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  • The Myth of Bankruptcy and Foreclosure

    Good credit after a bankruptcy filing is attainable. Make sure that you remain responsible with your spending and with time you will find that you are able to obtain more and more credit.

    The core message put out recently by the UK Governments Insolvency Service was that a record number of people in the UK were made officially insolvent between July and September 2006.

    Perhaps the single major advantage of filing bankruptcy over the promises and results that private debt management companies cannot possibly provide is that, in bankruptcy, there is light at the end of the tunnel. Whether you file a Chapter 7 or Chapter 13 bankruptcy, when you complete your case you are guaranteed a financial fresh start. Since private debt management companies must provide for some partial payment of the debt, interest, and other charges, they can only guarantee that there will be payments and usually an indeterminate amount of additional payments. There is no light at the end of the private debt management tunnel.

    A bankruptcy lawyer in San Jose has the ability to deal with a bankruptcy case despite it already has been filed once before. However the lawyer too will have to evaluate the case before he agrees to file it for you. This is because there are certain rules which apply for re-filing and a process must be followed. It is only through proper evaluation of the entire procedure and case that the bankruptcy lawyer in San Jose will take your case. However you have nothing to worry about. These lawyers know their job and will certainly ensure to help you repay off your debts!

    Another consideration of personal bankruptcy is BAPCPA requires petitioners to obtain credit counseling. Debtors are responsible for the cost of counseling and must present a certificate of completion before approval can occur.

    You can obtain a copy of the bankruptcy forms that you need to sign by downloading these at the US Bankruptcy Court website. Giving personal information about your financial standing, debts, assets and income are typically required in these documents. Make sure you complete the required fields thoroughly and with accurate, up-to-date information. This website also has a wealth of completed sample documents to use as a guide. The completed documents should be submitted at the court of bankruptcy.

    Chapter 7 bankruptcy typically removes expenses such as credit card and medical debt. Filers are still required however to satisfy debts such as child support, student loans and taxes, as well as most liens, which often include car loans and mortgages. While there is no debt threshold for chapter 7 filings, eligibility is typically limited to individuals whose income is below the state median. Additionally, filers are required to relinquish any qualified assets worth over a certain amount. Profits from the sale of these assets are given to creditors.