http://www.finanzine.com/feed/ http://www.finanzine.com/ Free updates and insight tips on financial markets. Tue, 17 Mar 2009 06:54:02 +0100 Tue, 17 Mar 2009 06:54:02 +0100 http://www.finanzine.com/bankruptcy/lower-bankruptcy-attorney-fees http://www.finanzine.com/bankruptcy/lower-bankruptcy-attorney-fees Bankruptcy is the most dreaded subject for everyone. It is considered as the last option because it has lots of negative consequences especially on your credit capability. As much as possible you don’t want to be in that situation. However, when everything’s not working according to your plan, you don’t really have a choice but to declare for one. Being in a circumstance where you can’t have the ability anymore to pay for your various debts, it’s better to file for bankruptcy in order to start anew. The first thing that you must do is to look for a lawyer who will help you with the entire process. Remember that it basically involves a whole lot of legal procedures and it can be very difficult for you if you won’t hire a professional. The major consideration in hiring the services of a lawyer is the cost or what they call fees. I know that you want to pay for a much lower bankruptcy attorney fees. You’re already in the brink of financial downfall and hiring a lawyer can mean another cost. Well, if you think you won’t be able to pay, better think again. Filing for bankruptcy will help you pay for the bankruptcy attorney fees. Why? It’s because your debts will be frozen automatically and your various lenders cannot force you to pay. The best thing in filing is the chance to discharge some of your debts if your case will be successful. Or your can arrange for a repayment scheme which is to your advantage. Like for example elimination of interest and other penalties. You can save a lot of money and you may now have the opportunity to pay for your bankruptcy attorney fees for the services rendered. Another thing is the lawyer will be the one who will do the negotiation to your creditors. Your lawyer can negotiate for a repayment plan which is suitable to your financial capability. You don’t have to face them yourself. You don’t have to worry a bit for the lawyer knows what he is doing. You just have to trust your lawyer on the matter. What you should do is to make some things which can lower your bankruptcy attorney fees. Before you go running to the lawyer, you must do some research about the kinds of bankruptcies out there and which kind is applicable to your situation. You must also be ready with all the proper documents needed like for example your credit balances, credit card statements, your current financial situation like your income and expense and others. By doing so, your lawyer can therefore charge lower bankruptcy attorney fees. It would mean less work and the process may even be made faster and accomplished earlier. It would also give an impression that you are a well-informed client. Actually, you can negotiate the bankruptcy attorney fees if you like . You can ask for a lower fee by stating your current financial situation and maybe he will be open to it. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Wed, 4 Feb 2009 07:01:18 +0100 http://www.finanzine.com/bankruptcy/declaring-personal-bankruptcy http://www.finanzine.com/bankruptcy/declaring-personal-bankruptcy Have you noticed the increasing number of bankruptcy cases? Isn’t it very alarming? It just tells us that more and more people are suffering from debt problems. Their problem has grown into a huge amount of debt which cannot be remedied anymore. They don’t have any choice left but to declare personal bankruptcy. The truth is, an action like that should be the last resort. If there are other alternative solutions, it is advisable not to file for personal bankruptcy. But we cannot blame them for they think bankruptcy is the only solution. So if you yourself are in danger of being bankrupt, you better take some action immediately. I know it’s not very easy dealing with piles and piles of debts. Sometimes, it’s inevitable to avail all sorts of loans available in the market. One time or another, there will be emergencies arising which require cash outlay from you. It’s OK if you have ready cash. But if your salary is just enough to pay for all your bills and other expenses, you’ll surely see yourself running to a lending company. Actually, there’s nothing wrong or evil with having debts. The problem will just arise if you don’t know how to take control over your money. It will all depend on the proper handling of money and the kind of lifestyle you have. With the unreasonable interest rate charged by some lenders, sometimes you can’t afford the monthly payment. If ever you would incur any delays or defaults, your liabilities will balloon. Then, filing for personal bankruptcy will soon occur on your mind. If you don’t have the capacity anymore to meet your debt obligations, bankruptcy can be an option for you. Your liabilities will be swiped out but there is a negative consequence. That’s why, as much as possible, stay away from declaring personal bankruptcy. Just think about the impact it will bring to your credit. Under the bankruptcy law, your capability to borrow money will be limited. You cannot easily avail loans for a period of seven to ten years. That’s exactly the negative effect of