Filing Bankruptcy Online

For A Smoother Bankruptcy Process

Now days, with the wide availability of bankruptcy form processing services on Internet, filing bankruptcy online has now become easier and the good part of the story is that the process is very easy and time saving. If you understand the legal requirements associated with filing bankruptcy and you know what are the forms that you need to fill and submit in this regard, you do not even require hiring a bankruptcy attorney to help you with the procedure of filing bankruptcy.

Ways To File Bankruptcy

In fact, there are plenty of ways you can use to file court petition for bankruptcy. For example, if you can hire bankruptcy lawyers to do the job for you or you can avail the various online bankruptcy services available on Internet, or if you are a legal expert and you know the ins and outs of the various bankruptcy laws, you may choose to go for personal filing.

How Much Does Filing Bankruptcy Online Cost?

Depending upon the type of filing process you have chosen, the costs will vary. For example, filing bankruptcy online for chapter 7 bankruptcy and chapter 13 may cost you somewhere around two hundred dollars or less, depending upon the type of bankruptcy you are filing for. If your bankruptcy case is a bit complicated and you know that you are not capable enough to defend your bankruptcy claims yourself successfully, it is always recommended to avail the valuable services of an expert bankruptcy attorney. They will never let you down. These days, even the bankruptcy lawyers choose to go for filing bankruptcy online, as it makes the process much easier and most importantly, it saves a lot of time both for the debtor and the bankruptcy attorney, but of course, it costs a little more.

Advantages Of Filing Bankruptcy Online

If you do not want to hire a bankruptcy attorney, it will be wiser for you to take advantage of the various online bankruptcy services. They are known as online bankruptcy form processors. They will help you in several ways. For example, when you submit your specific bankruptcy case to them along with all the relevant information, they will suggest you the right type of bankruptcy that you should claim for and they will provide you the right bankruptcy forms to fill. Once you submit those forms, they will review all the information you provided with the forms. If some information is missing, the online bankruptcy forms processor will inform you regarding the same and will ask you to submit the missing information.

Once they approve everything, on your request, they will even file a court petition for bankruptcy for you. This way, we can see that filing bankruptcy online will take away the pain out of the complicated proceedings.

By Saurabh K Jain

Filing bankruptcy online is a good option to speed up the bankruptcy process. When you file bankruptcy online, you need not pay a heavy fee to the bankruptcy attorney. However, before you decide in favor of filing bankruptcy through internet, make sure that you are aware of the bankruptcy laws and procedures. If you have any doubt, the better option would be to take the services of bankruptcy lawyers.

Bankruptcy Law

Bankruptcy Law & Attorneys - Important Facts To Consider

Bankruptcy law is a federal statutory law contained in title 11 of the United States codes. Congress passed the Bankruptcy Code under its Constitutional grant of the authority to establish a uniform law on the subject of bankruptcy throughout United States. States may not regulate bankruptcy though they may pass the laws that govern other aspects of the debtor-creditor relationship.

Bankruptcy allows a debtor, who is unable to pay his creditors to resolve his debts through the division of his assets among his creditors. Certain bankruptcy proceedings allow a debtor to stay in business and use the revenue generated to resolve his or her debts. A United States Bankruptcy court supervises bankruptcy proceedings and is where bankruptcy is litigated. Proceedings in bankruptcy courts are governed by the Bankruptcy Rules which were promulgated by the Supreme Court under the authority of Congress.

How Do Bankruptcy Proceedings Work?

Informally called "straight bankruptcy," The most common type of bankruptcy proceedings liquidation involves the appointment of a trustee who collects the non-exempts property of the debtor, sells it and distributes the proceeds to the creditors.

Chapter 11 is reorganization. In this chapter the debtors are allowed to continue its operations while paying their debts. The debtor can either enter the bankruptcy proceedings or it can be initiated by the creditors. The creditors may not seek to collect their debts outside the proceedings at the most part, after the bankruptcy proceedings is filed. The latest revisions of the bankruptcy law are now in effect. Before the debtor can file a bankruptcy case, they should undergo credit counseling, budgeting and debt managements before the debt is wiped out.

