Tuesday, November 19, 2013
How To Avoid Bankruptcy
How To Avoid Bankruptcy
The short answer is, you can't. No, I'm just kidding, but if your debts are so high that your only possible way to manage your finances is by eliminating your old debt, then maybe you should file bankruptcy.
Bankruptcy is not the enemy, it is a second chance to start things over again fresh. For those who are seriously considering filing bankruptcy there are lots of services including online bankruptcy preparation that are aimed at helping everyday people file bankruptcy quickly and cheaply including. Look at our recommendations at the conclusion of this article.
How To Avoid Bankruptcy: If you are at the point where your debt is high but manageable then there is still hope. Bankruptcy filing normally comes about as a result of poor investments, unexpected emergency situations, or borrowing more money than could reasonably be paid back. Barring making any risky investments or having any emergencies, you should be able to help yourself avoid bankruptcy by employing the steps below.
1) Make A Budget--Yes, yes you have heard this a thousand times, but have you done it. A monthly budget sounds like a restriction but it really is one of the best ways to prevent yourself from over spending and landing in bankruptcy. One of the greatest things about having a budget is you get to set and control it. This means that if you want spend $20 a month on food, live out of your parents basement and spend $1,000 on partying each month, you can! Just make sure that in your budget your income or the amount you receive on a regular basis always exceeds the amount of money you spend, even if it is only by $50.
2) Save Money Regularly---Yes you have heard this one to, but the truth is that if you have a decent amount of savings, then you can prepare for unexpected emergency situations that can lead to bankruptcy. So each month automatically put a bit of money away and since you already have a budget set up that meets your needs, whenever you get extra money put that in savings too.
3) Start Paying Off Past Due Debts---Most bankruptcies occur as an accumulation of unpaid debts, because of this it makes sense to get rid of your current and past due debts before they become overwhelming.
4) Don't Borrow Money That You Are Not Sure You Can Pay Off--Just because you have a $5,000 credit limit does not mean that you have to spend all $5,000. In fact despite the air miles you can accrue, you should try to limit the use of your credit card to emergency situations only, that way you are not tempted to spend more than you can afford to payback. A great way to avoid using your credit card is to leave it in a safe place at home, so that when you are at the bar and run out of cash you do not use it to pay for everyone's drinks.
These steps seem easy and logical but how do you think many people ended filing bankruptcy?
Our Top Online Bankruptcy Preparer Recommendations:
2) Save Money Regularly---Yes you have heard this one to, but the truth is that if you have a decent amount of savings, then you can prepare for unexpected emergency situations that can lead to bankruptcy. So each month automatically put a bit of money away and since you already have a budget set up that meets your needs, whenever you get extra money put that in savings too.
3) Start Paying Off Past Due Debts---Most bankruptcies occur as an accumulation of unpaid debts, because of this it makes sense to get rid of your current and past due debts before they become overwhelming.
4) Don't Borrow Money That You Are Not Sure You Can Pay Off--Just because you have a $5,000 credit limit does not mean that you have to spend all $5,000. In fact despite the air miles you can accrue, you should try to limit the use of your credit card to emergency situations only, that way you are not tempted to spend more than you can afford to payback. A great way to avoid using your credit card is to leave it in a safe place at home, so that when you are at the bar and run out of cash you do not use it to pay for everyone's drinks.
These steps seem easy and logical but how do you think many people ended filing bankruptcy?
Our Top Online Bankruptcy Preparer Recommendations:
Tuesday, October 29, 2013
USA Bankruptcy Associates
USA Bankruptcy Associates
USA Bankruptcy Associates is a giant scam!
Or at least some reviews would want you to believe it. USA Bankruptcy Associates is the largest bankruptcy preparer in the nation, successfully preparing over 20,000 bankruptcies over the past 20 years. So why are there negative comments?
I decided to figure out where the negative reviews coming from and if they had any validation. What I found is below.....
