6 Simple Steps - Reduce Pain of Bankruptcy

[debtexecutioner]

It seems a lot of people are facing bankruptcy these days.
Here are six simple steps to make the process easier and less painful:

1. Call Attorneys in your Area. Most attorneys will give you an initial consultation for Free. Call around to find an attorney you'll be comfortable with and that you can afford.

2. Questions. Ask plenty of questions so you know what's going on. " How long have you practiced law?" "How many bankruptcy cases have you handled?" "How much will my bankruptcy cost?" "Other than court costs and your fee, will there be any other fees I need to be aware of?" "How long will my bankruptcy take?"

3. Analyzing your debt. When you meet with your attorney, he will need to know your specific financial situation: Your income, investments, real estate, and of course, DEBTS. Don't leave anything out. Just be aware, most secured debts, child support, and even student loans are not dischargeable in Chapter 7 Bankruptcy.

He'll determine what property is exempt and whether or not your eligible for Chapter 7 (full discharge) or Chapter 13 (wage earner plan) bankruptcy.


4. Filing Bankruptcy forms. Your attorney will need to know your current financial situation, i.e. tax records, employment, debts, etc. Leave nothing out! He's dependent upon you telling the truth. He will help you fill out all the bankruptcy forms, which includes your financial statement.


5. Going to court. In most cases, you're attorney will be appearing on your behalf. You may have to appear only once, just to meet the judge and the administrator of your bankruptcy, he is called a "Trustee". Your attorney and the Trustee will be working closely together to help you get through the bankruptcy process. Your attorney will be filing all forms for you.

6. Get Your Debts Discharged. The typical personal bankruptcy can take up to 6 months, depending upon your case, and the Court's calendar. When its all done, the Judge will issue you an order declaring your debts "discharged". That means you don't have to pay any of those debts and the creditor can't come back to try to collect. The "slate" is wiped clean, debt forgiven, and you can get a fresh start.


Sara Goodman
DebtExecutioner:cool:

[debtexecutioner]

Thanks for the "Thumbs up" on the bankruptcy info.
I talk to a lot of people everyday facing bankruptcy.
It's an emotional roller coaster and consumers need
good info to help them get through their own financial crisis.

A friend who works for a bankruptcy attorney and I are about to
complete our first book together "How to Stop Foreclosure -
Demand the Note." Should be done within the next week.

We've been able to successfully delay or totally avoid
foreclosure using Truth In Lending and state laws.
We're putting it all down in an Ebook to help keep
folks in their homes. We're excited about the project!

Caveat Emptor - Stay Informed my friend.

Sara

[Alfie]

its quite scary how 'easy' the process of declaring bankruptcy is, its just the hassle of afterwords and the state your in financially.

[debtexecutioner]

Alfie,

Bankruptcy is not an "easy" process.
For most, its a painful process of having to make the decision
to file for bankruptcy, and then having the money to actually
hire an attorney to file the paperwork for you.

Our Bankruptcy laws are actually from English Common Law,
based upon Jubilee Laws from the Old Testament. Debts
were written off and totally forgiven every 7 and 50 years.
So one can only file bankruptcy once every 7 years,
and it stays on ones credit report for that long.

But credit card companies don't care if you've declared bankruptcy.
I don't advocate credit cards, but had discovered that our clients
actually receive credit card apps during the process and have
even obtained credit cards after bankruptcy.

If one files for bankruptcy, he/she can immediately start
rebuilding their credit immediately after the process. That
includes hiring a credit cleanup service to start removing
negative or incorrect comments.

Your FICO score is not static - its not the same score every day
for months or years. It changes continually depending upon
your income, payment history, mix of credit, etc. So although
a petitioner for bankruptcy may take a hit on their FICO, they
can build it back up.

Bankruptcy is not for everyone. But, Thank goodness for Jubilee
and bankruptcy laws for those people who are without any recourse.
It gives them the opportunity to "clean the slate" and start over again.

Sara

[chane]

Originally Posted by debtexecutioner

Our Bankruptcy laws are actually from English Common Law,
based upon Jubilee Laws from the Old Testament. Debts
were written off and totally forgiven every 7 and 50 years.
So one can only file bankruptcy once every 7 years,
and it stays on ones credit report for that long.

Bankruptcies can stay on your credit report for up to 10 years. I just found this as far as how often one can file BK:

A debtor cannot obtain a discharge in a Chapter 7 case if the debtor obtained a discharge in (a) a Chapter 7 case filed within the past 8 years, or (b) a Chapter 13 case filed within the past 6 years.

A debtor cannot obtain a discharge in a Chapter 13 case if the debtor obtained a discharge in (a) a Chapter 7 case filed within the past 4 years, or (b) a Chapter 13 case filed within the past 2 years.

The time periods in either case are measured from the commencement dates of the respective cases. The dates of discharge have no bearing on the disqualification.