Know About Post Bankruptcy Filing

What happens when you file bankruptcy? This is a relevant question that comes in the mind of every individual who has gone bankrupt and is filing for the bankruptcy. Remember, coming out of bankrupt situation is not an easy task, and you have to make sure that you are aware of all the intricacies and legalities that hold under various chapters of the bankruptcies. Every chapter offers one or the other option to the debtor to make a go ahead with. When you have filed your bankruptcy application, the creditor will be immediately notified about it.

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Can I Discharge Federal or State Taxes in Bankruptcy?

"I heard that I can discharge my tax debt, is that true?" The preceding question is one that is frequently posed in our Utah bankruptcy practice. Federal and State income taxes may be eligible for discharge under Chapter 7 or Chapter 13 of the bankruptcy code under certain circumstances.

Chapter 7 bankruptcy provides for a full discharge of allowable debts. Chapter 13 bankruptcy is a debt consolidation and a partial repayment of debts over a period of time; allowable debts that are unpaid after completion of the repayment plan are then discharged. As a result, under either Chapter 7 or Chapter 13 may be discharges, so long as the requirements are met for discharge.

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Bankruptcy Help - Where To Find It

Need bankruptcy help? A lot of people do not like to hear it, but if you need bankruptcy help, the best place to find help is to turn to the professionals. Contact a bankruptcy attorney. Here's why.

Bankruptcy, whether personal bankruptcy or business bankruptcy, is very detailed, technical, and can be complicated. A lawyer who handles personal bankruptcy is trained to consider all of the following areas which are interwoven:

A Person's Qualification For Bankruptcy:

Personal bankruptcy includes both Chapter 7 bankruptcy and Chapter 13 Bankruptcy. These are different laws and procedures and they deal with debts and property in different ways. People must qualify for bankruptcy and the qualifications are different for each type of bankruptcy.

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Is Chapter 7 Personal Bankruptcy Really the Best Answer to Your Financial Problems?

With all the current problems in the economy, many people are naturally thinking about declaring personal bankruptcy. But is this really the best answer to your financial problems? Well, there isn't a single answer for everyone. So much depends on your own particular set of circumstances, which is why it is very important that you sit down and speak with professionals like financial advisors and bankruptcy attorneys.

There are a number of things you need to consider before making a final decision regarding how to tackle your personal debt. For one thing, you need to look at the total amount of debt that you owe and how long it would take you to pay it off using your current salary and expenses. One rule of thumb is to ask yourself whether you could pay this off within a few years while maintaining a reasonable budget. Here I use the term reasonable to imply that you will need to make some sacrifices, but I don't mean that you need to live in squalor in order to pay off your debts.

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Fear of Facing Hard Financial Decisions Could Land You In Bankruptcy

Your emotions play an important role in your finances. Just mentioning the word "budget" can conjure up all kinds of emotions. Just observing and naming the emotions is a powerful first step toward having a breakthrough for yourself in relation to your finances. Today, I want to talk about one of the most powerful emotions that can have a devastating effect on your money; FEAR.

FEAR has been defined as an acronym: False Evidence Appearing Real and Former Experience Actually Repeating. Temple Hayes struck a cord with me when she said in her recent article, Fear in the Daily Journal, "What we fear is often what takes us deeper, fuels our growth, and helps us shine."

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Chapter 7 Bankruptcy Sans Attorney

For some people, the idea of filling for Chapter 7 bankruptcy without the aid of an experienced attorney may seem like a sure fire way to save some extra money. And indeed, that may be the case. However, with the complexities of current bankruptcy laws, you should keep in mind that choosing to file without the help of a Chapter 7 bankruptcy attorney will not provide you with an easy out in regard to the process at large. People choose to pay lawyers to handle situations such as these for a reason. And If you are not careful and well aware of the road in front of you, it can be easy to get in over your head. In this article, we will outline a few tips to help you file on your own.

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Things to Consider If You Are Considering Filing For Bankruptcy

Filing for Chapter 13 or Chapter 7 is a last resort for those who are in debt over their head. Chapter 13 allows you to create a payment plan over the course of several years in which you pay off all or part of your debt. Chapter 7 is a type of fresh start where your debts are wiped out and you are required to rebuild your credit rating from scratch. In either case the burden of debt and legal action will be eased, but both have consequences that are important to understand prior to filing. Either Chapter 7 or Chapter 13 should be viewed as a commitment. You are committing to paying off or removing your debt and solving a problem, but on the other hand, you are also committing to several years of being viewed as a major credit risk. This means different things for different people, but it is important to understand all of the ways in which a filing will affect you. Bankruptcy attorneys will help you understand your filing rights and obligations before you get into a bankruptcy court. If you are considering a Chapter 13 or Chapter 7 filing, be sure you speak with your attorney considering all of the filing.

