Bankruptcy Chapter 7 and How it Works
Chapter 7 bankruptcy: It's supposed to be the simplest and quickest way to file. Is it the best type of bankruptcy for you? After all, even if you've got to be in bankruptcy, you still want the best deal you can get to put your finances in order.
The Bankruptcy Abuse Prevention and Consumer Protection Act signed into law in April 2005 made some changes to the Bankruptcy Code. If a friend has told you about how they filed for bankruptcy before 2005, your experience will be somewhat different.
In order to file for any chapter of bankruptcy today, you have to have attended a credit counseling course from an approved credit counseling agency within the last six months. There are exceptions for emergencies or if it's determined by the trustee that a course is was not readily available. Any debt management plan made during the course must be filed with the court.
Once you have the credit counseling out of the way, you have to determine if you are eligible for chapter 7 bankruptcy. If your currently monthly income (your average monthly income for the past six months) is more than your state's median income, you have to do a means test calculation to determine your eligibility. You can find the state median income at the U.S. Trustee website at www.usdoj.gov/ust, or check with a bankruptcy attorney. Information about the means test is given in another section.
Once you have determined you are eligible for chapter 7 bankruptcy and filled out the proper forms, your documents are filed with the Bankruptcy count. There is an immediate stay granted so that creditors are prevented from taking action, your wages cannot be garnished, and any legal actions being taken against you by your creditors are halted. Within two weeks, the bankruptcy court has advised your creditors that a petition for bankruptcy has been filed.
About 20 to 30 days after filing, the trustee will begin selling your nonexempt assets. Between 20 and 40 days after your petition is filed, your trustee will schedule a meeting of your creditors. This is often called a '341 meeting' because section 341 of the Bankruptcy Code requires you to meet with your creditors.
The 341 is usually a brief meeting where you are asked about your paperwork and if you have destroyed your credit cards. The trustee will also ask if you are sure of the effects of being in bankruptcy. Your creditors usually do not even attend.
After the 341 meeting you have 30 days to reaffirm your debts on secured property (a car, for instance). Basically, this means you say you are going to keep making payments. If you do not pay for the property or reaffirm the debt within the time specified, the creditor is allowed to repossess the asset or take whatever action they are allowed under the law.
Usually, within 60 to 90 days after your 341, the bankruptcy is completed and almost all debts are written off.
Since it is a serious step that can affect you for several years, you should investigate bankruptcy alternatives before you file. Finding out what bankruptcy involves and what it would mean for you will help you ask and understand questions when you consult a competent financial advisory or bankruptcy attorney.
Be sure to visit Information About Bankruptcy for more information.
Chapter 7 bankruptcy: It's supposed to be the simplest and quickest way to file. Is it the best type of bankruptcy for you? After all, even if you've got to be in bankruptcy, you still want the best deal you can get to put your finances in order.
The Bankruptcy Abuse Prevention and Consumer Protection Act signed into law in April 2005 made some changes to the Bankruptcy Code. If a friend has told you about how they filed for bankruptcy before 2005, your experience will be somewhat different.
In order to file for any chapter of bankruptcy today, you have to have attended a credit counseling course from an approved credit counseling agency within the last six months. There are exceptions for emergencies or if it's determined by the trustee that a course is was not readily available. Any debt management plan made during the course must be filed with the court.
Once you have the credit counseling out of the way, you have to determine if you are eligible for chapter 7 bankruptcy. If your currently monthly income (your average monthly income for the past six months) is more than your state's median income, you have to do a means test calculation to determine your eligibility. You can find the state median income at the U.S. Trustee website at www.usdoj.gov/ust, or check with a bankruptcy attorney. Information about the means test is given in another section.
Once you have determined you are eligible for chapter 7 bankruptcy and filled out the proper forms, your documents are filed with the Bankruptcy count. There is an immediate stay granted so that creditors are prevented from taking action, your wages cannot be garnished, and any legal actions being taken against you by your creditors are halted. Within two weeks, the bankruptcy court has advised your creditors that a petition for bankruptcy has been filed.
About 20 to 30 days after filing, the trustee will begin selling your nonexempt assets. Between 20 and 40 days after your petition is filed, your trustee will schedule a meeting of your creditors. This is often called a '341 meeting' because section 341 of the Bankruptcy Code requires you to meet with your creditors.
The 341 is usually a brief meeting where you are asked about your paperwork and if you have destroyed your credit cards. The trustee will also ask if you are sure of the effects of being in bankruptcy. Your creditors usually do not even attend.
After the 341 meeting you have 30 days to reaffirm your debts on secured property (a car, for instance). Basically, this means you say you are going to keep making payments. If you do not pay for the property or reaffirm the debt within the time specified, the creditor is allowed to repossess the asset or take whatever action they are allowed under the law.
Usually, within 60 to 90 days after your 341, the bankruptcy is completed and almost all debts are written off.
Since it is a serious step that can affect you for several years, you should investigate bankruptcy alternatives before you file. Finding out what bankruptcy involves and what it would mean for you will help you ask and understand questions when you consult a competent financial advisory or bankruptcy attorney.
Be sure to visit Information About Bankruptcy for more information.
posted by mileslancaster | 1:20 PM
1 Comments:
Start Making Money 'Processing Judicial Judgments'
One of a kind CD ROM with included media player and bonus material Never seen or ever has there been anything like it. Platform :: Windows 98/2000/ME/XP
don't have to print the whole thing out anymore cause you can't read it all sitting in front of your computer.
This CD Rom has the course cleverly seperated and ready for easy reading. No thumbing through the papers to cross reference or to get back to a certain page. Just click on the chapters and go exactly where you wanna go each and every time.