Bankruptcy Attorney - Choosing the Right One

Bankruptcy attorneys explain the applications of bankruptcy laws and its applications. If the debtors or their lawyers set off the bankruptcy it is called a voluntary bankruptcy. If the courts initiate the bankruptcy it is called an involuntary bankruptcy. A good bankruptcy attorney will take all the problems away from the bankrupt person or company and deal with every aspect of the bankruptcy.

6 Helpful Tips and Considerations For Finding the Best Bankruptcy Attorney

1. Find a bankruptcy lawyer at the circle of your acquaintances. Keep in mind that bankruptcy law is a specialty, so if your lawyer offers to handle the case as part of your usual retainer, make sure he knows his way around a bankruptcy court.

2. Attorneys must be certified by the American Bankruptcy Institute.

3. Spend a day at a bankruptcy court.

4. What time frame do you have for this bankruptcy?

5. How much access will I have to an attorney during my bankruptcy filing?

6. Because bankruptcy law is a volume business, the time you'll actually be working with a specific attorney may be small. Don’t hire the cheapest lawyer.

By Dean Shainin

Dean Shainin offers online Bankruptcy and debt advice. For more information, articles, news, tools and valuable resources on bankruptcy and debt solutions, visit this site: Bankruptcy Attorneys

Free Bankruptcy

Free Bankruptcy? Or, at Least, Cheap & Low Cost!

Just by simple definition alone, a debt-burdened consumer who files for bankruptcy is presumed doing so simply by reason of the fact that he or she has no money. Hence, what better proposition for a person who seeks this than for him or her to be able to file FREE bankruptcy! Is it any wonder, then, that a common question asked by many consumers who contemplate it, is often something having to do with filing a free one?

In deed, from this writer's personal perspective, a completely free bankruptcy, or at least a dirt cheap bankruptcy, should be the rule of the game. Being a basic constitutional right of American citizenship, it should NOT be expensive. Rather, the honest and qualified debtor should be able to file for bankruptcy without charge, or at least at a low-cost, cheap price that the debtor should afford.

The central question for us here, therefore, is: How realistic or practicable within today's legal establishment, is the debtors' common question, Can I file bankruptcy for free?

PROSPECTS UNDER THE NEW LAW FOR NO-FEE BANKRUPTCY

Put very simply, the whole reality of the matter is that under the prevailing bankruptcy law and procedures that came into being since the passage of the new "reformed" law of October 2005 (commonly known as the BAPCPA law), the expectation, on the part of the debtor who seeks to file one today for a totally free bankruptcy, is almost totally unrealistic and unattainable for the average debtor. In deed, what the new law has done to the whole bankruptcy process, is that it has drastically added, not reduced, more and higher costs, especially the lawyers' costs, to filing bankruptcy for the filer. For example, the average bankruptcy lawyer's fees for the simplest Chapter 7 which used to be $750 to $1,000 before the 2005 law, is now in the range of $2,000 to $2,500 since the new law, while the lawyers' fees for Chapter 13 which used to be around $1,500 or less, is now in the range of $3,000 to $4,500. In addition, the court filing fees charged by the bankruptcy court to file the papers, have shut up significantly - by more than 33% of the pre-2005 law costs.

FREE BANKRUPTCY, A POSSIBILITY - BUT ONLY REMOTELY AND FOR VERY SELECT FEW

But is it possible, under any circumstances whatsoever today, for a debtor to file bankruptcy for free? In theory, yes. But, in practice, in the real world that most debtors have to operate in, the answer is absolutely NO! In theory, for the vast majority of over 1,000,000 debtors who file for bankruptcy these days every year, sure, a really proven, low income, cash-strapped debtor seeking to file bankruptcy could file for a court "waiver" to have the court waive the approximately $300 in court filing fees that are required, as well as other required costs for filing bankruptcy (for things such as Credit Counseling classes, debt management, etc.). However, for the average debtor, the hassles involved in being allowed such privileges, as well as the additional stringent conditions required for the debtor to qualify for them, are generally too cumbersome to the point that only just a handful really ever qualify for or use them. Hence, filing for bankruptcy for free, in the sense of not having to pay any of these various court filing and administrative fees, is merely a very remote possibility for only a very tiny few among bankruptcy filers.