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Property Liens and Bankruptcy

There are many complex terms associated with individual finance and property law. Knowing some of these concepts and how they relate to your bankruptcy case is very useful. One of these concepts is a property lien. A lien is a type of security interest that is granted over a piece of property to secure debt payments or another type of obligation. Liens on property can complicate your finances and make it difficult for you to regain financial control.

If you need financial relief or financial reorganization, speak with a bankruptcy attorney today to find out if Chapter 7 or Chapter 13 bankruptcy can help you get the fresh financial start that you need.

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Will QE Infinity Send the US Into Bankruptcy Just Like the Weimar Republic?

Lately, there has been a lot of talk on the news about the fiscal cliff that the US is facing. The President is tired of fighting with Congress about raising the debt ceiling and thinks the debt ceiling should be eliminated. Currently, the US debt has surpassed $16.3 trillion and is quickly roaring towards $20 trillion. Even though the majority of Congress are Republicans and claim to be fiscal conservatives, no one is doing anything about the excessive spending and expansion of the government over the last four years. The only industry that has been immune from the economic downturn is the federal government. The US is quickly heading towards bankruptcy and no one has put on the brakes. Historically, the US has been able to print its way out of trouble because the US dollar is the reserve note of the world and what is used to trade internationally, mainly oil. The more they print, the less the dollar is worth. What the media won't talk about is the inflation that's been caused by all this quantitative easing. Four years ago, a gallon of gas was less than two dollars and now it's close to four dollars. I don't know what they call it, but I call that inflation and it's pushing many Americans into losing their homes to foreclosure and filing bankruptcy.

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Bankruptcy And The Credit Union's Cross Collateralization Clause

In 2010, 1.5 million people are expected to file for bankruptcy and even more in 2011. If you are one of these people who are considering the process, there are some important things you need to know. In a bankruptcy filing, any money that is in your bank account, at the time of filing, technically is property of the bankruptcy estate. If you don't have an exemption to protect it, the bankruptcy trustee can possibly take some or all of it. Legally, it belongs to the bankruptcy estate. Sometimes banks try to be helpful by freezing your account where you have no access to the money, even if you have an exemption to cover it. This can turn into a terrible situation for the debtor, when checks for bills start being bounced for insufficient funds. Knowing this in advance, it's a good idea to pay your bills with cashier's checks, so you don't end up getting evicted from your apartment or home. Banks generally have the right to offset a debt with the bank account, but they seldom do it. Many times when a bank is notified of a bankruptcy filing they immediately freeze the bank account and ask the court to access the funds owed to them.

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Stop Wage Garnishment By Filing Bankruptcy

Americans cannot turn on the television, or read a newspaper or magazine without being reminded about the down economy, high unemployment numbers, or the mortgage foreclosure crisis. This has many people considering filing bankruptcy as a solution to their financial difficulties. What people should know is that filing bankruptcy has many advantages, whether it is a Chapter 7 or a Chapter 13 bankruptcy. There are far more positive results from filing bankruptcy than there are negatives.

One of the biggest positive benefits of filing bankruptcy is that it provides a court ordered relief that triggers the automatic stay. The automatic stay is a legal order that prohibits all creditors and debt collectors from pursuing the individual filing bankruptcy or their property outside of the bankruptcy proceeding. This is especially important for individuals facing foreclosure, repossession, lawsuits and wage garnishments. Filing bankruptcy was designed to give individuals legal protections that can stop situations like these, while allowing them some breathing room from overwhelming debt.

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Stopping Bankruptcy And Foreclosure Using A Bulldozer

Daily jobs report came out for August 2011 and to no surprise no new jobs were created. Currently, the nationwide unemployment rate stands at 9.2% and it seems there is no end in sight to this recession. So far in 2010, the number of individuals filing for bankruptcy has actually gone down. Many wonder if this is the calm before the storm. There are nearly 1.7 million homes in the nation that are currently in foreclosure. Banks own some of these homes and some will be taking possession in the near future. Credit card debt still is standing at record highs with most Americans having upwards of $20,000 per household. Many experts are predicting that in 2012 many people will be forced to file for bankruptcy just to restrain the creditors. Recently reported, credit card defaults were up 2.8% in July 2011. It seems that the handwriting is on the wall that many Americans will be filing bankruptcy in the next few years.

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Alimony During Bankruptcy

If your finances have left you in shambles, you may have to declare bankruptcy to make your debts more manageable. If you file Chapter 7 bankruptcy, some of your debts may get discharged. If you declare Chapter 13 bankruptcy, some of your debts may be reorganized so that they are easier to pay.

