Welcome to Bankruptcy Guide
How To File For Bankruptcy Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
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.
How To File For Bankruptcy Specific links
How To File For Bankruptcy News
Houghton Mifflin Harcourt files for bankruptcy - Christian Science Monitor
 Thomson Reuters News & Insight | Houghton Mifflin Harcourt files for bankruptcy Christian Science Monitor Houghton Mifflin Harcourt, the book publishing giant, has filed for bankruptcy protection to eliminate $3.1 billion in debt. Houghton Mifflin Harcourt had been struggling with heavy debt for years. By The Associated Press / May 21, 2012 The used ... Houghton Mifflin files Chapter 11 bankruptcy |
Alex Hotel, Flatotel Owners File for Chapter 11 Bankruptcy - Bloomberg
 Blogcritics.org | Alex Hotel, Flatotel Owners File for Chapter 11 Bankruptcy Bloomberg The owners of New York's Alex Hotel and Flatotel filed for Chapter 11 bankruptcy protection as part of an agreement with lenders who in January won a foreclosure lawsuit for unpaid loans. 205 East 45 LLC, the owner of east midtown Manhattan- located ... The Rising Cost of Going Bankrupt |
When You Should File Medical Bankruptcy - JD Supra (press release)
When You Should File Medical Bankruptcy JD Supra (press release) When you are faced with insurmountable and escalating medical bills, one option is to file for bankruptcy. But given the nature of medical conditions that often require ongoing treatment and costs, it is important you file for bankruptcy at the correct ... |
Dewey Have Plans To File for Bankruptcy? Sources Say Yes - Above the Law
 Above the Law | Dewey Have Plans To File for Bankruptcy? Sources Say Yes Above the Law The news of a possible bankruptcy filing by Dewey was reported last night by the Wall Street Journal and then by Reuters. From the WSJ Law Blog: New York law firm Dewey & LeBoeuf LLP is readying a possible bankruptcy-protection filing for sometime in ... Dewey to consider bankruptcy filing: source Dewey Reaches Dead-End: Lawyers and Lawyer Search Removed from Website |
ResCap Set to File for Bankruptcy - Wall Street Journal
 New York Times | ResCap Set to File for Bankruptcy Wall Street Journal By ANDREW R. JOHNSON Ally Financial Inc.'s mortgage subsidiary is expected to file for bankruptcy late Sunday or early Monday morning, a person familiar with the matter said. The board of Residential Capital, the unit that has been a drag on the rest ... Ally mortgage unit files for Chapter 11bankruptcy Unit of Ally, ResCap, Said to Plan Bankruptcy ResCap decision good for taxpayers: US Treasury |