YOU DON'T NEED EXPERIENCE - OR A COLLEGE DEGREE -
TO BE SUCCESSFUL AS A JUDGMENT RECOVERY SPECIALIST!
Absolutely NO SELLING. You don't even have to talk to your clients.
Leave the comfort of your home ONLY occasionally to go to the courthouse.
Judgment recovery is in its infancy throughout the entire country but this industry is getting ready to explode!! There are literally millions of people in our country today who are holding a judgment that was awarded to them by the court, and they have no way to collect it. Judgment recovery is a tremendous business that is just catching fire, and it is very likely that you will be the only Judgment Recovery Specialist in your town.
You will recieve this business start up CD ROM with an option to purchase a website for your newly formed business go here to see what your website will look like: http://www.examplesite1.4t.com
What is judgment recovery?
When two people go to court over a dispute, only one of them wins. The winner (plaintiff), is awarded a judgment for a designated amount of money. Now comes the problem. How to collect the money owed to them. That's what judgment recovery is - the recovery of the funds awarded to the plaintiff in the judgment. The existing recovery methods leave a lot to be desired. Collections agencies don't work - all they do is send some nasty letters and make some phone calls. Attorneys will ask for a retainer, then it will cost an arm and a leg - if the attorney can collect it at all. Trying to collect it alone doesn't work, because no one knows how to go about it. So chances are, anyone awarded a judgment ends up holding a court-awarded piece of paper that does them absolutely no good whatsoever. All because no one knows HOW to collect the judgment! Having been awarded a judgment is one thing, collecting it is quite another.
The answer?
A Judgment Recovery Specialist! As a Recovery Specialist, you are the one they will come to in order to collect their judgment. The plaintiff will pay you a handsome commission to recover the money owing him from the judgment. No! You don't have to go to court or sue anyone, this has already been done by the plaintiff. You simply help him/her collect their money. So the age old dilemma of how to collect a judgment is quickly opening up a wide door of opportunity for millions of Americans, all because of Judgment Recovery Specialists. This is a long-awaited answer to a decades-old problem.
Is judgment recovery hard to do?
Not at all. Judgment recovery is not as difficult as collection agencies and attorneys would have the public believe. You locate your clients (those who have been awarded a judgment), by going to your local county court house, looking at the county records (these records are public and are available to anyone who wishes to see them), and making a list of those you want to contact. Then it's as simple as going home and sending them a letter explaining your services. You don't have to sell anything and you don't even have to talk to people on the phone if you don't want to. But you can believe once they get your letter and understand what you're going to do for them, they will be ringing your telephone off the hook. Getting your clients is no problem whatsoever. You'll find very quickly that you'll have more clients than you can handle. What a great position to be in. There are so few Recovery Specialists in the country that once the word gets around, you'll find business coming from everywhere!
Why will your clients be so anxious to pay you such great commissions?
Because 50% of something is better than 100% of nothing. And that's what they have now. Nothing! Just a piece of paper that says they are owed 'x' number of dollars. That's it! A piece of paper. They want the money in their hands, not a piece of paper, and they are delighted to pay you up to 50% of the recovered funds in order to get their share of the money. This is the standard commission structure for the judgment recovery industry.
A Judgment Recovery Specialist is the answer for millions of people. This course is designed to teach you everything you need to know about becoming a judgment recovery specialist. It will show you how to locate debtors and their assets anywhere in the country. All the tricks of the trade are here. Never before has there been such a complete, comprehensive course of this kind offered to the public. Here are some of the chapters in this fantastic manual:
Where to Find All the Judicial Judgments You Can Handle!
What to Look For
Having Judgments Assigned to You
Your Fees
Responses from Judgment Holders
Approaches
Debtor Work Sheet
Industry Etiquette
How to Find Debtors - ANYWHERE!
How to Find Debtor's Assets
Resources/Credit Bureaus
What Assets to Seize
Forms
Mailing a Summons
Collecting Post-Judgment Interest/Costs
Bankruptcy
Out of State Judgments
Samples of Letterhead/Business Envelopes
As in any profession that touches on utilizing state law, you will find that familiarizing yourself with the statutes in your particular state concerning the collection of judgments to be your best ally. There is no substitute for knowledge. This manual will teach you all you need to know about recovering judgments for others. Just think of how many people you personally know that are holding a worthless judgment because it can't be collected. Once you begin to talk about it, you'll find there are more people than you ever imagined that have been awarded a judgment, but have never been able to do anything to collect it. Now you can provide a valuable service to them and make yourself a tremendous income at the same time.
Your fees are based on a percentage of the judgment. As an example, if your client has a judgment for $5,000, and your fee to collect it is 50% of the judgment, your fee would be $2,500. You can see it wouldn't take too many judgments in a month's time to make an incredible income. A lot of your clients will be doctors, hospitals, jewelers, apartment owners, etc. These people often win multiple judgments and will be a source of continuous business for you. You can adjust your fee schedule downward for those who give you more than one judgment to collect. Hard work and dedication to your client are the secret ingredients to any business. Judgment recovery is no exception. We are not offering a "get-rich-quick" scheme. This is a highly professional, exceptionally lucrative way to earn your living without leaving the comfort of your home, except for trips to the court house and the bank. Just think of the respect you will command in your community. You and your family will be proud that you've chosen to be a Judgment Recovery Specialist.
I offer this item with website: View my company's site to see what yours will look like http://www.msjudg.8m.net ofcourse it can all be customized for you.
CD ROM also contains very important links and other information, 2 bonus ebooks are also included with this CD ROM already convienently installed on the disk. Plus this CD ROM also has a small media player on it, just in case you'd like to listen to your favorite tune while sharpening your knowledge.
legal termsjudgments
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