Bankruptcy
Get Help to Determine Your Best Bankruptcy Option Under U.s. Federal Bankruptcy Laws
Get Help to Determine Your Best Bankruptcy Option Under U.s. Federal Bankruptcy Laws
The number of debtors, who have opted for filing chapter 7 bankruptcy, has been steadily increasing over the past few years. Both individuals as well as small business owners seem to be facing tough times because of the ongoing phase of economic downturn. Nevertheless, in order to file for bankruptcy successfully, bankruptcy filers need to have proper personal or small business bankruptcy information.
Debtors could qualify for a discharge of debts by filing chapter 7 bankruptcy. Typically, chapter 7 is also known as liquidation or straight bankruptcy and it is designed to provide legal protection to such debtors that have been faced enormous financial problems. However, to qualify for chapter 7 bankruptcy, you could be required to pass the Means Test as per new bankruptcy laws, where debtors are tested for determining their eligibility for securing debt relief under chapter 7. And if you fail to pass the Means Test, you would automatically be eligible for a chapter 13 bankruptcy which involves a monthly repayment plan for repaying a portion of debts back to your creditors.
In any case, it could be important for a debtor to have chapter 7 bankruptcy information if he primarily intends to get his debts discharged through the chapter 7 process. This is because if the bankruptcy court discovers during the case that you had engaged yourself in fraudulent practices, your chapter 7 petition may be rejected. Furthermore, some other debts like back taxes, student education loans, child support payments, debts caused by death of a family member, etc. may still qualify for a discharge in a chapter 7 bankruptcy. Although debts accruing from death of other person or personal injuries suffered on account of drunken driving or drug overdose may not be eligible for a discharge.
As per the United States federal bankruptcy laws, a debtor could be discharged for several debts through chapter 7. These include personal loans, credit cards, medical bills, etc. usually, under the typical chapter 7 bankruptcy process, a bankruptcy filer loses the right to retain all non-exempt property assets. Nevertheless, there could be few debtors that may file for discharge of excessive debts with chapter 7 bankruptcy filing and at the same time consider alternative option for some debts that do not qualify for a discharge with such conditions.
Alternatively, there is the chapter 13 bankruptcy option which involves a favorable monthly repayment plan that is spread over 3 to 5 years. Apart from that farmers could consider chapter 12 bankruptcy and big business owners could file for bankruptcy under chapter 1. Besides, chapter 9 bankruptcy applies to municipalities or government bodies and chapter 15 is meant for bankruptcies involving properties in more than one country. In any case for individuals and small business owners chapter 7 bankruptcy and 13 could be the most viable options.
Written by chrisonline2011
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Wisconsin Chapter 128 beats bankruptcy!
Wisconsin’s bankruptcy alternative provides powerful, fast debt relief that also beats debt consolidation. Not only is it cheap and easy to do, but not one of my clients has had to go to court since I started filing these for people back in 1998! This video is a power-point review that answers most major questions about how this law works. I help people with this law all over the State of Wisconsin. Because I also help people file bankruptcy when this isn’t a viable option for them, federal law says that I must state “We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”
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How to Find Free Bankruptcy Help
How to Find Free Bankruptcy Help
Article by Dawn Hall
You lost your job. Any money you had in savings is long gone. Creditors are constantly calling or sending nasty letters.
The writing is on the wall. The only way you are going to get through this rough patch is by filing bankruptcy. However, if you can’t even afford to put food on the table and to pay the monthly rent or mortgage, how the heck are you supposed to come up with the money needed to hire an attorney?
Free bankruptcy help may just be a phone call away. It is just a matter of knowing where to look.
Before we dig into these sources of free help, it is important to know that lawyers have a professional responsibility to provide legal services to clients who are unable to pay. In the legal profession, services provided for free are typically referred to as pro bono. The American Bar Association recommends that attorneys provide fifty hours of pro bono work each year.
With this fact in mind, one way to find free bankruptcy help is to simply ask. Explain your financial situation to your lawyer, and then ask if he or she would be willing to take on your case pro bono. If the answer is no, all is not lost! Your attorney should be able to provide you with names of other lawyers or organizations in your area that may help.
Both state and county bar associations are another resource for individuals looking for free bankruptcy help. You should be able to find the contact information for your state and county bar associations by looking in your local phone book or by searching online. Many have their own pro bono programs, as well as maintain lists of organizations in your area that provide assistance.
