A local bankruptcy attorney can help you understand the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, so that you can make an educated decision about the best next step for you. Fill out the form to the right for a free bankruptcy case evaluation by a local attorney.

Not sure whether bankruptcy is the right option for you? A Local Bankruptcy Attorney can answer your questions and explain the bankruptcy process to you. Schedule your Free, no-obligation consultation call for your free phone consultation from A Local Bankruptcy Attorney right now By filling the form to the right,

or Call CuraDebt Inc. Toll Free 24 hr. Hot Line

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Phase I is where we do the bankruptcy planning. We sit down, look at your income, and any assets that could be paid to creditors. We look at your debts and answer questions like ‘do you want to keep your home, or are you behind on your mortgage? We gather your documents, we draft the petition. At that stage, the time is up to you. Unless you’re being garnished, there is no reason to file immediately. W can take time to plan. Can be as short as a week; we’ve had people choose to go as long as a year. Once your Chapter 7 is filed, 90 days later, you’re debt free.

What happens with your credit and your financial life between the time you file and the time you receive my discharge 90 days later? You’re on hold once you file. You’re protected from your creditors suing you, garnishing your wages, or garnishing your bank account. You’re also not going out and incurring any new debt.

After the discharge is a good time to rebuild your credit, whether you’re looking to buy a car or establish a new credit card, you want to rebuild your credit after bankruptcy because we live in a credit society. You need three lines of credit, which can be a combination of installment loans like a car loan, an unsecured credit card like Visa or MasterCard, and a secured credit card.

I recommend only carrying 30% of the balance on the limit. Anytime you go over 30% of your credit line, it counts against you. Using your card and paying it off also counts against you. The payments are the key. And then there’s the secured credit card, where you make a deposit with the creditor and they give you a credit card with a limit equal to your secured deposit. I recommend using secured cards to buy your groceries — every month pay it off. That will build a payment history too if it’s a good secured credit card (we recommend the book Bounce Back From Bankruptcy as a good tool for selecting the best credit cards after bankruptcy). If you have three lines of credit for two years after your discharge date you can have a credit score in the 700s again.

What does “discharged” mean? Discharged is the bankruptcy term meaning that your debts are gone or wiped away. You never have to repay credit card debts, medical bills or lines of credit. Some debts are not dischargeable even after you file. The most common misconception is student loans. You have to list student loans on your petition, but just because it was listed on your petition doesn’t mean it goes away at the end of the bankruptcy. You will still have student loan debt and you’ll have to repay it. If you have tax debt within the past three years, you have to pay that. Child support and alimony are also not dischargeable. No one can opt out of past due payments or court-ordered restitution, where you’ve been ordered to pay a fine.

Secured debts are the ones that trip people up. Your mortgage in a Chapter 7 bankruptcy is actually discharged, but because it is a secured debt that’s tied to the home, you’re allowed to keep the home as long as you make the payment. It will help you rebuild your credit if you make the payments. One advantage is that in six months, if you lose your job and aren’t able to pay your mortgage, you can walk away and not owe anything because the bank eliminated your obligation to repay that debt.

With a car, the bankruptcy discharges the debt. You’re allowed to keep the car as long as you make the payments. Lose your job or the car breaks down or gets totaled, you can stop paying on the car. The lender will come get the car but you will not owe the balance of the loan. With a Chapter 7, even post discharge, you have that security when it comes to the debt.

Call Colorado bankruptcy attorney Kevin Heupel at 720-319-8900 or visit www.coloradobankruptcyadvice.com to talk about your options.

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Chapter 11 bankruptcy is usually thought of as a business bankruptcy. If you own investment properties, you may qualify for Chapter 11 bankruptcy.

In Chapter 11 bankruptcy you can lower the principal balance of your investment properties down to current value and pay them back over 30 years. In a Chapter 13

you need to have the income to pay back your loans in 3 to 5 years. A Chapter 11 bankruptcy allows you to pay these loans back over 30 years, and sometimes even

40 years if you negotiate with the bank.

In a Chapter 11 bankruptcy you will have a repayment plan and you will make your payments directly to your creditors. The payments will be negotiated down to the

current value.

After your mortgages are negotiated in a Chapter 11 bankruptcy, your payments will hopefully be lower than what you recieve in rent on your investment property.

This will mean you have a positive cash flow. In most cases you can sell your investment property anytime you wish after the Chapter 11 bankruptcy. For example,

if your loan is lowered to $100,000 and it then increases in value to $150,000, you can sell the property, pay off your mortgage, and have a profit of $50,000.

Chapter 11 bankruptcy is also available for businesses. In Chapter 11, you can reorganize your business debts and have a positive cash flow. This will keep you

in business and will eliminate your bad debt.

A Chapter 11 bankruptcy won’t affect your personal credit score. Unlike the other chapters of bankruptcy, Chapter 11 will appear on your credit for a breif

period of time. Once your plan is accepted by the court, the bankruptcy will be removed from your credit. All of your creditors will start reporting you as

active and current. This will improve your credit score and give you a clean start.

If you have investment properties or a business and you want more information about Chapter 11 bankruptcy, please contact Vegas Law Site

at:http://vegaslawsite.com

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Technorati Tags: bankruptcy attorneys, chapter 7, Charlotte Bankruptcy Lawyer, North Carolina Bankruptcy

Washington business and real estate lawyer Jeff Helsdon discusses whether or not a Chapter 11 bankruptcy is the right choice for you.

When comparing different bankruptcy options, you may have a lot of questions about which plan would work better for you. A Chapter 11 bankruptcy plan is available for both individuals and business, small and large. The advantage of a Chapter 11 bankruptcy is that you are able to restructure your debt and still remain in business. This plan allows you to work day to day, but rebuild your credit and debt relationship while you do so.

If you have knowledge in the bankruptcy field, you may want to file for bankruptcy yourself. And that is an option, but you should know there are a lot of details and decisions that must be made to not only file but continue with the plan. As an individual this is possible. However, a business may not file a Chapter 11 bankruptcy by them, this is against the law. A business must have an attorney guide them through this very detailed process. Watch the video now to learn more.

For more information about business law and my firm, visit our educational website at http://www.tacomalawfirm.com, where you can view more information on all types of bankruptcy plans. If you have legal questions, I want you to call me at (866) 309-1031. I welcome your call.

Oldfield & Helsdon, PLLC
1401 Regents Blvd., Suite 102
Fircrest, WA 98466
(866) 309-1031

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Duration : 0:5:46

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