And as to the prospect for free bankruptcy with respect to the lawyers' high legal fees for it? True, the lawyers' groups and bar associations have established some forms of pro bono or legal aid programs that are supposed to allow bankruptcy-seekers to file bankruptcy for free . However, in practice, only a mere handful of people qualify for such programs or ever use them. Hence, these days - unless you completely choose to file bankruptcy under some non lawyer option that is being adopted by a growing number of debtors today, by which you file without using an attorney - being able to file for bankruptcy for free without having to pay the attorneys' hefty legal fees, is also simply a remote, if impractical possibility for most filers.

DEBTORS' CURRENT OPTIONS ON COSTS - Free Bankruptcy Vs Low-Cost

A growing option for many American debtors to the closest thing to "free bankruptcy," is low-cost, cheap non lawyer baNKRUPTCY - that is, filing for it through the use of such methods as competent legal manuals and kits, credible and reputable debt relief agents and agencies and Full Service bankruptcy document preparers that specialize in bankruptcy filings. Contrary to the common notion often propagated by lawyers and bar organizations across the country, most bankruptcy cases are, in fact, really what is called no-asset situations, and are of the simple, straightforward garden variety kinds that readily lend such bankruptcies to being filed by the debtors themselves, without a lawyer or the lawyers' high legal fees for bankruptcy.

In short, the answer to the question: Can I file bankruptcy for free? Generally, NO. If you were to go about it the traditional way, which means having to hire an attorney for it, that notion is essentially out of the question. Call it a pipe dream, almost! On the other hand, however, you can use a non traditional alternative method (use of competent instructional manuals and kits, non lawyer bankruptcy specialists who specialize in preparation of bankruptcy papers for debtors at extremely low prices, and the like) to dramatically cut your cost for bankruptcy and reduce it to the point where filing for it will be affordable for you. And for you as a debtor, that will be, in the real world, the closest thing you'll ever get to a free bankruptcy or filing bankruptcy for free today in this super expensive post-2005-law bankruptcy era!

In sum, as to the answer to the question, 'Can I file bankruptcy for free?' That is a practical impossibility for the vast majority of American consumers filing for bankruptcy today. But, can you have cheap bankruptcy or low cost bankruptcy that will dramatically cut the cost down, if not completely eliminate it to zero? Yes. Possibly. You can, if you simply seek out that alternative method, and engage the services of reputable and competent agencies that deliver such services for debtors.

To conclude, before you decide on anything, you can get more or further information, for free, on questions about filing free bankruptcy, or filing a cheap and affordable one and related issues, at this website: www.afford-bankruptcy.Com

By Benjamin Anosike, Ph.D.

Benjamin Anosike, Ph.D., has been dubbed by experts and reviewers of his many books, manuals and body of work, which dwell largely on self-help law issues, as "the man who almost literally wrote the book on the use of self-help law methods" by America's consumers in doing their own routine legal chores - in uncontested divorce, will-making, simple probate, settlement of a dead person's estate, simple no-asset bankruptcy, etc. A pioneer and intellectual and moral leader of the 1970s-based "you do your own law" movement and a lifelong vehement advocate and veteran of historical battles for the right of the American consumers to perform their own tasks in the area of routine legal matters, Anosike was one of the pioneers who fought and survived (along with many others of courage) the lawyers' and organized bar's stiff war of the 1970s and '80s against American consumers and entrepreneurs who merely sought, then, to use, write, distribute or sell law-related self-help books and kits for non-lawyers to do their own law, upon the lawyers' claim then of such being purportedly "unauthorized practice of law" or "practicing law without a license." Anosike holds graduate degrees in labor economics and management and a Ph.D. in jurisprudence. Once characterized by a review of the American Library Association's Booklist Journal as "probably the most prolific author in the field of legal self-help today," Dr Anosike is the author of over 26 books and manuals (and countless number of articles) on various topics of American law, including 4 volumes on personal and business bankruptcy filing, in a lifetime of dedication. For more on the subject matter discussed in this article, or on how to get a low-cost, affordable bankruptcy filing, or the author's other books and manuals, visit this site: http://www.afford-bankruptcy.com

