Questions to Ask a Chapter 13 Attorney

A Chapter 13 attorney can provide you with the help you need to make one of the biggest decisions of your life. Take a few minutes to consider if this is the right decision for you. If so, book a consultation with a professional to find out if this is something you can and should do for your own benefit. Of course, you do not have to make a final decision before seeking out aid from a lawyer to discuss if this is the best option available to you. Rather, you should invest the time necessary in making sure you make the best possible decision for your needs.

What You need to Know

There are many decisions you can make on your own, but a Chapter 13 attorney is a resource that is going to answer many of your questions without forcing your decision. You can get the answer to the questions you have by simply talking to these professionals about your options and your needs. The following are some of the most important questions to answer before you make the decision to file.

-Is this the best form of bankruptcy for you to file? Those with little assets and large amounts of debt and who are under the average income in the state may be better off filing under Chapter 7, total liquidation.

-What will happen to your home if you file? In many cases, this puts a freeze on any creditor trying to foreclose, if that is occurring. However, you still need to find a way to negotiate a better rate or a lump sum payment to get the debt caught up.

-What will this do to your credit in the long-term? What about the short-term implications? You should fully understand what is going to happen to you during the three to five years that it takes to work through this process.

-What should you expect to happen if your income increases during this period? What should you expect if your income falls during that timeframe? Is it possible to pay it off early?

-What if you cannot continue to make the required payments as are a part of this form of bankruptcy? You should understand the repercussions of this process.

There are likely many other questions that you are struggling to know the answers to, and a consultation is the perfect time for you to ask them. A Chapter 13 attorney will discuss the process with you at length, and provide you with a range of different options. He or she has the job of advising you on what is best for your future.

An Alexandria LA Chapter 13 attorney  can help you to make an informed decision about what steps you should take towards remedying your financial situation. Visit http://www.henrybankruptcy.com/ to find out which action is right for you, or to schedule your consultation today.

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The Advantages of Hiring a Chapter 7 Attorney

Let's face it. Bankruptcy happens. Troubling financial situations plague many people around the world especially with the current state of the economy. Families become buried in deep debt and don't know how to get out. Lawyers are trusted to handle these cases and make the process easier for clients to understand. There are different sections of insolvency that can be filed. One of the most common sections that clients file today is liquidation. When this occurs, a person's personal belongings can be used to pay off debt. This can be an unsettling thing. For people who need to file this form of bankruptcy, hiring a chapter 7 attorney is definitely the best course of action to take.

Some people may be leery of hiring a lawyer during troubled times. Most folks associate lawyers with charging high fees without having guaranteed positive results. But clients need not fear any longer. There are so many advantages of hiring a chapter 7 attorney when necessary. One advantage is that a representative will undoubtedly help the client to figure out the best steps to take according to his or her situation. Some of the person's belongings may actually be exempt from liquidation. Figuring this out it important. If the person has some items that are very important and precious, it wouldn't be fair to just have them stripped away. A lawyer can see to it that this does not happen and that the property is protected. Even if some property is obtained, a professional can help the client to get them back as soon as possible. Going through this process alone can be confusing and difficult. But no one has to get through this alone. A representative is the best option.

It's not difficult to fall into deep debt. Millions of people fall into bankruptcy each year and there are a variety of reasons that cause this issue. One main reason is unemployment. The economy is still tough and many people are unemployed or underemployed. When people lose their jobs this causes a drastic change in their lives. Paying expenses becomes extremely difficult and some people even have to pay their own insurance. Another top reason of major debt is overspending. Many people have poor self-control when it comes to constant spending and purchasing unnecessary items. Student loans can also pile up and be a huge cause of debt problems. And other issues like unexpected events in life can cause a strain in finances and become the spark of bankruptcy for many families.

No matter what the cause of bankruptcy may be, a chapter 7 attorney can come up with a better solution. Any client can be on the way to financial freedom with the help of the right representative. Taking charge of the situation alone is not the best way to go. But with a lawyer, every client is guaranteed to learn his or her exact rights and come out of the situation a winner. Attorneys are waiting to serve the needs of new individuals today.

