Category Archives: General Interest

Plans To Make The Bankruptcy Process Easier Should Be Encouraged

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Plans by the Insolvency Service to streamline the bankruptcy application process therefore helping thousands of people in debt should not be dismissed.

The Insolvency Service is currently considering whether the bankruptcy application process can be made simpler and quicker. The current system involves attending a court hearing where a judge decides whether the bankruptcy should be granted.

In new proposals, the Insolvency Service have suggested that the requirement to attend court should be abolished and bankruptcy orders should be made by an appointed official following a formula similar to that of the debt relief order which was introduce in 2009.

The Institute of Credit Management (ICM) say that this proposed change will make bankruptcy too easy and allow people to avoid paying their debt. However, this is just simply not the case.

The problem for many with the current system is two-fold:

Firstly the cost is prohibitive

The cost of declaring bankruptcy is currently £510 per person. This barrier prevents many people from declaring bankruptcy when it is clearly the right solution for them.

The introduction of Debt Relief Orders (DRO) has gone some way to help in this area. However, a DRO can only be used if total debt is less than £15,000 and assets are less than £300. These barriers prevent many from using the DRO process.

Secondly the delay in getting a court appointment

Many county courts are so busy that individuals have to wait up to three months for an appointment with a district judge. This is in nobody’s interest, particularly the individual who is struggling with the stress of debt and daily harassment from collectors.

It seems that the system in the High Court in London has already overcome the second problem. To cater for the sheer volume of applications, it is now highly unusual for an individual declaring bankruptcy in the High Court to have a face to face meeting with a Judge at all.

The documents are processed by a clerk, checked by a judge and the bankruptcy order is made. This does not seem to be a vastly different system to that proposed by the Insolvency Service.

The effects of Bankruptcy will not become any easier

In their haste to dismiss the proposals, I believe that the ICM have missed an important point. The Insolvency Service’s idea is simply to streamline the process of granting a bankruptcy order.

Once an individual is declared bankrupt, they will still be required to meet with the official receiver (OR). The OR will continue to protect the interest of the creditors by introducing an income payment order and distributing assets to creditors where appropriate.

For this reason, if the proposals are introduced, they will simply enable people who need to deal with their debt through the bankruptcy process to do so more quickly and at less cost. Once bankrupt, the individual will not be treated any differently or allowed to make less of their obligations.

The fact remains that the number of people suffering with serious debt in England and Wales is on the increase. For many, bankruptcy is the best way to resolve this problem. If they are prevented from doing so simply because of cost and process, then changes are required.

However, bankruptcy is and should remain a very serious undertaking.

If you are thinking of declaring bankruptcy it is vital that you get expert advice before going down this route.

If you are struggling with debt, visit www.beatmydebt.com

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Our vibrant forum gives free access to industry experts and others who have suffered with debt problems.

Useful guides, calculators and information are also available designed to help you understand how to manage and resolve debt problems.

Steve Jackson is a debt adviser from BeatMyDebt.com in the UK. For more quality and unbiased information on Personal Debt Solutions, visit our website at www.beatmydebt.com


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Chapter 13 Bankruptcy Forms Checklist

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Do you want free bankruptcy forms for your Chapter 13 filing? Declaring personal bankruptcy without an attorney requires submitting many legal forms yourself. As a ‘pro se’ (pronounced ‘proh say’) filer, the United States Bankruptcy Court is expecting you to exhibit ‘due diligence.’ A majority of the work is trying to figure out independently how to fill out the court forms. You need to complete many official forms before you can file them. If you visit the official download page of your local Bankruptcy Court, you’ll see several forms listed in there. The page lists both business and consumer bankruptcy forms together. What’s worse is the forms don’t have any clear categories. For example, which forms are needed for Chapter 13 or for Chapter 7? Your initial obstacle is to research which official forms to use.

