Showing posts with label Bankruptcy. Show all posts
Showing posts with label Bankruptcy. Show all posts

Sunday, September 28, 2014

How To Stop Eviction Process Stopping Repossession

Eviction process in the UK can be frustrating and it can lead to emotional exhaustion. Any individual who has received eviction notice from the court can have number of question about the eviction process and the factors involved. You may as well worry about the mortgage and the involvement of bailiffs. To get all your questions answered, Visit At :

Tuesday, June 24, 2014

Hire A Lawyer to Protect Your Assets When Filing for A Bankruptcy

If you are considering filing for bankruptcy, it might not make sense to you to hire a bankruptcy lawyer and spend money on the process. You might be planning to just hire someone for the paper work for lesser fees and do rest of the things alone. If this is what you have planned, you are going to be in a mess.

Filing for A Bankruptcy

With all due respect, this is probably not the right course of action that you should follow. It would be beneficial for you emotionally and financially if you hire a professional bankruptcy lawyer. He can help you make the necessary decisions and can propose many ways to protect your assets. Yes, you need to pay fees to the lawyer but he can make the procedure a lot more easier and also protect your rights.

What a Bankruptcy Lawyer can Do for you?

It is always a wide decision to hire a bankruptcy lawyer to protect your assets when filing for bankruptcy. Here is why:
  • When you are in debt, it is common to experience nonstop pestering from debt collectors and creditors. With the help of lawyer, you can file for bankruptcy as soon as he finishes the paper work. And after filing, the harassment will stop and creditors can no longer pester you.
  • Filing a bankruptcy petition is a complicated process and there are a number of things one needs to take care to avoid making a mistake. You may think that you can do some research and proceed on your own but a lawyer will ensure a smooth process. He will protect your rights and make sure that no important factor is overlooked that might cause your case to be thrown out of court later.
  • A lawyer will guide you better in choosing either Chapter 7 or Chapter 13 and will ensure that you are qualified for the one you choose.
  • He will also advice as to what assets are protected by law and what are at risk of being turned over for liquidation.
  • He will counsel you better on what debts are secured or unsecured and which can be discharged under the type of bankruptcy you are filing.
  • You want somebody who can help you and can be your side. Court will not help you if you fail to present your case properly.
  • Filing a bankruptcy requires precision and there is no room for any type of error. You can research and proceed on your own, but when you have a support of an experienced bankruptcy lawyer, the chances of making any type of error lessen.
  • It may sound minor but a bankruptcy lawyer can definitely save your time, money and prevent you from unwanted headaches of doing all the things yourself.

Experience Matters

Many years back, it was easier to file for bankruptcy and people often used to follow the process by themselves. Scenario changed when amendments were made in the Bankruptcy Law. Now, the process is complex and has become tougher to manage by the one who is non experienced in the field. So, you need to hire the right attorney who knows when to file, how to file, how to prepare the paperwork and how to protect your assets.

Wednesday, March 5, 2014

Things You Need to Know Before Filing for Bankruptcy

Some people see bankruptcy as a way to escape their debts but it is not always the wisest choice to declare bankruptcy. It does not necessarily release you from all of your obligations and it will seriously affect your ability to get any credit for several years. This means you must be prepared to live on your actual income. Bankruptcy may be the right choice but it should never be entered into lightly or without legal counsel.
Filing for Bankruptcy

Credit Counseling

Before you decide that bankruptcy is the best solution for your situation the first step should be to meet with a credit counselor. There are many good credit-counseling agencies but there are also many scam agencies. It is important to check the credentials, history and references of a credit agency before getting involved with them. A good agency can review your situation and make suggestions as to the best way forward to resolve your credit and financial problems. Whereas a bad agency may cause additional financial hardship and charge exorbitant fees while providing little assistance.Even if you do file for bankruptcy, the law requires credit counseling so you might as well get a head start and see if there are other options open to you that will resolve your financial situation.


Whether or not you decide to declare bankruptcy, you should make sure to always pay your taxes. If you fail to file a return and the IRS does one for you instead, it will not qualify as a return. This point cannot be stressed enough. Many people think they do not need to file a return if they are declaring bankruptcy but that is completely false. It is actually a mandated requirement for filing bankruptcy to have your taxes prepared and an accurate return filed for the previous year.

Protect Your Assets

Bankruptcy protects certain items from creditors. The best way to protect your assets is to hire an asset protection lawyer. They specialize in knowing the laws and generally work with bankruptcy lawyers. If you do not go through with filing bankruptcy there are still many valuable things you can learn from an asset protection lawyer that will help you protect some of your assets from debt collectors and legal judgments made against you.

