to a relative, or hide it under your mattress.  You owe these creditors money, so don’t be a deadbeat.  How would you like it if I owed you money, and I had it, but didn’t give it to you?   Be a good person, and pay up.
  • Stop building debt: If you have the mindset that you’re going to declare bankruptcy, and you keep racking up debt, the judge isn’t going to like this, and your chances of filing now are going to be fairly slim.  The lesson here is to cut up your credit card.
  • Don’t sell real estate: If you’re going to file, just hold onto things.  Don’t sell real estate, because it’s going to come around, and bite you in the butt.

These are the most common mistakes.  The lesson here is to make sure that you keep everything in tact.  Don’t buy more goodies, don’t go out, and purchase more things.  It’s important that you just keep money in the bank, and be prepared to pay off your creditors, like you should.

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Tags: Bankruptcy, Bankruptcy Mistakes

Chapter 7 Bankruptcy Information

January 22nd, 2010 admin No Comments »

Chapter 7 bankruptcy can be a very confusing, and yet, a serious matter at the same time.  If you have questions, when it comes down to Chapter 7 bankruptcy, I kind of wanted to make an easy to read FAQ that can help you understand what’s going to happen during the process.

What’s the difference between Chapter 7 and Chapter 13?

Chapter 7 is a pretty straight forward bankruptcy, and picture it as a “fresh start.”  You’re going to sell all of your assets, as with a Chapter 13, you’re going to be able to keep some of your assets.

Are all my bills gone now?

It will all depend on how the judge sees your case.  By law, you will always have to pay student loans back, there’s no way around it, and there can be other potential companies that can still come after you, such as a car loan.

Is this going to be public?

This will remain on your record for at least 10 years.  It will be public records, so when someone does run a credit check on you, it will show up.  Again, it will remain there for 10 years.

Can I keep my big items such as my boat, and car?

Even if it’s paid off, the trustee’s can liquidate them, and spread the assets among the creditors you owe.  It’s only fair to the people that you owe, and they will milk everything out of you, to make sure everyone gets as much as possible.

How many times

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Tags: Bankruptcy, Bankruptcy Information

Feminomics: Women and Bankruptcy

December 21st, 2009 admin No Comments »

I was a little nervous when I first started reading Elizabeth Warren’s post: Feminomics: Women and Bankruptcy

Bankruptcy exposes the economic vulnerability and insecurity of middle class women. The women in bankruptcy, like the men who file for bankruptcy, are a fairly representative cross-section of the American middle class. Their education levels are slightly higher than the population generally, with women in bankruptcy more likely to have attended college than their counterparts. Most are employed when they file. They work in a representative cross-section of industries and occupations. More than half are homeowners. By the most overt criteria, the women who file for bankruptcy are, as a group, solidly middle-class.

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Tags: Bankruptcy