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May 06

Latest Cheap Bankruptcy News

Posted on May 6, 2012 by admin

Octomom Files for Bankruptcy
'Octomom' Nadya Suleman filed for Chapter 7 bankruptcy on Monday, stating in a court filing that she was $ 1 million in debt. By Heba Hasan | @Heba__H | May 1, 2012 | + Raising children isn't cheap, especially when you have 14 of them.
Read more on TIME

The Daily Docket: Lehman Trustee Reaches Customer-Repayment Deal
By Melanie Cohen The trustee winding down Lehman Brothers brokerage has reached agreement with its former parent and its UK counterpart to “immediately” allocate $ 13.8 billion to a fund to be used to pay back customers, according to a bankruptcy court …
Read more on Wall Street Journal (blog)

GM, a failed investment
Before filing for Chapter 11 bankruptcy in July 2009, GM had 91000 employees in the United States. You can reach a 400000 total assuming that all of GM's jobs, as well as all the jobs of their parts suppliers and car dealers, would have been lost.
Read more on Philadelphia Inquirer

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May 06

The Negative Consequences of Bankruptcy

Posted on May 6, 2012 by admin
consequences of bankruptcy
by YoTuT

Article by Cecilia Rodriguez

Bankruptcy can be painful, and you may not be the only one who is hurt by it. Before you file, you need to examine things closely so you can make the best decision possible for you and your family. In this article we will discuss some of the drawbacks of filing personal bankruptcy.

The most obvious negative consequence of declaring bankruptcy is the damage that it will do to your credit rating. Of course, this may not be the most pressing thought in your mind, because your finances may be so bad that your credit rating really doesn’t matter at the moment. Still, you have to think about the difficulties you’ll face in getting credit during the next few years. When you are given a loan, you’ll probably have to pay higher interest rates for some time.

You have to be careful about accumulating debt all over again anyway, but you should still be aware of the damage to your credit.

One consequence you may not have thought of is that innocent creditors will be hurt by your decision. We’re not just talking about huge corporations but also any small businesses that have extended you credit recently. This may be especially hard to take for the small businesses, but you should still not make a decision solely on this factor. You need to do what is best for you and your family.

Another thing that people worry about is their reputations. Certainly, bankruptcy will hurt your reputation in some circles, especially if you live in a small community where everyone knows everything about you. You may even have your name published on a bankruptcy list in some newspaper, and your bankruptcy filing will also be a matter of public record for those who are interested.

Nevertheless, this is not usually a big deal especially in larger communities. The public can attend your bankruptcy meeting, but few people are ever interested in this.

Don’t let the fear of your debt or bad credit take over your life. Get the facts about credit scores and learn how to get control of your debt. To learn more about Negative Consequences of Bankruptcy visit us at http://creditscoreanswers.org now










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May 05

How soon after Ch.7 Bankruptcy discharge can I apply for a home equity loan and get approved?

Posted on May 5, 2012 by admin

Question by Chem Help: How soon after Ch.7 Bankruptcy discharge can I apply for a home equity loan and get approved?
I was wondering how soon I could apply for a home equity loan and get approved. My Ch. 7 Bankruptcy got discharged in June 2009 so it has been a year. I’m just wondering because I’m sure the laws keep changing. I was told the day after it gets discharged and then I was told two years after discharge. So, someone who actually knows please help?

Best answer:

Answer by loanmasterone
Most mortgage lenders will entertain the idea of approving an application from a person that was in foreclosure or a bankruptcy 1-2 years after the bankruptcy or foreclosure was filed,not when it was discharged.

You would have to have rebuilt credit and the proper credit scores to get this mortgage approval.

There are many things you should do, but the first thing you should do is contact a mortgage broker that does VA and FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

He will inform you of what is necessary once you contact him.

This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

What do you think? Answer below!

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May 05

Octomom Nadya Suleman Officially Files Chapter 7 Bankruptcy

Posted on May 5, 2012 by admin


Los Angeles, CA (PRWEB) May 02, 2012

RoadFish.com mens lifestyle and finance magazine today remarked on Octomom Nadya Sulemans filing for Chapter 7 bankruptcy in Orange County Superior Court on Monday. RoadFish.com weighed in on the mother of fourteens sky-high debt, advising its readers to take a lesson from this unfortunate case and use it as an example of what not to do in terms of financially spending, saving, and planning.