declaring personal bankruptcy. So here are some suggestions on how you can avoid being bankrupt. If you have various outstanding debts right now, why not avail for debt settlement. You can talk with your lenders regarding your current financial condition. You can negotiate for a reduction of interest rate or an extension of loan period. It would not be very easy but just try. Some lenders can be tough on the matter but if you can assure them that you’re very willing to repay them, maybe they will reconsider your appeal. Another thing you can do is to stay away from obtaining another loan of all sorts. An additional loan will create more burdens on you. Just live within your means. Take control of your finances. Make sure to make a budget every month. If you know how to handle your money, personal bankruptcy will be far from happening to you. You must be aware on where your money goes. If you’ve been spending for unnecessary items, you better stop it. What I’m trying to point out is the kind of lifestyle you are living. If you can just afford it, then live with. But if you want a lifestyle you can’t afford, that’s not an ideal thing to do. After a couple of years, filing for personal bankruptcy is not impossible to prosper. So, you better take precautionary actions now. Remember, filing for personal bankruptcy is such an awful thing to experience. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Mon, 19 Jan 2009 09:26:10 +0100 http://www.finanzine.com/bankruptcy/medical-bankruptcy http://www.finanzine.com/bankruptcy/medical-bankruptcy You often hear lots of bankruptcy stories. An individual with piles and piles of debts commonly declare bankruptcy. Heck, it’s actually the dreaded word anyone doesn’t want to experience. Why do people lead to being bankrupt? For one, getting all sorts of loans and credit cards from financial institutions will surely lead to debt problems when not handled properly. The typical causes of bankruptcies are due to the inability of an individual to pay their liabilities. If they can’t pay anymore, they have the option under the law to declare bankruptcy. However, there is a specific kind of bankruptcy which is increasing in number. The so-called medical bankruptcy is becoming popular to people who undergone medical treatment. As we all know, health care services are becoming expensive. The cost will depend on the type of service you availed and some other related charges. With all the charges like doctors’ fee, medicines, hospital room fees and others, you will surely see yourself going broke. If you met an accident and injured yourself, you are putting your life on jeopardy. Not only that, your financial resources as well will suffer. It’s OK if you are from an affluent family and can support your bills. What if you’re income is just enough to cover your everyday expenses. Getting a needed medical treatment will surely put your financial situation into a breakdown. That’s why some people resort to medical bankruptcy. The reason for it is due to lack of financial resources. The medical bills seems too expensive and unreasonable to their finances. Some health institutions offer installment payments but the terms and conditions are just too disadvantageous. Even though you are allowed to pay in installments, the monthly payment is sometimes not affordable. Remember, if ever you undergone medical treatment, your physical body is still weak. Employment seems too impossible and you’re left with no income at all. How can you pay the health institution if you don’t have money? Unpaid medical bills to some extent can even lose some of your valuable properties like your home. Due to desperation, you will resort to loans which have higher interest rates. But if ever you can’t pay, the lender has the right to foreclose your property. You have no option but just to declare medical bankruptcy. Moreover, being bankrupt connotes negative consequences on your part. There are limitations set by the court once you declared bankruptcy. You cannot easily borrow from lending institutions for a certain period of time. To avoid medical bankruptcy, it is helpful to have medical insurance. In times of health treatments, the insurance company will take care of your bills. That would be very helpful to you. You don’t have to worry on where to get the money in paying all your bills. You can just relax within the comforts of your home and never get problematic on the matter. As much as possible, medical bankruptcy should be your last option. Find means on how you can fight being bankrupt. Better consult a professional to help with your problem. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Mon, 5 Jan 2009 09:58:01 +0100 http://www.finanzine.com/bankruptcy/credit-card-bankruptcy http://www.finanzine.com/bankruptcy/credit-card-bankruptcy Credit cards can do wonders in one’s finances. If you are experiencing cash shortage in one way or another, the tool can be your savior. You can pay some urgent household expenses using your cards. Aside from that, you can purchase anything you want too. If you want to buy specific clothing, you may do so even though you ran out of cash. All the luxuries your heart desires can be yours by using the tool. Buying items will be much easier and convenient on your part. You don’t have to carry cash anywhere you go. Just as long as you have with you the so-called “magical keys”, buying things will never be a problem. However, you must be aware of credit card bankruptcy. Sometimes you tend to go over your spending. You will just keep on using your card whenever you like. Having a very luxurious life is not advisable. That kind of lifestyle will give you problems in the future. It’s OK if you can pay all your purchases on time. Credit cards are very important in today’s modern day and age. Problems will just arise on the way you handle it. If you happen to manage it properly, you will reap great benefits. On the other hand, if you don’t know how to handle your finances, you’ll end up with lots of debts. Having debts is not a good thing for it can lead you to declare credit card bankruptcy. We all know that being bankrupt is the worst condition of all. Some debtors who have piles and piles of debts dreaded bankruptcy. They will find other ways not to be bankrupt. Bankruptcy is the last resort among many debtors because there are negative consequences attached to it. I’ll tell you, you don’t want to suffer it because it’s really bad. Credit card bankruptcy will arise if you will be defaulting in your credit card payments. If you can’t find means on how to pay the outstanding debts, then you’ll surely go bankrupt. The only good thing in declaring bankruptcy is all your debts will be gone. Your credit card company will not anymore pester you with phone calls and demand letters. You will be free from your debts and you can now sleep tight at night. However, you will have limitations regarding your spending habits. Your assets will be on hold during the bankruptcy period. In order to avoid credit card bankruptcy, you must take note of your expenses. It’s better to use the tool in cases of emergency only. You must purchase only needed items. You must embrace frugality in your everyday living. Remember to buy necessities only not those you want. It’s alright if you have enough earnings, but if you’re in a tight condition, better stick to the budget. In case, you’re already suffering from major credit card debts, it’s advisable to seek for professional help. You can ask the help of debt management companies- they will assist you in your problem. They can negotiate to your lenders for a reduction in interest rates and extensions in payments. Using credit cards is really inevitable but just don’t push your spending beyond the limits. As much as possible, never entertain credit card bankruptcy in your mind. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Mon, 15 Dec 2008 04:16:00 +0100 http://www.finanzine.com/bankruptcy/avoid-bankruptcy http://www.finanzine.com/bankruptcy/avoid-bankruptcy Major dependence on loans can sometimes lead to financial problems. With the proliferation of lending companies, having immediate cash is becoming more convenient. If you don’t have cash at the moment, you can go to a nearest lender and apply for a loan. However, there are lots of awful consequences if an individual has lots of debts. The most dreaded is bankruptcy. Filing for one is the last resort among people suffering financial crisis. Trying to avoid bankruptcy is what most people do. Being bankrupt is such a negative condition. One is also required to file in the court and should follow the necessary orders. If you are experiencing financial hardship already, there is still hope for you to avoid bankruptcy. Surely, you won’t believe at first but there is always a solution to every problem. Even if you are sinking because of so many debts, you can still recover from your dilemma without filing for bankruptcy. Not all people in the brink of being bankrupt resort in hiring the services of a bankruptcy lawyer. To avoid bankruptcy, there are certain sacrifices you have to make. In order to achieve the goal, you must understand the impact of bankruptcy in your life. A plan must be finalized. Planning what to do about your current predicament is a basic solution to your problem. The plan must contain the strategies you will do on how to avoid bankruptcy. Staying out of debt is a very important aspect you must consider in the plan. In the first place, what lead you in the situation are the piles of debts you have. You must stop borrowing from lending companies. Another loan won’t solve your problems. Interest rates charged by the lenders are sometimes too unreasonable. Borrowers with bad credit score have stricter terms and conditions compared to those with good credit standing. You will suffer more on the high monthly installment you will be paying. Instead of a move to avoid bankruptcy, you will surely lead to being bankrupt. You will then ask on how to pay your outstanding debts. You can’t have money if you will not borrow again. There is still another alternative you can do which will avoid bankruptcy and not entail another debt. Just look around your home and you will definitely solve your problem. List all the assets you possess. Sell valuable items within the confines of your home. There are many things you can sell such as artworks, furniture, electronic appliances and other stuff which of greater value. It won’t hurt if you will sell those things. This is one step of accumulating money and pay off those debts from lenders. You can ask from acquaintances about the market price of your belongings. Better yet, sell the items to your friends and relatives. Artworks and antiques have greater value. Find an art dealer who buys related items at a reasonable price. Just make sure the items are yours absolutely. After selling out valuable belongings, you can now pay your creditors. Apply the money to the most onerous or burdensome debts. You must try to analyze your lifestyle. If you are living a very luxurious lifestyle which you can’t afford, then make a change. To avoid bankruptcy, all it takes is discipline and laying out feasible plans and sticking with it. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Mon, 1 Dec 2008 06:57:15 +0100 http://www.finanzine.com/bankruptcy/bankruptcy3 http://www.finanzine.com/bankruptcy/bankruptcy3 Facing a major debt problem can really be stressful. You find ways on how to get out from that situation. There are many alternatives available like going to a financial adviser who will help you overcome financial crisis. An adviser will be of great help but sometimes they cannot solve your problem. The last resort will be to file for bankruptcy. This is the last action for people suffering from debt problems. If you think there’s really no way out of your situation, filing for bankruptcy is your only option. Filing can be tiring for it requires too many things to do and accomplish. If you don’t have any knowledge on how to file, you better consult a bankruptcy lawyer for that matter. Hire the services of a lawyer with a vast experience in handling cases similar to your situation. They are much willing to assist you in the duration of the process. They all know the proper procedures to do and what documents to submit. Bankruptcy has many advantages and benefits with regards to your financial condition and resources. Filing for one can be somewhat embarrassing but you just have to remember all the good consequences it will bring you. The major advantage is the protection that you will get. The good thing about undergoing bankruptcy is the court will still defend you from your creditors. Your creditors cannot file a case against you once you’re protected by the law in your location. Another is with regards to your remaining properties. You don’t want your home to be seized by your lenders, do you? Under the law, creditors cannot go against some of your assets. In filing, there are two factors you should consider. One is the exemptions and another is unqualified debts. Exemptions in the context of bankruptcy mean that you are entitled to keep the properties or assets that you own despite your financial condition. Usually, there are federal as well as estate exemptions you can choose from. You just have to opt for one which works best to your advantage. Your home is the common thing saved from property seizure. Personal properties are also protected by the court. However, if your personal belongings have excessive value, it can be a problem. The court might just decide on selling the belongings to pay off your debts. Thus, you can’t totally escape from all your debts. There are debts which are considered unqualified. These debts cannot be cleared by the court- you are still compelled to pay. Examples of unqualified debts are child support and student loans. If your debts comprise majority of student loans, you better think twice before contemplating to file for bankruptcy. There are types of individual bankruptcy you can file for- its either Chapter 7 or Chapter 13. Just consult with your lawyer on which type are you qualified to file. Bankruptcy is not really a bad thing for you to consider when you are suffering from a serious financial crisis. Bankruptcy law protects you in one way or another. You’ll be able to get out from majority of your debts and some of your assets can still be yours. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Fri, 21 Nov 2008 08:11:01 +0100 http://www.finanzine.com/bankruptcy/bankruptcy2 http://www.finanzine.com/bankruptcy/bankruptcy2 Are you contemplating to file bankruptcy? But before you can declare bankruptcy, you will first seek counseling. In credit counseling, there are chances that you will be prevented from filing bankruptcy. If the counseling can’t really help your financial crisis, then go ahead and file. There are many kinds of bankruptcy like Chapter 7, 11, and 13. The most ideal of the three is the last. In Chapter 7, it will lead to selling all of the debtor’s assets in order to generate money to settle all the debts. On the other hand, Chapter 11 is somewhat similar to Chapter 13 which only requires reorganization but it is considered as the most expensive of the three. So, let’s talk all about Chapter 13 bankruptcy for you to gain knowledge. If you can qualify to file for this kind, this article will surely help. Chapter 13 bankruptcy also known as Wage Earner Plan enables individual with regular income to develop a well-made plan on how to repay all of its existing debts. There is no need to liquidate all the properties to pay off debts. There are certain qualifications to be met before you can file. You must first pass the MEANS test. The test will figure the income and expenses and will determine whether Chapter 7 or 13 is suitable for you. If the money left by subtracting the expenses from income is more than the income median of the state where you reside, then Chapter 13 bankruptcy is for