Bankruptcy and Loan

The word “Bankruptcy” has been one of the most hated and notorious word in lending business since the time lending business was started. But a surprising fact is that most of us do no know what a bankruptcy actually means, except a most common perception of the meaning of this word-that is in case of bankruptcy, the debtor is just unable to clear off his debt, that in such case his remaining properties are auctioned off to pay off his debtors.
Infact, Bankruptcy is a legal proceeding whereby an individual or a business can declare an inability to pay back debts. Bankruptcy allows individuals or businesses to either restructure their debt and pays it back within a payment plan, or have most of their debts absolved completely.

Bankruptcy basically means ‘broken+bench’. In past, when a borrower was not able to pay back loans, the debtors’ men used to break the workbench of borrower into two, as a mark of punishment for not paying his loans. Now, it has become a legal jargon and a tool to help an individual or business discharge its burden of debts without been swallowed up by it. It is now a legal term, meaning that an individual cannot, within reason, pay off his various debts and has allowed the court system to take over his finances for the purpose of easing off his debts.

Now bankruptcy laws have been enacted to protect both lenders’ and borrowers’ interest. It was legislated to provide equal and fair measures to satisfy the objectives of all parties. The primary purpose of the bankruptcy lwas were that if a borrower is not able to pay off his debts due to reasons beyond his control, his loans may be waived off. Second, to help a debtor get back his money to the extent the borrower has property available for payment.

Several studies over the years have shown that the primary cause of personal bankruptcy is uncontrollable levels of consumer debt which in most cases is coupled with an unexpected event, such as a major medical expense not covered by insurance, the loss of a job, divorce or death of a spouse. According to economists' surveys, the classic bankruptcy filer is a blue collar, high school graduate who is the head of a household in the lower middle-income class with heavy use of credit.

Different types of bankruptcy exist in different localities and countries, defined by legal codes for certain purposes. The exact types of bankruptcy available differ from one country to the next, in the United Kingdom for example; bankruptcy can only legally be applied to individuals and partnerships, whereas in the United States and Canada, it can be applied to businesses as well.

Despite the serious short term and long-term effects associated with filing bankruptcy, the number of people filing bankruptcy lately has been on the increase. It is estimated that 5.4 people out of 1000 filed for bankruptcy last year and that this rate has been growing at an average of 7%. The alarming ease with which people file for bankruptcy is a growing cause of concern for governments and financial organizations.

Bankruptcy has long been a big question mark in the eyes of the consumer. More often than not, a person's view of bankruptcy is developed by his immediate environment such as his parents or close relatives’ personal views or based on what they see as far as ads etc. regarding bankruptcy. Too often these ads are simply put together by bankruptcy attorneys that want your business. Bankruptcy is big business. With 1,597,462 personal bankruptcy filings being made during the calendar year in 2004 you can see that there is a lot of money to be made by bankruptcy attorneys. While not all bankruptcy attorneys are in it for the money it is apparent by the plethora of advertisements online or on TV that make claims such as you'll be on your way to good credit it no time, or claims that it's easy to file that there are bankruptcy attorneys with their own personal gains at the top of their mind.

Here is a list of myths or untrue statements regarding bankruptcy:

All debts are waived off in case you file for Chapter 7 Bankruptcy Protection.

Your credit rating will be improved if you file for bankruptcy

Bankruptcy is an easy process

While bankruptcy may be unavoidable for some individuals due to hardships that they may be experiencing, bankruptcy is not for everyone. Bankruptcy attorneys should try to find other solutions for you before recommending their own help. Review your options before making your decision, as this may have a long term impact and not provide the quick fix some look for when choosing bankruptcy protection.