Reuters reported on Monday that Nadya Suleman, commonly known as Octomom after her birth to octuplets in 2009, filed for Chapter 7 in the state of California. The article reports that Suleman possesses less than $ 50,000 in assets while court documents claim that she owes between $ 500,000 and $ 1 million. Chances are, her credit report isnt looking so hot either. Reuters also notes that last week, Suleman informed ABC News that she was receiving between $ 4,000 and $ 5,000 per month in public assistance.

A TMZ article gives more details as to Sulemans mounting debt, claiming that it had obtained a copy of her bankruptcy documents and that she owes between $ 500,000 to $ 1 million dollars to teachers, medical groups, her lawyer, and to DirecTV. TMZ reports that Sulemans creditors include Orkin Pest Control, Roberto Robles Gardening Services, Sparkletts, William F. Turner Attorney at Law, Kaiser Permanente, the DMV, Farmers Insurance Group, Verizon Wireless, City of La Habra Water Dept., So Cal Gas Company, So Cal Edison Company (electric), Sylvan Learning, Superior Court of California, Whittier Christian School and DirecTV.

RoadFish.coms Senior staff writer is quoted as saying, Im not going to weigh in on the rightness or wrongness of Sulemans decision to receive fertility treatments to have multiple children. I think thats beside the point, its over and done with. What I would like to advise readers is to take this story and perhaps apply it to their own financial situations, to look and see where they can cut out spending, add to their savings, and chip away at debt. Regardless of income, level of fame, or lifestyle, we all need to make wise financial decisions in order to succeed.

36-year-old Nadya Suleman gave birth to her octuplets in January 2009. The set of eight babies, who are only the second complete set of octuplets to be born in the US, also surpassed the previous worldwide survival rate for a full set of octuplets when they were one week old. It was later discovered that Suleman, an unemployed, single mom who already had six other young children at the time, used in-vitro fertilization (IVF) plus the aid of a fertility specialist to manipulate the birth in order to have a high number of children. Once this became public information, Suleman came under fire and public criticism. Dr. Michael Kamrava, the supervising doctor during Sulemans IVF sessions, was later expelled from the American Society for Reproductive Medicine and his medical license was revoked in 2011 for his extreme departure of standard care by implanting Suleman with 12 embryos. In March 2012, Suleman posed topless for the British magazine, Closer. Suleman now lives in La Habra, a suburban Southern California community, with her fourteen children.

RoadFish.com points out that even multi-millionaires can end up broke if they dont make smart spending and saving choices. RoadFish.coms Senior staff editor is quoted as saying, Look at Warren Sapp, he played pro football for over 12 years and is in the Hall of Fame for being an amazing athlete. At one point he was making millions of dollars a year from the NFL, and he filed bankruptcy last month. Thats my point, its not about how much money you make, its what you do with it that counts.

The above-mentioned TMZ article reports that Sulemans court documents state that she has taken and completed a course on debt education, an apparent requirement for any person who files Chapter 7 bankruptcy.

About RoadFish

RoadFish.com is an online men’s lifestyle and finance magazine targeted toward men in their 30s and 40s that have already attained a moderate level of success in life, and are striving toward more. It goes over current events of interest to this group, such things as exciting adventures, making money, consumer interests, hot chicks, and the current US economy statistics as well as ways to make more and save more money. It is a publication owned by Purpose Inc.

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May 05

Filing Bankruptcy Yourself

Posted on May 5, 2012 by admin

Article by Dawn Summerdale

Now that the new bankruptcy laws have been in effect for over two years, you may be wondering how you will be affected if you need to file bankruptcy and what your options are for completing the forms yourself. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) did not change the fact that anyone can represent themselves in a bankruptcy filing, it simply put into place average expenses that would be accepted by the courts and paperwork that would quickly show the bankruptcy trustees whether you had enough disposable income to pay a part or all of your debts.