you. After you have qualified, you can now file to the bankruptcy court within your state. You must submit to the court the necessary documents such as schedule of assets and liabilities, schedule of income and expenses, statement of financial affairs and others. The court will appoint a trustee to handle all the debtor’s assets. The trustee will be in-charged in paying all the various creditors. The money to be paid will come from you but you don’t need to face your creditors this time. All transactions will be done according to the court’s order and must be strictly followed. A form called Official Bankruptcy Form should be filled out correctly and completely. The information contains the list of all creditors, the amount and the nature of the claims; list of the debtors entire property; the sources of income and lastly the list of the debtor’s monthly expenses. The repayment plan must also be filed subject to the court’s approval. If the plan is approved, you should adhere to it. The plan includes paying all your creditors but in much lower amount. You don’t need to pay the total amount- only certain percentage of the entire debt will be paid. The significant advantage of Chapter 13 bankruptcy is to prevent foreclosure of your home. Your property will be saved and you won’t worry about a place to live in. Another thing is you’ll be given a chance to repay all your debts but in a longer time. That would mean lower monthly payments on your part. Chapter 13 bankruptcy gives hope for people with so many debts to overcome their financial dilemma and lead a debt-free life in the future. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Wed, 19 Nov 2008 07:40:32 +0100 http://www.finanzine.com/bankruptcy/bankruptcy-lawyer http://www.finanzine.com/bankruptcy/bankruptcy-lawyer Dealing with financial problems can be too stressful. You don’t know what to do to start with, especially if you’re seriously facing bankruptcy. Filing for bankruptcy can be tiring and time-consuming. A lot of things should be done in order to get things right. In the first place, you don’t even have basic know-how about the proper procedures. It is better for you to hire the services of a bankruptcy lawyer. Lawyers specializing in this situation can really help you straighten things out. Before filing for bankruptcy, it is very advisable for you to go into credit counseling first. Counselors will give some tips on how to manage your credits without leading to that dreaded action. Bear in mind, bankruptcy is the last resort if you’re having financial difficulties. However, if you can’t handle it anymore, filing for bankruptcy can be the best option. You’ll be relieving yourself from all your debts but it will have a long-term effect on your financial life. Somehow, you’ll feel embarrassed because you’ll be judged by people irresponsible when it comes to your finances. One advantage though of filing is all your debts will be discharged. All your creditors will be prevented from taking further legal action against you. You’ll be protected by law as well as your creditors. The major disadvantage is you’ll be subjected for a public examination of your financial affairs. Having a bankruptcy lawyer can give you a relief. Lawyers have vast knowledge about the law and they can handle your case well. They will assist and give advice pertaining to your petition. Filing involves so many things. It includes gathering financial information like statement of income and expenses, statement of financial affairs and others. Filing for petition is another matter to attend to. In that case, a lawyer can be of great help. Choose a lawyer who has wide experience handling bankruptcy cases. Lawyers know the whole technicalities of the process and you should trust them- they know what to do. Most lawyers deal with either businesses or individuals. Choose one that specializes on individual bankruptcy. Your lawyer will also schedule your appearances to the court. It’s imperative that you face before the court. You will be questioned by the creditors themselves and your lawyer can help you with that. You don’t have to go back and forth in processing your petition. Your lawyer will handle all of it. Your responsibility is to just appear in the court when you’re asked to. Lawyers can also help you in negotiating with your creditors regarding your debts. They can make a repayment plan to suit your current financial state. You don’t even have to worry about the enormous paperwork. Services of a lawyer are for a price though. You have to talk to them regarding your present status. Pick a lawyer that can best represent you and to your advantage. There are many law offices offering services like this. If you don’t know anyone belonging in the legal industry, try to ask around. Filing for bankruptcy is not an ordinary task. If you don’t have any knowledge about the legalities, a lawyer is just around the corner to be of service to you. Bankruptcy lawyer can ease your burden and give the peace of mind you’ve been looking for. