Useful Bankruptcy Advice

avDeciding on bankruptcy isn’t the easiest decision. Many people see this option as a failure, but in reality it is a solution to help you get out of debt and enjoy a fresh start.

There are a number of different debt relief options available from consolidation loans to this option, which is why it’s important to do your research, determine what is the right choice for you and speak to a professional financial consultant to get the information and advice you need before making such a big decision, which will affect both you and your family.

There are many advantages and disadvantages to choosing bankruptcy to write off your debt. Understanding these advantages and disadvantages will help you make the right decision for you.

Looking at the advantages, you get a fresh start within twelve months. This type of option stays in place for around one year, after which you start your life anew, completely debt free.

Another advantage is that any unsecured debt is usually written off, which means that your debt is taken care of, stress is reduced and hounding calls from creditors comes to a

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Advantages and Tips to Consider If Hiring a Bankruptcy Petition Preparer

avBankruptcy Petition Preparer (BPP) is an individual who is not an attorney or company which is not under an attorney’s supervision. A BPP prepares the documents as instructed by you. You may be required to fill out an extensive questionnaire and provide confidential information.

Therefore, you must ensure the Bankruptcy Petition Preparer is trustworthy, complies with the Bankruptcy Code and abides by the legal guidelines to ensure he or she is not performing unauthorized practice of law.

The fee most Bankruptcy Districts allow a Bankruptcy Petition Preparer to charged should be a fee that is at or below the reasonable fee approved by the Courts. In the Middle District of Florida, the fee range should be around $150 for Chapter 7 and $175 for Chapter 13.

Of course, the fee may be less under some circumstances or pro bono. For the most part, a single debtor fee should be no more than $200 unless a person has 25 or more creditors. Ethically, a BPP should charge a reasonable fee that the debtor is able to pay and still pay the Bankruptcy filing fees.


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Economic Alternative for the Bankruptcy Pro Se Petitioner

poA recent discussion regarding the importance of meeting with an attorney prior to filing bankruptcy was held by a few of us. Valid points regarding a client obtaining advice from an attorney was brought up in the discussion. Unfortunately, some people cannot afford the attorney fee. More than likely, the bankruptcy pro se petitioner would not be in the predicament he or she is in if money was not a factor.


As a result, hiring a Bankruptcy Petition Preparer is an economical alternative. A Bankruptcy Petition Preparer is limited by statute and case law in most districts to charge no more than $200 unless approved by the Court (usually base is $150 plus $2 per creditor).

A wise option when it comes to choosing a Bankruptcy Petitioner Preparer (BPP), is to ensure the BPP utilizes bankruptcy software for Petition and Schedule preparation.

For debtors who cannot afford an attorney or BPP, the bankruptcy software is costly and not feasible for an individual to purchase. Therefore, an economical alternative instead of buying the software is for a bankruptcy pro se petitioner to utilize the Petition and

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How to determine the right approach to the trader to trade Forex, and why you need Forex brokers?

How to determine the right approach to the trader to trade on Forex?

Become a trader this is only possible for a long time, having several conventional steps. One of them is decisive in the formation of stockbroker and immediately follows the stage of learning trading. Here begins the most important work on the creation of a trading system. The first steps of the trader on the stock exchange does not typically have a diverse support from the outside, and are based on one of the sides trading basis – it’s a personal capacity. In addition, individual activity has to build on the Forex under the influence of a number of factors that are related to the second part of the base of trading on the stock exchange. Directly in the initial period of independent action on the stock exchange trader set these influences, which are then compared with its own potential. As a result of such analysis is obtained baseline data for the selection and construction of individual trading system.

Initially, a trader needs to choose a broker.

An important factor when choosing a Forex broker is a “range” of accounts that can open a trader. A good broker, as a rule,

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Is Bankruptcy The Correct Choice For You

Bankruptcy is not something to be embarrassed about. After the difficult economic times everyone has experienced in the past few years, there are more and more people turning to insolvency than ever before.

This type of insolvency enables a private person to be completely debt free within twelve months, offering them a fresh start when they need it most. With so many options available for debt relief, getting valuable and good bankruptcy advice can make all the difference for you and your family.

The recession left a lot of people jobless. Many households that relied on two working adults, resulted in one or both losing their jobs. In some severe cases they lost their homes and went hungry, as they ensured their children were the first to eat.

Once debt starts spiralling out of control like that, it’s exceptionally difficult to get back on track. Even once you start work again; trying to pay back overdue bills can become a daunting process. Remember for each late payment, there are penalty fees and increased interest, which means the debt, just continues to grow out of control.

