In danger of foreclosure? Considering bankruptcy? Go to Dickron Bohikian at Michigan Bankruptcy Law Centers in Brighton. Specializing in Chapter 7 and 13 filings, Bohikian helps consumers take control of their finances through expert restructuring of debt obligations. Schedule a free consultation to learn more! Visit us www.yellowpages.com

DO NOT BE FOOLED BY "DEBT RELIEF CLINICS" OR "DEBT CONSOLIDATION" CLINICS THAT ARE NOT LAWYER DRIVEN – MOST ARE OUT OF STATE AND PREY ON PEOPLE'S EMOTIONS AND FEAR. THE WORST ARE THE "CHRISTIAN DEBT RELIEF CLINICS." They prey on guilt and pretend to uphold the moral fabric. It is just another leader getting to people who want to do "right". Do not buy it.

Two Trillion Tons Parody of “16 tons” Obama got elected, now there is no end; The Democrats wanna tax and spend, Tax and spend us into bankruptcy, With a tax-cheat runnin our Treasury. You spend two trillion bucks, and what do you get? No recovery but deeper in debt. St. Peter better call me fore its too late; I owe my soul to the welfare state! Obama is a leftist, as he cant deny; Govern from the center, was a great big lie. Karl Marx Manifesto is his playbook, And you and me soon will be on the hook. You spend two trillion bucks, in unsecured cash; Soon the dollar will be pure trash. Our bond holders we have to appease; We owe our soul to the Red Chinese. Obama and his people are makin a mess, Bernankes fired up the printing press, Printin money that dont exist, No wonder America is gettin (peeved?) You spend two trillion bucks, They aint done yet! Obama and Pelosi are pilin up the debt. I work hard for the money, this I dont deserve We owe our souls to the Federal Reserve! www.letfreedomringusa.com Obama tax spend bankruptcy Treasury two trillion bucks recovery debt welfare state cash dollar Red Chinese Bernanke Printing money America Pelosi Federal Reserve printin’

It is abysmal and often very difficult to take see yourself being insulted for debt, to see your property repossession and face foreclosure or simply not being able to see yourself on the other side of all your debts. If you also find yourself in such a case of mounting debts and torturing creditors then perhaps you should take the first appointment you get with a bankruptcy attorney. For bankruptcy lawyers it is their business and they know about everything that goes around in it so they will be able to sketch out a viable alternative for you which you might not even think can be worked out. So give in an expert and let them help you.

Along with repaying your debts and the bankruptcy attorney can also guide you to sell off your property in order to repay the creditors. And if selling off your property is not exactly your idea of getting rid of all your debts the bankruptcy lawyers can also assist you in making an arrangement with your creditors approved by the court to repay them in a pre-determined frame of time. Again, if you hire a bankruptcy attorney they are updated with every last bit of information regarding the United States Bankruptcy code. Bankruptcy is not an easily gliding procedure it can really confuse nonprofessional so a bankruptcy lawyer really can make things easy and facilitate them for you. The most common procedures in bankruptcy proceedings are Chapter 7 wherein you follow the debt liquidation or reorganization. The other one is arranging for repaying the indebted money under the Chapter 9, 11, 12, or 13 bankruptcies.

If you are thinking of filing for bankruptcy, a bankruptcy attorney is recommended. The rules of bankruptcy have changed and new norms have been introduced which a nonprofessional cannot be expected to know about. Again, the new rules have made it only difficult to file for bankruptcies all the more reason you will need bankruptcy lawyers to make your experience more pleasant after everything that you are already going through. They will be able to suggest you ways to get rid of your debt mountains, deal with your property and assets in a way that will benefit you and give you more time at hand. Bankruptcy Attorneys also work with the creditors and give them the assurance that their funds will also get recovered back. So a bankruptcy attorney is obviously a person you are going to thank once you see the benefits of hiring them.

Bankruptcy may make it possible for you to:

Eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts. It is designed to give you a fresh financial start.

End constant and annoying phone calls by creditors and collection agencies.

Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.)

Prevent repossession of a car or other property, or force the creditor to return property even after it has been repossessed.

Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt.

Restore or prevent termination of utility service.

Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe.  

Do the Bankruptcy Laws Change?

Yes. Bankruptcy laws change from time to time and in order to effectively handle your case, our attorneys keep current on the changes in bankruptcy laws by reading legal journals and attending bankruptcy seminars taught by bankruptcy trustees, judges and other leading authorities in the field.

Will I Have to Go to Court?

In most bankruptcy cases, you only have to go to a proceeding called the ‘meeting of creditors’ a.k.a. ‘341 meeting’ to meet with the bankruptcy trustee and any creditor who chooses to come. Most of the time, this meeting will be a short and simple procedure where you are asked a few questions about your bankruptcy forms and your financial situation.
Occasionally, if complications arise, or if you choose to dispute a debt, you may have to appear before a judge at a hearing. If you need to go to court, you will receive notice of the court date and time from the court and/or from your attorney.