Chapter 13 Bankruptcy Forms Checklist to the Rescue

To make your task easier you should get a Chapter 13 bankruptcy forms checklist. You will see many websites offering free bankruptcy forms but only a few of them offers a checklist. If you happen to visit a website offering a free Chapter 13 checklist then do not hesitate to get it quickly. It is to your own advantage.

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A good Chapter 13 checklist can tell you which form to use if you want to pay the filing fee in installments. Some of them contain due dates for each form. For example, which forms do you need to file after paying the court fees? Which forms can you file within 15 days?

Commercial VS Free Bankruptcy Forms

One of the benefits of using a commercial kit is convenience. A Chapter 13 bankruptcy kit can save you time and frustration in understanding the bankruptcy process. If you are planning to buy one, make sure the kit contains completed sample of each forms. A sample repayment plan can give you an insight on how to decide your own Chapter 13 plan.

Another important feature to consider is how recent the forms you are buying. The Federal Court updates the official forms from time to time as they see fit. Never buy from a seller that cannot tell you when they last updated their product. Using old forms can have negative consequences to your case.

What is Your Backup Plan?

If for some reason you decide that self-filing is too difficult for you, it’s wise to have a backup plan. Filing personal Chapter 13 bankruptcy can be a daunting task for some individuals. For the average debtor, reading tons of instruction manuals can give them a headache. Having a free alternative plan is always a wise decision when things don’t work out as you want them to.

Roilee Mandeville maintains a consumer bankruptcy website where you can find inexpensive bankruptcy filing solutions that will fit your budget. For a limited time you can get a free Chapter 13 bankruptcy forms checklist. A handy guide you can use when filing bankruptcy. The FREE checklist will only be available for a few days so hurry and get it today!


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Cheaper Debt Settlement – Bankruptcy Costs Go Up, Debt Settlement Gets Less Expensive

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If you are grossly affected by the recession and have colossal piles of dues on your shoulder, you might be thinking of declaring yourself insolvent. But always keep in mind that insolvency is not the end all factor of all your financial issues. It may, in turn, increase the chances of more expenditure. Filing for liquidation is not a free option. There is much expenditure associated with it. Bankruptcy costs may be dangerous and add more problems to your fiscal life. The best alternative is however Cheaper Debt Settlement, as it is much more methodical and logical and will prove to be more effective as well.

You may not be aware of the term bankruptcy costs, yet you may file for liquidation. There is certain money that you have to spend while you are filing for insolvency. Firstly, the attorney that you may have availed to help you to tide over your financial crisis may demand huge fees. You may at that time think of dealing the entire procedure alone, but let me warn you that the bankruptcy laws are very difficult to deal with. A competent lawyer is the most necessary person in liquidation. But a lawyer never comes for cheap. The fees can range from hundred dollars to thousand dollars in some cases. Then, there are the liquidation fees that you have to pay as well. In case you have first filed for chapter 7 bankruptcy, but want to change to chapter 13, you will have to pay to the conversion fees. Thus, the bankruptcy costs escalates more and more.

Settlement policy is a better alternative. Cheaper debt settlement ensures that it does, in no way, cause a threat to whatever little money that you may possess. Settlement and negotiation policy ensures that even if you have the worst credit score, you are able to come out of your worries without having to pay many dollars. Settlement ensures a logical and a scientific way out. There occurs a reduction in the amount of your liabilities through the process of mutual negotiation between you and your lender. The only expense that you have to pay is the charges for relief companies that is, in most cases, minimal. Thus, the rate of your dues is reduced as well as the benefits of a lawyer are availed at less expense. Thus, avail cheaper debt settlement and say good bye to your dues.


Debt settlement companies are widely available in just about every state however some are just flat out more experienced than others in debt negotiation. That’s why it’s so important for consumers to use debt relief networks. These networks qualify and only accept the best performing debt settlement companies.

freedebtsettlementadvice.com is a matchmaker in the debt settlement industry. They have paired up thousands of consumers up with debt settlement companies who are most likely to get consumers the best deal.