Filing Singly If You Are Married

Some couples may be able to file bankruptcy separately. Some states allow filing separately and also protect marital assets under state law. The impact of this is that a couple can file bankruptcy in different months and be able to maximize the amount of assets they get to keep under bankruptcy rules.

Change Bank Accounts

It is wise to open new accounts before you declare bankruptcy because if you have any debt or loans with your current bank they may close your accounts as soon as they are notified of the bankruptcy filing. If you wait to do this you could encounter a problem when trying to open a new account after the bankruptcy begins appearing on your credit record. It is also important to make sure any automatic payments are either discontinued or transferred over to the new account. Inform any creditors that you pay through automatic payments of the account change information. Do not accrue any debt on the new accounts otherwise they too may be at risk of being closed.

Learning to Live Without Credit

It is common that credit card companies will close your accounts and others will not extend credit to you during, or after a bankruptcy for a period of many years.For this reason it is critical to plan carefully. Cancel any subscriptions and break contracts that are not absolutely necessary. List out all those contracts, or subscriptions you want to break and then you can include them in your bankruptcy. Verify your total monthly income and expenses. You must be able to cover all of your monthly expenses with only your income. You should also establish a contingency account for emergencies. With this in mind, you may want to wait several months in order to save up and stash away some money prior to filing for bankruptcy.

Bankruptcy can be a way to get a fresh financial start, but it is imperative you understand the process and what to expect. Retain a knowledgeable bankruptcy lawyer to help educate yourself and plan out the best strategy so that the bankruptcy works to your advantage and truly gives you that fresh financial start you need without any unexpected surprises.

Sunday, February 9, 2014

Best Mortgage Options after Bankruptcy

Bankruptcy is the legal proceeding in which the properties of the debtor is being seized and acquired by the lending agencies on the event of payback failure of the loan. Bankruptcy is one stage where the victim searches for various options to become debt-free. In such situations, it is very common that we again choose loan options which are charged with very high interest rates than usual. But we fail to understand that such an act would again push us to a bankrupt situation when we are not able to manage the repayment of interest as well as the principle at website. 

Mortgage Options after Bankruptcy

Steps involved in choosing a best mortgage loan

1. Checking credit report and maintaining proper documents

As soon as you become bankrupt, your unpaid dues would reflect in your credit history which results in the inability of further loan claim. It is also essential for you to maintain proper documents related to the debt repayment failure following bankruptcy. This is because of the reality that you attempt for other credit options without clearing the older dues and that erodes your credit score. Do not forget to organize your debt report, bankruptcy papers, tax records, foreclosure documents, etc. You may not use it for that time, but it helps you later while applying for other mortgage loans.

2. Applying for credit cards

Credit cards will be helpful during this phase since the secured ones report to any of the major credit concerns. It requires maintaining a particular amount that equals your credit limit. With the help of this card, you can easily purchase things at particular intervals and pay the bills on time to reveal your liability. Another option is an unsecured store credit card which can be used to purchase at a higher interest rate. Major thing to be kept in mind is that you should not drag your balance more than 30 percent from your credit limit.

3. Purchase a large loan

When you put the above things in order then you are in a position to try out bigger options. By maintaining a fair credit score after bankruptcy, you can check out to try a sizable loan such as a car loan or student loan. Be careful in handling these loans and see to that it fits your budget. Do not put yourself in trouble again by purchasing high interest loans. Try to pay back the loans on time and if possible with larger amount than expected. This is to reveal the knowledge you gained from your previous bankrupt situation.

4. Finally VA or FHA loans

The Federal Housing Administration (FHA) or Veteran Affairs (VA) loans are offered by the federal government which is issued by an intermediate government approved no credit check loan lender. FHA does not bother your previous bankruptcy unless and until you have established a fair credit history as mentioned above. VA loans require a funding fee which is collected by the U.S. Department of Veteran Affairs. In such mortgages where the government is involved, you have to be prepared to express your past due problems and the concerns you have regarding the loans at present and that you would avoid such bankrupt situation in future.

Sunday, September 29, 2013

What will Happen to me After I File Bankruptcy?

People regularly ask bankruptcy solicitors how their life will be affected after filing for bankruptcy. This can help them understand the positives and negatives of doing so and enable them to make a fully-informed decision.