So what happens to alimony payments during bankruptcy?

Unfortunately, even if your finances have proven insufficient just for you, you will likely still have to make alimony payments to your ex-spouse during your bankruptcy period.

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Will I Lose All My Assets in Bankruptcy?

For those who are considering filing a Chapter 7 bankruptcy, a common misconception is that the bankruptcy trustee will seize or take away all of a debtor's existing property. This is untrue.
 
Debtors are entitled to certain exemptions when a bankruptcy is filed. An exemption allows a debtor to keep property up to a certain amount, and in some instances the exemption is unlimited, such as with retirement funds held within a qualified account such as a 401(k) or IRA.
 
Debtors may keep exempt assets. Any assets that are not fully exempt may be turned over to the bankruptcy trustee to liquidate and distribute to creditors. The exemptions are applied to the equity of an asset. Equity refers to the market value of a certain asset after all liens against it have been paid. Because a debtor is entitled to a fixed amount of certain exemptions, it is important to value your assets accurately.
 
For example, in California, debtors filing bankruptcy are entitled to a motor vehicle exemption in the amount of up to $3,525.00 depending on the system of exemptions chosen by the debtor. If a debtor has a car with a market value of $5,000.00 and no debt against it, the latter vehicle exemption will cover $3,525 of the equity in the car. Obviously, the vehicle exemptions does not fully cover the market value of the car. Fortunately, California will also allow the debtor to use a wildcard exemption to make up for the difference in equity in the car. Currently, the combined "wildcard" exemption in California is $23,250.00 (under the CCP 703 exemptions). The wildcard may be used for a debtor's miscellaneous property not covered by an existing exemption or to make up for an exemption that may not fully cover the market value of property, such as in this example. Because the motor vehicle and wildcard exemptions fully cover the market value of the car, the debtor will be allowed to keep the car even though a bankruptcy is filed.
 
Certain exemptions are unlimited. This means that a debtor may keep certain assets regardless of the value of that asset. Most notably are valid retirement accounts. If a debtor has accumulated retirement funds within a 401(k), for example, the entirety of that 401(k) is exempt and the debtor may keep it. Please note that funds kept in a regular savings account that have been designated by the debtor as retirement money does not qualify for this exemption. The funds must be placed in a legitimate qualified retirement vehicle to be exempt form creditor access.
 
For assets that are only partially covered by a debtor's allowable exemptions (i.e., the equity exceeds the amount of the exemption(s) used), the bankruptcy trustee may seize the entire asset and sell it. The trustee will return, and the debtor will be allowed to keep, the amount of equity covered by the exemption. The remaining proceeds of the sale will be distributed to the debtor's creditors.
 
There are a number of other assets that qualify for an unlimited or nearly unlimited exemption amount, such as IRA savings depending on when contributions were made. The analysis of a debtor's assets, their values, and the available exemptions in Chapter 7 are critically important and among the reasons it is imperative to consult with an experienced bankruptcy attorney.
 
For more information on specific Chapter 7 exemptions applicable to California residents in bankruptcy, please visit our article "What Are Bankruptcy Exemptions?" at our San Jose Bankruptcy Attorney website.

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As the Bankruptcy Filing Numbers Decline, So Does the Economy

Last week, I took a look at the latest bankruptcy filing numbers in the United States and was surprised to find out that they have declined from 1.5 million in 2011 to 1.3 million in 2013. This gave me kind of a creepy feeling when looking around and seeing how many people are struggling to make ends meet. It just doesn't make sense. Last week they also released the unemployment number showing that they had dropped to 7.7% from 7.9%. This is the lowest it's been since 2008. If people are going back to work, which I don't believe they are, they are accepting minimum wage jobs because they have no other choice. After digging a little deeper I found another clue that is called the "discouraged worker" category which is an individual that has been unemployed for more than a year and no longer receiving unemployment benefits. This makes sense, when you consider how many businesses have closed down or left the country in the last few years. The jobs are leaving and they're not coming back.

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Be Prudent With Credit After Bankruptcy

There is good reason to beware of credit offers after emerging from bankruptcy. Bankruptcy is intended to give persons a fresh start but that is not always what happens. Before you can recover from going bankrupt it is necessary to learn money management. Too many persons going through this heart wrenching process end up right back in debt.

Debt after bankruptcy is even worse due to extremely high interest rates and fees. Lenders realize you cannot go bankrupt again for seven years. They are not being kind offering you credit again. With high rates many people end up worse off than before their bankruptcy.