It is a good idea to hire a Chicago chapter 7 attorney if you are in financial trouble. Look no further than: http://www.fishlawgroup.com/.

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A Chapter 13 Lawyer for Reorganization of Debt

In some situations debt can make it difficult to afford the day to day expenses of living. Food, clothing, medicine, and your mortgage can all but take up every spare cent that comes in. that leaves little left for loans and credit card payments. In times like this it can be difficult to determine what the best course of action is. On the one hand you cannot afford to continue making the minimum monthly payments, but on the other you do not want to lose your home or car. There is a solution in the form of hiring a Chapter 13 lawyer who can offer several options and benefits to a debtor and without entirely liquidating one's assets.

Those who are contemplating bankruptcy sometimes do not realize that there is a choice. If a person still has a job and is still bringing in income but is simply behind in payments or not bringing in enough to cover the monthly bills, there are options available in Chapter 13 lawyer assistance. Those who qualify need only fit into a few criteria.

First of all, other bankruptcy options may not be available because one's income is too high. Also, if you are looking to keep assets like a home or car while still postponing payments, a Chapter 13 lawyer could be the right choice. Another matter to consider is whether some of your debt is not eligible to be expunged.

Basically where as other types of bankruptcy flat out clean the slate and eliminate oppressive debts, at the cost of liquidating all fungible assets, a Chapter 13 lawyer helps a debtor obtain a period of reorganization during which time the court will allow them to pay off their creditors gradually over the next 3-5 years while still keeping their assets. This process can stop a foreclosure and allow a debtor the opportunity to try and "catch-up" over the next few years in the hopes of being better positioned at the end of this period.

Unfortunately sometimes the amount of debt we have accrued becomes too much to handle. With the economic downturn and so many businesses opting to reduce their workforce what was at one time affordable can be downright oppressive. Fortunately, some people only need a little breathing room to regroup and get themselves back in a situation where they can afford to get back on track. In these situations there is the benefit of a Chapter 13 lawyer. It gives those that are in debt a few years to pay back their creditors while still maintaining their standard of living and retaining their property.

A local Apple Valley MN Chapter 13 lawyer can advise you of your rights and set the plans in motion to stop creditor calls and get you back on the road to fiscal solvency again. Get started at  http://www.bankruptcylawofficemn.com/.

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What Is Chapter 7 Law? A Brief Explanation

The Chapter 7 law in the United States is all about the liquidation process in concerns to bankruptcy. The chapter 7 law is the most common type of bankruptcy in America. If you are a business and you need to file for bankruptcy because the business is in a lot of debt and it is unable to pay back the money it owes to its creditors, you may be able to file for chapter 7 bankruptcy. If you file this way, it means that the business will have to stop running, unless it is run by a trustee, which is usually appointed almost immediately.

It is the trustee's job to analyze all of the business's finances. They will often sell many of the assets of the company and start paying back the money that is owed to the creditors. If it is a very large company, large portions of the company may be sold to other parties to help pay off the debt of the company. Creditors that are fully secured have a right under law to collect the money that is owed to them that cannot be negated by bankruptcy. But these debtors, because they are secured, are not able to be a part of the liquidation process.

If it is an individual that needs to file for bankruptcy, the only thing that will stop them from doing so is if they have had a bankruptcy case dismissed within the last 180 days. When a person files for chapter 7 law bankruptcy, they are allowed to keep certain things that are exempt under law. What is exempt actually varies from state to state. The assets that are not exempt are then sold by the trustee that is appointed by the courts. These assets are sold to pay back the creditors.

Some kinds of debt are not taken care of by the chapter 7 law, such as child support, income taxes less than three years old, student loans, and property taxes. If an individual applies and gets bankruptcy, it will be on the person's credit for ten years from the date of the filing. It can make credit for the individual much less available or present less favorable terms, but then again, if the person has very high dept it can have the same effect on their credit. This unfavorable aspect of filing for bankruptcy should be balanced by the fact that it will remove all of the debt from the person's credit, which usually improves their credit.