If you feel you may enter into mesh of bankruptcy, prior to taking any step, you must think and answer yourself two questions:

Should I go for bankruptcy?

Bankruptcy is fully a personal decision and must not be taken under influence of vested interest. You must evaluate your debt level, your capacity to repay, risk factors, advantages and disadvantages of filling bankruptcy, affect on ypur social status, expense on filling bankruptcy etc.

What is the level of risk for bankruptcy?

In case you are thinking of bankruptcy, the first step is to evaluate the risk factor on the basis of record of late payments, overspending, capability to pay minimum amount monthly, etc-If answer to all these is “yes” then you are at risk for bankruptcy and must get some expert advice.

By Steve C Clark

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances. He writes on loans. His ideas can help you rejuvenate your money. To find Personal loan UK, secured loans, unsecured loans visit http://www.ezpersonalloansuk.co.uk

Types of Bankruptcy

Learn the 6 Types of Bankruptcy Chapters

Many people don't realize that there are 6 types of bankruptcy chapters. Not all apply to the average individual, but this information may be of interest to you now or sometime in the future.

Under the United States Code, there are actually 6 types of bankruptcy chapters entitled under the Federal Bankruptcy Code. Below you will find each type of bankruptcy and see what each means.

The 6 bankruptcy codes are listed below:

• Chapter 7 - most people and/or businesses file chapter 7 for total liquidation of all eligible debts
• Chapter 9 - when a municipality files bankruptcy
• Chapter 11 - is filed when a business or sometimes an individual who wants to reorganize their debt
• Chapter 12 - is for family farmers and family fisherman
• Chapter 13 - is for individuals who wish to reorganize their debt with a repayment plan
• Chapter 15 - is regarding international cases

The most popular bankruptcy filing is Chapter 7. This allows the individual to liquidate most of their debt. Chapter 7 bankruptcy usually takes 3 months from start to finish. Consumers should know that Chapter 7 bankruptcy will reflect on their credit score for 10 years. Also, once you file Chapter 7 bankruptcy, you will not be permitted to file bankruptcy again for another 8 years. One last point, Chapter 7 bankruptcy does not mean all debt will be discharged. Things like child support, most student loans, and any taxes (federal, state and local) owed will need to be paid by you.

Most people know little about Chapter 9 bankruptcy. Chapter 9 bankruptcy calls for the resolution of municipal debts. Only a handful of municipalities have filed Chapter 9 since its inception in 1937. In 1994, Orange County, California filed a multi-million dollar Chapter 9 because the County Treasurer-Tax Collector misappropriated the county's tax dollars. He left the entire county bankrupt. This case personally affected me as I lived there and worked with the County of Orange at the time.

Chapter 11 bankruptcy is filed when a business or corporation needs to reorganize their debt. The corporation makes a plan to repay their debt in order to stay in business.

Chapter 12 bankruptcy is intended for family farmers and family fisherman who have normal income but high debt. Usually this type of bankruptcy allows these families to suggest a plan to repay all or part of their debt.

Chapter 13 bankruptcy is for individuals who wish to reorganize their debt with a repayment plan. Chapter 13 demonstrates you're taking some responsibility for your debt, therefore your credit score will be affected for 7 years instead of 10 years under Chapter 7.

Chapter 15 is basically a new chapter added in 2005 when Federal Bankruptcy Laws were changed. It involves methods for dealing with cases involving debtor issues for international cases.

As you can see, the 6 types of bankruptcy chapters will not involve most people. Federal Law has taken into account all types of circumstances so most people and corporations have the opportunity to alter and/or relieve their debt problems. If you fall into one of the 6 types of bankruptcy, please consider all you options.

By April Claeyssens

Chapter 7 Bankruptcy

The Major Reason to File Chapter 7 Bankruptcy

If you are in debt and you are considering Chapter 7 Bankruptcy, then you need to know that there are only a few times when you should actually file for this type of bankruptcy. There are some things that you will go through after bankruptcy that should make it a very serious decision to make. Here are the times that you should consider bankruptcy.