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http://www.freedebtsettlementadvice.com


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Learn How Much Does Bankruptcy Cost – Know Before You File

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If you are in a situation where you are going to file for a Bankruptcy it is good to know what it is going to cost you. It is harder to make it today because of the rising prices of everything we seem to get more into debt and that is why bankruptcy is on the rise. It is important to understand that a Bankruptcy can stay on your credit report for up to 10 years and it is always advisable to file a Bankruptcy as your last option.

More Information on getting : Bankrupty Relief Today

Having a Bankruptcy on your credit report can be hurtful to your credit score but the positive thing about it is you can improve it. If you are faced with filing you may want to look at other options first such as Debt Consolidation. You can check into getting a consolidation loan that can help you with making your debt more manageable.

Learn How to Get a : Bankrupty Grant Now

If you have no other option than filing a bankruptcy can keep creditors away and even though it is more expensive than it used to be, can still be an only option for some people. You can spend hundreds of dollars for the filing fee and the bankruptcy attorney can also charge into the thousands depending on your situation.

One thing also is to consider that you will not have credit for up to ten years and also you may have a higher insurance premium if you file for bankruptcy.

Remember that you should only file when you have no other option available and makes ure you understand how a bankruptcy affects you and your family.

Bryan Burbank is an expert in the field of Finance. For more information go to:


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Bankruptcy court records, an ideal way to find the financial standing

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Bankruptcy Court records are often tedious to go through, especially when you need to go through the records to find details of many. If you need it for a personal purpose then finding by yourself may not cause much problem, but if it is for a list of people for the purpose of employment, granting a financial loan or mortgage purposes, then it is ideal to undertake the help of paid service providers. Public Access to Court Electronic Records (PACER) is an undertaking by the federal agencies to provide information about the court cases, dockets and bankruptcy records to the public at large through a centralized mechanism.

 

Since PACER is updated every night, regarding that day’s litigation details not just about the bankruptcy court records but all litigation related data from across the United States of America courts. This ensures the public information is updated with the latest developments to enable the public become aware of it.  The centralized PACER system having inputs and data for all states, and for all kinds of litigation and not just bankruptcy court records, it is quite confusing to go through.

 

For those of us who have just one or two cases to rake out, may find the task to be like finding needle in a haystack. The enormous amount of data is quite tedious to go through and make sense of. An ideal way is to have a paid service provider, like a search engine, through which information for your requirement alone will be streamlined and sent to you. This option enables many of us to save time and effort in an otherwise mundane task of searching through a mountain of data. Bankruptcy court records need to be obtained for many purposes like sanctioning a loan for a business venture or something else also for contractual agreements like lease agreement, purchase of property agreement. Now a days even before weddings people would like to be sure about the grooms financial status.

 

Paid portals are nothing but a service providing technique through which the common person is very much saved from the actual process of entangling in the litigation data, and getting lost. Paid service providers make the task very much simple and easy and ensure that you get the data after a thorough search and no data is left behind. This ensures that the decisions that you make based on such data would be accurate and precise.


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Oklahoma Bankruptcy Law – Why Bankruptcy Exemptions Are Important

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This article is not intended as a substitute for legal advice. This article applies to bankruptcy in a very general sense, specifically individual debtors. All citations are to the Bankruptcy Code found in Title 11 of the United States Code.

This article is no substitute for discussing your situation with an Oklahoma bankruptcy attorney. Every situation is unique, and many of the general rules have exceptions.

Filing a Bankruptcy Petition Creates a Bankruptcy “Estate”

When a debtor files a bankruptcy petition, an “estate” is automatically created. This estate generally includes all the debtor’s assets at the time the bankruptcy petition is filed. 11 U.S.C. § 541(a). This is also sometimes referred to as the bankruptcy estate.

Why is the Bankruptcy Estate Important?

The reasons for the bankruptcy estate’s importance change depending on the Chapter under which a debtor files for bankruptcy. Most individual debtors will be filing under Chapter 7 or Chapter 13, so this article will focus on those two.