If the person filing for bankruptcy could pay back their debts out of the disposable income over a five year time period, then their filing for bankruptcy could be deemed abusive, and it could be blocked. Over the last few years, the trustee has been much more observant and aggressive in preventing abusive filings. There have been actual changes to the laws in order to prevent abuse. The law was changed in 2005 and it clarified some of the language concerning bankruptcy.

A local St Louis Chapter 7 law expert has the experience and knowledge to get your finances back where they should be. Find out more at http://www.saintlouisbankruptcylaw.com/.

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Chapter 7 Bankruptcy Is the Best Option for Many People

Chapter 7 bankruptcy is one type of legal step you can take to get out of debt. Living with debt that is piling up, and no money to pay for it, is something that is overwhelming and hard to deal with. There are many reasons why this could happen to a person. One common reason is because of a loss of job. If you lose your job, your bills will continue coming. You will still need to eat, and you still need electricity. The problem is that paying for all these things is not easy. People in this situation often fall behind on their regular bills, including their car payments and mortgage. Once you have fallen behind, it can be impossible to catch up. This can bring strain on a family and marriage, and people in this situation commonly look for solutions. One of these solutions is filing Chapter 7 bankruptcy.

This process is known as a liquidation process. To begin the proceedings, you will need an attorney that has expertise in this area. He will petition the courts, and all of your assets will then be sold. All of the proceeds will be used to pay off your debts. This is a common type of filing when a person's debts far exceed their assets. The reason for this is because after everything is liquidated and paid, any of the remaining debts are wiped away. These debts are forgiven and you are given a clean slate. Completing this process is not an easy task and it is not recommended to do yourself. Understanding all of the laws involved can be hard for an average person. It is always better to hire a firm that specializes in this line of work. By doing this, the process will be handled correctly and will usually happen much faster.

This is the most popular form of bankruptcy, and there is one alternative that people use which is called Chapter 13. During this type of process, a person must repay their secured debts, and most of their unsecured debts are forgiven. To make this happen, an attorney must help you file the paperwork and then a repayment plan is created. This is the type of process used when a person wants to keep a particular asset that they own, such as their home. If this is filed, all foreclosure proceedings will stop until everything is settled. This gives people a second chance and more time to figure out what to do. By talking to a lawyer, you can determine if either of these is right for you.

Living with constant phone calls from bill collectors is not a lifestyle that is desired by many people. You can stop the phone calls and start over by filing Chapter 7 bankruptcy. Hire an experienced attorney to represent you and to file your paperwork. You will then be on your way to financial freedom. You will be given a second chance, and this is often what people need in order to gain control of their finances.

In Macomb County Chapter 7 bankruptcy has saved many local taxpayers from financial difficulty. Get more information at http://www.go4bankruptcy.com/.

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Life Changes That Can Leave You In Need Of A Chapter 7 Attorney

One of the few positive effects of this bad economy is that it encouraged Americans to take a step back and look at our reckless spending habits. Financial experts warned of the dangers of trying to "keep up with the Joneses" and blamed the credit card companies for allowing Americans to indulge themselves in such a way.

But while out-of-control spending habits do have a part in about 15 percent of all bankruptcies filed, it is more often the case that innocuous or unavoidable life circumstances trigger the need for a chapter 7 attorney.

Medical Bills

As if suffering an illness or injury that requires extensive hospital care wasn't bad enough, thousands of Americans go under financially just trying to stay alive and well. Medical debt is the number one cause of bankruptcy in the United States. It should be noted too that about 80 percent of these people fall into medical debt despite having health insurance.

How does it happen? When struck with illness or injury, people use up their sick days (if they have any) to get paid when they can't make it to work. But a condition, such as cancer, that requires repeated doctor visits over a long period of time results in a loss of income because it takes the person away from work. Without a source of income, the bills burn through people's savings and assets and usually put them into a deep credit card debt hole. Even those who qualify for unemployment and/or disability payments don't receive anywhere near enough money to pay off the mountain of debt they owe the medical world.

Divorce

We all know divorce can get ugly. Even the most amicable splits require a great deal of financial rearranging. Between lawyer fees, alimony payments and moving house, the cost of untying the knot can be tremendous. In fact, studies have shown a recent decline in the divorce rate because couples are opting to stay in their unhappy marriages rather than run the risk of financial destruction afterward. Still, with nearly 1 in 2 marriages ending in divorce these days, the need for a chapter 7 attorney is often the result of a divorce attorney's handiwork.