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Will the Foreclosure Rate Decline In 2013 Just As Bankruptcy Filing Did in 2012?

Now that we have entered 2013 many Americans are wondering what is going to happen to the economy. The mainstream media keeps reporting that everything is getting better with unemployment going down, new housing starts up and real estate once again starting to move. While some of that information is true the media is not telling the entire picture. Regionally, there are some areas that have hit bottom where investors have found value in the stock of houses has declined causing prices to increase. Looking at this through rose-colored glasses makes it easy to see why the word recovery gets tossed around so much. One reason the real estate bubble burst in 2007 is because Wall Street, DC and Main Street stopped assessing the housing market truthfully. In fact, when housing prices were increasing the Department of Commerce removed it from the inflation numbers. Of course the government didn't want to show house prices doubling because that would take a huge hit on inflationary numbers and cause the Fed to increase interest rates which in turn would slow the economy. Instead, they just lit it on fire and let it go forcing many Americans into foreclosure and bankruptcy filing.

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How Bankruptcy Can Help A Foreclosure

Filing for bankruptcy is never an easy decision to make. However, when your debts reach the point that you are unable to pay your bills, you need to decide to do something. While you can certainly wait, the moment that a foreclosure comes into play, you need to consider bankruptcy as a very real possibility.

What you are going to find is that by filing for bankruptcy, you are going to have the potential to stop the foreclosure proceedings that are taking place on your home. This is done by opting for a Chapter 13 bankruptcy and when it is filed, you have an automatic stay placed on your home. However, this doesn't automatically stop your payments overall to the creditors you owe.

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Bankruptcy Fraud Issues

Although it may seem like a straightforward difference, there are some circumstances in which a person may not be sure whether or not they are necessarily violating bankruptcy fraud laws. Specifically, this has become something of an issue with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act, as this addition to the bankruptcy code has made intentionally filed bankruptcies significantly more difficult to achieve. However, there are a few definitive differences between what is known as strategic bankruptcy and what is fraudulent bankruptcy.

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Filing Bankruptcy To Stop Creditors From Owning Your Soul

Recently, Americans have received a wake-up call to a new debt crisis. The government is in debt to the tune of 107% of GDP. This is the highest it's been in the history of the United States. Not only is the government in debt, the average American household has $16,000 in credit card debt and about $35,000 in consumer debt, not including mortgages. It was recently reported that the American consumer has now accumulated a blistering 154% of debt to earnings ratio. People are waking up to the idea that life is too short to let debt own their souls. Most families require both adults to work in order to make ends meet.

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Cheap Bankruptcy Without a Lawyer

Have you ever considered the costs involved in filing a bankruptcy claim? Are you currently looking to file, but want to know whether you can save yourself some money? If you've answered yes to either of these questions then you need to read through the remainder of this article. The truth is that there are ways to save money during the filing process and the following article will show you how.

Each and every year, millions of people consider the option to claim bankruptcy, yet most people don't know the first thing about doing so. For all they know, they must contact one of those companies featured on late night television commercials the promise to erase your debt with no questions asked. What people often fail to understand is that many of these companies are out to make money from your financial misfortunes. They want you to believe that there is some secret out there to filing a claim, when in reality there is not. In fact, anyone can file a claim for personal bankruptcy on their own, without the assistance of a so-called professional. Filing your own claim is the best way to save a considerable amount of money on your claim.

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Start Life Afresh by Filing for Bankruptcy

Going through financial constraints can be an extremely disheartening, and more so when one contemplates filing for bankruptcy. Many individuals who find themselves in these dire circumstances seem at a loss of what to do.

Normally such persons are often at the receiving end of vicious creditors, most of whom employ ruthless means offsetting the debt. While some people have the temperament needed to face such challenges, many sadly crumble under this heavy yoke. Such circumstances might at first sight seem to be untenable; however, there is still hope.

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Bankruptcy at a Young Age

Irresponsible choices at age 18 can have serious repercussions. Many young people get excited about being able to acquire their first credit card at this age. This excitement can quickly turn into irresponsible spending that lands the individual deeply in debt. Since they are legally an adult, the young person can not hold their parents financially responsible and must cope with their financial mistakes themselves. This may mean resorting to seeking bankruptcy.

Before a young person chooses to file for bankruptcy, it is important that they speak to an attorney about their options involving paying off their debt. Debt consolidation is an excellent alternative to bankruptcy that may lead to them quickly recovering as well as avoiding a dark mark on the credit history. They can negotiate lower interest rates and can come up with a reasonable monthly payment amount through which they can slowly pay off the money owed.