The Bankruptcy Estate and Chapter 7

Chapter 7 of the Bankruptcy Code is titled “liquidation.” This title is descriptive and spot on. When an individual debtor files for bankruptcy under Chapter 7 the “property of the estate” is collected by the bankruptcy trustee and then sold, or “liquidated.” The proceeds from these sales are then distributed to the debtor’s creditors. 11 U.S.C. §§ 704 & 726. Because the debtor loses all property which is included in the bankruptcy estate, the bankruptcy estate is an extremely important concept for individual debtors filing a bankruptcy under Chapter 7.

The Bankruptcy Estate and Chapter 13

When a debtor files for bankruptcy under Chapter 13, they generally retain possession of the property of the estate, but the use and sale of this property is supervised by the Bankruptcy court. 11 U.S.C. 363. Therefore, the property included in the estate restricts the debtor’s ability to use and sale that property.

Property of the estate is extremely important in Chapter 13 for another reason. Under Chapter 13, the value of the property in the estate determines the minimum amount a debtor must offer to pay unsecured creditors. 11 U.S.C. § 1325(a)(4). As such, even if an individual debtor files for bankruptcy under Chapter 13 and retains possession of his or her property, the more property included in the estate means the more money the debtor must offer to pay unsecured creditors.

What is Included in Property of the Estate?

The general rule is that all of an individual debtor’s property becomes property of the estate, with very limited exceptions. 11 U.S.C. § 541. This article will not focus on the various rules affecting what is included in the property of the estate. That is a complex issue that is best afforded its own article. This article will focus on what property an individual debtor is able to exempt from being included in the bankruptcy estate when filing for bankruptcy in Oklahoma.

What is a Bankruptcy Exemption?

The general rule in bankruptcy is all property in which a debtor has an interest when filing a bankruptcy petition becomes property of the estate. However, some property is subject to an “exemption.” When property is subject to an exemption it can be precluded from being considered property of the estate. This means the debtor is allowed to keep property out of the bankruptcy estate, when the property would otherwise be included. Bankruptcy exemptions are only available to individual debtors.

Why is a Bankruptcy Exemption Important?

When property is subject to an exemption, the individual debtor can keep that property from becoming property of the estate. While this is an extremely important concept for an individual debtor no matter which Chapter the case is filed under, the reasons for this importance vary depending on the Chapter.

Bankruptcy Exemptions and Chapter 7

As discussed above, in a Chapter 7 case, all property of the estate is collected by the bankruptcy trustee. The bankruptcy trustee then sells the property of the estate, distributing the proceeds to the debtor’s creditors. The more property an individual debtor can exclude from the estate means the more property the debtor is allowed to keep, while still receiving a discharge of his or her debts. In this way, bankruptcy exemptions can be extremely important to an individual debtor filing under Chapter 7.

Bankruptcy Exemptions and Chapter 13

In a Chapter 13 case, an individual debtor is generally allowed to retain possession of the property of the estate. However, all property of the estate is subject to supervision by the Bankruptcy court, meaning all use or sale of this property must be permitted by the Bankruptcy court. Therefore, the less property included in the estate means the more property the debtor can use and sell without oversight.
Bankruptcy exemptions are also extremely important in Chapter 13 because the value of the property of the estate is used to determine the minimum amount an individual debtor must offer to pay unsecured creditors. When property is excluded from being considered property of the estate, the property’s value won’t be considered when calculating the minimum amount. The more property an individual debtor can exclude from the estate means the less money the debtor must offer to pay unsecured creditors. In this way, bankruptcy exemptions can be just as important in Chapter 13 as they are in Chapter 7.

While this article attempts to provide a general overview of why bankruptcy exemptions are important, this article is no substitute for advice from an Oklahoma bankruptcy attorney. Every debtor’s situation is unique, and most general rules have exceptions which might apply in the debtor’s case. It is in a debtor’s best interest to discuss their situation with an Oklahoma bankruptcy attorney before deciding whether to file for bankruptcy in Oklahoma.