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Tue, 11 Nov 2008 07:32:27 +0100 http://www.finanzine.com/bankruptcy/bankruptcy1 http://www.finanzine.com/bankruptcy/bankruptcy1 When talking about bankruptcy, people tend to avoid that very situation. They wouldn’t want to entertain that idea very on their mind. Even in the midst of a big financial crisis in their lives, bankruptcy is the least option. They would rather think about other means just not to get bankrupt. That option is the last resort. But in case you’ve been in that situation, then there’s still life after that terrible financial condition. Getting your feet from a traumatic bankruptcy can be a very difficult task. You’ll be again starting from scratch. That would not be a problem for you are not the only one suffering from this dilemma. First, you need to think and analyze your previous spending habits. What really lead you to go bankrupt? Analyze your expenses, the way you handle your money and of course your lifestyle. Do you really have to live a lavish lifestyle? And the major question is can you afford that kind of living? What are your major purchases recently? That kind of self-questioning may really help. You should picture out the situation, the causes that made you experience bankruptcy. After that, make a plan on how to rise again and live without going into a financial disaster. The primary thing that you have to do is to bring back your credibility to people especially to financial institutions. Regain your good financial standing status days and make it a point to do that for the couple of years. You need to build up resources. Start saving your money and put it on good use. Don’t be such a splurge. Bear in mind that what drove you to bankruptcy are your too much spending attitude. You have to change your ways regarding your expenses. Availing of credit card is ok but be sure to pay on time. Do not delay payments for interest charges are higher. Make sure also that when using credit cards, it’s for emergency purposes and not for luxurious items. If various credit card companies are offering you, only choose one or two. Lots of credit cards may lead to temptation. You wouldn’t want to end up into the same situation again, do you? Having a savings account is a good option too because it means less reliance on your credit card purchases. You’ll learn how to set aside amount in your account. Budgeting is also very advisable because it teaches you on how to manage your money. And remember, stick to your budget. Anyway, if you find yourself homeless due to bankruptcy, there’s an easy remedy. Some lenders are willing to offer you a housing loan. That is unbelievable regarding your situation but true. Financial companies do understand the situation and by giving back the favor, you should pay them promptly. Prove to them that you’re worth their risk. So, you’ll have a new home and ready to move in. Bankruptcy can really bring stress to your life but there is lesson in this experience. You’ll know now how to deal with your monthly expenditures. Your spending habits will then change for the better and you’ll live a life without worries. Remember, it’s fine to have debts as long as you know how to manage your resources and pay your creditors. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Tue, 21 Oct 2008 03:36:42 +0200 http://www.finanzine.com/bankruptcy/chapter-11-bankruptcy http://www.finanzine.com/bankruptcy/chapter-11-bankruptcy When worse comes to worse, in terms of the financial aspect, there isn’t pretty much left for you to do. There may be some things that you can do, but most of which would probably be difficult on your part, and the rest illegal. Owners of businesses that are no longer capable of paying off creditors are often left with the last resort of filing for bankruptcy. That’s completely understandable, and it’s happening everywhere, which obviously means you’re not alone. As we all know (at least most of us), there are different bankruptcy chapters that a debtor may file under – so if you were “forced” into the type of situation, which chapter would you belong to? Well you can’t hand-pick the variation you’d like to be filing under, mainly because there’s “criteria” that you have to comply with; a “test” that’d determine where you belong, if you will. Today we’re going to tackle chapter 11 bankruptcy, what it is, and how it works. Don’t worry, there’s nothing complicated with the discussion, why? Coz I’m going to explain it in such ways that even a high school student would understand it fully, ready? Start reading here: chapter 11 bankruptcy is more commonly known as business reorganization bankruptcy. Filing for chapter 11 bankruptcy would allow your business to continue with its daily operations, also allowing you to alter financial matters for the “greater good” of all. Here it’d feel like everything went back to normal, only you’ve got a “financial adviser” manifested in the form of the bankruptcy. Every major decision you make must be approved by these guys, which is only fair, since your decisions are what got you near the edges of financial ruin. Filing for such a condition isn’t as easy as you think it to be, mainly coz chapter 11 is considered to be the longest and most complicated of its kind. Taking matters into your own hands may and most likely will have its consequences if things aren’t dealt with accordingly and properly – you may be making the situation worse, especially if you’re the type that likes winging it. To prevent that from happening to you, it’s best that you seek the help of a pro, particularly a chapter 11 bankruptcy lawyer. This is the guy