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Assistance That Bankruptcy Attorneys Provide In Filing Chapter 7 or Chapter 13

Posted by Ama Guzo on June 2, 2011 at 12:46 AM Comments comments (0)

Knowledgeable and professional San Antonio bankruptcy attorneys can certainly help in deciding the best suitable bankruptcy safeguard for a specific financial predicament and extend assistance for the period of the entire process. Bankruptcy can take place to any person, and it is a tough condition to be in. Despite the fact that filing for bankruptcy may have many benefits for instance being released from the problem of mortgages and pestering of creditors, it may also have an impact on a debtor's credit scores. Personal bankruptcy case can be filed either under Chapter 7 or Chapter 13 depending on what will be most suitable for the financial problem. Chapter 7 and Chapter 13 offers relief from debts but their clause and conditions are different. Filing for bankruptcy is a intricate course of action and a attorney's proficiency will make it less difficult for a person to undergo. Whichever kind of bankruptcy proceeding is suited to an individual, a bankruptcy attorney will be effective at handling it. Although it is difficult to discuss every legal condition and illustrate in details the undertakings in the two types of cases, here is a brief overview of what bankruptcy attorneys take on:

San Antonio Chapter 7 Bankruptcy

A different term of this kind of bankruptcy is straight bankruptcy. Both business entities and individuals can file for this kind of bankruptcy. A debtor's possessions that happens to be not exempted are liquidated and it's the bankruptcy attorney who supervises the liquidation of financial assets. Then a trustee would be designated by the court to take care of the liquidation of assets. A report of non-exempt properties will be prepared by the bankruptcy lawyer for the trustee to liquidate. All of the assets that' re enlisted as non-exempt are going to be liquidated to repay financial loans and money owed. One important thing to bear in mind before filing for Chapter 7 is individuals shouldn't file this kind of bankruptcy case if they've assets with immense value that could possibly be taken away from them. Quite often, people file for Chapter 7 bankruptcy without seeking assistance from an knowledgeable attorney, which is certainly a mistake. A legal professional can properly aid and legally represent a person who is filing for Chapter 7.

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San Antonio Chapter 13 Bankruptcy


One other name of this type of bankruptcy is bankruptcy reorganization. San Antonio Chapter 13 bankruptcy gives debt relief to people by offering them a lot more time to repay their debts. Bankruptcy attorneys are familiar with the required steps in filing Chapter 13, and likewise, the right way to doout. The paperwork required in the proceeding will also be handled by the attorney. In addition, all of the records of a person's income and debts should be collected. There are many tedious work that come along with filing a Chapter 13 and the bankruptcy attorney will take care of it all.


It is usually advisable to hire an expert lawyer if a person wants to be relieved from unleveraged financial obligations and loans in order to pay off financial debt and get a new start. A bankruptcy lawyer knows how to handle any type of bankruptcy proceedings. There are many distinguished and experienced bankruptcy attorneys whom people can reach for consultation and representation.


Chapter Eleven - Bankruptcy Law

Posted by Ama Guzo on June 24, 2010 at 12:41 AM Comments comments (0)

Chapter 11 is a plan under the Bankruptcy Code typically regarded as appropriate for businesses which include corporations, partnerships or sole proprietors due to complexity and length of the procedures as well as costs involved. Additionally, you will find differences for the procedure for the three groups of debtor. Just like other bankruptcy types, individuals, or husband and wife, facing chapter 11 bankruptcy must have credit counseling. Corporations’ personal assets are not involved in chapter 11 bankruptcy proceedings aside from the stocks belonging to the company, but partnerships could find personal assets involved and sole proprietors can anticipate both personal and business assets being subject to rulings. Cases designated ‘small business’ may possibly proceed at a faster pace and be susceptible to a lesser number of official demands than other cases, but to be a small business debts have to be below roughly $2.2 million and also have no creditors’ committee involvement.


Filing under chapter 11 might be at the debtor’s discretion or it could be an involuntary petition filed by creditors. All debtors must present the court with full disclosure statements of of every debt and asset (though the extent of the disclosure statement differs dependant upon the type of debtor) and pay fees amounting to more than $1000 in addition to a repayment or liquidation plan.


Filing a voluntary chapter 11 petition means the debtor stays in charge of the business and is known as the ‘debtor in possession’. The debtor in possession carries major responsibilities to handle and sees to it that the case moves along. Tardiness may have negative repercussions. A US trustee maintains a close supervisory role over the case in relation to the operation of the business mandating reports on all endeavors among them operating expenses and income. The US trustee is capable of having the case converted under the Bankruptcy code if the debtor in possession be found to negligent in proceeding with confirmation of a plan or elsewhere fail to report appropriately within the activities of the business. Furthermore the us Trustee is paid by the debtor in possession.

More officials could be involved with complicated on-going chapter 11 petitions such as a case trustee or an examiner who works with the trustee. Creditors’ committees might be formed of unsecured creditors to cooperate with the debtor in possession and could also hire other specialists with the courts discretion.


Chapter 11 requires that a repayment plan must set out what types of claims need to be resolved and exactly how they shall be addressed. The plan along with the disclosure statement will have to provide ample information for creditors to determine the viability of the plan. There is an option to vote by ballot for those creditors who may not necessarily anticipate full pay back from the plan. Also, creditors can provide alternative plans.


Following filing, there is the regular period where an automatic stay will come in to act regarding the actions of most creditors. Nonetheless, some secured creditors can petition the court for the right to foreclose on property under special circumstances such as in the case of single asset real estate debtors. This sort of action on the part of creditors among other possible motions related to stays can be forestalled by the confirmation of a plan or commencement of repayment of interest on debt to the creditor.