Unfortunately, you simply may not qualify for pro bono assistance. If you cannot find free bankruptcy help, you do have other options:
1. Payment plans – When you are looking to hire a bankruptcy lawyer, ask if they require a full fee retainer or if they will break down the fee into manageable monthly payments. Payment plans give you the opportunity to hire a bankruptcy lawyer without a large upfront payment.
2. Tax refunds – If you are anticipating a tax refund, you may be able to use all or a portion of it to retain a lawyer.
3. Borrow from a close friend or relative – You may not want to borrow money from friends and family members, but sometimes that is the only way out of debt. However, a close friend or relative may be willing to help you get your fresh start by lending you the money needed for the attorney’s fees.
In addition to the fees charged by your lawyer, you will also be required to pay a filing fee to the bankruptcy court, as well as additional costs for pre-bankruptcy credit counseling and pre-discharge debtor education classes. Depending on your financial situation, some or all of these fees may be waived.
Don’t let your finances prevent you from getting the legal relief you need to move forward with your life. Free bankruptcy help is available.
Did you find this article regarding free bankruptcy help informative? For additional information, including how to get free bankruptcy forms, visit Dawn Hall’s Chapter 7 bankruptcy website at http://www.usa-bankruptcy-guide.com/free-bankruptcy.html.
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HARRISBURG, PA FILES FOR BANKRUPTCY
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$ 2.9 TRILLION MUNICIPAL BOND MARKET WEAKENS
Wall Street’s economic death grip continues to have consequences and repercussions — both politically and economically. The Banks’ push on mortgage bonds, derivative securities, and hedge products has resulted in loss of of money, loss of revenue and loss of prospects. The biggest contributor is the housing and mortgage market, with jobs taking up second place. Revenues are shrinking as money needed to restore the economy to a firm foundation is withheld by the megabanks, some of whom (Goldman) are crying poverty.
According to a Wall Street Journal report written by Michael Corkery and Kris Maher, the capital city of Pennsylvania filed for bankruptcy protection in a case that follows other cities, but its sheer size makes it a case to watch.
Harrisburg rejected selling or leasing assets to pay down debt. In Arizona, the government sold the capital buildings in Phoenix and leased them back in what some are calling a sweetheart deal that benefits the buys more than the state or the taxpayers.
It’s the politics that is even more interesting than the economics. The split city council was taken over by members who were tired by being “pushed around,” an echo of the Occupy Wall Street movement. Last month Jefferson County, Alabama used the threat of bankruptcy to squeeze concessions from creditors.
Since 1980 there have been 48 official bankruptcy filings for cities, counties and other governmental units. But that is the tip of the iceberg. Hundreds more have been negotiating, like Jefferson County in Alabama to get relief from creditors. But what they should be doing is prosecuting claims for impact costs and lost revenues from the Banks, who used a variety of means to evade payment of taxes, fees and expenses relating to the false run-up of prices and housing activity over the last 10 years.
Local government, taking their information from the Banks’ were led to believe that their area was growing and that more services and infrastructure was needed, thus committing themselves to huge debt and expenses that could have been paid if the representations and analysis from Wall Street was true. Like the ratings on the “mortgage backed” bonds, the analysis from Wall Street was false and the ratings firms should have known that, just as they should have known that the mortgage bonds were a scam.
So-called experts are being rolled out by the dozen to say that the Harrisburg bankruptcy does not foreshadow more local government bankruptcies. But a quick look at the finances around the country shows clearly that many, if not most cities and counties, are on the verge of a collapse of their financial system. The money they are missing is sitting on Wall Street the titans of which won’t give it back.
Local government is like small and medium sized businesses. It needs the revenue from ordinary consumers to function, provide fire, police and other social services. It needs that revenue to pay off bonds and other debt to pay for new roads or repairing roads, bridges and tunnels.
The consumer class has run out of money and run out of equity. Ordinary people have virtually no equity equity left in their homes or a steep reduction, their 401k is less, and their pension benefits are being eroded by losses from mortgage bond chicanery and creeping inflation as the Federal Reserve engages in its third round of quantitative easing — i.e., printing money — to cover up the $ 16 Trillion “bailout” of the Banks.
If the federal government and federal reserve spent 1/4 of what turned out to be the Great Bailout of Banks for Nonexistent Losses, this problem would not exist. As taxpayers, we gave Wall Street $ 16 Trillion. We have nothing to show for it except worthless paper transactions involving worthless securities that were fraudulently issued and fraudulently represented as backed by mortgage loans. None of it was true.