Step 1) Research Negative Reviews
The first step in the process was to figure out where the negative reviews where coming from and I found surprising information. The majority of the reviews had no substance and were spaced a year apart.
The star review that I found on USA Bankruptcy Associates was over 7 years old! There were also a number of factors about the review that led me to believe that it was written by a lawyer not a disgruntled customer including a shameless promotion for lawyers at the end.
Step 2) Research USA Bankruptcy Associates
The second step in the process was to research USA Bankruptcy Associates' services and see find out what they offered. USA Bankruptcy Associates is just like the best online bankruptcy preparers. In fact they were the first company to move their bankruptcy preparation services online in 2000.
USA Bankruptcy Associates prepares all their customer's bankruptcy in 1-2 days. USA Bankruptcy Associates also offers their couples joint filing at no extra cost and a free means test to all their customers. One of the most surprising things that I found out about USA Bankruptcy Associates is that they offer a 100% money back guarantee. If the court does not grant you a discharge then USA Bankruptcy Associates will give you a full refund.
Step 3) Scam or Not?
I conclude that due to the lack of evidence against USA Bankruptcy Associates and the overwhelming amount of favorable services that they offer, USA Bankruptcy Associates is not a scam, but quite the opposite. USA Bankruptcy Associates seems to be the best bet for anyone looking to file a quick and cheap bankruptcy.
If you feel that you may need a consultation from a lawyer, then the online bankruptcy preparer Miller Bankruptcy is your best option. They have lawyers in each state that can give you a low cost consultation before Miller Bankruptcy to prepares your paperwork.
The website US Bankruptcy Reviews has reviews on all the top online bankruptcy preparers.
Click Here to Read Full Article
Our Top Preparer Recommendations:
Bankruptcy Glossary
Definitions are from the US Courts Website:US Courts
A
automatic stay
An injunction that automatically stops lawsuits, foreclosures, garnishments, and all collection activity against the debtor the moment a bankruptcy petition is filed.
B
bankruptcy
A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).
Bankruptcy Code
The informal name for title 11 of the United States Code (11 U.S.C. §§ 101-1330), the federal bankruptcy law.
bankruptcy court
The bankruptcy judges in regular active service in each district; a unit of the district court.
bankruptcy estate
All legal or equitable interests of the debtor in property at the time of the bankruptcy filing. (The estate includes all property in which the debtor has an interest, even if it is owned or held by another person.)
bankruptcy judge
A judicial officer of the United States district court who is the court official with decision-making power over federal bankruptcy cases.
bankruptcy petition
The document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) by which opens the bankruptcy case. (There are official forms for bankruptcy petitions.)
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C
chapter 7
The chapter of the Bankruptcy Code providing for "liquidation,"(i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)
chapter 11
The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)
chapter 13
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)
claim
A creditor's assertion of a right to payment from the debtor or the debtor's property.
confirmation
Bankruptcy judges's approval of a plan of reorganization or liquidation in chapter 11, or payment plan in chapter 12 or 13.
consumer debtor
A debtor whose debts are primarily consumer debts.
consumer debts
Debts incurred for personal, as opposed to business, needs.
creditor
One to whom the debtor owes money or who claims to be owed money by the debtor.
credit counseling
Generally refers to two events in individual bankruptcy cases: (1) the "individual or group briefing" from a nonprofit budget and credit counseling agency that individual debtors must attend prior to filing under any chapter of the Bankruptcy Code; and (2) the "instructional course in personal financial management" in chapters 7 and 13 that an individual debtor must complete before a discharge is entered. There are exceptions to both requirements for certain categories of debtors, exigent circumstances, or if the U.S. trustee or bankruptcy administrator have determined that there are insufficient approved credit counseling agencies available to provide the necessary counseling.
current monthly income
The average monthly income received by the debtor over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and income from the debtor's spouse if the petition is a joint petition, but not including social security income and certain other payments made because the debtor is the victim of certain crimes. 11 U.S.C. § 101(10A).