Adherence to the requirements of a confirmed plan normally results in discharge of debts accrued before confirmation. But, under chapter 11, only individuals are granted discharge as a result of confirmation of a liquidation plan.



These San Antonio Bankruptcy Myths You Should Look Out For

Posted by Ama Guzo on June 22, 2010 at 2:34 AM Comments comments (0)

When filing for bankruptcy you should consider the most common myths. Within San Antonio both federal and state regulations operate in Texas, to help support debtors and provide options for relief.


1. The means test eliminates bankruptcy as an option


Firstly, the means test is designed to prevent people with high disposable incomes filing chapter 7, as it is for those in the situation where they definitely can not pay off their debts. If you have considerable consumer debt or have incurred an unexpected debt load due to medical expenses, chapter 7 is likely to be one of the first options in that case. Many attorneys offer means test calculators. Additionally, if chapter seven is not an option for you, there may be other bankruptcy options that are available .


2. If you have a job bankruptcy is not an option


If you have a job it actually may give you more options when it comes time to filing for bankruptcy.


3. Bankruptcy wipes out everything you have earned over the years


This is not true, but many people have this fear that causes them not to file or even speak to an attorney regarding their situation. It is also a fear that causes people to delay the inevitable with attendant loss of property. Property and asset loss can be minimized by consulting an attorney as soon as you recognize the problem.


4. Bankruptcy is not an option because I will lose my job.


It would be very unlikely for your employer to find out if you filed for bankruptcy. More importantly, San Antonio is subject to both federal and state law. Federal law states that if a person is bankrupt you cannot discriminate against them. So this should be a non issue.


5. Bankruptcy is not an option because I will be exposed to scandal


Bankruptcy is a public matter but a simple one is unlikely to draw attention unless you are a well known figure in San Antonio. Even people close to you need not know.


6. With bankruptcy looming, a spending spree on the credit cards will be absorbed in the process


Avoid going on any type of spending spree prior to filing. the court may see this spending in a short period of time as fraudulent if you knew you were unable to repay those bills. At the very least, this would mean that the debt would not be included in the discharge and still have to be paid. Still, serious consequences could develop from these actions.


7. Property transfer will prevent its loss


This could be viewed as a fraudulent act by the courts. However, property still held by the debtor can frequently be protected. It is wise to act honestly because prior to filling all your actions will be looked over closely.


8. You have the option to only declare some debts


If you do not declare a debt it cannot be discharged, so doing this makes absolutely no sense at all.


9. Bankruptcy will get rid of your home loans


Filing may save your house from foreclosure, but you must act quickly. In the event that foreclosure proceedings have been initiated, seek the advice of a San Antonio bankruptcy attorney with past experiences in recovering these situations. It is possible. Although, you will still have to repay the loan.


10. Will be completely debt free after discharge


The extent of the discharge of debts varies and some debt cannot be discharged. An example is student loan debt, this is difficult to get discharged unless undue hardship can be proved. Familial obligations, such as child support and alimony, cannot be discharged.


Bankruptcy, Can Solve Most But Not All Problems

Posted by Ama Guzo on June 17, 2010 at 5:01 PM Comments comments (0)

While bankruptcy could present aid for debtors from the actions of creditors, get rid of some consumer debts or lead to the development of a repayment plan for those debts that will have to be settled, at some point leading to a discharge, some things bankruptcy cannot do.


Bankruptcy will not protect the debtor from creditor's claims if not disclosed to the bankruptcy court at filling. As a result, the debtor has to be certain to make a full disclosure of all creditors however time intensive this might be.


When filing chapter 7, it offers some protection but not a complete fix all solution, as it is a solution that will cause the selling of assets to make good on secured debts. Nevertheless, exceptions can be made together with the help from the court and creditors. Chapter 7 is not able to completely shield the debtor from creditors’ claims. Even with discharge, objections might be filed within the court inside the deadline period by creditors or the trustee in the case if troubles linked to disclosure or some kind of irregularity can be proven.


If you have liens on a property, bankruptcy cannot prevent creditors from repossessing the property on secured debts. Chapter 13 halts foreclosures, however the debtor a repayment plan must be put together that permits payments to be made to the existing mortgage and catch ups on payments that were not made previously. In order to do this the debtor is required to give proof of regular income.


If you have a business that is barely getting by bankruptcy cannot provide a quick and easy fix. Depending on the size of the business, small businesses is the exception, a chapter 11 path to bankruptcy may take up to 18 months to file and create a repayment plan. A lawyer is highly recommended as well as other professionals may be involved. Bills will have to be paid at intervals even during the process of filing and preparing the plan.


Generally speaking, certain classes of debt bankruptcy cannot reduce or eliminate. For instance, personal debts such as child support, spousal support or alimony are not resolved when discharge occurs and the debtor remains liable for the repayment of these debts. Also, these payments must be part of a repayment plan under chapter 13, and this could result in the plan having to involve the lengthier period of five, rather than three years.


Other debts, for instance fines owed to municipal or government bodies, or fines of a criminal nature are not dischargeable. Nor can debts linked to harming or killing someone while intoxicated be discharged from filing bankruptcy. Furthermore, debts related to fraud remain even after other debts are discharged.


In most cases, tax debts cannot be eliminated. When this has been accomplished, it is often a complex, lengthy and expensive process normally related to old tax debts.


Under most circumstances student loans cannot be discharged from the Bankruptcy Code, although it is possible to plead hardship. However, this is not necessarily granted since it is required that the debtor proves inability to pay now and in the future.


Debtors should take into considerations these potential limitations on debt reduction when filing with the bankruptcy court.