Bankruptcy Articles

Filling bankruptcy is ofcourse a difficult decision to make, especially when you have very little knowledge about it ! Find what to ask your attorney to analyze the correct option for yourself before filling for bankruptcy.

The Ninth Circuit Rules that 523(a)(19) of the Bankruptcy Code Does Not Apply to Innocent Wrongdoers Who are the Recipients of Ill-Gotten Gains through Securities Fraud

If you are a natural person, corporation, partnership or limited liability company that owns an income producing parcel of real property and you are behind on payments or perhaps "underwater" you should consider filing a single asset Chapter 11 real estate bankruptcy.

Debt reduced by a mortgage loan modification, short sale or foreclosure will often result in the issuance by the lender of an IRS Form 1099-C, Cancellation of Debt. Under the IRS Code, if you borrow money from a lender who later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes.

One of the first questions that most potential bankrupts have is, "What will happen to my property, if I file for bankruptcy?"

Many people who are contemplating filing bankruptcy ask the question, what exactly is the job of the bankruptcy trustee? Is he my friend or foe? Well the answer to this question is really quite simple, once you know the duties of a trustee.

As a result of perceived abuses in the bankruptcy system, Congress passed the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005." The principal provision of this Congressional enactment was the addition of a "means test" designed to prevent higher income earners from filing Chapter 7 bankruptcy.

One of the first questions, many homeowners who are contemplating filing bankruptcy ask is "Will I lose my home if I file for bankruptcy?"

The filing of a bankruptcy case, under any chapter of the Bankruptcy Code, automatically triggers an injunction against foreclosure by a bank or other secured lender. The stay stops foreclosure and provides a breathing spell for the debtor, during which negotiations can take place to try to resolve the difficulties in the debtor's financial situation, subject to the oversight of the bankruptcy judge.

Today, if you own real estate with a second or third mortgage, chances are you can remove that lien in a Chapter 13 bankruptcy case. This is because with real estate declining as much as it has, many second mortgages may be considered unsecured and will be treated as such in Chapter 13.

This article discusses what tax debts can be discharged by the filing of a chapter 7 bankruptcy.

Did you know that when you file chapter 7 bankruptcy and an automatic stay takes effect and prohibits creditors from harassing you any longer? That's right! The automatic stay is a court order prohibiting any further collection actions against you.

Bankruptcy lawyer has a lot of responsibility and critical evaluations to make. The lawyer or the attorney will judge your case and decide under which chapter filing should be made.

What happens to Intellectual Property during Bankruptcy

What can bankruptcy do for you?As we all know, times are tough. Many people are having problems with their investments and have been inquiring about their options. Unfortunately, however, many clients have tried "go at it alone" and have gotten themselves in even more financial distress. Some clients, which were successful business owners in the community, are on the verge of losing their homes.

Chapter 11 Bankruptcy: What businesses can file for bankruptcy?

Protecting creditors rights when a debtor files a Chapter 7 or Chapter 13 bankruptcy

When considering whether to file bankruptcy it is important to take into account all of the options available. For many, the need for and advantages of bankruptcy are obvious. To others, it will be a last resort. As the debts pile up and the creditors hound you, it is important to consider what can be done. This article will provide basic information on the types of bankruptcies available to both consumers and businesses.

The third quarter of 2009 saw a record number of foreclosures across Arizona according to RealtyTrac, an online marketplace for foreclosure properties. For the fifth quarter in a row, Arizona ranked second behind only Nevada with one out of every 55 homes threatened by foreclosure. In the Phoenix area alone, 2009 foreclosures jumped 158% over the 2008 figures.

While your credit will not be completely ruined if you file for bankruptcy, it will remain on your credit report for up to 10 years. If you have a regular, decent income you will typically find that you can receive credit even after you file bankruptcy.

With the huge increase in bankruptcy because of the downturn in the economy, there has been a lot of misinformation put out there.

What do you know about bankruptcy chapter 7 filing process? Read to get information about Means Test and legal process to file bankruptcy.

Ever since the housing market began to be decline, other financial sectors have undoubtedly suffered alongside to some degree. Corporate and business bankruptcy cases have emerged more frequently since the beginning of 2008.

With the help of the right attorney, filing for bankruptcy is a hassle free experience. You need to hire an attorney who has ample experience in this particular field.

This article briefly compares and contrasts consumer bankruptcy and debt-settlement as approaches to help consumers overburdened with debt. While admittedly biased, the author clearly favors the personal bankruptcy option.

An option to help bankruptcy attorneys streamline the client intake process and develop consistency within their law firm operations.

The new buzz word is virtual. From virtual games, virtual seminars, virtual phones and virtual everything else, the word is becoming a part of our everyday language. Now virtual has extended to service providers. There are millions of virtual assistants who work for doctors ...

1. If the county courthouse where the debtor(s) are filing bankruptcy is online, you will need to run a Lien Search for every piece of real estate the debtor(s) own. The lienholder information will also tell you if there are any foreclosures or judgment liens on the property which will need to be added to ...

There are TWO things you should find out from the attorney (or ask the debtor in the client intake interview) before you start drafting a bankruptcy petition. These two questions are: ...

Bankruptcy is a huge problem in today’s market. Finances are tight, and jobs are hard to come by. It is unfortunate, but good hardworking people sometimes fall behind on their bills due to unforeseen circumstances like divorce, illness, loss of employment, or various other reasons outside of their control.

At some point almost every individual or family can experience a hardship that makes it impossible to keep up with ordinary living expenses. Loss of income, pay cut, increased expenses, downturn in business, loss of a family member, an adjustable rate mortgage or some medical condition can all cause financial pressure.

The other day, an interesting question came into the 713Training.Com office from a paralegal working on a Chapter 7 bankruptcy petition. The debtor was a widow who claimed most of the debts were only in her husbands name. The paralegal wanted to know if the debts of a dead person should be listed on the bankruptcy petition. She had asked her attorney and he told her to research the topic and get back to him for a discussion.

A personal bankruptcy is a form that when filed will discharge obligations to creditors. Bankruptcy forms can be located online or an attorney can prepare one for you.

The Chapter 7 bankruptcy is our most popular form of personal bankruptcy here in the US. Often times we have to resort to it because we have experienced an unplanned, sudden loss of a job, or a major injury.

Financial problems these days are very common and you shouldn't be ashamed of admitting your too far into debt. Outstanding debts can occur in a variety of different ways. You could be swamped with overwhelming medical bills, laid off from work, or worse. Financial troubles loom everywhere, but luckily theres still one way out If your in too deep.

The information contained in this article is solely intended to increase the skills of paralegals and other legal staff who are employed virtually or non-virtually by bankruptcy attorneys.