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Refinance After Bankruptcy Article
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Seeing Daylight Through the Eyes of Bankruptcy Laws
from:Bankruptcy laws are very clear about when you can and cannot file bankruptcy. Because of so much misuse of the bankruptcy proceedings in the past, the laws were revised in 2007. In effect the new law made it more difficult to file a chapter 7 than in the past, but once qualified, you no longer have to lose absolutely everything. The law recognizes that people in a severe debt situation need to start with a clean and manageable slate. Losing your home and the car you use to drive to work can only make the situation worse.
As a result the bankruptcy laws now allow people to keep their home and primary cars in many situations. The personal bankruptcy laws are defined under chapter 7 or chapter 13 while businesses can file a chapter 11. The laws vary, of course, depending on which type of bankruptcy applies to your situation.
When you file a bankruptcy it is almost as if a magician performed magic. The credit calls will stop and any financial collection activities are suspended by law. The mortgage company stops threatening foreclosure on your house and the credit card collection companies stop contacting you almost immediately. Even if you do get something in the mail or a phone call, all you have to do is notify your attorney who will make sure the law is followed. You will experience almost immediate relief because now your bank account or other benefits you may be receiving are not under threat of unannounced seizure.
The new bankruptcy laws require that you go through credit counseling which can be done online if you prefer. For a small fee you go through a process which analyzes your current financial status and works through a budget plan that you can follow in order to recover from the bankruptcy as quickly as possible. You also want to learn all you can to avoid having this situation ever happen again.
Bankruptcy laws provide clear rules about which assets you must list and how to value those assets. The value in some cases is replacement value which is normally retail value. You must past a “Means Test” before you are allowed to file for bankruptcy. The “Means Test” determines your true financial status and whether you can pay any of your debt. It then indicates which chapter you qualify under for filing purposes if you meet the Means Test minimum standards.
Bankruptcy laws cover a number of situations. The laws define exempt property, eligible debts that can be included in the bankruptcy filings, payment of creditors, liquidation of assets and a number of other topics. Because of the many bankruptcy law interpretations that must be made throughout the process, it is recommended that you use an attorney if at all possible. The attorney will insure you meet the requirements of the law and that you also get the greatest relief permissible.
Filing bankruptcy is a serious business that should only be undertaken when there seems to be no other options. Though the new laws are tougher than the older laws, the fact is that they do not hinder legitimate consumers and businesses from getting the relief they need.
Refinance After Bankruptcy News
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ECONOMY: Five proposals to solve $1 trillion college loan crisis - Delmarva Daily Times
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Refinance your FHA Mortgage regardless of your appraised value or loan amount. - Examiner.com
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Fixing the college loan crisis - KSDK
 KSDK | Fixing the college loan crisis KSDK She had every intention of keeping up with her loan payments, but after a series of low-wage jobs in her field, her debt began to snowball. Tuck, a 73-year-old widow, now owes more than $136000. Her wages have been garnished and she faces losing ... |
Ford gets its iconic 'Blue Oval' logo out of hock - CNNMoney
Ford gets its iconic 'Blue Oval' logo out of hock CNNMoney NEW YORK (CNNMoney) -- Ford Motor Co. got its logo out of hock Tuesday after Moody's upgraded the automaker's credit rating to investment grade. The decision by Moody's to raise the credit rating means that Ford can now take back control of assets ... |
Patriot Coal: What You Need To Know - Seeking Alpha
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Bank Of America Pushes For Immediate DVS Cash Sale - Transworld Business
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Madison 92nd Street wins confirmation - The Deal Pipeline
 The Deal Pipeline | Madison 92nd Street wins confirmation The Deal Pipeline by Hayley Kaplan | Published May 21, 2012 at 4:50 PM Madison 92nd Street Associates LLC is ready to exit bankruptcy after a contentious case that included the sale of its New York hotel. Judge Stuart M. Bernstein of the US Bankruptcy Court for the ... |