Student Loans

Benjamin Franklin once said, "An investment in knowledge always pays the best interest." This statement may have held true in the 1700s, but to today's recent college graduates, it probably sounds like a bitter joke. A college education is more accessible today than at any other time in history, but the scarce job market leaves much of our hopeful youth with a degree in one hand and a mountain of debt in the other. High interest rates and overwhelming payments have led many of today's educated youth down the road to bankruptcy rather than success.

Deciding whether bankruptcy is right for your situation is a tough choice, no matter what your reason. Fortunately, the right chapter 13 or chapter 7 attorney can help you through the process and provide you with a clean slate.

A chapter 7 attorney Olympia can help if something came up on you life and you find yourself in financial trouble, Look no further than: http://www.jeffreydstierlaw.com/.

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Could Gandhi Have Been a Chapter 7 Bankruptcy Lawyer?

Few know that the famous hero Mahatma Gandhi started his career as a lawyer. In 1888, the famous idealist and non-violent practitioner lived in London, England where we studied law at University College London. There, Gandhi studied Indian Law in order to one day train and live in an Inner Temple in India. According to historians, Gandhi studied law as a promise he made to his mother before leaving abroad. While specific law courses were afforded to Indians at the time, Gandhi's experience with law could have easily made him a chapter 7 bankruptcy lawyer. At the time a British colony, India was under strict rule as a sovereign land of the British colony.

After experiencing civil rights injustices due to colonial and power rule in both Britain and South Africa, Gandhi eventually would aspire to free the Indian land from outside control. Before he realized this, however, he attempted to set up a law practice in his native land, but ultimately failed. Historians have said this failure was in large part due to his shy personality and unwillingness to speak up during court proceedings. Had he not been willing to do this, a move to America might have later made him successful as a chapter 7 bankruptcy lawyer, especially due to the many startup businesses that were failing for one reason or another.

While much of his protests and hunger strikes help to eventually drive the British out of the country, Gandhi might have easily learned how to -through one effect or another-help alter the economic relationship Britain had with India as a chapter 7 bankruptcy lawyer. This type of law would have enabled him to understand the larger economic relationship between the empire his native country, but Gandhi went another route. Despite this, with enough determination and dedication to his political beliefs that were directly formed by British oppression, Gandhi would soon become an international sensation.

By 1915, Gandhi would return to India permanently. He brought attention to himself as an Indian nationalist, and although he was far from an experienced chapter 7 bankruptcy lawyer, Gandhi used his legal training to understand the broader ideas of justice and equality that would be realized in the world's largest democracy. By 1920, Gandhi would take over and become a part of the leadership of Congress. While the British did not recognize his subtle demands, they would eventually imprison the man as he was growing to become a threat to British rule.

After a very complex relationship with the British Raj and the British Empire, Gandhi's dream would be realized in an independent India free from British colonialism. Nevertheless, many Indians and Muslims who supported him were imprisoned, tortured, and were killed in the process. As a result, Gandhi's practices inspired many activists in the West to take up non-violent means to spark revolutions back home. From the non-violent student movements of the 1960s to Martin Luther King's non-violent revolutions; these were directly inspired by Gandhi's impact and leadership.

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Hiring a Chapter 13 Lawyer: Three Areas of Security

If you're thinking of filing for bankruptcy without a Chapter 13 lawyer, there are several reasons why you should reconsider your stance. While there are Web programs, books, and software packages designed to help the average person file on their own, the potential for risk is too high. There is nothing in the law that prevents an individual from doing their own filing, but that doesn't mean it's a good idea. There is nothing preventing a defendant from acting as his own attorney at a criminal trial, either, but it's one of the worst decisions a person can make. Here are three areas of security you'll be privy to if you choose to hire an attorney.