Getting bankruptcy advice isn’t something you should take lightly. You should only approach a reputable company that has years

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Forelosure Bankruptcy Tips

If you’re facing foreclosure and wondering, “Will I be able to keep my home if I file bankruptcy?”, there may be options for you. Filing for a Chapter 7 Bankruptcy can possibly delay your foreclosure for a few months. A Chapter 13 Bankruptcy filing may even help you save your home altogether.

Reaffirmation Agreement

In bankruptcy, a contract signed between the lender and the debtor.

  • Reaffirms the personal liability for the debt.
  • Must be entered into before the Discharge in Bankruptcy is filed.
  • Must be approved by the court.

Pros of Reaffirmation Agreement

  • Usually to lenders advantage because it keeps you binded to the debt.
  • You have 60 days after signing the document to revoke.

Loan Modification

  • Permanent change in your mortgage loan terms.
  • Allows the loan to be reinstated under the new terms.
  • New terms include a new mortgage you can now afford.

FDIC Sponsored Loan Modification Program

The Homeowner Affordability and Stability Plan

  • Helps borrowers who cannot make their payments due to insufficient income.
  • Provides options for borrowers who are up-to-date on their payments, but can’t refinance because of a major decrease in the value of their home.
  • No fees for borrowers through this program.

Can I Keep My Home in Bankruptcy?

When you’re asking yourself, “Can I keep my home in bankruptcy?”, keep a few things

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Moving and Other Faux Pas Made Prior to Bankruptcy Filing

When it comes to filing for bankruptcy there are many things that you should do and shouldn’t do prior to filing. First and foremost the Bankruptcy Court requires individuals that are filing for bankruptcy to be totally honest and upfront in everything they do. Any indiscretion can end up in the dismissal of the bankruptcy discharge putting the individual back in fair game for the creditors. A person should really sit down with a bankruptcy attorney and discuss the do’s and don’ts prior to the bankruptcy filing to make sure they have a full understanding of what’s required of them. When it comes to dealing with the government it’s more of a do as I say then do as I do situation. Although it’s important to be honest with the court, it’s sometimes pretty hard to understand this requirement with all the corruption in the government agencies. The federal government keeps talking about how transparent they are while at the same time all these scandals continue to come out showing the complete opposite.

Even though the bankruptcy attorney tells their clients what to do, it seems that many of them just don’t listen and end up getting in some sort of

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Filing Bankruptcy Online, Is It Even Worth It

Since the introduction of the Internet, people have looked for ways to do everything online. This has even crossed over into the medical and legal fields. This is no different for filing bankruptcy. There are now many Internet startup companies that offer prepackaged legal documents with instructions of how to fill them out. With all the hoopla, many people are even attempting to file bankruptcy on their own. Over the last 10 years there has been a large number of websites that offer filing bankruptcy online. What these services offer is a web portal to fill out the bankruptcy petition and print it to take to the bankruptcy court. So while the bankruptcy petition is filled out online, it still needs to be submitted in person at the local federal bankruptcy court unless you are a bankruptcy attorney. A bankruptcy attorney has the luxury of electronically submitting their client’s bankruptcy petition online for a small fee. In fact, most attorneys rarely submit any documents in person because of this technology. This is not offered to the do-it-yourselfer. If someone is filing a do-it-yourself bankruptcy, they will need to go there in person. While in the past it might’ve been okay,

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Importance of Understanding Business Liquidation

If your business is going through financial calamities, then maybe liquidation is the only option left. However, it is one of those issues, which you would never like to discuss with anyone. Liquidation is a straightforward process but if it is something that you have not faced before, which is why it can be horrifying for you. We all have read about liquidation in books and have even heard tons of liquidation cases too but not many of us know about its bitterness.

Liquidation is sometimes the only solution. It is the process in which you will limit your liability as a director and will wind up the operations of the company. However, it is not as simple as it seems because there are certain obligations and legal procedures that are attached with it. Some people need advice on company liquidation and honestly, it is better to get a useful piece of advice when you are unable to find any way out of your financial pressures.

Some people doubt that liquidation is the best option for their business. It would be better to find company insolvency experts to look for the odds and to analyze each option to make a final decision.

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When Filing Bankruptcy How Do You Value Your Personal Property

One of the biggest reasons people avoid filing bankruptcy at all costs is the fear of losing all of their stuff. Most people don’t understand that the bankruptcy code allows generous exemptions that will protect a good amount of their personal property. It’s not saying they can keep exotic cars, expensive artwork and fancy jewelry and not pay their debts. Usually, the bankruptcy trustee looks for nonexempt items of value that can be quickly and easily sold to generate money to disperse amongst the creditors. If there is no real value there or it’s an item that’s really hard to sell, they might opt out since it would be wasting their time. Basically, it’s a rule of whether the benefits are larger than the time spent to collect.