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Filing Personal Bankruptcy Can Stop Foreclosure Proceedings

Stopping foreclosure proceedings on your home should be a top priority. A bankruptcy attorney can help you keep your home and avoid foreclosure. Owning your own home has always been part of the American dream. Sometimes unforeseen circumstances can lead you to fall behind on mortgage payments, including a medical crisis, loss of employment, divorce or death of a spouse or child. Consulting a qualified bankruptcy lawyer can be the first step to stop foreclosure of your home.

Bankruptcy laws were put into place to help consumers who may have gotten in over their head to restructure their debt and get back on their feet. No one wants to lose their home to foreclosure, sometimes events outside their control contribute to situations that lead them close to the edge of the foreclosure precipice. If you are experiencing financial difficulty, you should consider how bankruptcy protections could help you protect your home from foreclosure.

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Will Many Americans File Bankruptcy Because Of QE3?

What the heck is going on? Last Thursday the Fed announced that there was more quantitative easing to come in the form of QE3. After the 2007 market collapse, to stimulus failed bills passed through Congress to supposedly fix the economy. Everyone knows how that ended and it didn't do a thing. To further fix things QE1 was invented to push money into the economy and help the Americans. All this did was make the bankers richer than they already were and put Americans further in debt. It is true, that before the quantitative easing the banks tightened up on their lending making it impossible for individuals to get credit. So when it went through, Americans were then able to start charging again and put themselves further in the hole and closer to filing bankruptcy.

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Can I Get Credit After Bankruptcy?

Many people who are overwhelmed by debt and are considering bankruptcy are very hesitant to file because of the effect it will have on their credit. While it's true that bankruptcy does affect the credit of the person filing, the effects may not be as harsh as one might believe. Bankruptcy stays on the debtor's credit report for 7-10 years, but during that time he or she can begin building positive payment patterns, which lead to positive credit scores.

One of the most important factors that lenders use in deciding whether or not to extend credit to a consumer is the ratio of a person's income compared to their debts. After bankruptcy, most if not all debts are erased, drastically improving the consumer's debt to income ratio, which is an important factor for financial institutions when managing the risk associated with the granting of credit. What this means is that once the consumer files bankruptcy, regardless of whether they attempt the process on their own or they decide to go the expert route and hire a bankruptcy attorney, they are moving in the right direction toward making them self "lend worthy" in the bank's eyes.

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Things You Must Know About Bankruptcy

For anyone considering bankruptcy, the decision isn't easy let alone very debtor-friendly. Although the process isn't mean to be difficult for consumers, most people lack the understanding to guide them through the process. When considering bankruptcy, a little preparation goes a long way.

Qualification

Depending on your financial situation you may be seeking complete debt elimination in Chapter 7 or just debt repayment assistance in Chapter 13. First, understand that not everyone will qualify for a Chapter 7 case. The court will use your income as a measure of your financial standing to determine your eligibility. If your income is less than the median income level of the state in which you are filing, you may be eligible for Chapter 7. If your income is greater than the median income of the state, you will not qualify for Chapter 7 and may be able to file Chapter 13 instead.

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What Bankruptcy Can Do to Give You a Fresh Start

The current recession has put many thousands of people in the United States into dire financial circumstances where they never thought they would find themselves. Job losses and credit card debt along with other life experiences such divorces or illness has had devastating effects on hard-working, honest families. For many, filing for bankruptcy can provide the relief of financial burdens to allow for a fresh start.

A declaration of bankruptcy stops debt collection harassment and protects you from repossessions, eviction, foreclosure, lawsuits, wage garnishments, and the shut-off of your utilities. The automatic stay is created immediately upon filing the petition for bankruptcy to relieve the stress of collection efforts and give you the opportunity to collect needed paperwork on every debt and asset. During this time, no action can be taken against you by creditors unless given permission from the court.

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Filing For Bankruptcy - How Retirement Accounts Are Affected

It appears these days the average age of retirement has risen. Where once people decided to hang up their briefcases in their mid-fifties, people now are working up to the age of seventy, and often even longer than that. This may happen out of necessity or because people simply want to work and enjoy the interaction and activity - whatever the reason, the work still allows one to save money in a 401k in the event one does decide to retire. What if, however, a person experiences financial difficulties that result in filing for bankruptcy? Will all that hard-earned money disappear to satisfy debts, leaving nothing for the future?

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Changing Your Spending Habits After Filing For Bankruptcy

There are many reasons that people file bankruptcy. Some do it because they lost their jobs or there was a devastating illness in the family. Many file for bankruptcy because they let their spending habits get out of control and their financial situation spiraled downward. Sometimes the person simply didn't understand how to manage their money.