Financial Counseling:

Before the bankruptcy can be filed, the client has to take a “credit counseling” course and obtain the “certificate of credit counseling”. This takes about an hour and can be done over the telephone or over the internet. Our office can provide a list of credit counseling agencies.
Before the bankruptcy is concluded, each person must take a “financial management” course that will assist the client in future financial planning and money management. Our office can provide a list of the agencies that provide this service.

A recessed economy and bursting of the real estate bubble have pushed borrowers to the point where they can no longer keep up with payments on their credit cards and consumer debt. For those searching for solutions, the decision often comes down to choosing between a variety of debt relief options. The options include debt counseling, debt consolidation, bankruptcy, and debt settlement. Of the four, debt settlement and filing bankruptcy have become the most popular of the solutions due to their advantages relating to decreasing current payments and the reductions in outstanding balances of debt.

For consumers, the two most common filings are chapters 7 and 13. Of the two, chapter 7 allows for much better outcomes for filers with steep reductions or outright dismissals of debt. Prior to the overhaul of the bankruptcy code in 2005 chapter 7’s were immensely popular for just that reason. Since the overhaul, the choice of which of the two chapters would be available to the consumer is decided by the court depending on the outcome of a means test which is the required first step in any bankruptcy filing.

The means test is essentially an evaluation of the filer’s income and expenses which is then set against debt redemption standards as set by the IRS. Measured against the IRS standards, if the borrower falls short of income guidelines he can then file for bankruptcy under the auspices of chapter 7. The guidelines for qualifying for chapter 7, however, are stringent. If the means test reveals that a borrower can pay even one hundred dollars per month toward debt, the filing will automatically go toward a chapter 13 bankruptcy. In either situation, the borrowers are required to get credit counseling and budget analysis at their own expense.

Chapter 13, while providing some relief on current payments, is not nearly as consumer friendly as chapter 7 and carries disadvantages that convince many borrowers that the option is just not for them. The biggest disadvantage is that once the terms of the filing are set, a borrower’s finances can be overseen by a trustee of the court. The invasiveness of having an outsider involved in day to day or monthly budgeting becomes an immediate deal killer and typically turns the borrower toward debt settlement.

Debt settlement, also known as debt negotiation, is a relatively new and aggressive form of debt relief offering many advantages over counseling, consolidation, and bankruptcy. The first and most immediate advantage is an approximate reduction of 50% on payments related to each account rolled into the debt settlement. Accounts which can be rolled into the settlement include credit cards, department store debt, unpaid utilities, medical bills, and other unsecured debt. Other advantages include:

* Being proactive in pursuing a debt settlement can prevent wage garnishments and attachments – Letting creditors know that you’re in a debt settlement process provides assurance they are going to be paid a least some of their money. Creditors are unlikely to initiate any legal action while a settlement is under way.

* Debt elimination – Outstanding balances can be reduced by 40 to 70%, depending on the creditor. On average, the collective accounts in a settlement will be reduced by 50%.

* Added security for secured assets – Reducing payments and eliminating a portion of unsecured debt relieves pressure on secured assets. Debt settlements, for example, are being combined with loan modifications to help homeowners reduce their total payments toward debt and improving the chances of getting approved for new mortgage terms.

* Complete payoff of debt balances – After the debt reduction, payoff schedules are flexible but generally last no longer than 48 months. The same accounts maintained with minimum payments could take over twenty five years to pay off.

* Faster improvement of credit scores – The settlement of accounts allows for borrowers to begin the process of re-building their credit scores faster than bankruptcy which can remain on a credit report for ten years and stay on the public record indefinitely.

Debt settlement/negotiation is becoming increasing popular with struggling consumers because of its advantages over every other form of debt relief including bankruptcy. Consumers should still familiarize themselves with all forms of debt relief before making a decision. The best way to sort through the options is to work with an attorney with experience in all forms of debt relief to determine which will deliver the best outcome. Getting on the road to financial recovery is that simple.

Bankruptcy attorneys

Amongst bankruptcies, debtors usually opt for Chapter 7 and Chapter 13 bankruptcies, since they provide the maximum benefits. Bankruptcy is a process, which involves litigation and lawyers and courts. The process can be trying, and it is important to expedite the legal option to avail the maximum benefit. That is where the problem comes in. Individuals do not have enough experience or the expertise to conduct the process on own. Special help is needed. So debtors hire specialists who have the background, and the expertise to deal with bankruptcy courts. Individuals who can represent the respondents and avail a favorable result. Bankruptcy attorneys are such experts. Bankruptcy lawyers help to get debt relief, and provide valuable information, services, as well as advice to help the debtor find beneficial financial options. The part one of this article provides some general information pertaining to bankruptcy and bankruptcy lawyer.