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D
debtor
A person who has filed a petition for relief under the Bankruptcy Code.
discharge
A release of a debtor from personal liability for certain dischargeable debts set forth in the Bankruptcy Code. (A discharge releases a debtor from personal liability for certain debts known as dischargeable debts and prevents the creditors owed those debts from taking any action against the debtor to collect the debts. The discharge also prohibits creditors from communicating with the debtor regarding the debt, including telephone calls, letters, and personal contact.)
dischargeable debt
A debt for which the Bankruptcy Code allows the debtor's personal liability to be eliminated.
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E
equity
The value of a debtor's interest in property that remains after liens and other creditors' interests are considered. (Example: If a house valued at $100,000 is subject to a $80,000 mortgage, there is $20,000 of equity.)
exemptions, exempt property
Certain property owned by an individual debtor that the Bankruptcy Code or applicable state law permits the debtor to keep from unsecured creditors. For example, in some states the debtor may be able to exempt all or a portion of the equity in the debtor's primary residence (homestead exemption), or some or all "tools of the trade" used by the debtor to make a living (i.e., auto tools for an auto mechanic or dental tools for a dentist). The availability and amount of property the debtor may exempt depends on the state the debtor lives in.
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J
joint petition
One bankruptcy petition filed by a husband and wife together.
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L
lien
The right to take and hold or sell the property of a debtor as security or payment for a debt or duty.
liquidation
A sale of a debtor's property with the proceeds to be used for the benefit of creditors.
liquidated claim
A creditor's claim for a fixed amount of money.
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M
means test
Section 707(b)(2) of the Bankruptcy Code applies a "means test" to determine whether an individual debtor's chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to chapter 13). Abuse is presumed if the debtor's aggregate current monthly income (see definition above) over 5 years, net of certain statutorily allowed expenses is more than (i) $10,950, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $6,575. The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income.
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N
nondischargeable debt
A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated or under the influence of drugs, and debts for restitution or a criminal fine included in a sentence on the debtor's conviction of a crime. Some debts, such as debts for money or property obtained by false pretenses and debts for fraud or defalcation while acting in a fiduciary capacity may be declared nondischargeable only if a creditor timely files and prevails in a nondischargeability action.
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P
petition preparer
A business not authorized to practice law that prepares bankruptcy petitions.
post petition transfer
A transfer of the debtor's property made after the commencement of the case.
pre-bankruptcy planning
The arrangement (or rearrangement) of a debtor's property to allow the debtor to take maximum advantage of exemptions. (Prebankruptcy planning typically includes converting nonexempt assets into exempt assets.)
priority claim
An unsecured claim that is entitled to be paid ahead of other unsecured claims that are not entitled to priority status. Priority refers to the order in which these unsecured claims are to be paid.
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R
reaffirmation agreement
An agreement by a chapter 7 debtor to continue paying a dischargeable debt (such as an auto loan) after the bankruptcy, usually for the purpose of keeping collateral (i.e. the car) that would otherwise be subject to repossession.
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S
schedules
Detailed lists filed by the debtor along with (or shortly after filing) the petition showing the debtor's assets, liabilities, and other financial information. (There are official forms a debtor must use.)
secured creditor
A creditor holding a claim against the debtor who has the right to take and hold or sell certain property of the debtor in satisfaction of some or all of the claim.
secured debt
Debt backed by a mortgage, pledge of collateral, or other lien; debt for which the creditor has the right to pursue specific pledged property upon default. Examples include home mortgages, auto loans and tax liens.
statement of intention
A declaration made by a chapter 7 debtor concerning plans for dealing with consumer debts that are secured by property of the estate.
341 meeting
The meeting of creditors required by section 341 of the Bankruptcy Code at which the debtor is questioned under oath by creditors, a trustee, examiner, or the U.S. trustee about his/her financial affairs. Also called creditors' meeting.