Avoid Harassment

Anyone in debt knows how persistent credit collections can be. They will call you at home, they will call you at work, they will send you letters in the mail. While one might opine that someone owed money has the right to try and get that money back, it can put the debtor in misery. Filing for bankruptcy can put a stay on this harassment, but hiring a Chapter 13 lawyer may be able to stop the calls in the meantime. If the collections department gets a call from an attorney, they may be unwilling to push the issue. While there is no guarantee, a good attorney will do what he can to get the harassment to stop immediately.

The Security of a Plan

Unless you have endless hours to devote to learning the ins and outs of bankruptcy, you're probably going to face a great deal of uncertainty moving forward. Hiring a Chapter 13 lawyer can protect you from this uncertainty and, together, you can devise a good plan for moving forward. With their experience, they will be able to recommend to you a plan that will help you keep as many assets as possible while still discharging whatever debt you can.

The Blanket of Knowledge

When you try to file on your own, you're going to be constantly trying to keep up with the law. You can do your own research, but this is going to be more time consuming than you probably imagined. Meanwhile, you could be focusing on more important things, such as making a financial plan for your life after bankruptcy. A Chapter 13 lawyer can handle the difficult waters of the court system while you concentrate on getting your life back together.

With a Long Island NY Chapter 13 lawyer, you don't have to worry about making mistakes in the filing process or filing unnecessarily. For an experienced, caring firm, visit http://www.sfbflaw.com/.

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Chapter 13 Bankruptcy: When Is It The Best Choice?

If you've been trying to decide whether you would be better off filing for Chapter 13 or Chapter 7, you should consider contacting a professional in the field and discussing your options with them. They will be able to take a look at your financial situation, your income, your assets, and your goals to decide which route is better for your life. Of course, there's nothing wrong with getting a head start on the process. The more informed you are, the better you can move forward with whatever decision you need to make. Here are some of the reasons you might choose one form of bankruptcy over another.

Stop Collection Activities

While filing for either type of bankruptcy will result in a stay as it pertains to collection activities, only Chapter 13 will put an end to it for the entire filing period (which can last years). With 7, the activity is only stopped for 90 days. If you're experiencing the deleterious effects of aggressive collection (harassing calls, wage garnishment, foreclosure, and more), this might play a big role in determining which route you wish to go. Talk to a good lawyer to determine if this is reason enough for you to choose this form of bankruptcy.

Buy Yourself Time

In many cases, when a homeowner is facing imminent foreclosure, they may feel there is nothing they can do to prevent losing the house. This is seldom true, however. Filing for Chapter 13 may be just what you need to do to keep the home away from the grasp of the lender. In most cases, the program will give you the chance to take up to 5 years to pay back any overdue payments that you have missed due to financial difficulty and put a stop to foreclosure proceedings. The same can be true for those in danger of losing their car to repossession. These options, however, can disappear quickly if you take too long to act.

Too Much Income

Sometimes, choosing Chapter 13 really isn't a choice at all, but rather a necessity. There are certain standards in place that you must meet if you want to qualify for Chapter 7. One of these standards is your level of income, which must not be above the median for your state. If you are over the amount, you will not qualify for that type of filing. Keep in mind that even if your income falls below the median, the court will look at your disposable income and use that as a further test to see if you qualify.

In Rockville MD Chapter 13 bankruptcy is a difficult decision. Let the compassionate, experienced firm at the following site guide you through the process: http://www.morganroselaw.com/.

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How to Choose a Chapter 7 Lawyer

Many people choose to file for bankruptcy because they have exhausted all other options. This program can offer them a fresh start and a chance to start over. There have been changes made to the filing process and the laws are complicated so you need someone who can help you maneuver through everything.

Once you have made the decision to file, you need to locate a chapter 7 lawyer as soon as possible. There are several reasons for this. One reason is because the right legal counsel can tell you whether or not you need to file or not. You may find that you may not even need to file and the attorney can tell you ways to deal with your debt through other means. If you do need to file, they can tell you how to handle things to get it done properly.

Recommendations are one of the best ways that you can locate an attorney. If you know of a friend, family member or co-worker that has utilized this type of legal counsel before, ask them for the name of the person they hired. Ask for their opinion and whether they had a good experience or not. If they had a bad experience with a certain attorney, you know who not to do business with. Jot down the name of the ones that had glowing reviews.

Another good way to locate a chapter 7 lawyer to assist you with your financial situation is to contact your local American Bar Association. You can also find out more on the American Bar Association website that will have a list of financial attorneys in your area. The downside to this is that they will not give you any recommendations. You can also use the phonebook where there is a huge list of attorneys.

The only real way you will know anything about a chapter 7 lawyer is to make an appointment for an initial consultation. This meeting should be free of charge and if someone wants to charge you, move on to someone else. You should not have to wait weeks for an appointment either. Understand that lawyers are busy but you should be able to get an appointment within a week.

At the initial interview, there are a few things you should take notice of and there are also questions you should ask. The first is to explain in full your financial situation and then listen to the advice you are given. You should feel comfortable telling your story and you should not feel rushed by the lawyer.

Cost is important. While cost should not be a deciding factor, you need to take into account what your fees will be. You are, of course, filing for bankruptcy because you basically have very little to no money and a good legal counsel will not take advantage of you by charging outrageous fees. Inquire as to how many cases they have done like yours and what the outcomes were. Ask how long they have been in practice in this field. You want someone that has several years of experience handling these types of cases.

A you considering hiring a chapter 7 lawyer plano? To contact an experienced attorney to handle your case, please see: http://www.bankruptcyattorneydallas.com/.

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Reaffirmation Agreements in Chapter 7 Bankruptcy - When to Sign and When to Stay Away

A reaffirmation agreement is an agreement a debtor enters into with a secured creditor to agree to pay a debt in return for the ability to keep the merchandise securing the debt. These agreements are standard in bankruptcy proceedings; however, the effect of these agreements makes one wonder why a debtor would agree to continue to saddle themselves with debt while in a bankruptcy proceeding. There are certain situations where a debtor basically has no choice but to sign the agreement.

After the Code was amended in 2005, a debtor must sign a reaffirmation agreement on their secured debts or risk losing the security. Prior to the enactment, if a debtor did not reaffirm a secured debt, but maintained the payments, the security would not be subject to repossession. This is not the case today. So, in order to maintain a homestead with a mortgage, the debtor must sign a reaffirmation agreement with the mortgage company. But what happens when the mortgage is more than what the house is worth? Is it in the debtor's best interest to reaffirm this debt?

If you owe significantly more than the property is worth, it may be wise for you to surrender the collateral and not reaffirm the merchandise. After all, you are filing a bankruptcy that will discharge your debts, so why incur more debt? Furthermore, you cannot file bankruptcy again for 8 years so if you remain liable for a debt, it will stay with you for a long time. The reality now is that if you do not reaffirm the debt, but continue to make the payments, the secured creditors will permit the debtor to keep the collateral. However, the debtor must make careful plans to ensure that the collateral is paid timely and in full with a release at the end of term. The creditors are prohibited from sending statements to the debtors as these are requests for payment of a debt that has been legally discharged. Further, there will be no positive payment information put on a debtor's credit report post bankruptcy to help re-establish credit.

There are situations on the other side where it is beneficial to sign a reaffirmation agreement. If you are in a position to maintain your payments, then signing the reaffirmation agreement will assist you in rebuilding your credit after a bankruptcy. Many times, it will be beneficial to reaffirm your vehicles or maybe some computer equipment or furniture that were not huge purchases.

Ms. Jacobs is the founding attorney of Andrea R. Jacobs, P.A. located in Coral Springs, Florida. Her practice focuses on immigration law and bankruptcy law. Ms. Jacobs is a member of the Florida Bar. She is also a member of The United States District Court for The Southern District of Florida.

Ms. Jacobs received her Bachelor of Arts, cum laude, from The Honors College at the University of Miami where she majored in English with a minor in Business Administration. Ms. Jacobs then attended the University of Florida, College of Law in Gainesville, Florida where her studies included curriculum in the fields of corporate, estate, family law and tax law. Ms. Jacobs received her degree of Doctor of Jurisprudence in 1990.

Ms. Jacobs can be reached at andrea@arjlaw.com or (800)424-7745.