When people get past the idea that they’re not going to lose everything, they might take the big leap into a bankruptcy filing. When people meet with their bankruptcy attorney, they will want to know how to value their property and what can be protected. This is a question that just about every bankruptcy attorney in the US gets from their clients that are filing for bankruptcy. Although it is a little bit

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Delaying the Inevitable Bankruptcy Filing

Back in 2008 just about the whole world was aware of the dire financial situation the global economy was in. The Federal Reserve ran to Congress and asked to fire up the printing presses to avert a financial crisis that would make the Great Depression of 1929 seem like the good old days. And like everyone also knows, Congress agreed to it with a stimulus bill close to $1 trillion. The only problem is, none of it really reached the economy. All this money did was bail out the bad financial dealings of the Federal Reserve member banks. If it only let those banks fail, the US probably would have already recovered and been able to stay as the number one global economy. It seems that now that is changing as China is taking a run at the number one spot. The only thing the US is now exporting is debt. That is selling U.S. Treasury’s to be able to keep the sinking ship afloat.

A few years ago large numbers of people were racing to the bankruptcy courts to file for bankruptcy. That was then and this is now. Since the printing presses were fired up over the last five

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Child Support and Alimony During Bankruptcy

Parents always want to take good care of their children and provide for their needs. Unfortunately, debt collectors and outstanding bills can sometimes take higher priority than domestic support, simply because creditors are very persistent in their attempts to collect debt. If the combination of secured debt, unsecured debt, child support, and alimony are unmanageable, bankruptcy may be the best option for you. Bankruptcy can relieve that debt pressure, freeing up money to support your family.

Receiving Alimony or Child Support

If you are receiving alimony or child support, news that your ex is considering bankruptcy can be alarming. You may worry that your support will stop completely. Filing bankruptcy will not discharge domestic support obligations. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 prioritizes the payment of alimony and child support even over the payment of back taxes. During a bankruptcy, the “automatic stay” stops the collection of debt temporarily. However, this does not apply to domestic support payments. This is good news for children and families who need financial support, as well as for the parents who support them.

How Paying Alimony or Child Support can actually Help your Bankruptcy

Paying alimony or child support can benefit you if you

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The Big Question, How Is Life After Bankruptcy

The credit industry works overtime letting Americans know the negatives of a bankruptcy filing. Because of this many Americans do everything to avoid filing bankruptcy every year because of fear of the unknown. Not knowing what is in the future causes many to try and avoid the process at all costs. Most of the reasons that people fear bankruptcy is because of the myths and rumors that are online and pushed out into society. Many people believe that they will never be able to get credit again because they filed. This is far from the truth because creditors are opportunists and know that most people leaving a bankruptcy filing are close to being debt-free.

As long as they continue working and making decent money, creditors will see this as an opportunity to get in on the ground floor. Although credit won’t be available immediately, within six months to a year, most people start getting offers for credit cards. This is when a person post bankruptcy should really be careful of getting saddled with the same debt that took them down. They need to remember that they won’t be able to file bankruptcy again for another eight years.

Another thing that people worry

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Is Your Credit Card Controlling You 5 Signs Your Credit Cards Are Controlling You

Having a credit card is almost a must these days. You need them to book a hotel, rent a car, or make purchases online. “Having credit cards is smart if used properly, related to building a good credit score.” says Christopher Viale, board chairman of the Association of Independent Consumer Credit Counseling Agencies. Viale also warns that, “The pitfalls of using credit cards, not just for the purpose of building your credit profile, obviously involves the temptation for overspending.” Obviously overspending could lead to debt and possible damage to credit scores. Here are five signs that your cards have stopped being a tool to build credit or an asset in accumulating points and rewards but an instrument of debt.

    1. You are struggling to make the payment: If you are struggling to make the minimum payment on your cards that is a warning sign. Make sure to make the payments on time. Think about using cash to make purchases while you are paying down credit debt.


    1. You spend for rewards: The rewards that come with credit card use are perks of using the card, but you should not be spending to earn the rewards. Remember the rewards are perks for purchases you were
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Does Debt and Loan Consolidation Really Work

Debt and loan consolidation is the process of taking all or some of your debts and putting them all together. Many people use consolidation for a number of reasons and there are different ways to do it. During the home refinance boom in the mid 2000’s, many people refinanced all of their debt into their home loans. The thought was that they could take their high interest debt and put it into a loan with a much lower interest rate. However, the flaw many failed to realize was that they would be paying on this newly consolidated debt for 30 years, no reduction in interest rate was going to save them money over that 30 year period. Others have used specific consolidation loans to lump all of their debt into one easily trackable payment. Regardless of the form and nature, the basic premise behind consolidation is that by lumping all your debt into one loan, you should be able reduce your interest rate and make it more “affordable” or “payable”.

