Archive for the ‘Chapter 13 Bankruptcy’ Category

Debt Relief Warning signals

Friday, October 22nd, 2010

Many consumers bury their heads in the sand and pretend that their debt problems will clear up by themselves.  This can only make things worse.  The debt will not clear up by itself and is likely to get worse if there is interest due on the debt.  Some consumers at best merely pay down on the interest without retiring principal on debt obligations.  There are warning signals that alert a consumer that there is a need to explore bankruptcy alternatives.  These signals include an inability of a debtor to meet his or her regular expenses, past due on debt obligations, notice of foreclosure, repossession or threats of repossession, judgments for unpaid bills, garnishment, unpaid utility bills, unpaid medical expenses, credit card bills that are late or go unpaid, using credit cards to meet monthly expenses for food, clothing, gasoline so that cash can be used to pay the minimum payment on the credit card account, taking cash advances from one card to make the payments on cards, checking account that is overdrawn, past due on car loan payments, cancellation of credit by lenders and harassing creditors are just some of the signs of debt problems.  If a consumer is experiencing any of these warning signals, it is a good idea to seek legal help from a Minnesota law firm that can set up an appointment to meet with an experienced Minnesota bankruptcy lawyer who can help evaluate eligibility for bankruptcy.  A debtor can explore potential legal assistance including relief under Chapter 7 or Chapter 13 of the federal bankruptcy law.  Filing a bankruptcy  may be the first step on the way to a new financial beginning for a consumer.

Doing a Chapter 13 Plan

Friday, September 3rd, 2010

Doing a chapter 13 bankruptcy plan requires more than simply preparing a budget that includes payments that you would prefer to make to creditors.  Debtors who are thinking about seeking bankruptcy relief should carefully evaluate their financial situation and related law to make sure that they qualify for debt relief under prevailing bankruptcy laws.  While many debtors experiencing financial difficulties often express interest in filing for bankruptcy, they may not really understand the requirements for doing so.  Debtors who sincerely want to pursue debt relief should have a proper bankruptcy evaluation which would include undergoing the bankruptcy means test.  This test acts as an instrument in determining a person’s ability to file a bankruptcy under the law.  Debtors should also understand that even if they do qualify for bankruptcy relief they will have certain responsibilities in doing so including a duty to be willing to be under supervision of the bankruptcy court, establish a payment plan that is approved by the court, follow the Chapter 13 plan, make regular payments according to the plan and follow all bankruptcy requirements.  By doing all the right things in bankruptcy debtors get the advantages of bankruptcy including upon completion of the plan’s payments a discharge of any remaining dischargeable debt by the court.

 The brief description of a chapter 13 plan above does not include all of the requirements for qualification for filing bankruptcy.  Nor does it cover all of the advantages and potential down sides in doing so.  All Chapter 13 considerations must be carefully weighed by a debtor desiring declaring bankruptcy.  Because the evaluation of a debtor’s situation is so important in considering bankruptcy it is very useful to have the help of an experienced twin cities bankruptcy lawyer.  Debtor’s can present their financial situation to a twin cities bankruptcy lawyer who can consider various issues to help determine whether bankruptcy is a viable option for debt relief.  .

The forgoing is general information only.  It was not meant as legal advice nor is it legal advice.  This posting does not establish any attorney-client relationship. 

 We are a debt relief agency.  We help people file for bankruptcy.

Exploring bankruptcy

Thursday, August 12th, 2010

Loss of a job, legal problems, medical issues, business problems, family issues can all have a serious impact on a person’s financial situation. The recent hard financial times have caused many people to feel as though they are in over their heads in debt.   The feeling of drowning in debt can affect people in many ways.  For example, financial problems may lead to family difficulties including divorce.  It is unfortunate that money problems can spill over and be so destructive to a person’s life.  Fortunately there are potential ways to alleviate the pain of money difficulties.  Finding the right method of debt resolution is not always an easy process, but it can be done more expeditiously by meeting with an experienced debt relief attorney who understands the various options that may be available to help consumers in financial distress.  There can be many different causes for feeling as though you are drowning in debt including being the victim of a financial trap, predatory lending practices, being in serious arrears on large bills, spending habits that exceed available income or having incurred huge medical expenses.  A meeting with a Minnesota debt resolution attorney can allow a consumer to get an evaluation of his or situation as well as information related to debt relief options including bankruptcy.  Each consumer has his or her own situation that may warrant differing potential options.  For example, a debtor in Wisconsin may have available to him or her relief either under the Wisconsin state law or Federal bankruptcy law.  It is important for consumers to get accurate information to assess their situation.  Timeliness is of the essence in not only avoiding repossession, but other problems as well.  Serious delinquency of payment can lead to judgments which in turn may lead to garnishment of wages.  A huge problem for many people in recent times is long overdue home loan payments that lead to foreclosure.  At a meeting with a bankruptcy lawyer the consumer can explore his or her potential eligibility for debt relief help.  Sometimes that debt relief may take the form of going after a creditor who has used predatory business practices.  At other times, people living in “Wisconsin may avail themselves of debt relief provided by Wisconsin (WI) state law.  Many people who are experiencing financial difficulties due to large unpaid bills, mortgage payment difficulties, and/or credit card debt.  Many of these types of debt can be helped through bankruptcy including unmanageable medical bills.  Consumers may find legal assistance through either a chapter 7 or chapter 13 bankruptcy.  The first step in finding that legal assistance is meeting with an experienced bankruptcy lawyer.

Consumer bankruptcy laws

Wednesday, August 11th, 2010

Debtors often ask about the laws covering a consumer bankruptcy. The reality is that the term “consumer bankruptcy” can refer to either chapter 7 bankruptcy or chapter 13 bankruptcy under the federal law. These two types of personal bankruptcy are the common options available to people who have a great many unpaid bills that cannot be paid. There is a great deal of law covering these types of bankruptcies. A consumer who is interested in possibly declaring bankruptcy should make sure to understand all relevant bankruptcy laws before making the important decision to try to file for bankruptcy.

Some of the significant legal requirements are that a consumer seeking bankruptcy qualify under prevailing bankruptcy law standards, be able to show adequate identification, provide full disclosure, give all information asked for in bankruptcy paperwork, fully cooperate with the bankruptcy trustee, attend all bankruptcy meetings, do all acts required by the bankruptcy court, fulfill debtor counseling and education.

Consumers often get the mistaken notion that filing bankruptcy involves simply filling out some forms and filing them with the bankruptcy court, but that is not the case. Declaring bankruptcy is a
very serious matter that requires a commitment by a debtor to providing a full explanation of his or her financial picture including income, monthly expenses, income, assets and other relevant financially related data. The legal paperwork must be complete and accurate in all respects. A consumer must be prepared to the meeting of creditors and be questioned on relevant concerns related to his or her desire to declare bankruptcy. Consumers who are qualified and properly fulfill all bankruptcy requirements have the potential for a fresh start.

We are a debt relief agency. We help people file for bankruptcy protection.