Who is the Bankruptcy Trustee?

Filed in archive Information on July 23, 2010

© MargaretNapier

If you have been considering bankruptcy you have probably seen a lot of stuff regarding the bankruptcy trustee. So who exactly is this person?

Well in general the bankruptcy trustee is the one in charge. After all the lawyer is there to file the paperwork and go to court with you. He has no say in what goes on. For the most part in a bankruptcy hearing, the judge has little say in what happens as well. The person with all the say is the trustee.

There are different trustees for various regions of the country, primarily based on region size. The trustee is the one who has the ability to approve a bankruptcy or not. He can decide what you get to keep, what your payments will be, and so on. Your lawyer will basically present the trustee with a plan and the trustee will decide whether or not to sign off on it.

If you file Chapter 13, the trustee is who your payments will go to each month. From that point the trustee divides the amount due between your debtors and your legal cousel. The trustee also gets a portion of your payment.

Trustees have all the power when it comes to bankruptcy and unfortunately you have no choice about who your trustee is.

comment!
(0)

vote!
(9.0/10)

e-mail!

Bookmark

Addthis

Ask

Blinklist

del.icio.us

Digg

Fark

Facebook

Google

Lycos

Ma.gnolia

Mr Wong

Netscape

Netvousz

Newsvine

StumbleUpon

Slashdot

Tailrank

Technorati

Wink

Yahoo

Chapter 7 Bankruptcy Basics

Filed in archive Information on July 23, 2010

© The-Lane-Team

Chapter 7 Bankruptcy involves a full and complete dissolution of any debt, with the exception of student loans. Student loans can occasionally be dismissed but this is extremely rare. The good news is you can usually suspend payment for student loans during times of financial hardship. This doesn't make them disappear but it keeps you from going into default.

Chapter 7 is a form or personal bankruptcy. It is different from Chapter 13 in the way debt is organized. With a chapter 13 filing you have to make a set payment, for a set amount of years. The payment plan is created with your personal expenses and income taken into consideration. Chapter 7 dissolves debt and means no payments will have to be paid to debtors. The case is resolved and everything in closed and over with after court approval.

Most people who file for Chapter 7 have no assets and no form of income. You can have up to a certain amount of income and up to a certain amount of assets under Chapter 7 without loss. This can sometimes mean being able to keep your home and your car, however the allowances under Chapter 7 are low and your case would have to bre reviewed by a lawyer before this determination can be made.

Most lawyers offer a free consultation for those considering bankruptcy.

comment!
(0)

vote!
(7.0/10)

e-mail!

Bookmark

Addthis

Ask

Blinklist

del.icio.us

Digg

Fark

Facebook

Google

Lycos

Ma.gnolia

Mr Wong

Netscape

Netvousz

Newsvine

StumbleUpon

Slashdot

Tailrank

Technorati

Wink

Yahoo

The Pros and Cons of Personal Bankruptcy

Filed in archive Information on July 23, 2010

© Mini D

Undertaking a personal bankruptcy is not something to be taken lightly, whether you are filing chapter 13 or chapter 7. It is important to remember that this will stick with you forever. It will effect your ability to purchase a home, buy a car, or even rent an apartment for years after the case has been settled. You will have to say "yes" for questions pertaining to past bankruptcy filings on legal documents for the rest of your life.

However, bankruptcy is also the only way to stay afloat in some cases. In most bankruptcy cases you will not lose anything. It is a way to keep from having your home foreclosed on or your car reposessed. Given time it is possible to build the credit back up after a personal bankruptcy filing. You may never get back to perfect status but most filers go onto purchase houses, vehicles, and even regain credit cars. After all the filing will only remain on your credit report for 7-10 years and in the case of Chapter 13, most of that time will be spent in repayment.

So in general, bankruptcy is a hard step that should never be taken lightly. It is not however, the end of the world.

comment!
(0)

vote!
(9.0/10)

e-mail!

Bookmark

Addthis

Ask

Blinklist

del.icio.us

Digg

Fark

Facebook

Google

Lycos

Ma.gnolia

Mr Wong

Netscape

Netvousz

Newsvine

StumbleUpon

Slashdot

Tailrank

Technorati

Wink

Yahoo

The Basic Bankruptcy Options Part 2

Filed in archive Information on July 9, 2010

© stephenyeargin

A continuation of my previous post about the basics of bankruptcy. This covers the remaining bankruptcy options available to consumers and businesses alike.

Chapter 11 Bankruptcy

This type of bankruptcy is primarily aimed at businesses. Several well-known businesses have made headlines when they applied for Chapter 11 Bankruptcy Reorganization over the past few years. This type of bankruptcy is similar to Chapter 13 but only for businesses. It generally will allow the business to continue operation as long as they pay a monthly sum to debtors.

Chapter 9 Bankruptcy

This form of bankruptcy protection is limited to municipalities. This is the form of bankruptcy that is used when a city is in too much debt to cover their expenses.

Chapter 12 Bankruptcy

This type of bankruptcy is extremely similar to Chapter 13 but it is only avialable to farmers and fishermen. There are some added benefits to the filer when compared to Chatper 13, such as more exemptions and a higher debt ceiling.

Chapter 15 Bankruptcy

This form of bankruptcy is available only to foreign entities. When bankruptcy cases outside of the US require US cooperation and government documentation this is the type of filing that is used. This has become more and more popular as the economy becomes more global. This form of bankruptcy is one of the youngest as it was enacted in 1978.

comment!
(0)

vote!
(7.7/10)

e-mail!

Bookmark

Addthis

Ask

Blinklist

del.icio.us

Digg

Fark

Facebook

Google

Lycos

Ma.gnolia

Mr Wong

Netscape

Netvousz

Newsvine

StumbleUpon

Slashdot

Tailrank

Technorati

Wink

Yahoo

The Basic Bankruptcy Options

Filed in archive Information on July 9, 2010

© TheTruthAbout...

Many people are turning to bankruptcy today as a method of relieving astronomically high debt and historically low incomes. The first thing that you need to know before setting out to file bankruptcy is what kind of bankruptcy you are interested in filing. This is where the chapters come in. This is meant to be a quick run down of the different chapters of bankruptcy that are avialable to filers. More in depth information about each will follow in subsequent blog posts.

Chapter 13

This is sometimes referred to as the "working man's bankruptcy". Chapter 13 is a form of bankruptcy that is intended for individuals who have regular employment but much more debt than they can pay per month. This form of bankruptcy is the most typical among individual filers. When one files Chapter 13 they must make monthly payments for up to 5 years toward creditors.

Chapter 7

Though not as popular s Chapter 13, this is the type of bankruptcy that most people are familar with. With the exception of government issued student loans this type of bankruptcy will wipe out just about everything. It is best for people who have no assets and little or no income.

comment!
(0)

vote!
(10.0/10)

e-mail!

Bookmark

Addthis

Ask

Blinklist

del.icio.us

Digg

Fark

Facebook

Google

Lycos

Ma.gnolia

Mr Wong

Netscape

Netvousz

Newsvine

StumbleUpon

Slashdot

Tailrank

Technorati

Wink

Yahoo

RSS
Google
Yahoo!
Addthis
Bloglines
Twitter	Follow us on Twitter!