Bankruptcy?
Im looking to file for bankruptcy and kinda need to know the new laws. I have googled it but didnt really understand it. Maybe is someone broke it down to me I would get it easier. Right now I read that they took some of your property and sold it to give to the collectors. Does that mean they could come into my house and grab my guns and sell them?
October 2nd, 2008 at 10:18 pm
Type in Bankruptcy and your State in the searchbar. You can then view the different types such as Chapter 13 and 7. It should give you all the info you need. Read it carefully. You will be required to list all of your assets and property.
October 5th, 2008 at 10:44 pm
Do yourself a favor and get a reputable lawyer. I had a good one, and I didn’t lose my car.
October 8th, 2008 at 8:59 pm
Get a good lawyer.
Wouldn’t hurt to “sell” your guns to a family member for a token amount.
October 11th, 2008 at 2:05 pm
Generally speaking, for a personal bankruptcy, you get to choose between a chapter 7 and chapter 13.
A chapter 7 bankruptcy is a discharge of debt. Basically some assets are exempted (this varies by state) Non-exempted assetts must be liquidated (sold) and the money given to the creditors. Typically, if you have too many assetts, people wait until the assets are gone before they file. But, be careful, because if you file bankruptcy too soon after giving away your assetts, the creditors might be able to sue to get the assetts returned. (Consult your attorney.) A chapter 7 bankruptcy typically takes a minimum of 120 days to discharge.
A chapter 13 bankruptcy is designed for protection of assetts. You pay back a percentage of your debt over time until you complete the payment plan. This process typically takes from 3-5 years to discharge.
A bankruptcy stays on your credit report for 10 years after the discharge date.
If you qualify, a chapter 7 bankruptcy is preferable to a chapter 13 bankruptcy. However, attorneys make much more money from a chapter 13 bankruptcy than from a chapter 7 bankruptcy. Therefore, if you are close, the attorney might suggest the chapter 13 bankruptcy.
Consult an attorney but you don’t necessarily need to work with the first attorney you talk to. Most attornies offer free consultations and it can benefit you to make a free consultation appointment with many (5-8) attornies to make sure you find one you feel comfortable with.
Finally, in most states, if you are filing a chapter 7 bankruptcy, a paralegal can help you complete the paperwork at a substantially reduced cost. The main advantage of using a lawyer is that they are bonded. However, if an attorney screws up, are you really going to successfully sue an attorney?
October 14th, 2008 at 10:42 am
Hi,
I used “Credit Solution” to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It’s legitimate. I came across this company on NBC News Special Edition.Check it out here: