If you will be owing taxes, do not think bankruptcy is an easy escape. It has occurred that tax debt has been paid for by a credit card and then bankruptcy filed immediately after. The reason for doing this is that they assume that it is possible to avoid paying taxes because the balance is in the form of a credit card balance. This is illegal, however, and you will be stuck with the balance owed on your card, as well as the fees and interest that it accumulates.
Source: sibensiben.com
Video: Should you file Bankruptcy
Should cities file for bankruptcy? Ask Vallejo
Davis, a probate lawyer and longtime Solano County supervisor, was elected mayor in 2007 and re-elected last year. He said Vallejo took far too long to own up to the fact it was in grave financial shape. A 1990 study had warned Vallejo would go bankrupt in 2010 if it didn?t rein in employee costs, spiraling retiree pensions and health care expenses. But not long afterward, the city was consumed with more immediate concerns. The Mare Island Naval Shipyard, the city?s economic lifeline of 140 years, closed in 1993. The city scrambled for years to attract new companies, a medical school and 1,900 jobs to the property. Then came the housing meltdown ? and the plummeting property tax revenues that brought the city face to face with its long-predicted budget bust. ?Going into bankruptcy put a stigma on the city,? Davis said. ?It demoralized our employees. It demoralized our citizens. It takes its toll.?
Source: laobserved.com
Business Bankruptcy Location: Where Can A Business File? (The Florida Bankruptcy Law Blog)
The general rule is that a debtor may file bankruptcy in the bankruptcy district where that person or entity has its domicile, residence, principal place of business or principal assets. For individuals, the rule means that debtors file bankruptcy where their home is located. Businesses bankruptcy location can be more complicated. For instance, a business may incorporate itself in a state other than the state where it maintains its headquarters or its assets, or a business with its principal office in one state may maintain most of its assets in a different state.
Source: bankruptcyorlando.com
Things to Know if You are Considering Bankruptcy : Lawyer Directory
If you are considering filing a bankruptcy case, consult with an experienced bankruptcy lawyer to learn your options. Make a list of the questions that you have before the meeting. If you are married, bring your spouse to the initial consultation so that you can both learn of the bankruptcy process. If you have received a letter or other document that concerns or scares you, bring it to the meeting so that you can show it to the attorney or paralegal at the meeting. By law, bankruptcy attorneys must explain your option to file both a Chapter 7 and a Chapter 13 bankruptcy case, so make sure you are advised about the differences between those two very different types of bankruptcy filings.
Source: targetlaw.com
Tax Withholding and Your Bankruptcy
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Source: scbankruptcyattorney.com
Gaining Control Of Your Finances After A Bankruptcy
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Oregon Bankruptcy Exemptions
?Yes. After you file for bankruptcy protection, your creditors, the bankruptcy trustee and the U.S. Trustee can all object to your claimed exemptions.? Typically, objections are raised if the person believes that the exemption you claimed is not valid (for example, if you claimed a vehicle protection for your furniture).? Parties raise objections by filing a formal, written objection with the Bankruptcy Court.? The objection must be filed within 30 days after the bankruptcy trustee concludes your Meeting of Creditors hearing.? If an objection is filed, the Bankruptcy Judge holds a hearing regarding the validity of the exemption.?? If no objections are raised, then your objections are automatically approved 30 days after the conclusion of your Meeting of Creditors hearing.
Source: hemphill-attorney.com
How To Pin Point a Good Bankruptcy Lawyer
It is no surprise that we find ourselves in some seriously tough times financially.? No matter how conservative a family has been with their spending, eventually the reality of being unemployed will catch up to them, the hope of being able to stay above water financially fades into oblivion.? While it may seem that all hope is lost at this point, that is not the case.? You can file for bankruptcy.? While bankruptcy may seem impossible to do because you have no idea how to do it, there are many lawyers that specialize in bankruptcy law and are more than willing to help you through this process, for a fee of course.? If bankruptcy seems like a choice that you are strongly considering making, then you need to find a lawyer.? During your search for a lawyer that can help, there are a number of things that you strongly need to consider, and here a few of them:
Source: hugestuff.com
Should you file bankruptcy or let the bank repossess your car?
Car loans are generally secured lines of credit meaning if the loan payments are not paid on time or payments are missed, the lender can repossess the vehicle. Whether or not the person was to file for bankruptcy or let the bank repossess the vehicle, she would still lose that second vehicle. If it were to be repossessed, she would owe the bank the difference between what it sold the vehicle for and what she still owed on the loan. She could end up owing money on a car she no longer owns.
Source: bankruptcyattorneysouthavenms.com
Paying Your Special Creditor After Filing Bankruptcy
Why is there such a difference between Chapter 7 and 13 for this? Basically because Chapter 7 focuses for the most part on your financial life as of the day your case is filed, while Chapter 13 extremely interested about your financial life throughout the length of the payment plan. You can play favorites with one of your creditors right after your Chapter 7 is filed because doing so doesn?t affect your other creditors. In contrast, in a Chapter 13 case your payment plan is designed so that you are paying all you can afford in monthly payments to the trustee to distribute to the creditors in a legally appropriate fashion. Here the law does not allow you to favor one creditor over the other ones just because you have a special personal or moral reason to do so. You can only favor a creditor AFTER the case is completed, again usually three to five years after filing.
Source: bankruptcyfdcpa.com
Stop Collection Calls By Filing For Bankruptcy
Spend time with loved ones. The bankruptcy process can be brutal. This long and stressful process can leave a person feeling guilt ridden, unworthy and ashamed. It is not uncommon for a person to feel the need to pull away from loved ones during the process. Do not isolate yourself or you will put yourself at risk for depression. This is the reason that you need to take the time out to spend time with everyone you love despite what your financial situation is.
Source: silver.ac
How do I lower my debt without filing for bankruptcy?
A debt settlement attorney basically represents you before debtors and threatens the use of bankruptcy as leverage to help negotiate bills down. As opposed to a bankruptcy attorney who will not screw around negotiating and file in the courts and allow the judge to handle the negotiations forcing the debtor to the table.
Source: costcoach.com
Guest Blog Post: How divorce and bankruptcy are related
Money can play a big role in derailing any marriage and can lead the marriage toward divorce. However, if your spouse files for bankruptcy then things can take a nasty change. If you file for divorce and your spouse files for bankruptcy then divorce proceeding may take longer if there are any assets to distribute until the completion of bankruptcy proceeding. If your partner declares bankruptcy, then it is highly advised that you join with your spouse in filing bankruptcy. Doing so is important if you live in a community property state. The biggest benefit of filing a joint bankruptcy is that it will wipe the slate clean for both the spouses, i.e., you both will be free from any debts. If you choose not to file bankruptcy, then creditors will run after your life to collect the full amount for the joint debts, even if your spouse was responsible for them.When you file for bankruptcy, you become eligible for discharging a debt. Discharging a debt means the debtor can get rid of the debt. However, filing bankruptcy does not allow a person to discharge obligations from divorce. No matter whether you are bankrupt or not, you are entitled to pay support to your spouse and children. The support commitments that are not dischargeable are child support, spousal support or alimony and some types of attorney bills from a divorce if it stems from contempt charges.
Source: chattelmortgage.com
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- How A NJ Bankruptcy Lawyer Will Help Put Your Finances Back In Shape
- Study: Foreclosure affects more than finances
- Study: Foreclosure affects more than finances
Source: http://foreclosureattorneyco.com/gaining-control-of-your-finances-after-a-bankruptcy/
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