Joshua T. Copeland is an attorney practicing Oklahoma bankruptcy law with Carlson & Copeland, PLLC, located in the heart of downtown Norman, OK. Mr. Copeland is a graduate of the University of Oklahoma College of Law, and has lived in Oklahoma his entire life with no plans to ever leave. You can find out more about Mr. Copeland and his practice at Carlson & Copeland, PLLC.


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Some Information About The Typical Bankruptcy Process

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As per bankruptcy rules and code bankruptcy filers are required to fill up a set of official forms as part of the legal module enacted to deal with individual debt problems and businesses. Bankruptcy courts have been designated for all districts across the country. These courts are headed by United States bankruptcy judges besides a judicial officer of the U.S. district court. Whether a debtor is eligible to file a bankruptcy or receive a discharge of debts is ultimately decided by the bankruptcy judge and the total administrative functions are handled by a trustee who is appointed to oversee the case. However, it is imperative for a bankruptcy filer to get proper personal bankruptcy advice prior to filing for a bankruptcy. The bankruptcy code outlines procedural requirements for a bankruptcy filing under either chapter 7, 11 or 13. When you are considering filing for a bankruptcy, you should have detailed information of qualification criteria under any of the aforesaid chapters. Here is a brief description of various bankruptcy filing processes.

Chapter 7 bankruptcy process:
When filing for personal bankruptcy, it is pertinent for you to know what is chapter 7 bankruptcy. A bankruptcy under chapter 7 entitles an applicant liquidation and discharge of personal liabilities through an orderly, court supervised procedure wherein the overseeing trustee takes over the assets of the debtor and converts them into cash to repay all the creditors. This excludes certain exempt property for which the debtor has a right to retain. Typically, a chapter 7 bankruptcy does not require the debtor to appear in the court and face the bankruptcy judge unless an objection is raised in the case by some creditor or creditors. But to qualify for a chapter 7 bankruptcy, a debtor must pass the “Means Test”.

Chapter 13 bankruptcy procedure:
If a debtor fails to pass the “Means Test” as mentioned above, he does not qualify for a chapter 7 personal bankruptcy but becomes eligible for a chapter 13 bankruptcy. However, chapter 13 bankruptcy laws are distinctly different from chapter 7 bankruptcy laws. While the debtor remains in charge of his property, he is required to repay his creditors in a time period of three to five years by proposing a plan that is approved by the creditors as well as the bankruptcy court. A debtor filing chapter 13 bankruptcy may have to appear before a bankruptcy judge to confirm the repayment plan through a formally arranged meeting at the office of the U.S. trustee which is called the “341 meeting”.

Process for chapter 11 bankruptcy:
A chapter 11 bankruptcy process deals with small business enterprises which desire to continue operating their business. The bankruptcy code provides chapter 11 bankruptcy information, according to which the process entitles small business owners with a reorganization plan that is approved by the bankruptcy court 120 days after the business files for a bankruptcy, to repay the creditors. The court has the final authority to approve or disapprove the plan of reorganization. Thus, the debtor usually undergoes a period of consolidation and emerges with much reduced debts as well as reorganized business.

To understand the process of eligibility and get more information for the above Chapter 7, chapter 11 and chapter 13 bankruptcies, it is desirable to avail proper business or personal bankruptcy advice. However, it is recommended to use the professional expertise of reputed online service providers like www.bankruptcyonly.com so that you could obtain proper guidance when filing for bankruptcy solution that suits your financial needs and requirements.


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Saving Your Company Through Business Bankruptcy

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Business bankruptcy can be defined as a situation in which an organsation has more liabilities than the assets and becomes incapable of meeting the financial obligations. All types of business can file for bankruptcy.

Many business organizations treat business bankruptcy as the only relief when they are overwhelmed by the credit problems and have no way out. However, there are many things you may have to face when you are filing for business bankruptcy. You may lose the reputation in the business world and the credit history will also be damaged. The business will also have to face embarrassment of filing for bankruptcy. In the new age business world, many companies make use of this option for restructuring their business.