Filing bankruptcy has offered you a fresh start. In order to avoid damaging your new financial future, there are a few steps you need to take.

Form a Plan

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What is Next After Facing Bankruptcy?

Do we still have something to look forward to in the future after bankruptcy? Is there still a reason to hope that things can still get better? The answer is a resounding YES! You may find yourself dire straits and have sunk deep in a financial quagmire; the possibility is still high that you will be able to recover after your bankruptcy Plano style.

A Plano Texas bankruptcy attorney can provide you with the most appropriate legal help when you are filing for bankruptcy. A bankruptcy lawyer can be your counsel or guide who will provide you with the practical options that is most relevant to your specific financial condition. A competent bankruptcy lawyer should only explain the important regulations and pertinent guidelines related to the filing bankruptcy. The service of these lawyers should not be limited to helping you prepare the documents needed in the filing of bankruptcy.

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With New Unemployment Numbers Will More Americans Be Filing for Bankruptcy?

Over the last 10 years our government has been releasing only the information that they believe we need to hear. In fact, this is happening across the board from wars to unemployment. Today, the unemployment rate was released, and imagine that, it went down the day after the president spoke at the DNC. Is this a coincidence or conspiracy? When looking at the number of 8.1% unemployed, you need to look at the other day to get a true reading. What this number doesn't show us is the people who are no longer receiving unemployment insurance and have still not found a job. The White House revels when this number drops, but are they really telling the truth? The numbers they are releasing appear to be the real numbers, it's just that they're holding back some important facts to tell the whole story. Looking at the statistics, instead of 8.1% it should really read 11.2% but who's counting. If we went back to when Jimmy Carter was president and use the formula that was used back then, it would be over 16%. So, back to my point after looking at the facts, are many Americans going to be filing for bankruptcy in the near future because of this economic data?

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How Do Bankruptcy Rules Apply to Your Situation?

Bankruptcy rules and regulations have become increasingly strict and more rigid with the recent sweeping changes in the bankruptcy laws in recent years. It used to be that one could declare bankruptcy every year or so with no consequences but that is not the case any more. In fact, if your bankruptcy case is not presented to the federal judge in the right light, you may not even get approved to file for bankruptcy.

That's right, you now need to be approved to file. This is exactly why it is more important now than ever to not try to do it yourself. The complexities in the laws require the knowledge of someone like a good bankruptcy lawyer who work with this on a regular basis, because if not presented in the right light, you could be even more hosed than you are now.

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When is it Wise to File Bankruptcy Separately From My Spouse?

If you want to file bankruptcy in Missouri or Illinois without your husband or wife, you can. In fact, it may even be a wise move. Filing together requires a joint petition, which includes all the debts you both have, whether they are separate or marital. Filing separately would only require the debts of the filing spouse.

Are there good situations in which to file separately?

- Any debtor in the life of a bankruptcy must first ask the court's permission to incur more debt. Having one spouse uninvolved could allow you to still incur debt as a couple, if needed. This is a path to consider if, for some reason, you need to incur debt in the immediate future.

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Is Bankruptcy Really Causing Couples to Divorce?

There is no doubt that the divorce rate in our country is alarming. With about half of all first marriages ending in divorce according to the Forest Institute of Professional Psychology, marital problems have become a sort of epidemic. Plus, statistics do show that money is the number one cause of marital problems.

While many couples that go through Missouri or Illinois bankruptcy are experiencing or have experienced problems in their marriage, it typically isn't the bankruptcy that's causing the divorce. It's the debt.

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Bankruptcy Is Not An Easy Way Out

When one files for bankruptcy, there are certain rules they need to follow. If you are filing for bankruptcy, you are probably already in a lot of trouble that you need to get yourself out of so following these simple rules will get you out of trouble and make sure that you do not get into any further trouble. If you need any help with the situation you are in, there are people whose job it is to help you and they will be glad to do it. A bankruptcy attorney or bankruptcy lawyer can get you on track to where you need to be.

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Why in the Heck Are So Many People Filing Bankruptcy?

Over the last few years, the United States has seen a record number of Americans filing bankruptcy to escape unmanageable debt. Back at the end of June in 2010, the US saw a record number of 1.6 million bankruptcy filings nationwide. Although, the numbers for 2011, 1.53 million in 2012 1.3 million, many people are wondering what the heck is going on. Last Friday, the Commerce Department releases the unemployment numbers and it appears to be on the rise again up to 8.3% nationwide. Many experts are disputing the numbers being released stating that the data being released has been modified to fit an election-year agenda. In reality, the numbers are much worse. The data released by shadow stats shows an entire different picture showing the GDP at -1% and unemployment closer to 14%. What's scary is, this does not even include independent contractors that are not eligible for unemployment insurance. This group is not even recorded so there is no way of knowing how bad it really is.