If you are unemployed and the debts have piled up to where you cannot get out from under them. This would mean that you are looking very hard for a job and just cannot find one and you have over $30,000 of unsecured debts. This is one of the situations that might cause you to consider bankruptcy, but if it is not a hopeless situation, then you should look at it from all angles before making this decision.

Another time to consider bankruptcy is if you have debts that equal more than twice what you make annually. This cannot include your mortgage because it is a large debt that will be much more than you make. This amount of debt is quite a bit to take on and you should consider getting in contact with a financial advisor to see what your best options are.

The last time you should consider Chapter 7 Bankruptcy is if you have tried everything else and nobody can help you. If you have a home and cannot refinance to pay off debts, if you have tried debt counselors, and you have tried all the options out there, then bankruptcy becomes your last resort and you can use it to get a fresh start.

By Benjamin Robert Ehinger

Discover the truth about Chapter 7 Bankruptcy. Get the answers here: Chapter 7 Bankruptcy Article Source: http://EzineArticles.com/?expert=Benjamin_Robert_Ehinger

Chapter 11 Bankruptcy

About Chapter 11 Bankruptcy

Chapter 11 bankruptcy has also been termed "Re-organization bankruptcy". It's the most common type of insolvency in the United States. It is typically used in large organizations or businesses under the strain of financial crisis. But it's also utilized by individuals, corporations and partnerships.

Advantages

Remember, Chapter 11 Bankruptcy is reorganization, not liquidation. In some cases, filing for Chapter 11 bankruptcy allows a business to continue operating throughout bankruptcy proceedings. What that means is that under trying circumstances, you now have time to reorganize under the bankruptcy court's supervision. This chapter has no limits on the amount of debt, where as Chapter 13 does.

How it works

Chapter 11 bankruptcy is commonly used by businesses as a way to restructure their debt without forfeiting their business. To achieve this, the debtor files a petition which enumerates a list of assets and liabilities, and a detailed reckoning of financial affairs. And some of the company's assets get sold off to repay over due creditors. The debtor must then provide a plan and get it ratified by the creditors.

Warning: If the enterprise goes into the courthouse unprepared, then the result might be that the judge deeds over the business to the biggest creditor you owe.

Limitations & Drawbacks

Chapter 11 bankruptcy is definitely the most costly corporate option in terms of legal fees and attorney's costs. Just to file a Chapter 11 Bankruptcy you must pay a filing fee of $830.00--plus a quarterly administrative fee to the Court. It is not commonly used by individual consumers because it is far more complicated and costly to file.

Chapter 11 Bankruptcy is almost certainly the most flexible of all the chapters, and at the same time the most difficult to generalize. Chapter 11 bankruptcy is a time consuming and expensive chapter, therefore it is only advised for individuals whose circumstances make Chapter 7 or Chapter 13 inapplicable or inappropriate. Fewer than 1% of all bankruptcy filings are Chapter 11s.

Comparison with Chapters 13 & 7

Chapter 11 bankruptcy is a practical choice when a business has sufficient prospects to continue operating. Businesses are commonly permitted to continue to operate while in Chapter 11 bankruptcy, though they must do so under the supervision of the bankruptcy court.

Chapter 11 Bankruptcy is unique, because the debtor will commonly operate as his or her own trustee. This notion is called a "debtor in possession". Businesses that file Chapter 11 bankruptcy are commonly are permitted to operate under the supervision of the bankruptcy court. In Chapter 7 bankruptcy a business sells off all its assets and eventually ceases operation.

Other Options

Chapter 11 Bankruptcy is not the only option available to a business - reorganization is possible under Chapter 13, as well. Often times, a sole proprietor may file for personal bankruptcy, which grants reorganization of the business without the cost of pursuing a Chapter 11.

By J. Everett Myers

Want more chapter 11 bankruptcy information? Visit our website. Article Source: http://EzineArticles.com/?expert=J._Everett_Myers