Pro Se bankruptcy filers will have to spend more time preparing their own bankruptcy forms. The largest part of which will be the Means Test. It’s not an actual test, it’s simply a complete breakdown of your income and living expenses. If your income is less than a specific amount, based on family size and living location, you do not have to complete a large portion of the additional paperwork. If your income is over the amount then you will have to answer more questions in order to determine exactly how much disposable income you have left each month.

This extra paperwork has driven up the cost of filing bankruptcy, as well as the mandatory credit counseling courses that must be completed. This has forced some to file on their own, but you want to make sure you know what you are doing if you choose this route. Most of the bankruptcy court websites have the local rules online as well as instructions for filing your bankruptcy petition. If you are comfortable reading and choosing your own exemptions and learning what you need to do for reaffirmation agreements, or have no property, filing bankruptcy yourself might be a very good option. If you have a lot of property, don’t have the time to read up on the laws or just don’t want to deal with it, finding a competent bankruptcy attorney is probably a better option. If you are comfortable with completing your bankruptcy petition but want someone to type it up professionally there are Non-attorney bankruptcy petition preparers available. These preparers cannot give legal advice but can prepare your petition so it is acceptable to the courts. Filing bankruptcy is a hard decision, but can still be done on your own. Most bankruptcy attorneys provide a free consultation so you can learn your options and determine which avenue makes the most sense for your situation and personal finances.

Dawn is a non-attorney bankruptcy petition preparer specializing in online bankruptcy filing at http://www.bankruptcyformprocessing.com










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May 05

What is are the differences between all the chapters of Bankruptcy?

Posted on May 5, 2012 by admin

Question by : What is are the differences between all the chapters of Bankruptcy?
Not that I’m having trouble making my payments on time and things like that and I hope that I never do. But there are so many chapters and I just want to know what are the differences between chapters.

Best answer:

Answer by CW
Chapter 7 is liquidation for both business and people.

Chapter 13 is where the people try to work it out. Called wage earners.
Chapter 11 is where a business tres to work it out and keep going.

Chapter 9 is government.

What do you think? Answer below!

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May 04

What is Bankruptcy Counseling?

Posted on May 4, 2012 by admin

Article by William Hauselberg

Individuals suffocating under the weight of crushing debt often believe filing for bankruptcy is their only option. The decision to file for bankruptcy is not one to be taken lightly, and it is one of the most serious – and most frightening – financial situations someone may ever have to face.

Because of the consequences associated with filing for bankruptcy, bankruptcy counseling is not simply a recommendation of professionals; it is actually required by law. The government requires proof of bankruptcy education, so individuals who are considering filing should participate in bankruptcy credit counseling for a bankruptcy certificate through an accredited, approved credit counseling agency.

If you are considering bankruptcy counseling, it is important to remember that bankruptcy counselors are not able to offer legal advice. They do, however, provide education on the most current bankruptcy laws, alternatives to filing for bankruptcy and even a personalized budget management plan.

What to Expect from Bankruptcy Counseling

During a typical counseling session, a trained, professional credit counselor will assess your financial situation using information such as your net income, expenses and spending habits, and your current credit score information. In order to do so, you will want to come to your counseling session with certain information in hand, including pay stubs, bills, and credit card statements. The more information you are able to provide your counselor, the better he or she will be able to analyze your situation to give you the best possible options and alternatives to bankruptcy. For some consumers, a personalized budget management program may be all that is needed in order to avoid bankruptcy. For others, consolidating bills through a debt management program might be the best option. There are, however, cases where bankruptcy is the final, and only, option.

In addition to bankruptcy education and exploring all possible alternatives, your credit counselor will also provide education on how to balance your monthly expenses against your income so that you are no longer spending more than you make.

A bankruptcy counseling session typically runs anywhere from 60 to 90 minutes, and can be completed either in person, over the phone or even online. Upon successful completion of a bankruptcy counseling session, you will be issued a bankruptcy counseling certificate, a full budget analysis, and a copy of your personalized financial action plan.

Look for a non-profit credit counseling agency approved by the Executive Office of the United States Trustees that will provide the best bankruptcy education and give you the tools you need to develop a solid financial plan for your future.