Bankruptcy

The bankruptcy process can be briefly described as a special legal proceeding in which an exclusive court undertakes, and administers the fixed, as well as movable assets of a debtor for the benefit of the creditors. Typically a debtor, or any person or business, who is indebted and owes money to others, can choose to file for bankruptcy proceedings, so as to solve a financial situation involving a debt condition which is out of control, or alternately to prevent recovery of debts for a certain period of time, during which the individual or the business can make arrangements to repay the debt.

Bankruptcy legalities

The United States Constitution provides powers to the Congress to draft and execute laws and acts related to bankruptcy and bankruptcy related issues as per Section 8 of Article 1. Based upon this empowerment, the Congress passed the “Bankruptcy Code” in the year 1978. The act or the code has been amended several times over the decades, as per the changes taking place in the financial market, and the redemption capacity of the debtors. The actual procedure is governed by the body known as the Federal Rules of Bankruptcy Procedure. The body has set up special courts to deal with bankruptcy issues, as well as litigations. The courts are popularly known as bankruptcy courts. These courts operate depending upon their jurisdictions. The Federal body has set up official proceedings and working guidelines for these courts. There are rules dealing with various aspects of bankruptcy. The rules are specially created so the litigations can be carried out in an effective manner between individuals and business concerns. From the functioning point of view, bankruptcy courts are appointed for each judicial district within the state. And litigations, as well as legal procedures are carried out with the litigants based upon the particular area or location of the registered business. All decision relating to the legal proceedings are taken by the judge, and he or she has several officers to aid the legal work. The majority of the bankruptcy litigations are administrative in nature, and are often conducted outside the court premises. In case of special chapters and issues such as Chapter 7 Bankruptcy, Chapter 11, Chapter 12, and Chapter 13 Bankruptcy, the administrative procedures are handled by a trustee appointed by the court to overlook the particular case.

Kinds of bankruptcy

As per the constitution, the Federal Rules of Bankruptcy Procedure offers five basic types of facilities, or clauses, under which an individual or a company can file for bankruptcy. The clauses or facilities are referred to as chapters. As per the Federal bankruptcy law, the different chapters are briefly explained as follows:

* Chapter 7 – Straight Bankruptcy

This chapter involves proceedings and litigations, which result into complete or total liquidation of the debtor’s assets.

* Chapter 9

Provides a special provision through which municipal bodies and governments can file for bankruptcy.

* Chapter 11 – Business Bankruptcy

This option is generally preferred by consumer debtors, but does not provide any special advantages as compared to Chapter 7 or Chapter 13.

* Chapter 12 – Family Farm Bankruptcy

This chapter is suitable for family farms related debts and bankruptcies. For further information, one should check out the Agricultural Law Act: Family Farm Bankruptcy.

* Chapter 13 – Wage Earner Bankruptcy
This chapter helps to make the payments of debts in accordance to a repayment plan.

Bankruptcy can be a dirty word, and an even dirtier experience. If you are facing a dangerous financial situation where bankruptcy seems like an option, you could be dealing with quite a bit of fear. Part of what leads people to make bad decisions is thinking they are the first and only people to go through difficult financial situations. However, when it comes to bankruptcy, many people have faced these unfortunate circumstances. Loan modification attorneys work with people everyday who are considering bankruptcy as an option, thinking that bankruptcy will help them keep their homes.

Most recently, former pro bowl quarterback of the Cleveland Browns Bernie Kosar declared bankruptcy. After donating millions to charity, lending tens of millions of dollars to friends and family and going through a messy divorce, Kosar finally had to succumb to the financial pressures. Kosar has been a successful businessman, a skilled athlete and more. Yet, in the midst of his success, financial troubles haunted him. Many people make a great deal of money over their lives, yet they still face difficult financial situations. Kosar still has to watch over his daughter, try to keep a roof over their heads and figure out the next steps in his life. Declaring bankruptcy can impact someone in ways they never though of, and Kosar is going through those challenges. Getting a loan is difficult, getting a reasonable interest rate is impossible, and it can even impact your career.

If you are facing foreclosure, you may think that a bankruptcy is the way you should go. Bankruptcy professionals tout the benefits of declaring bankruptcy; however, bankruptcy has various negative impacts on your credit history, your finances and your life. Declaring bankruptcy will stay on your credit report for years, up to a decade in fact. That means that every loan, credit card and line of credit you ever get will be impacted by your bankruptcy.

Bankruptcy is also sold as an option to avoid foreclosure. However, there are much better options to not only stave off foreclosure, but keep your credit in a much better place. A California loan modification could be an alternative to bankruptcy that keeps your credit rating from falling through the floor and your interest rates from going through the roof.