that knows every significant and insignificant detail of the process, in which he can work his “magic” in your favor. Every single factor that’d come into play will be dealt with and used for your benefit. The lawyer specializing in this field will also be taking care of the bundles of paperwork, as well as translate the unbearably confusing process, into layman’s terms. By availing the services of this professional, you’d be making sure that you’ll be getting nothing but the best results. In general, you’d need this guy to represent you for up to 5 years, so finding one of good standing would be of the utmost importance – how? Referrals, my friend, is the way to go; asking family, friends, family friends, and other chaps you’re acquainted with having experience with these kinda lawyers would ensure that you find one that credible. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Tue, 14 Oct 2008 07:38:52 +0200 http://www.finanzine.com/bankruptcy/chapter-7-bankruptcy http://www.finanzine.com/bankruptcy/chapter-7-bankruptcy Filing for bankruptcy is considered to be the measure taken when somebody fall into the pits of financial ruin, then falls into that pit’s pit – that’s how bad it is. Now if you find this concept a little hard to understand, here’s what you’ve got to know: bankruptcy is the state of an individual where he is no longer capable of paying off his debts, so he files for such as to “appease” or settle with the people he owes. Yeah it’s as simple as that, but are you aware that there are different chapters that you can be classified under? If you did, then I’ll ask you this: which is the worst amongst all of the bankruptcy chapters? To many, it’d be none other than chapter 7 bankruptcy. The chump having to file under chapter 7 bankruptcy is forced to sell all of his assets (declared and the ones not exempted), which would be real bad for the business, why? Because having to liquidate your goods would mean that there’ll be no way for your venture to continue operating you big dummy. Common sense would have told you that, right friend? Anyways, moving forward, let’s explore chapter 7 bankruptcy further: first off, matters here are taken into the hands of a bankruptcy court, naturally. A trustee will be needed here, mainly because he’s the guy that’ll be making the arrangements for the disposition of your assets. You’re left with no choice, since your creditors are pissed, so liquidating would be your only option. The money that is reaped from the “sales” will then be forwarded to the people or lending organizations, or whoever you borrowed from (taken that they’re legit) to settle the amounts you owe them. There are some exemptions, in the sense that there are some assets that won’t be needed to sell off, but it’ll depend on the laws of the state you belong to. The next thing that we need to tackle in regards to chapter 7 bankruptcy is eligibility. You see, not everyone will be given the “privilege” for filing under the said chapter; there is a certain criterion for you to oblige with. Here it is: the means test. Hold on, what the heck is that, you ask? Well think of it as the “formula” that’ll determine whether or not you can qualify for such a state. There are two elements that will be used for computing, namely your income and expenses. What’s done here is the expenses are subtracted from the income, and the result will be the one thing that will determine your eligibility. You see, if the result is less than the median income of the state, then you will be more than qualified to file under chapter 7 bankruptcy. But if the result is greater than the median income of the state, then tough luck, go file under a different chapter. Now you’re probably wondering how much the whole procedure of filing under chapter 7 bankruptcy is gonna cost you, right? Taken that you are interested, it’s going to cost you anywhere from 250 to 350 bucks, depending on your case. There’ll also be a long-term cost, but it’ll be thoroughly discussed by your lawyer, unless you already knew that. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Wed, 24 Sep 2008 03:59:55 +0200 http://www.finanzine.com/bankruptcy/banruptcy-questions http://www.finanzine.com/bankruptcy/banruptcy-questions Bankruptcy is a long and complicated process, requiring a lot of paper work to be done, which can be extremely stressful. The hardships experienced here can be amplified exponentially if the person filing for this “status” has no idea on where to start. For the amateurs or those unfamiliar with the system of filing for such, bankruptcy questions run through their minds all the time. That’s completely understandable, because I haven’t heard of anybody that can walk through the entire process without difficulty. Some frequently asked bankruptcy questions include this: will my wife or husband be affected if I file for bankruptcy? The answer to that would depend on whether or not your husband or wife signed any agreements that directly tie her to the bankrupt accounts. If she hasn’t, then the answer is: no – he or she will gain “immunity” to it, or in other words, he/she won’t be affected. But that isn’t the only factor that comes into play, because the “rule” of “immunity” does differ from state to state, therefore its best that you consult a lawyer specializing in this field before you start