At some point, we are either going to get that money back and put it into a hungry economy or we will give up and simply accept the fact that the Banks run the country, that the government of the people, by the people, for the people no longer exists.
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND 
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The Daily Docket: Washington Mutual Appeals Bankruptcy Decision
Washington Mutual Inc., still reeling from a bankruptcy judge’s second rejection of its $ 7 billion creditor-payment plan, is appealing a ruling that paves the way for its shareholders to pursue insider-trading claims against prominent distressed-debt investors. Read the Daily Bankruptcy Review story here.
A judge denied a bid by Yellowstone Mountain Club LLC’s founder and former owner to sue a pair of parties: the Boston private-equity firm that took control of the club through a restructuring plan and the agent for the club’s lending syndicate. Read the Daily Bankruptcy Review Small Cap story here.
(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC click here.)
Pennsylvania’s capital city filed for bankruptcy protection from creditors Wednesday, in a case closely watched by other cities and towns looking for ways out of dire financial troubles.Read The Wall Street Journal story here.
Swedish Automobile NV, owner of Saab Automobile AB, said Thursday it has received the first payment of a €70 million bridging loan from a Chinese partner, throwing a financial lifeline to the troubled car maker as it restructures its operations under bankruptcy protection, WSJ reports.
Lehman Brothers Holdings Inc., which lent $ 232.4 million for a resort in Hawaii in 2007, said it intends to take title to the Ritz-Carlton Kapalua after foreclosing on its loan, Bloomberg reports.
The liquidator of Bernard Madoff’s firm said people and companies he has sued in 247 actions are “eviscerating” the bankruptcy court and “perverting” the law by rushing to find new judges for their cases, says Bloomberg.
UBS AG is shutting down its money-making, stand-alone restructuring business, the New York Post reports, citing people with knowledge of the matter.
A Miami bankruptcy trustee has painstakingly tried to recover millions for dozens of investors bilked by convicted Ponzi schemer Nevin Shapiro, the rogue University of Miami booster, the Miami Herald reports.
Bounce Back From Bankruptcy by Paula Langguth Ryan
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Actor Armand Assante Enters Bankruptcy
- Reuters
- Armand Assante attends Kazakhstan Fashion Week in October 2010.
Rugged actor Armand Assante, who often plays a tough guy on film, has bowed to bankruptcy court—this time as a victim of alleged mortgage fraud that’s entangled his Hudson Valley mansion.
Assante, a born-and-raised New Yorker who’s been nominated for several Golden Globe awards, filed for Chapter 11 bankruptcy protection Friday in U.S. Bankruptcy Court in Poughkeepsie—a court not far from his 145-acre horse farm that was scheduled to be sold at an upcoming foreclosure auction. The filing halts that sale until a bankruptcy judge can look over the case.
Assante’s attorney, Josh Denbeaux, said the actor was busy filming in Romania and Bulgaria during 2005 when one of his financial advisers was working on a mortgage loan for his 7,000 square foot home—a move to put him on more solid financial footing.
At the closing table, the mortgage company switched the loan’s legal fine print to include in the deal several wooded parcels of land that Assante owned nearby. The deal put him on the hook for a $ 1.5 million mortgage on terms he couldn’t afford.
“Mr. Assante, like nearly all others working in the entertainment industry, suffered a significant and sustained decrease in his income in the years following the terrorist attacks of September 11, 2001,” Assante’s attorneys said of the foreclosure case, filed in Orange County, N.Y.
“This is one of the most predatory loans and one of the most ugly lending practices I’ve seen,” Denbeaux told Bankruptcy Beat, noting that he’s examined hundreds of foreclosure cases.
Assante’s bankruptcy petition says he owed $ 12,138 to the Screen Actors’ Guild’s credit union, based in Burbank, Calif. It also said that he owes $ 36,574 for unpaid taxes for 2006, 2007 and 2009.
The Irish-Italian actor, who turned 62 on Tuesday, has frequently played intimidating roles like crime kingpin John Gotti in a television miniseries and a drug baron in the 1990 movie “Q & A.” Viewers saw him alongside Sylvester Stallone in futuristic comic book flick “Judge Dredd,” Demi Moore’s “Striptease” and crime film “American Gangster.”
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