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Bankruptcy Means Test Article
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When Needing Information Bankruptcy Attorneys are Experts
from:When individuals need information, bankruptcy attorneys are experts in their fields. It may have become crystal clear that you need financial help, but how do you go about actually getting it? The fact is that many people seek a bankruptcy attorney long after they should have and the result is the situation can only be resolved through a total liquidation. If the attorney had been consulted earlier there might be a possibility of avoiding liquidation and obtaining a court ordered repayment plan instead.
Deciding if bankruptcy is the right choice can be difficult. It is human nature to believe you can handle your financial problems without help. That's one reason why people let things get out of hand. You let one bill get behind, and then another and then start playing the game of paying a bill every other month so that you're always running 60 or more days behind. This is a dangerous game to play when it's your house or car payment falling behind since they represent the roof over your head and the transportation to work.
Eventually, the collection calls start. Creditors will call you at work, at home, leave disguised cell phone messages so you'll call back, send delinquent notices and registered letters. It feels like you are being harassed, but all these people want is their money that you legitimately owe them. Unfortunately, when you start to fall behind, it gets very difficult to catch up again. The interest charges climb and accumulate, late fees and penalties increase balances and yet your income stays the same.
The sooner you consult a bankruptcy attorney, the greater chance you have of being able to take advantage of bankruptcy alternatives. Bankruptcy alternatives include credit counseling and renegotiating debt. But after a certain point, bankruptcy may be the only answer. When that becomes the case, the attorney you choose can help you in ways that don't seem possible when financially desperate. An attorney can review your financial status and then determine how to apply the bankruptcy laws in order to find you relief as quickly as possible.
The word "bankruptcy" is a scary word to many people which is why they try to avoid it for as long as possible. But when a financial situation has no hope of improving given your current income, it doesn't make any sense to wait until it gets even worse. If you wait too long, you'll find yourself dealing with garnishments, bank account seizures and liens against your property instead of just harassing collection telephone calls.
With a bankruptcy, you actually put the law to work for you. In many cases, for example, a business can keep operating and individuals are able to keep their houses. But at this stage, you also have to have a total attitude change about debt. Debt is supposed to work for you and not against you. A bankruptcy can not only eliminate most or all of your debt, it is also a lesson in money management.
Bankruptcy Means Test News
The Rising Cost of Going Bankrupt - JD Supra (press release)
The Rising Cost of Going Bankrupt JD Supra (press release) These changes include mandatory credit counseling and financial education courses, additional legal documents, increased filing fees and an updated “means test” to determine bankruptcy eligibility. The burden of paying for all of these added ... |
Stockton, Calif., creditors extend mediation period - Reuters
Stockton, Calif., creditors extend mediation period Reuters Johnston last week said city officials are hopeful they can avoid a municipal bankruptcy filing for Stockton, the first big city in California to test a new law requiring pre-bankruptcy mediation after its leaders in February endorsed a restructuring ... |
Was it Smart for 'Octomom' to Declare Bankruptcy? - TIME
 TIME | Was it Smart for 'Octomom' to Declare Bankruptcy? TIME Before filing, a person considering bankruptcy has to meet with an attorney and go through a means test, which helps determine which type of bankruptcy is most appropriate for them. The test compares the person's monthly expenses and income to see how ... |
Fund says bankruptcy 'only way' - Marianas Variety
Fund says bankruptcy 'only way' Marianas Variety For the Fund — the debtor in this Chapter 11 petition — it is eligible to file for Chapter 11 bankruptcy because it is not a governmental unit. Using the three-way test as set forth in the case of Las Vegas Monorail Co. to determine whether an entity ... |
Bankruptcy's Silver Lining – Integrity Law Group Releases Vital Information ... - Seattle Post Intelligencer
 GoLocalProv | Bankruptcy's Silver Lining – Integrity Law Group Releases Vital Information ... Seattle Post Intelligencer As long as they meet income requirements and pass the required Bankruptcy Court's Means Test, individuals can hit the reset button on their economic lives upon finding the right bankruptcy attorney to assist them. Chapter 13 is more of a scheduled ... When You Need to File Chapter 13 Bankruptcy LEGAL MATTERS: Think Twice Before Filing Bankruptcy |