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The Process of Chapter 7, 11, 13 Bankruptcy

Chapter 7

First, bankruptcy begins when the debtor files a petition with a court that has jurisdiction. The debtor must also file schedules listing assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of all executory contracts and unexpired leases. A chapter 7 case usually concludes 60 days after the meeting of creditors unless someone objects to the discharge. All claims are allowed claims unless there is an objection. A trustee, creditor or U.S. Trustee can object to a chapter 7 discharge. All objections must be filed within 60 days after the first date set for the meeting of creditors, which is governed by section 341. However, the court may grant a time extension to file objections for cause.

In a chapter 7, a trustee gathers and sells all of the debtor's nonexempt assets, using the proceeds to pay off debts to creditors once the debtor files a petition for bankruptcy. The trustee also determines whether certain property is exempt or nonexempt under bankruptcy law and state law. The debtor must give the trustee tax documents such as recent tax returns and transcripts, and previous unfiled tax returns. Additionally, individual debtors with substantial consumer debt must file a certificate for credit counseling, wages from employers received 60 days before filing, a statement of current monthly income and expenses, and a record of interest for federal or state qualified education or tuition accounts. Spouses may file jointly or individually. If both spouses choose to file jointly, each must meet all filing requirements as an individual debtor.

Chapter 13

Like Chapter 7, the debtor initiates a bankruptcy proceeding by filing a petition with the court where the debtor is domiciled or residing. The debtor must also file schedules listing assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of all executory contracts and unexpired leases. Like a chapter 7 debtor, the debtor must provide tax documents such as recent tax returns and transcripts, and previous unfiled tax returns to the chapter 13 trustee. The debtor must submit a list of all creditors and the amounts and nature of their claims, the source, amount and frequency of the debtor's income, a list of all property owned by the debtor, and a list of the debtor's monthly expenses in detail. This information must provided by each individual, regardless of whether spouses file jointly or not.

After the petition is filed, a trustee is appointed by the court to administer the case. The trustee collects payments and distributes to the creditors. At filing, the automatic stay prevents contact with creditors until the bankruptcy proceedings conclude. Chapter 13 provides a special protection for c-debtors where a creditor may not collect a consumer debt from any co-debtor. The debtor should make overdue payments current. If the debtor's home is in foreclosure and foreclosure sale concludes, the debtor may not be able to keep the home. Another way the debtor could lose the home is failure to maintain regular mortgage payments after the filing. You can get legal help online if you have questions about filing for bankruptcy.

The trustee then holds a meeting of creditors between 21 and 50 days after filing. The debtor attends this meeting to answer questions about finances and the proposed plan. In a joint petition, both spouses must be present. Within 90 days of the first date set for the meeting of creditors, unsecured creditors must file claims with the court or else the unsecured creditors cannot participate in distribution of the estate. A governmental has 180 days to file a proof of claim. After the meeting, the debtor, trustee and creditors will meet in a hearing to discuss the repayment plan.

Chapter 11

In a chapter 11 case, the debtor files a petition with the court where the debtor is domiciled or residing. The petition may be voluntary or involuntary, when filed by creditors. The debtor must also file schedules listing assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of all executory contracts and unexpired leases. The debtor must provide tax documents such as recent tax returns and transcripts, and previous unfiled tax returns to the court.

To file a voluntary petition, the debtor must provide debtor's name(s), social security number or tax identification number, residence, location of principal assets (if a business), the debtor's plan or intention to file a plan, and a request for relief. At filing, the debtor becomes the debtor in possession and assumes the same duties of a trustee until the reorganization plan is confirmed. If no plan is confirmed, usually within 180 days, the case will be either dismissed, converted to a chapter 7 case, or a chapter 11 trustee is appointed.

From filing, the debtor has the exclusive right to propose a reorganization plan during the exclusivity period unless a trustee gets appointed. After the exclusivity period, creditors and any interested parties may submit their proposed plan. The plan divides creditors into different classes where all creditors within a class must be substantially similar and treated equally. Only affected or impaired creditors may vote on the plan, which requires that the class of creditors approve of the plan. Before the creditors vote, full disclosure must be provided to the creditors. Corporations and business entities receive discharge at confirmation. However, individuals receive discharge when all payments are made under the plan.

If you need help with bankruptcy, you can get free legal advice online.

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