Posts Tagged ‘chapter 13 bankruptcy’
Chapter 7 Bankruptcy Atlanta 404-857-0456
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A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor’s property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain “exempt” property; but a trustee will liquidate the debtor’s remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.
To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. §§ 101(41), 109(b). Subject to the means test described above for individual debtors, relief is available under chapter 7 irrespective of the amount of the debtor’s debts or whether the debtor is solvent or insolvent. An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. §§ 109(g), 362(d) and (e). In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. 11 U.S.C. §§ 109, 111. There are exceptions in emergency situations or where the U.S. trustee (or bankruptcy administrator) has determined that there are insufficient approved agencies to provide the required counseling. If a debt management plan is developed during required credit counseling, it must be filed with the court.
One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a “fresh start.” The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1). Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property. Source: http://www.uscourts.gov/
The Law Offices of Russell H. Hippe, III | Bankruptcy Lawyer
1360 Peachtree Street, Suite 1205
Atlanta, GA 30309
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Best FLBankruptcy Lawyer, Winter Haven, Florida Chapter 7 & 13 Stephen J Berlinsky Att
Bankruptcy-Chapter 7 & 13. Experienced Attorney Stephen J Berlinsky has filed 1237 bankruptcy cases from 2004-April 2011 and personally reviews all bankruptcy petitions prepared by staff under his supervision. Serving Polk County Florida with offices in Winter Haven, Haines City, and Clermont. When it comes to considering Bankruptcy make sure and do your due dilligence and seek out a specialist in the field. The Berlinsky Law Firm, PA is priced very reasonably and here’s your opportunity to take advantage of a FREE 30 minute consultation and put Mr. Berlinsky’s knowledge and vast experience in Bankruptcy Law to work for you now. Call him today at 863-409-7961 http://www.FlaDebtRelief.com
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What is a Chapter 13 bankruptcy?
In a Chapter 13 bankruptcy, the debtor is essentially going to the court and asking them for permission to reorganize their liabilities into one lump sum payment. The debtor will take all of their unsecured liabilities as well as any arrearage on their home or automobiles, pile them all together, and propose to the bankruptcy court a plan of repayment. That plan of repayment usually last between 3 and 5 years and when the plan of repayment is over with, the debtor is discharged of all of his/her remaining liabilities.
Chapter 13 Bankruptcy is the best option for folks who are behind no their homes and about to be foreclosed, have cars that are about to be repossessed, have back child support, back taxes, and even unpaid school loans.
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What will the Bankruptcy Trustee take from me in an Arizona Chapter 7 Bankruptcy
I’m Joseph C. McDaniel and I am a Board Certified Arizona Bankruptcy Attorney. My firm is a debt relief agency and I help both people and businesses file bankruptcies. If you’re interested in filing a bankruptcy in Arizona or have questions, please call our firm at 602-297-3025 or visit my free Bankruptcy blog at http://www.arizonabankruptcyblog.info/ and my website at http://www.josephmcdaniel.com/
Do They Want My Comic Books? Do They Want My Beanie Babies? Do They Want My X-Box? What kind of Monster is the Bankruptcy Trustee?
The Bankruptcy Trustee in your Chapter 7 bankruptcy case is not a monster. The trustee is an overworked, underpaid, under-appreciated fiduciary for creditors. And generally a very nice person.
And the bankruptcy trustee in Arizona and elsewhere is charged with identifying your non-exempt assets in a Chapter 7 case and liquidating them to generate money to pay creditors.
However, there are thresholds below which the trustee doesn’t want to go. I’ve heard the number $800 bandied about.
That is, if all of the non-exempt assets in your case will generate, after cost of sales, less than $800, the bankruptcy trustee probably doesn’t want to waste a lot of time on the case, and will designate it a no-asset case, and the case will be closed in a year or two. Remember from my prior posts that a Chapter 7 bankruptcy with any assets at all will remain open for administrative purposes for two to three YEARS. Seriously.
If the non-exempt assets in your case will generate more than $800 or so, the trustee wants to sell them. The first and most logical buyer for your non-exempt assets is you.
That may seem a little strange, but that’s too bad. Sometimes in a bankruptcy case, if you want to keep some stuff, you have to pay the trustee to buy back your own stuff.
So if you have assets like a Beanie Baby collection worth $6,000, you’ll need to pay the trustee $6,000 in Arizona to keep that collection, if you didn’t sell it prior to filing to pay your Arizona bankruptcy lawyer.
If you have a comic book collection, that MAY be kind of like books, and those MAY be exempt as part of your library under the Arizona exemption statutes. Watch this space for further developments.
Many debtors develop a thousand-yard glassy stare when I tell them they have to list all their assets. I can understand that. They’ve worked hard to get their head around filing a bankruptcy, and now it’s a bunch of work.
I wish it were easier, but it’s not.
Note also: the trustee has the ability to look at all your check registers, cancelled checks, and charge account records, whether you provide them or not. So don’t even THINK about failing to list assets in your case. Your lawyer can’t save you if you don’t list all your assets and all your creditors, accurately.
And it gets WORSE!
Sometimes the trustees will simply take your offer to buy your stuff for its documented value (that is, Beanie Babies have a clear value, easier to determine than the value of an engagement ring. So the offer you make to buy back the Beanie Babies from the bankruptcy trustee had better be at least what the trustee can get on the open market).
And sometimes the trustee will auction your stuff, with your bid as the starting bid.
Pain in the behind, yes?
The only thing worse is paying those darn creditors!
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What happens if something is left out of the bankruptcy case? – Bankruptcy Lawyers Murray Utah
Bankruptcy Lawyers Murray, Utah. Visit http://www.labertewlaw.com/ or call us at (801) 424-3555 for more information about filing bankruptcy in South Salt Lake, UT and Murray, UT.
In this video, Michael Labertew, a bankruptcy lawyer in Utah, discusses what happens if something is left out of the bankruptcy.
Experienced Bankruptcy Lawyer helping business and individuals obtain debt relief and get a fresh start. Chapter 7 / Chapter 13 / Chapter 11 Bankruptcy Debt Relief
Labertew & Associates, LLC
4764 South 900 East #3
Murray, Utah 84117
(801) 424-3555
http://www.labertewlaw.com/
Michael L Labertew & Associates also serve the following cities for Salt Lake City, Murray Utah, Taylorsville Utah, North Salt Lake City Utah, Park City Utah, Heber City Utah, Sandy Utah, South Salt Lake City Utah, for Bankruptcy service.
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