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How to Recover From a Bankruptcy

While bankruptcy is never an easy choice, it does provide a new financial start for you if you are otherwise unable to uphold your financial obligations. Bankruptcy does damage your credit history but it is possible to recover if you take the appropriate steps and avoid common errors. To recover from bankruptcy, consult your Minneapolis bankruptcy attorney and follow these rules for credit repair.

Check and Revise Credit Report

It's up to you to ensure that your credit report is up to date. When you've paid off a debt, follow up and make sure you credit report reflects an accurate status. Once your debt discharge is complete make sure you look over a copy of your credit report with your Minneapolis bankruptcy lawyer.

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Now Might Be the Time to File Chapter 7 Bankruptcy

The time to file Chapter 7 is when your house is dragging you down. Do you have a first and second mortgage and having trouble making both payments? Is your house worth less than the mortgages combined?

I know that the thought of giving up your dream home is not what you had in mind. How long can you continue to make both payments?

Chapter 7 might be the right option for you at this time which will allow the foreclosure of your home. If so, consult with an attorney and stop making payments. Save your money because you will need it for moving expenses and a new place to live.

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How Bankruptcy Affects Your FICO Score

Filing for bankruptcy and the bankruptcy process can affect your FICO score. FICO is your main credit score and most lenders look at it when they are deciding whether to let you borrow money.

Why FICO Matters

Your credit score can determine your eligibility for many things-credit cards, auto loans, home loans, mortgages, rent, utility deposits, rates on insurance-as well as the interest rate you receive on all money borrowed. Some lenders have set rules about FICO scores-they are not allowed to approve anything below a certain amount. Sometimes potential employers can even check your FICO rating.

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Fees For Filing a Bankruptcy

Preparing to file bankruptcy can be a trying time for anyone. When evaluating outstanding debts, income, savings, and any other number of expenses or assets, it can be all the more troublesome when the price of bankruptcy itself has to be considered. In addition to attorney's fees, a fixed sum must be paid to the government's trustees in order to file for bankruptcy. These fees are collected by the US Trustee's office, which oversees the bankruptcy process for the government.

To better facilitate bankruptcy and the hardship it can bring to those with limited financial means, the US Trustee's office has multiple payment options for these fees. The most obvious and direct method of payment is a lump sum that can be paid to the trustee prior to filing for bankruptcy. This type of payment simplifies the process by divesting those funds from the debtor immediately, and there are no additional payments due to the court. The only exception to this is a small fee required for converting a Chapter 13 bankruptcy into a Chapter 7 bankruptcy.

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Filing for Bankruptcy - The Emotional Side

"I do not want to do this - why me?" or "I can't believe this happening." are common thoughts people have when they realize their debt burden is so great that bankruptcy is the only real solution. It can be a lonely and guilt ridden place to be.

There is much information to be found on the mechanics of filing bankruptcy but very few people take the time to consider the emotional impact that it can have on a person. If you are thinking of filing for bankruptcy, do not internalize the process as a negative reflection on yourself. Sure, nobody wants to go bankrupt but you might be there because of reasons that were beyond your control such as astronomical medical bills, for instance. Buck the antiquated social stigma that you should be able to handle whatever is thrown at you financially.

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The Poor Economy Leads Many Towards Filing Bankruptcy

As the nation's economy continues to limp along, many families are truly struggling to make ends meet. National unemployment numbers show a slight decrease, but is this really accurate? So many people remain unemployed and for longer periods of time that a new phenomenon is occurring. People are either falling off of unemployment benefits because they are unable to find work and their benefits have expired or they are placed in a category called the "discouraged worker". A "discouraged worker" is someone who has been looking for work for an extended period of time, usually over a year, and they have become so discouraged with the lack of jobs available that they have given up looking for work. Whatever the case maybe this can obviously lead to a serious financial crisis. Many of these people are surviving on credit cards or personal loans, in essence robbing Peter to pay Paul. This coupled with rising inflation, sky rocketing fuel prices, and a sluggish housing market is leading many people into filing bankruptcy for relief.

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What You Didn't Know About Bankruptcy

Many people assume they know all there is to know about the bankruptcy process. The truth is that there are many aspects about the process that people are surprised to learn when they file. Many of these surprises are beneficial to the consumer, but some are small issues that should be considered prior to filing.