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T
transfer
Any mode or means by which a debtor disposes of or parts with his/her property.
trustee
The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of the court and the direct supervision of the U.S. trustee or bankruptcy administrator. The trustee is a private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases and some chapter 11 cases. The trustee's responsibilities include reviewing the debtor's petition and schedules and bringing actions against creditors or the debtor to recover property of the bankruptcy estate. In chapter 7, the trustee liquidates property of the estate, and makes distributions to creditors. Trustees in chapter 12 and 13 have similar duties to a chapter 7 trustee and the additional responsibilities of overseeing the debtor's plan, receiving payments from debtors, and disbursing plan payments to creditors.
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U
U.S. trustee
An officer of the Justice Department responsible for supervising the administration of bankruptcy cases, estates, and trustees; monitoring plans and disclosure statements; monitoring creditors' committees; monitoring fee applications; and performing other statutory duties. Compare, bankruptcy administrator.
undersecured claim
A debt secured by property that is worth less than the full amount of the debt.
unscheduled debt
A debt that should have been listed by the debtor in the schedules filed with the court but was not. (Depending on the circumstances, an unscheduled debt may or may not be discharged.)
unsecured claim
A claim or debt for which a creditor holds no special assurance of payment, such as a mortgage or lien; a debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay.
Thursday, October 24, 2013
Quick Bankruptcy
Quick Bankruptcy
Getting a quick bankruptcy at an affordable price is not possible if you use a lawyer.
When we talk about a "quick" bankruptcy, we are referring to a bankruptcy that you can begin on Monday and have filed by Tuesday. The majority of bankruptcy lawyers cannot even think about offering that kind of turn around time.
There are many reason why most lawyers are not able to offer a truly "quick" bankruptcy but one of the main reasons is the process that they use to handle their clients bankruptcy's. Their process typically includes at least two scheduled office visits to assess your bankruptcy. Even after your lawyer has accepted your case you will have to wait until they are finished with their other client's cases before they begin yours. This process can typically take 2-3 weeks depending on your lawyer's schedule. In emergency situations some lawyers may offer same day filing but for a very high price.
If you hire an online bankruptcy preparer you can have your documents completed and ready to file in 1-2 days at their standard rate.
Online bankruptcy preparers are the best way to achieve a quick bankruptcy which would put a halt to any foreclosures, creditor harassments, and lawsuits. The reason why online bankruptcy preparers can offer a quick bankruptcy to all their clients without charging extra is because online bankruptcy is specifically designed to be quick. You won't have to schedule appointments or make office visits because everything happens online. Online bankruptcy preparers also charge 1/10 the price of lawyers.
The unique system that online bankruptcy preparers use allows customers to be attended to right away, there is nobody to wait behind, everyone gets served first. All you have to do is collect your information and input it into their secure system. In 1-2 days your documents will be ready for you to print out and file with the court.
The top online bankruptcy preparers also provide all their customers with tips and tricks of the trade so that they can get the most out of their online bankruptcy. The only criticism I have about online bankruptcy preparers is that it is a bit hard to figure out who the top preparers are. After doing some research I have compiled a list below of the top online bankruptcy preparers.
The website US Bankruptcy Reviews has reviews on all the top online bankruptcy preparers.
Click Here To Read Full Article
Top Online Bankruptcy Preparer Recommendations:
Tuesday, October 22, 2013
Bankruptcy Discharge
Getting A Discharge In Your Bankruptcy 100% Of The Time
The purpose behind chapter 7 bankruptcy is to discharge your debts. Getting your debts discharged means that they never need to be repayed. How can you be sure that when you file bankruptcy you will receive a discharge?
The answer to this question depends on who your hire to prepare your bankruptcy documents. Chances are that if you try to prepare your documents on your own you will not be able to discharge the majority of your debts. This is simply because preparing bankruptcy documents in a way that discharges the maximum amount of debt is very complicated and requires a lot of training and expertise.