In theory, consolidating debt appears like an attractive and viable solution to dealing with debt. However, research and history has shown consolidation rarely works out, and my experience as a bankruptcy

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Mistakes People Make That Hurt Their Bankruptcy Case

Making big decisions in life can be scary, and when it comes to financial decisions, the pressure and consequences are magnified. If you’ve been fighting to keep up with bills and debt for some time, you might be faced with the decision to file bankruptcy. This will probably come as a relief, just knowing that your debt will soon be under control. Having a professional bankruptcy attorney guiding you through the process can help you make informed decisions about your case and avoid some of the common mistakes that people sometimes make.

Ask for Help

When you’re doing something as important as filing bankruptcy, it’s best to have an experienced professional helping you. While you can file on your own, an attorney can help you look at alternatives to bankruptcy, and if you both agree that bankruptcy is the best option for you, he or she can help you decide which chapter to file. They will also ensure that all your forms are complete and you have all the necessary supporting documents. Filing incomplete information could lead to your case being continued at a later date or could even alert the trustee to fraud. Your attorney will also make sure you

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Should Christians File Bankruptcy

For many people financial woes have them stressed out, while they barely survive living paycheck to paycheck. They may have medical bills, student loans, credit card debt, car loans, payday loans and more piling up on their desk. For many it seems like an insurmountable task to get debt free and stay that way. So many turn to Bankruptcy as a quick fix to their problems… but is that the right answer for Christians?

When we look at bankruptcy we have to understand what it means to most people. Chapter 7 bankruptcy eliminates all of your debt, wipes the slate clean, and leaves you with a damaged credit score for a very long time. There are other forms of bankruptcy that allow you to restructure your debt, and pay it off over a longer period of time, with a much lower monthly payment.

Biblically speaking it is very clear that as Christians we are to pay our debts (Ecclesiastes 5:4-5) and that the wicked “borrows and does not repay” (Psalm 37:21). It may seem very tempting to start over with Bankruptcy but unless you learn to be obedient to what God wants for you and to be a good steward of

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Bouncing Back After a Bankruptcy

After 60 days of closing the bankruptcy case, request for your credit report. Check for any errors (inaccurate, outdated, incomplete or unverifiable information) which can be legally corrected or removed by the credit report agency. Write a brief statement to the agency explaining the reasons that led you to file for bankruptcy and what you’ve done to solve your financial problems. This explanatory statement (30- 50 words long) will always appear on your credit report unless you request for it to be removed.

Get a secured credit card

With a bankruptcy charge, it’s important to demonstrate that you are credit worthy. Get approved for a secured credit card. With this type of credit card, you are only allowed to spend what you’ve deposited in your account ahead of time. Make timely payments before any interest accrues so that the bank can forward a good account history to the reporting agency.

Choose a secured credit card from an issuer who reports to one of the three major credit reporting agencies to ensure it helps to rebuild your credit score. Try not to apply for too many credit cards (or new credit) because creditors always check your rating before approval and this may lower your

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Can I Keep My Car During Bankruptcy

Bankruptcy is a big step to take, and it’s completely normal to wonder how making this decision will impact or change your life.

One of the questions that is regularly asked during the bankruptcy process is: can my vehicle be repossessed if I declare bankruptcy? The answer to this question is simple enough if you live in Florida – if you want to keep your car, you will have to pay for it. If you do not live in Florida, the answer to this question depends on a number of different criteria (keeping in mind that each state is different).

The following information regarding this topic may be of help to you, but it’s best to contact a qualified consumer bankruptcy attorney in order to go over your specific case prior to declaring bankruptcy.

The Value of Your Vehicle

What is the current value of your vehicle? This is the first thing that a Bankruptcy Trustee or Judge will likely ask. While you may have some idea of the worth of your vehicle, you will need to have your car or truck appraised professionally.

To do this, you will have to bring your vehicle to someone that is legally qualified to sell vehicles (this person

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Can Filing For Bankruptcy Keep The Creditor Sharks Away

Are you tired of the phone calls and voice messages asking you to call some 1 800 number so you can be reminded; how many payments you are behind? Perhaps you are like I was, hesitant to open the mailbox for fear of seeing a notice to appear in court. If you are you are either hoping for a miracle or wondering if filing for bankruptcy can keep the creditors from taking all of your stuff please read on.

The good news is that for the most part, creditors don’t want your stuff. They just want their money plus interest. If you give them their money, they will go away for good. If you don’t pay them, they will be relentless in their efforts to get you to pay up. There are times when folks are forced to liquidate their assets to help pay off their debts. It depends on the case and the circumstances surrounding the debt.

The bad news is that most creditors have money and time on their side to wait for you to pay up. When they get tired of waiting they may sell the debt to someone else who will patiently but methodically try to get you

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