The Good

One of the surprises people learn about the bankruptcy process is that it is actually quite painless. Designed to be a tool for relief, the process can be completed with little upset to the consumer. In a Chapter 7 case, much of your essential assets are protected from creditors. The threat of liquidation is actually smaller than most people think. In a Chapter 13 case, big assets like a house and car can have guaranteed protection. As long as payments are made according to the repayment plan, many people find that their debt burden can be resolved with no threat of liquidation.

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Is Bankruptcy Filing Better Than Debt Settlement?

With the New Year quickly approaching, Americans can expect to be bombarded by phone calls from debt settlement companies offering them a way out of debt. Because bankruptcy filing carried a negative stigma in the past, most people try to opt out and look for an alternative to bankruptcy. These folks are prime targets for the debt settlement industry. A lot of the negative press about those filing bankruptcy, comes from the credit industry and the debt settlement companies. The majority of what they call facts are only partial truths at best. Looking at it from their standpoint, they believe if they can scare people into not filing bankruptcy that is all the more money that they will get paid back. What they don't want the individual to know is if they file Chapter 7 bankruptcy they will get nothing, nada, zip. This is why many debt collection companies get militant when they know that debtor is on their last leg. The sad thing is, they know this individual could not afford to pay them anything and yet they would rather see little Johnny go without dinner just so they can squeeze another dime out of this broke individual.

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What Property is Safe From Bankruptcy in Virginia and Arizona?

The general public is often misinformed about the consequences for filing for Chapter 7 federal bankruptcy. People believe that, by filing bankruptcy, they lose the right to own any personal property and what they have will be taken away from them and sold in an attempt to raise money to pay off their creditors.

Now, while it is true that a court-appointed bankruptcy trustee's job is to try and find as much money as possible so that he can pay creditors as much as possible, this does not mean that the debtor loses everything that he owns. More and more people are forced into bankruptcy these days by circumstances beyond their control and it would benefit everyone if these debtors could think of the bankruptcy process as a positive experience set up to eliminate debt and not to deprive them of all rights to all personal property.

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Do I Have to Give Up My Tax Refund When Filing For Bankruptcy?

The answer depends on what kind of bankruptcy you are filing. If you are filing under Chapter 7 (called "liquidation " or "fresh start"), then any refund for 2009 and earlier (assuming you are filing in 2010), has to be turned over to the trustee (a court officer responsible for overseeing bankruptcy cases and distributing money and property to the creditors). The way to avoid this result is by waiting until after you receive your refund before filing for bankruptcy. You can then spend the refund on necessary expenses or convert it into exempt property. However, you have to be careful about how you spend the tax refund - if a court determines that you improperly tried to hide your assets, there may be serious consequences, including possibly a denial of discharge. If you are going to choose this approach, it is best to consult with an experienced bankruptcy attorney in your area.

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Should I Delay Bankruptcy?

The bankruptcy process comes with many decisions, some of which are not easy. Although it is a wonderful tool of debt relief, it isn't necessarily the best choice for everyone. If you are considering filing for bankruptcy, consider a few things before you file your case.

Important Considerations

First, ask yourself if you are truly financially insolvent. In other words, are you unable to meet your debt obligations to one or more creditors? Have you missed a payment because you do not have the funds to cover the costs of making a payment? Answering "Yes" to these questions could be an indication you are financially insolvent and should seek advice about your debts. If you don't feel you fit this category and are confident you can catch up on missed payments quickly, bankruptcy may not be for you.

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Allowing Bankruptcy Filing Won't Stop The Student Loan Conundrum

For a couple of months now, the Occupy Wall Street movement has gotten a lot of media attention. While no one really knows what they want as there is a mixed bag of groups that are protesting, one common complaint heard is the cost of a college education. Most people who go to college get student loans to pay for their education that many times doesn't pan out. There are those kids who get a liberal arts degree and have no job skills whatsoever and can't figure out why they can't get a good paying job. Hearing these stories, it's hard to have sympathy for these individuals. Over the last couple years with the increased numbers of people filing for bankruptcy, there are many people that are saddled with huge student loans. In today's economy, there just aren't any jobs, especially for kids getting out of college. Currently, there is more than $1 trillion in student loans debt that is guaranteed by the government. This is quite a big chunk of change. It's no surprise with $1 trillion outstanding that they would allow a student loan debtor to file for bankruptcy and wipe these debts out.

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Debunking Some of the Most Common Bankruptcy Myths

Bankruptcy myths are nothing new. People like to talk about bankruptcy, but unfortunately, most people don't know the truth about what it is that they are talking about. This has led to lies being perpetuated about the process that range from frightening to downright absurd. While this in and of itself is a harmless procedure, the truth is that listening to these bankruptcy myths can result in you choosing to keep from filing - which can cause you to miss out on getting the financial help you need.

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