celebrating (for some strange reason). The next bankruptcy question that’s ever so annoyingly asked is if the guy filing for it can do it on his own, and if he wouldn’t need the help of a lawyer. The answer to that would be hell yeah! Yes – you can go about the process by yourself, that is if you know what you’re doing, and aware of all the risks involved for not “stating your case” properly. If you don’t have a clue as to what on earth you’re doing, overwhelmed by endless paperwork, and what’s going to happen, then it’s best you hire yourself a bankruptcy lawyer. This is a guy that KNOWS what he’s doing, everything that’s needed to be done, and makes sure the “flow” runs smooth and clean (unlike you). How much would hiring a guy of that profession cost? That’s another one of those frequently asked bankruptcy question, in which I’ll gladly answer: that’d depend on a number of factors, like who you hire, and where you’re from, but the usual price ranges from 1 to 2 grand (US dollars). Moving forward, for some reason, many people ask whether or not their student loans will be discharged. Here’s the answer to that: you’d be lucky if they were. Many cases do not discharge them, and are usually only discharged in extremely pathetic situations of hardship. Hey, that brings up another frequently asked bankruptcy question, which is: what debts aren’t eradicated when filing for bankruptcy? First and foremost, the debts which you don’t list on the paper aren’t eradicated (obviously). Other debts that aren’t erased include the support you have to pay to your spouse after separation (not getting rid of her that easy), child support (them too), as well as tax debts. Moving on to the last question, which is “will I be selling my house if I were to file for bankruptcy?” The answer to that would depend entirely on the chapter you belong to, and the equity of your house. A lawyer can help you choose the best options that’d be in your favor. About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom. Mon, 1 Sep 2008 10:02:11 +0200 http://www.finanzine.com/bankruptcy/bankruptcy http://www.finanzine.com/bankruptcy/bankruptcy If you feel that you’re on the verge of facing overwhelming financial problems, or even financial ruin, think twice about filing for bankruptcy. If you’ve thought about it over and over again, and still feel that filing for bankruptcy is the only way out, I urge you to seek credit counseling (so does the constitution). You see according to the Bankruptcy Act of 2005, debtors have to give way or explore other alternatives before even thinking of filing for such a state. This is no laughing matter and is most definitely not a walk in the park. If you think it’s as easy as it sounds, try giving that a second thought – we’re looking at a long grueling legal process of countless documents to fill up and other legal technicalities to take into consideration. I’ve heard other people ending up in mental hospitals for being overwhelmed by the whole thing. That, my friend, is something that you don’t want to happen to you. Having said that, people in this type of situation have come up with a solution, which is seeking the help of a Bankruptcy lawyer. Yes, that’s right, a guy taking up the profession can make the complicated mind boggling brain popping experience seem a whole lot easier. There isn’t a single person in the entire world that can understand every aspect of the complexity of the matter like this guy can – if you can, and you’re not a lawyer, well then hats off to you man. But for most us out there, we’ll still need the help of this clever chum. Here are some advantages of getting a Bankruptcy lawyer: this genius knows exactly what he’s doing. He’ll be the guy you that’ll take care of all the legal documents and other things needing a lot of reading plus careful contemplation. He’s also the guy that makes sure that no important details are missed, and let’s you know each and everyone of them. So, what else is the expert good for? Well another one of his many functions will be to help you deal with your creditors, and work with the court systems to come up with a repayment program that’s best suited for you. Are you puzzled on asset liquidation, my not so intelligent chum? If you are, this financial expert will help you out with that, in such a way that you don’t sustain too much loss (if possible) and walk away debt-free. There exists some people that think getting a lawyer or hiring a financial expert for these matters is a waste of money – you know, the people with brain damage. Anyways, it’s very much possible, why? Because there are some Bankruptcy courts that don’t require the presence of these helpful professionals during legal proceedings. Too bad for you if you’re foolish enough to exercise this particular right. What they don’t know is that the creditors will be able to squeeze even more money out of you without a lawyer’s presence, so much that’ll be flowing outta your ears. So do yourself a favor and go with the “sounder” of the options – stick with the pros and you’ll turn out a little better than broke. :) About the author. Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick now decided to share his knowledge through this site, Finanzine.com. You can sign up for his free weekly newsletter and learn how to attract Wealth and Financial Freedom.