One of the most common questions and concerns when it comes to filing for Chapter 7 Bankruptcy is that most people are worried that they are going to be labeled as deadbeats, immoral bad persons. Look, nothing could be further from the truth. The fact of the matter is that 1 in every 70 Americans or so, files for bankruptcy. What that means is that even your closest friends may have filed without you even knowing it. Would you think of your friends as deadbeats or bad people? Most probably you wouldn’t.

Everyone Deserves A Fresh Start

Life is not always love and roses. Many times, events occur that throw your whole life into a tail spin. A loss of income due to a medical emergency, being laid off from your place of work, a family medical catastrophe, a work injury or any other event for which it would have been impossible for you to plan or prepare.

The fact is that most people who file for chapter 7 bankruptcy are good, hard working people who are faced unexpectedly with a bad situation and they need help and they need it fast.

Do You Think Creditors Care About Your Difficulties?

When your debt has spiraled out of control, when you know that you will not be able to repay that debt in 5 years or less, when you can barely make minimum payments, that is when you know it is time to find help and talk to a professional. Think about your priorities, like: saving for your children’s education or your retirement.

You deserve a second chance and a fresh start. Filing for Chapter 7 Bankruptcy is a discrete process and it will not make you a bad person. If it did, it wouldn’t exist in the first place. Take the first step into a new life of financial independence and a debt free life and get a free consultation with a bankruptcy lawyer.

Click This Link If You Are Thinking about Filing For Chapter 7 Bankruptcy. Get a fresh start with a DEBT FREE LIFE!
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Filing a Chapter 7 Bankruptcy is a complex and difficult process. Both personally and legally and if not done correctly, the consequences can be very serious and have an impact that you will feel for a long time. Listen, you do not have to go at it alone. I know this is an embarrassing situation and you feel like a deadbeat just by thinking about filing, but the truth of the matter is that bankruptcy filings are way more common than you think, people just don’t talk about them. Plus, it is of great importance that you find help from a bankruptcy lawyer to help you navigate this whole thing.

Common Bankruptcy Questions

People feel intimidated when they are facing financial crisis. On the one hand, you have creditors harassing you at home and at work at all times giving you no rest. On the other, you are faced with a difficult decision whether to file or not and many other questions, like:

Will I lose anything if I file?
When do creditors stop harassing me?
Does my spouse have to file with me?
Is filing for bankruptcy immoral and does it mean I’m a bad person?
Can I get rid of student loans and tax debts?
Would I be able to get credit after filing, or is my credit ruined for life?

How To File Bankruptcy?

Look, every state has different laws regarding bankruptcy and what it is needed in order to file. That is why your best choice would be to find an attorney in your area that can help you by explaining and answering these and any other questions that you may have. Trying to find answers on the web is a mistake because legislation differs from state to state and you may be getting bad advice without even knowing it. Almost all bankruptcy lawyers will offer you a free consultation.

Wiping The Slate Clean

By finding the right help, you will be able to get rid of your debts properly and get a fresh financial start. Imagine a life with ZERO DEBTS!

Click This Link If You Are Thinking about Filing For Chapter 7 Bankruptcy. Get a fresh start with a DEBT FREE LIFE!
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When Creditors Won’t Reaffirm

By Jacqueline S. Edington, Paralegal

            Bob (not his real name) filed a chapter 7 bankruptcy.  Bob stated that his intentions on a 2007 motorcycle were to reaffirm.  In the usual frame of time Bob received his Order in No Asset, meaning Discharge was right around the corner.  Bob realized that he had never been sent a reaffirmation agreement for the motorcycle.  I contacted the creditor.  The creditor refused to reaffirm the debt and explained that Bob could simply continue making his monthly payments.  “We just do not give out reaffirmation agreements,” was the response I received.

            Now, the consequences of making monthly payments without signing a reaffirmation agreement are that the creditor may come and take the property at any time.  This repossession could occur regardless of how long or how many payments you have made to the creditor.  Not an ideal situation for a motorcycle you plan to keep.

            When I relayed the creditor’s reply to Bob, he was understandably upset.  He decided that maybe if he called them he could reason with the creditor.  I listened to his phone conversation in my office.  His career, or calling you might say (for Bob is an ordained minister), was one where he was adept at persuading people.  “I want to pay you people the money I owe you,” were some of the words he used.  Bob truly wanted to do “the right thing.”  But again, the creditor rejected Bob’s sincere desire to reaffirm the debt.

             When I approached my boss, and Bob’s attorney, to discuss the situation, he suggested redeeming the motorcycle.  I drafted a Motion to Redeem for a ridiculously low amount far below the fair market value of the motorcycle.  The reason I did this was so the creditor would be forced to produce the reaffirmation agreement.  No Objection was made by the creditor within the specified time period and the Judge issued an Order.  We were astounded!

            My boss, still leery, told Bob that the creditor had thirty days to appeal the Order.  We waited thirty days and nothing happened.  Meanwhile, Bob had sent a check to the creditor for the amount ordered.  The check cleared but Bob did not have a Title to the motorcycle.

            I sent a letter to the creditor giving them thirty days to send the Title to our office.  Lo and behold the Title arrived!  Bob owns a 2007 motorcycle valued at $8,500.00 that had a lien on it for over $10,000.00 for the mere sum of $500.00!  It would have served this particular creditor well if it would have reaffirmed the debt with Bob.  Too many times we are letting creditors call the shots and intimidate our clients.  At our firm we fought back and won!  Now Bob thinks we are wonderful and has already referred several clients to us.  It pays to treat your client’s situations with due diligence!

Article Source:http://www.articlesbase.com/bankruptcy-articles/when-creditors-wont-reaffirm-1589035.html 

 

 

 

Normally a second mortgage lien can not be removed in a chapter 7 bankruptcy.  However, if the creditor has put a “judgment” lien on the home instead of a “mortgage” lien; it can be done.  We recently had a debtor who is buying a home valued at $250,000, due to the first mortgage, there is no equity available.  We made a Motion to Remove Judicial Lien based on this fact.  The creditor made no objection in the proper time allotted and the Motion was granted.  The lien was for $59,000.  Because a creditor made a mistake, it lost out on recovering money loaned.  Perhaps not surprising to realize, creditors make mistakes like this all the time.  Simply researching your client’s case and reviewing any liens involved could save your client a vast amount of money. 

            In another instance, we had a debtor who filed a chapter 7 bankruptcy and discovered that a creditor had put a lien on the debtor’s property for an above ground pool.  A pool is collateral in itself; it is never acceptable to place a lien on someone’s property for a secured item.  We thought at first to file an adversary proceeding against this creditor until realizing that the client had a second mortgage on his home that was wholly unsecured by lack of equity in the property.  By converting this client to a chapter 13 case, we can remove the second mortgage and the lien for the pool.

            Many times, some analytical thought regarding a client’s circumstances and petition can lead to money saving solutions such as these.  It is well worth spending extra time on a case to insure a debtor can indeed obtain a fresh start by filing bankruptcy.

Article Source:http://www.articlesbase.com/bankruptcy-articles/removing-property-liens-in-chapter-7-bankruptcy-1589108.html