The author has an immense knowledge on credit counseling for a bankruptcy certificate. Know more about credit score information related info in his website.










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May 04

Insights Into Chapter 7 Bankruptcy Law

Posted on May 4, 2012 by admin

Article by Jon Arnold

When an individual consumer, not a business or corporation, is looking to file for bankruptcy, it is almost always most appropriate for them to either file under Chapter 7 bankruptcy law or Chapter 13 bankruptcy law. The majority of consumer bankruptcies are filed under Chapter 7. In Chapter 7 bankruptcy, the consumer is able to get rid of almost all his debts, thereby providing them with the chance to start over again, where their focus would be on rebuilding their severely tarnished credit report.

That last sentence is important to realize for anyone considering filing bankruptcy under any chapter or code. If your bankruptcy is approved by the federal bankruptcy courts after an extensively and detailed look at your current financial situation, the bankruptcy will be highlighted and readily visible on your credit report from each of the major credit bureaus for the next seven to ten years. This is a big reason why it is important to consider the act of bankruptcy as a last resort option, where you have thoroughly examined and evaluated each of your bankruptcy alternatives and found that proceeding with the bankruptcy petition is really your best option in your circumstances.

Even with the drastic changes in the bankruptcy laws in recent years, it should be noted that the underlying PUPOSE of filing Chapter 7 bankruptcy has not changed. But with that said, be aware that the changes in the bankruptcy laws have significantly changed the method and procedure for doing any kind of bankruptcy, including Chapter 7.

For the consumer considering chapter 7 bankruptcy, this is most often caused by a huge pile of debt, usually credit card debt and usually with high interest rates, where the consumer is unable to pay even the minimum amount due each month. Note that “fault” is not assigned in a bankruptcy hearing. The financial situation of the consumer may have come about due to things out of the control of the consumer, not due to the financial mismanagement of the consumer. The most frequent causes that lead up to this situation are a job layoff, high unexpected medical expenses that are not covered under one’s health insurance plan, a hotly contested divorce settlement, and too many other things which are out of the consumer’s direct control to list here.

This can be a problem. Most consumers really want to pay off their debt if they had the ability to do so. But a consumer with, for example, $ 60,000 or more in debt could find themselves continuing to pay on that debt for the next 20 years or more, even if they did not acquire additional debt and even at low or no interest rate being assessed.

After the bankruptcy petition is filed, the consumer needs to show up in court on a specified date, a date of which all his creditors have been notified of, and each side presents their case. The creditors, if they show up (they often do not) may argue that money was loaned to the consumer with fair expectations of repayment. It is ultimately up to the bankruptcy judge to decide how to proceed, and there is not a set or established standard for how this plays out, since each individual case is different.

Although Chapter 7 bankruptcy could conceivably be done without a bankruptcy lawyer, this is strongly not recommended. With the changes in the bankruptcy laws, compounded with variations of the law from state to state, the consumer could find himself spending more time and money that what the lawyer fees would have come to, and it is almost always worth the investment in a bankruptcy lawyer to guide you through the process, since they have a very thorough understanding of bankruptcy law and what the variations are in your state.

For more insights and additional information about http://www.bankruptcy-data.com/review-of-chapter-7-bankruptcy.php“>Chapter 7 Bankruptcy Law as well as getting a free bankruptcy evaluation from a qualified bankruptcy lawyer local to you, please visit our web site at http://www.bankruptcy-data.com/review-of-chapter-7-bankruptcy.php










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May 03

How does bankruptcy work/ what is it?

Posted on May 3, 2012 by admin

Question by : How does bankruptcy work/ what is it?
I do not understand how it works. Let’s say you are $ 15,000 in debt and you can’t pay. You file for bankruptcy. So, what then? The bank just pays all of your fines for you and you are scott-free? They just pay for you just like that for no reason? How does it work?

I understand this probably screws up any chances you have for financing in the future, right? And ruins your credit score? I am confused. Please help. Thanks!

Best answer:

Answer by Bob
I think you need a bankruptcy lawyer.

Add your own answer in the comments!

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