California loan modification attorneys work hard to discover what your options are. Rather than living in a home you think you can’t afford, a loan modification attorney can help you stay in that home for decades and give your family the future (and present) they deserve. Your hard work to buy the home should not have to be ruined by a bad economy or a subprime mortgage loan. With a skilled California home loan modification attorney working with you, the chance to stay in your home and build a better tomorrow is a reality.

Bankruptcy might seem like an option to avoid foreclosure, but all it does is further bury you in a financial hole. A loan modification could be the way you avoid foreclosure and get out of your financial nightmare once and for all.

About Author
Feldman Law Center – For more information about Loan Modification / Loan Modifications visit us at feldmanlawcenter.com or call 800-588-0425.

Recent changes in U.S. law made declaring bankruptcy a much more complicated matter. Chapter 7 is the most common form of bankruptcy requested by debtors and does not require repayment. However, the U.S. Trustee has become much more aggressive in denying Chapter 7 bankruptcy, and instead forcing people into a Chapter 13 bankruptcy that does require repayment. Today you need much more from your law firm to get your Chapter 7 petition approved.

Under the new regulations, the government requirements to obtain a Chapter 7 bankruptcy are:

# Obtaining a Special Edition Credit Report of your obligations

# Transfers of your accounts to collection agencies

# Third-party assignees and if any judgments have been obtained against you

# Obtaining a copy of your IRS Tax Transcripts

# The Pre-Filing Credit Class

# Performance and certification of the Financial Means Test

# Preparation and filing of your petition

# Payment of all court filing fess;

# Representation at court hearings (as known as the Meeting of Creditors)

# A copy of your official filed bankruptcy petition

# And the Post-Filing Credit Class.

Arguably the most difficult and the most critical part of the Chapter 7 process is the new “means test.” The means test compares the debtor’s income in the six months before the filing of the bankruptcy to their state’s median income. If the debtor’s income falls below the state median, they are automatically allowed to file for bankruptcy under Chapter 7. If the debtor’s income is above their state’s median income, they may still qualify to file for Chapter 7, but it becomes more complicated process with additional tests that take their expenses and excess income into account.

Another crucial step in getting your Chapter 7 bankruptcy petition approved is the “341 creditors meeting.” The meeting takes place one to three months after the bankruptcy petition is filed, the 341 creditors meeting takes place, which allows creditors the chance to gain additional information about the debtor’s finances and ability to repay his debt. While you are not required to have a bankruptcy attorney, it is important to make sure you are prepared properly for the meeting.

Considering both the new and the old requirements, it may be in the best interests of a debtor to hire a law firm that has both bankruptcy lawyers and a professional accountant.

The economy today is crashing hard, as you probably already know from personal experience. More and more Americans are finding it difficult to stay on top of their bills. As income starts to drop and prices and interest rates start to rise, people start fearing that they will end up in the poorhouse. Bankruptcy is a tough prospect, and nobody wants to have to go that way. Finding yourself in financial trouble and in danger of bankruptcy is an unwelcome feeling at best. Here’s something you may not have thought of, though: Did you know that your creditors are probably just as opposed to the idea of you going bankrupt as you yourself are? Possibly even more so, and the reason is simple: if you go bankrupt, they get nothing.

Here’s the truth: Assuming you’ve dealt with legitimate entities, your creditors are not evil corporations who only want to ruin you. It may not feel that way sometimes, especially when you start getting multiple phone calls every day threatening collection action. The reality, though, is that they just want their money, and if you go bankrupt, they’ll never get it. If it comes down to a choice between getting nothing due to your bankruptcy or receiving partial payment through a debt settlement, most creditors will gladly sit down at the negotiating table for a settlement. This process can help you diminish your debt by a lot.

If you successfully file a bankruptcy, your creditors will be given whatever money brought by the selling of your nonexempt assets and that’s it. Often, especially if you have few assets and many creditors, this means they get nothing or next to nothing. After this, the law prevents them from taking any further collection action on debts incurred before the bankruptcy. If they call you, they’ll end up talking to your lawyer instead. Your creditors have a big investment in you being able to pay back your debts, so naturally they don’t want this to happen. It is much more beneficial for them to accept a debt settlement agreement and take a smaller amount of money than to watch you go bankrupt.

Debt settlement has been shown in many cases to be able to reduce the total amount the consumer owes up to 40-60%. Obviously, a creditor would rather get 40% of their money than nothing. If you are curious about how debt settlement can get you out of hot water, contact a debt settlement company today and ask for a free consultation. A good debt settlement company will ask questions about your specific situation and find out what is going on with your finances and your debts in order to make a recommendation about what is best for you. It may be advisable to contact more than one debt settlement company in order to find out what their different rates are and how much they expect to be able to save you through settlement. If debt settlement ends up working for you, you’ll very glad you called.