Welcome to Bankruptcy Guide
Bankruptcy Statistics Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Filing Bankruptcy Brings a Sigh of Relief!
from:After filing bankruptcy, you can breathe a sigh of relief. When you let creditors know you are seeking debt relief through the legal system, they have to suspend collection efforts. It doesn’t take long to realize that the USA Bankruptcy Court offers a powerful solution to those who find themselves unable to handle their debt.
Filing for bankruptcy is a process that is best handled by an attorney specializing in bankruptcies. There are many different forms and steps that must be taken, and they need to be completed according to the law. Most people really don’t have a good understanding of how to begin the process, much less know how to complete the paperwork, file court documents and contact creditors.
In addition, there are many different laws that can help you restart from a strong vantage point if you know they exist. For example, you can keep your house in many personal bankruptcies today. An attorney will go through the process with you step-by-step which begins with a lengthy questionnaire.
The questionnaire you complete has a lot of questions about current debt, payments, delinquent accounts, assets and income. The questions are designed to get answers to the same questions that will be asked by the bankruptcy court. Based on your answers, the attorney will tell you which of the chapters is best for your situation. When filing bankruptcy, you can file a chapter 7 or chapter 13 as an individual.
After filing bankruptcy, the court appoints a trustee. The job of the trustee is to review the information the attorney collected and determine if the information is accurate and complete. You will probably have to attend a brief meeting with the trustee to answer any questions about the personal information submitted to the court. Your attorney will also let all the creditors know the official filing has taken place.
When filing a bankruptcy as a chapter 7, the courts allow you to keep enough assets to begin a fresh start. You may be allowed to keep your house and the car you drive to work, for example. You are also allowed to keep a certain amount of cash. It’s possible you will have to sell some assets or use cash over the minimum allowed to pay off a portion of the debt owed.
When filing bankruptcy as a chapter 13, you are actually asking the court to force the debtors to accept a repayment plan. You are given up to five years to pay the debts you owe. The court will determine the repayment plan.
When you decide it’s time for filing bankruptcy, the first step should be to consult an attorney. The process is complex, and there are many different decisions which must be made along the way. Chances are that amendments will have to be filed also before the final discharge. It’s common for people to remember old debt that should have been listed on the first questionnaire.
Bankruptcy Statistics Specific links
Bankruptcy Statistics News
Bankruptcy Filings Dropped in 2011
Filings Fell In All Chapters in 2011
Read more...Bankruptcy Filings Declined in 2011
Bankruptcies declined nearly 12 percent in the United States in 2011 from a year earlier.
Read more...Bucks Blog: Bankruptcy Filings Declined in 2011
Though there was a 12 percent decrease in bankruptcies, the decline doesn’t necessarily reflect an improvement in the economy.
Read more...Bankruptcies soar in Spain
The number of Spanish firms and individuals declaring bankruptcy rose 13.3 per cent last year to 6,755.
Read more...The Oklahoma Bankruptcy Lawyers at Atkins & Markoff Alert Public to a Rise in Bankruptcy Case Filings in Oklahoma's ...
The Oklahoma bankruptcy lawyers at the law firm of Atkins & Markoff, whose Web site URL can be found at http://OklahomaBankruptcyLawCenter.com, hereby alert the public to the release of the statistics regarding the number of Oklahoma bankruptcy cases filed in 2011. The number of bankruptcy case filings rose in the state’s Western District, but the number of filings statewide during 2011 ...
Read more...