Hiring a lawyer to prepare your bankruptcy is a much better option than handling it yourself but most lawyers typically take weeks to finish their clients bankruptcies and many are not able to get a maximum discharge because they are not certified in bankruptcy law.
The only way to get a discharge in your bankruptcy 100% of the time is to hire a top online bankruptcy preparer. The three top online preparers are USA Bankruptcy Associates, Miller Bankruptcy and Bridgeport American. Their ability to get 100% of their customers a discharge 100% of the time is why we recommend these online bankruptcy preparers, over bankruptcy lawyers.
USA Bankruptcy Associates are so sure that all their customers will get a discharge that they offer a money back guarantee. How can they be so sure of this? Part of it has to do with unique techniques that they employ but the rest is practice and skill. USA Bankruptcy Associates is the oldest online bankruptcy preparer and over the past 20 years they have successfully prepared over 10,000 bankruptcies.
While an average lawyer might prepare 3-5 bankruptcies a month, USA Bankruptcy Associates prepares 100 or more. When you do anything hundreds of times you tend to get good at it and this is the same with getting a bankruptcy discharge. It must be the old "practice makes perfect" thing.
The website US Bankruptcy Reviews has reviews on all the top online bankruptcy preparers.
Click Here to Read Full Article
Our Top Recommendations:
Bankruptcy Without A Lawyer
How to File Bankruptcy Without A Lawyer and Save $1,500
There have traditionally always been two options for filing bankruptcy. You could use a laywer or try and prepare your bankruptcy yourself. In the year 2000 a third option emerged; online bankruptcy preparation.
If you are thinking about hiring a lawyer to prepare your bankruptcy, then be aware that they typically charge $1,500 and up. Many people are unaware that there is an additional cost to hiring a lawyer that is on top of their legal fees. The cost comes in the form of debt that most lawyers are not skilled enough to erase.
Online bankruptcy preparers are 90% cheaper than lawyers and help their customers get their maximum discharge.
Online bankruptcy preparers will professionally prepare your bankruptcy for 1/10th the cost of lawyers and they provide all their customers with tips and tricks necessary to ensure that they get the most out of their bankruptcy.
The website US Bankruptcy Reviews has reviews on all the top online bankruptcy preparers.
Click Here to Read Full Article
Our Top Recommendations:
Cheap Bankruptcy
Hassle Free Cheap Bankruptcy
Let's begin right away. Everybody wants to get a cheap bankruptcy because most people who consider filing bankruptcy don't have the extra money to spare.
Since the beginning of bankruptcy until the year 2000, there were always two ways to file bankruptcy. You could hire a lawyer or try to file your bankruptcy on your own. Filing bankruptcy on your own is a very own process and lawyers typically charge $1,500 and up for their bankruptcy services.
The year 2000 gave way to a new, cheaper, way to file bankruptcy, online bankruptcy preparation.
Online bankruptcy preparation is where the key lies in getting a successful cheap bankruptcy.
Online bankruptcy preparers take the information your provide to prepare your cheap bankruptcy documents just like a lawyer would but the difference is they charge 90% less than lawyers.
When you use an online bankruptcy preparer for your cheap bankruptcy you can complete the entire preparation process online in 1 day.
When you use an online preparer for your cheap bankruptcy you don't ever have to schedule a meeting or step foot into an office to have your documents prepared. Once your information is in the online preparer's secure system you will receive your finished documents in 1-2 days.
Recap: Lawyer---------------------------------$1,500 and up
Online Preparer---------------------$199
Filing On Your Own----------------$1,000 and up
So you tell me which way gives you a cheap bankruptcy?
The website US Bankruptcy Reviews has reviews on all the top online bankruptcy preparers.
The website US Bankruptcy Reviews has reviews on all the top online bankruptcy preparers.
Click Here To Read Full Article
Recommended Top Online Bankruptcy Preparers:
ZMT Bankruptcy
Miller Bankruptcy
Easy Bk
USA Bankruptcy Associates
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