Even though business bankruptcy and individual bankruptcy are two entirely different situations, the aim of the both are the same. Both these are used for finding a permanent relief from the debts. When a company becomes incapable of paying the debts, it will have to find the right time for filing for bankruptcy.

There are two main types of business bankruptcies. Chapter 7 and 13 are the two main types. Chapter 1 is known to have many advantages when compared with chapter 7 as chapter 13 does not require the liquidation of the business. In addition to that, chapter 13 is a federal bankruptcy and thus offers more safety than the other types.

The business will also have to pay the debts according to the agreement made with the creditors. This offers the company, a chance to recover from the financial mess and make profits. However, the decisions must be made with the approval of the federal court and the must abide by the business bankruptcy laws.

Business bankruptcy as per chapter 11 allows the business to keep the assets. However, the business may have to liquidate some bonds so that they can pay off the debts. The court may offer a reduction in the amount that has to be paid so as to make the company able to generate profits. No matter what the method is used for tackling the situation, the manager of the organization has to submit a report to federal court regularly. The decisions made in the company should be reported frequently.

Many people have the misconception that after filing for bankruptcy, the attorneys will take care of everything. However, this is not completely true as there are things that should be done by the business itself even after the declaration of bankruptcy. The financial situation prevailing in the business will not be resolved totally even after filing for bankruptcy. The company must ensure that they have enough money left with them for going through the entire process. If the organization does not have enough funds to go through the filing process, there are chances for undue delays.

Setting up a plan for repaying the debts also has a great significance in the business bankruptcy process. In brief, dealing with the filing process for business bankruptcy is not a simple thing to do and getting the help of a bankruptcy expert is the best thing to do.

Sam Allcock is a specialist in providing business bankruptcy for all of us.


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Bankruptcy Forms Processing, Inc. Petition Processing Service for Busy Bankruptcy Attorneys

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Bankruptcy Forms Processing, Inc. Petition Processing Service for Busy Bankruptcy Attorneys











Plainfield, NJ (PRWEB) January 9, 2007

Aretha Gaskin announced today the official launch of her bankruptcy petition processing company, Bankruptcy Forms Processing, Inc. (BFPI) (http://www.bfpi.org). BFPI was created to be a premier service provider to bankruptcy attorneys nationwide. “My sole purpose is to process each petition quickly, efficiently and with strict client confidentiality,” says Gaskin. Aretha Gaskin has been a highly regarded legal support professional at some of New York City’s largest corporate law firms for the past ten years and is also the founder of The Virtual Legal Assistant, Inc. (http://www.tvlai.com).

How Bankruptcy Forms Processing, Inc., Works

BFPI works with clients and attorneys to make petition processing simple:


First, the attorney has his/her client supply all pertinent information on intake forms.

The forms are then sent to BFPI, the information is processed using the latest bankruptcy software, and BFPI follows up with the client and/or attorney to gather any missing information or answer any questions.


Once the petition is complete, it is sent to the attorney for filing with the bankruptcy court. Or, if the attorney chooses, the petition can be filed with the court from BFPI’s office.


Each petition is processed utilizing Best Case Solutions bankruptcy software and attorneys are charged a flat rate, thus saving time and money.


Prices range from $ 400 to $ 500 per petition, which includes all administrative charges, such as long distance calls, internet research and even the court filings.

Additionally, since Bankruptcy Forms Processing, Inc., is not a law firm nor is its Founder and President an attorney, no legal advice is ever offered to any bankruptcy clients. Any and all legal questions are directed to the practicing bankruptcy attorneys and strict confidentiality is maintained at all times. Bankruptcy Forms Processing, Inc., can always be reached for consultation and discussion of services.

For more information please contact:

Aretha Gaskin

Bankruptcy Forms Processing, Inc.

P.O. Box 2844

Plainfield, NJ 07062

Tel: 908-757-3300

http://www.bfpi.org

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