2009 February | International Insurance Web World

Now, with the new bankruptcy laws that were passed in 2005, you will need to take some pre-bankruptcy debt counseling in order to be able to file a chapter 7 bankruptcy. It has become law that you get counseling before and after filing bankruptcy.

Bankruptcy Counseling Details:

The debtor must get counseling and certification from a non-profit credit-counseling agency before the forms can be filed for your bankruptcy.

You’ll need to take one or two sessions in order for you to find certification. With the certification you will be able to proceed with the bankruptcy filing.

pre-filing credit counseling certification:

There is work you need to do even before you get your pre-filing credit counseling certification. There are forms you will need to have filled out during your sessions.

Income certification form and budget form:

The first is the income certification form.

It will state your income and also it will show a fee schedule.

Also, keep in mind that the budget form will also need to be filled out, but that form is very self-explanatory and easy to understand.

Non-profit credit counselor for affidavit and agreement for credit counseling:

With these forms complete, and your certification now complete, you will need the non-profit credit counselor to fill out your affidavit and agreement for credit counseling.

Your attorney will notarize the form, but you’ll also need to send it along with a coy of your state ID.

All of these forms must be presented to the court clerk before you begin to file your bankruptcy paperwork along with a notable fee.

Where to get Bankruptcy Counseling service?

You may be able to get this Bankruptcy Counseling service online and even on the phone.

Many companies will offer their service in the office, but they also are very flexible with the sessions.

Once you have completed these steps, you are ready to file the paperwork with your bankruptcy court.

Conclusion:

You will need to be prepared and understand what it is that you need to expect certain things to happen during the court process.

You will want to keep in mind that another counseling session is a must in order for you to plan better for the future.

You will want to keep in mind that the finical planning session will help you to get back on your feet and also plan better for your future.

To view latest videos about bankruptcy.

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Bankruptcy Chapter 13 – information about filing bankruptcy chapter 13

27 Feb, 2009 No Comments

Bankruptcy chapter 13 – An Introduction:

When filing bankruptcy there are several codes that you can file bankruptcy under. The most common one is a chapter 7, but don’t forget about the chapter 13. This (bankruptcy chapter 13) one allows you to keep your property and still pay off the debt.

Bankruptcy Chapter 13 Information:

Your debt is paid within three or five years.

This chapter is usually chosen by those who have a regular income and who do not wish to deal with the new laws of chapter 7 bankruptcy codes.

Also known as the wage earners plan, chapter 13 bankruptcies enable debtors to pay off part of the debt they have incurred.

This option is not as a quick fix as a chapter 7, but you’ll be able to take some financial responsibility and it does look better on your credit report, because you are taking the responsibility and willingly paying your debts off.

Chapter 13 bankruptcies act as sort of a consolidation loan in itself. Because the debtor is making payments on the owed monies, it does not have such a bad impact on the credit reports.

But the individual does not have direct contact with the creditors and payments are distributed amongst them.

Conditions for filing chapter 13:

For you to be able to file a chapter 13, you must have your unsecured debt under $307, 675 and the secured debts need to be under $922,975 in order for you to be able to file.

No debtor may file for chapter 13, or any bankruptcy chapter during the preceding 180 days of a previous bankruptcy petition was dismissed.

Conclusion:

Keep in mind that there are fees that need to be paid when filing for a chapter 13 bankruptcy. You will find that there is a courts fee, a filing fee, and then there are other fees that your lawyer will charge you for.

Keep in mind that the courts will allow you to pay the fees in installments, but you will need to get the court’s permission.

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Mortgage after Bankruptcy – How to get a Mortgage after Bankruptcy?

26 Feb, 2009 No Comments

Declaring bankruptcy:

Declaring bankruptcy can be a great tool if you find yourself drowning in debt.

Bankruptcy is meant to help people who just cannot find another way out. It allows you to use all of your assets to pay back as much as possible over a set number of years are all at once and then start anew. When you declare bankruptcy, you free yourself from creditor and collection agency phone calls and have the chance to start over again with a fresh slate.

Life after bankruptcy:

Well, almost. When you declare bankruptcy, it appears on your credit history that you took this action. Bankruptcy means that your lenders probably did not get back all of the money you owed them.

Therefore, if future lenders see that you have declared bankruptcy in the past, you are considered to be a very high-risk candidate, because you might not have changed. Getting a mortgage after bankruptcy can be especially difficult, but there are ways to go about doing it.

Credit history – building up credit:

First, building up credit—good or bad—takes time. If you declare bankruptcy, you effectively wipe out your credit history.

However, that includes any good credit you may have had as well. Therefore, you have to start from scratch.

Just like a mortgage lender would consider a young adult a high-risk candidate because he or she has little credit history, you too will be considered a high-risk candidate.

You can explain to your lender about how you’re going to change until you are blue in your face, but a more effective way to do that is to prove it.

