bankruptcy questions

Archive for February, 2010

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MLM Bankruptcy, How to discover the red flags of a company. How to find the answers behind the Products Bankruptcy of a 30 year old company. Despite the best efforts of corporate president and products provider, when certain Pillars are NOT in place, most network marketing companies are destined for failure. Once you discover what the 5 Pillars are, you’ll know the WHY behind the FALL!

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Technorati Tags: 11, bankruptcy, chapter, davenport, harvest, international, leads, marketing, mlm, network, partners

Protecting money and assets during bankruptcy proceedings is difficult because you are required to report all cash, real property and personal property to the court. Consult a specialized lawyer to discuss the protection of certain assets during bankruptcy with insight from a family lawyer in this free video on bankruptcy.

Expert: Robert Todd
Bio: Robert Todd is the managing partner and president of Robert M. Todd, P.A. and Family Law Solutions.
Filmmaker: Christopher Rokosz

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Technorati Tags: bankruptcy, filing, finance, laws, management, money, questions

Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of the federal bankruptcy laws. It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and to answer some of the most commonly asked questions about the bankruptcy process. Bankruptcy is a process where debts are legally eliminated from ones life. The court is the only one that can grant or deny a petition for Bankruptcy. It does this by reassuring creditors their debts will be repaid and also the individual that they will not lose everything they have. It also takes the pressure received off the debtor knowing that the debt won’t ruin or take over their life.

Bankruptcy is a legal process through which people and businesses can seek to obtain a fresh financial start when they are having financial difficulties and are unable to pay their debts as agreed. When a business files bankruptcy it can be for one of two reasons. One, they actually mean to liquidate and close their doors or two, they are buying themselves more time with their creditors to be able to pay off existing debts. When a person files for bankruptcy, a court eliminates either or part of the existing debts under types of chapter in which they came.

The process is also designed to provide a measure of protection to creditors. Secured creditors are often in a better position than unsecured creditors because they hold lien on the property of the debtor that supports the right to payment.

Whole your bankruptcy case is pending, most creditors cannot try to collect their debts from you directly. They also may not attempt to collect any and all discharged debts excused by the court. However, not all debts are discharged.

There are several causes of bankruptcy. Approximately 90 percent are the result of unemployment, medical bills, or divorce. Every individual situation is different, though a common feature of many bankruptcies are a large amount of debt or credit cards with high interest rates. Filing for bankruptcy is a very personal, serious decision. Most people file when they see no other way out of debt. Once the decision has been made, the company or individual may declare bankruptcy by petitioning the court. This is a request for protection and relief under the bankruptcy code. The person filing for bankruptcy must provide information about his and her assets, liabilities, income, and expenditures. They also must verify that they have undergone credit counseling within the allotted time.

Bankruptcy stops most garnishments, although it depends on why you’re being garnished. What you will be allowed to keep will depend largely on your state laws. Some states allow you to keep all of the equity in your home, while others exempt a certain amount.

There are several Advantages to Filing Bankruptcy:

• A fresh start to your financial life
• Collection efforts are stopped upon filing
• Stops wage garnishments
• Can keep all or at least some of the equity in your home

There are also some Disadvantages to Filing Bankruptcy:

• Stays on credit record for years to come
• Makes getting credit harder if not impossible
• May lower opinion of ones self worth

If you decide to file, you definitely need an experienced bankruptcy attorney. Steer clear of petition preparers, typing services or paralegals. And if you are even considering filing on your own, remember the old adage that a man who acts as his own attorney has a fool for both an attorney and a client.

James123
http://www.articlesbase.com/franchise-articles/bankruptcy-fundamentals-understanding-what-is-it–697710.html

Bankruptcy is not something that you do on the spur of the moment, but rather it should be a well thought out plan that you only implement when you have exhausted all other possibilities. While bankruptcy may provide a way out of your current financial situation, you need to consider and be aware that the ramifications of filing bankruptcy are going to haunt you for the next 7 to 10 years. Many people who file bankruptcy are doing so to make things better “now” but they are not looking years down the road, and when they do and wish they had considered other options, it is then too late.

If you are on the very edge of filing bankruptcy and need a way out, there are multiple other options that may be available to you. If you feel like you’re hopelessly buried in debt and you have very few assets, filing for bankruptcy may not be the answer to ending your financial problems. Though it sounds like an easy and attractive solution for one’s financial problems, bankruptcy should be the last option any individual should resort to.

Throughout the process of filing for bankruptcy, it is a good idea to have a lawyer represent you through all formal bankruptcy proceedings. Unless you yourself are very familiar with bankruptcy law, especially the variations of the law within your state, it is more than just a good idea to have a bankruptcy lawyer represent you; it is almost a necessity so that you don’t accidentally get yourself into worse trouble than you are right now. From start to finish, the process of filing for bankruptcy is much different than it has been in decades past, and a good bankruptcy attorney knows those pitfalls and can navigate around them.

Before taking the big step and filing for bankruptcy, you will need to do some reading, especially so that you can explain to your bankruptcy attorney the reason for considering bankruptcy. You may need to consider filing bankruptcy if your expenses are increasing because of divorce, job loss, or medical bills, while your income is decreasing because of the same reason. There are various good reasons for filing bankruptcy, but there are also many BAD reasons for filing bankruptcy, based on the ease with which one could do that in years past, but most of those loopholes have been closed, and it is not nearly as easy today to file a non-painful bankruptcy case.

If you have decided there is no alternative to filing bankruptcy, you may be asking yourself, “how do I find a good bankruptcy lawyer? If you have exhausted all other resources and still feel bankruptcy is your only viable option you can learn more about filing bankruptcy or buy do it yourself bankruptcy forms. If you’re unemployed, on public assistance, have little or no money in a bank account, don’t own an automobile, or rent or live with others, filing for bankruptcy may do little to improve your financial situation. The bankruptcy judge is going to want to see a plan of how you plan to change your current situation so that you are not back in the same position in another few years, so be sure that you discuss a financial plan with your bankruptcy lawyer.

Jon Arnold
http://www.articlesbase.com/finance-articles/what-you-must-consider-before-filing-bankruptcy-103680.html

Long Island New York Bankruptcy Lawyer Richard S. Feinsilver provides a viewpoint on Debt Consolidation Programs and Why Chapter 13 is a more effective Debt Consolidation – Debt Management Tool.

Richard S. Feinsilver, Esq
Attorney At Law

Addresses:
163-10 Northern Boulevard, Suite 205, Flushing NY 11358
One Old Country Road, Suite 125, Carle Place NY 11514
2100 Deer Park Avenue, Suite 1, Deer Park NY 11729
110 North Ocean Avenue, Suite LL2, Patchogue NY 11772

Phone Numbers:
1-800-479-6330
516-873-6330

Websites:

http://www.yournewyorkbankruptcylawyer.com

http://www.yourlongislandbankruptcylawyer.com

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