While most people can continue in their employment without any problems, you will need to ask for court permission and tell the Official Receiver if you want to take part in the management, creation or promotion of a company, or if you are the director of a company.
Some organisations may deem you are no longer eligible to work for them or remain a member of them after filing bankruptcy. You will also be unable to work as an insolvency practitioner. If you work in a company under a different name to the one you filed bankruptcy as, you will have to tell your business clients that you have filed bankruptcy.

Credit and banking

Bankrupt people cannot ask anyone for more than £500 in credit without stating that they are bankrupt. You will have to hand the Official Receiver any documentation relating to your debts and assets, and will no longer be able to use credit cards, bank accounts or building society accounts.

You will still be liable for debts you incurred after becoming bankrupt and any debts that are included in your bankruptcy. There are a number of different debts that you will still be liable for after filing bankruptcy, including many court fines, court orders and student loans. If you have been told to pay personal injury compensation, if you have debts caused by breach of trust or fraud, or if you must pay money in family proceedings, you will not be released from these debts following the bankruptcy discharge.

Your bank account will be automatically frozen by your bank and tell the Official Receiver about the money within the account. If it is determined that you need this money for living expenses, you will be allowed to retain it. The bank will decide whether or not you can continue to use your bank account.

Losing your assets

When you file for bankruptcy, your assets will be transferred to your trustee, and you will be unable to dispose of them. This also applies to any assets you purchase before the discharge from bankruptcy. You will likely be able to keep basic household essentials and any equipment you require for your employment.

If you live in rented accommodation, your landlord will not necessarily be told about your bankruptcy, unless you are in arrears. However, you will have to show the Official Receiver your tenancy agreement, and if the tenancy is not secure, protected or assured, your landlord will likely be contacted.
Bankruptcy solicitors can provide you with help and legal advice to ensure that you do not face any unnecessary problems as a result of your bankruptcy. Laws relating to bankruptcy change regularly, and using solicitors can ensure you meet your obligations and that your bankruptcy goes off without a hitch.

Daniel Gellar works with bankruptcy solicitors in Preston and accident at work compensation claim to guide people through the difficult and challenging process of a bankruptcy, helping people cope with difficult debt without any unnecessary hassle. She loves travelling around the North West, and her favourite places to walk around are the mountains of the Lake District.

Thursday, September 5, 2013

How Do the Consequences of Bankruptcy Alternatives Compare?

There are two broad categories which can be used to classify Bankruptcy alternatives. The first is an informal and the second is a formal course of action. The difference is that informal actions are something that is done early in the process where negotiations can still be conducted between the parties. Formal alternatives are usually a little more involved and include some form of third-party involvement.


I. Informal Bankruptcy Alternatives

Sell Assets

The idea behind selling one's assets is to be able to raise enough cash to settle any outstanding obligations. This is one of the fastest and best ways to handle an outstanding debt.

Consolidate Debts

Often times having too many debts from too many vendors can confuse the issue. In this case one way to organize everything and possibly reduce the average interest rate is to consolidate all the liabilities.

Government Repayment Assistance Plan

If the problem is with a student loan, and this is what is causing bankruptcy to be imminent, then the Canadian government has the Repayment Assistance Plan (RAP) and it is available to borrowers who have a problem with repaying the student loan.

The consequences of informal bankruptcy alternatives is that the person is left to manage his or her own affairs and can get out from the predicament without any lasting blemish on their name.

II. Formal Bankruptcy Alternatives

When the informal measures don't work, then it is best to be a little more aggressive and to proactively look at the formal alternatives.

Consolidation Order

Canadians who reside in Alberta, Saskatchewan and Nova Scotia there is an alternative to bankruptcy called the Consolidation Order. In this situation the court consolidates all debts into one and the debtor then makes payment to the court on a predetermined schedule.

Consumer Proposal

The CP is formal procedure governed by Canada's Bankruptcy and Insolvency Act for those who have less than a quarter of a million in outstanding debt. A trustee is used to collect payments from the debtor and distribute it among al the listed creditors.

Division I Proposal

This is another procedure within the Bankruptcy and Insolvency Act. This relief is available to both businesses as well as individuals regardless of the outstanding amount. As with the CP, this procedure also uses a trustee to disburse payments.

With these six avenues between formal and informal it is possible for an individual, family or small business to avoid bankruptcy. These alternative have the consequences that avoid tarnishing one's name and loosing every item of possession.

About Author: Ken Rowan & Associates Inc. provides advice on debt consolidation, credit counselling, proposals to creditors, and bankruptcy help across Burnaby and South Surrey, Canada.