Build up your good credit again, and wait about two years before even considering approaching a lender regarding a mortgage.

Special government programs to get a mortgage:

You can also use special government programs to help you get a mortgage.

Some will work with you to put less money down on your new home and to convince a lender that you should qualify, even if you have declared bankruptcy in the past.

If you have a solid income now and are working to pay off debts, you can probably qualify for some of these government programs.

Use home as equity:

You can also use your current home as equity to convince a lender that you should qualify.

The less money your want to borrow, the less risk you are to a lender.

Therefore, if you can pay for the majority of your new home by selling your current home, your lender will be more likely to overlook the fact that you’ve declared bankruptcy in the past.

Conclusion:

The real lesson here is that bankruptcy should not be declared lightly. You need to make absolutely sure it is the best option for you.

Bankruptcy should be your last resort financially, because it will make it difficult to do things like get a mortgage in the future.

To view latest videos about bankruptcy.

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Avoid Bankruptcy – Getting your finances back on track to avoid bankruptcy

25 Feb, 2009 No Comments

How to get your finances back on track to avoid bankruptcy or after bankruptcy?

There are many ways that you can get your finances back on track, either to avoid bankruptcy or after you have gone through the bankruptcy process.

The first step to making sure that your finances are more manageable is to get organized.

Bring all of your statements and bills into one place and find out exactly how much you owe to each place.

Then, see how much money you are bringing in that you can afford to put towards what you owe.

When you have done this, you are going to see if you can manage to make the minimum payments or not.

How to avoid bankruptcy?

If you find that you are still unable to make the minimum payments even after you have organized all of your finances and have a list of what you owe, you might want to consider contacting each individual creditor and asking if there is anything that they can do to lower your payments.

If they know that you are looking at bankruptcy, or that you are afraid this is going to happen, they are going to be willing to help you because if you do file for bankruptcy they aren’t going to end up getting all of the money that they hope to get from you.

So, talk to each of the creditors.

Make sure that they know what your situation is and give them the amount that you are willing to pay per month. More often than not there is something that they can work out for you.

Building up credit:

Another thing that you should remember when you are getting your finances back on track is that building up credit is very important.

You should be sure that you are finding ways to build your credit.

Sometimes this means taking out a small credit card or a small loan and paying it off right away.

This is a great way to build your credit little by little.

As you build your credit you are going to find that you are able to pay back certain things that are owed and that you are getting more and more credit as you go along.

These are all great ways to make sure that your finances are getting back on track, which is going to help you to be more successful when it comes to getting more credit and getting more money.

Conclusion:

Remember that you need to make sure to make each payment, and to make it on time.

This is a great way to get your finances on track and be sure that you are putting your best options on the table.

To view latest videos about bankruptcy.

To view latest mortgage refinancing videos – videos about mortgage refinancing.

To know more about bankruptcy – what is bankruptcy?

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Declaring bankruptcy – The Truth Will Set You Free for declaring bankruptcy

24 Feb, 2009 No Comments

Money problems and declaring bankruptcy:

If you are having money problems, one option that you have for repaying your debts is to declare bankruptcy. Bankruptcy is not always the best option; in fact, it should only be used as a last resort. It is, however, a good option for some people. If you do declare bankruptcy, it is very important for you to tell the truth completely.

There is no need to rush the system. Take all the time you need to make sure that your information is fully complete and accurate. If you don’t tell the truth, it will come back to hurt you later in life, no matter how careful you may be.

Declaring bankruptcy to avoid debt:

Of course, mistakes happen. If you forget to list something when declaring bankruptcy or otherwise misrepresent yourself and it was an honest mistake, the court will probably ask you to make the correction and warn you to be more careful.

However, if you make too many mistakes, it will be evident to the court that you were careless when filling your paperwork. If you are careless, the court could dismiss your case entirely, even if you weren’t attempting to defraud your lenders by declaring bankruptcy when you didn’t have to just to avoid debt.

Purpose of bankruptcy:

Remember that bankruptcy doesn’t allow you to play favorites. If you owe money to a relative’s business or happen to be friends with the owner, you still have to list the business when you declare bankruptcy.

The purpose of bankruptcy is to make sure that all of your lenders get an equal share of the money and assets you do have. The court will discover that you have debts with these people, and your case may be dismissed or you may come under full review. In that case, other things you have left out when declaring will also come to light.

Bankruptcy and physical possession:

You must also remember to list any money that you do not yet have in your physical possession but that will be yours in the near future.

For example, if a relative has recently died and left your money or property, but the will has not been executed yet, you will still have to list this asset.

Conclusion:

Trying to hide assets is also illegal. If you own property, like land or jewelry, don’t try to put it in relatives’ names or otherwise quickly dispose of it. This offense could wind you up in jail and you’ll have huge fines to pay on top of the debt you already owe! Instead, simply be honest from the beginning.

If you don’t know what your specific obligations are, talk to a lawyer or financial professional.

To view latest videos about bankruptcy.

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To know more about bankruptcy – what is bankruptcy?

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Setting goals for bankruptcy – The Importance of goal setting to get out of debt – bankruptcy

23 Feb, 2009 1 Comment

Bankruptcy for getting out of debt:

Most people find that financial troubles happen occasionally. This is especially true if you are young and just starting out in the world. One of the options you have for getting out of debt is bankruptcy.

However, this is not the best option, nor should it be done by the majority of people. Bankruptcy is the legal declaration that you cannot pay back your debts and do not see a way to do so in the future, at least not in fully.

Different types of bankruptcies:

Individuals can declare chapter 7 or chapter 13 bankruptcies depending on how much debt has been acquired and how much money is made every month.

Setting goals:

An important part of this financial process is setting goals.

By setting goals you can both stay out of debt and reduce the risk of having to declare bankruptcy and rebuild your credit after you’ve already declared bankruptcy.

Your guidance counselor in junior high wasn’t kidding—if you set goals and reach for them, you can live a happy and successful life.

Your first goal in setting goals:

You should begin setting goals as soon as you are responsible enough to start making your own financial decisions.

For most people, this occurs around the time of high school graduation. Set aside a savings account into which you can deposit money but from which you will not withdraw money unless you have an emergency (and beer money is not an emergency!).

Make this your first goal. Depending on how much you work, set a number you’d like to save in a year’s time. Try to exceed that number if you can.

Having credit card:

Take that goal setting with you as you been to accumulate debts.

It’s a good idea to have at least one credit card, but a financial goal that makes a lot of sense is to pay off this credit card in full every month.

This will help you begin to build credit without putting you deeply into debt.

If you find yourself overwhelmed with bills every month, set goals for how to save money by reducing spending? All of this will help you to manage your debt and you hopefully won’t have to declare bankruptcy.

Conclusion:

If you have declared bankruptcy in the past, however, it is important to help yourself set new goals to once again begin building a good credit history. You should do this by working to pay the debts you have that were not dissolved due to the bankruptcy.

If you fall behind on those payments, work with your lenders to negotiate a better deal. You can also slowly begin saving money again, using the technique you used before bankruptcy. When you set goals, you show others that you are trying to improve your financial situation and that you can be responsible with money.

To view latest videos about bankruptcy.

To view latest mortgage refinancing videos – videos about mortgage refinancing.

To know more about bankruptcy – what is bankruptcy?

Bankruptcy Related Resources:

Strategic Bankruptcy: A Logical Choice with Strategic planning for business bankruptcy

22 Feb, 2009 No Comments

Strategic Bankruptcy – An Introduction:

In the world of filing for bankruptcy, there are many things that you can do or not do in order to make sure that you have the best chance of getting the right amounts of money to get yourself or your company back on track.

There are several ways to go about filing for bankruptcy in a good way – in a way that will help you more than it will hurt you.

Strategic bankruptcy:

While bankruptcy fraud is a crime – filing for bankruptcy if you don’t need it or filing in a way that makes you look like you are less off than you are – strategic bankruptcy isn’t so much of a crime as it is simply a way to file for bankruptcy at just the right time and in just the right manner so that your assets end up doing what they are supposed to do – be an asset to you.

Strategic planning for company bankruptcy:

Usually, you will find that strategic bankruptcy filing takes place most often within companies.

They work together to find out what is the best way to make sure that they cut all of their loses and get out of debt, without losing too much of their own at the same time.

Strategic bankruptcy filings for companies:

Most of the strategic bankruptcy filings are going to take place when a company has been just at the cusp of going into bankruptcy.

They might divide up and sell their assets in a way so that these assets are no longer part of the company and not liable when the bankruptcy is filed.

Then, they might file for bankruptcy and not have to worry about certain assets that have been taken care of.

That way after what is left has been divided up; they still have something to go home to.

This is different from bankruptcy fraud because it is all done with the notion that they are going to be filing for bankruptcy, and so there is no secrecy and there are no lies that go along with it.

Conclusion:

Strategic bankruptcy takes planning and it takes help to make sure that you are filing at just the right time. You also have to be sure that you have done enough to ensure that your company is going to survive in the long run, and that by filing just where you do and at what time you do, you are allowing yourself the better chance for success in the long run.

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Bankruptcy Counseling – Details about Bankruptcy Counseling

Bankruptcy Chapter 13 – information about filing bankruptcy chapter 13

Mortgage after Bankruptcy – How to get a Mortgage after Bankruptcy?

Avoid Bankruptcy – Getting your finances back on track to avoid bankruptcy

Declaring bankruptcy – The Truth Will Set You Free for declaring bankruptcy

Setting goals for bankruptcy – The Importance of goal setting to get out of debt – bankruptcy

Strategic Bankruptcy: A Logical Choice with Strategic planning for business bankruptcy