Currently Browsing: Bankruptcy Law

What can a Bankruptcy Trustee do?

In today’s world of high mortgages, credit card debt and job insecurity, debt is at an all-time high. If you are weighed down by a mountain of debt, scared to answer the phone because creditors keep calling, or see no way out of your situation, it may be time to seek help. A bankruptcy trustee in New Brunswick or other areas can help give you the fresh start you need. Bankruptcy is not to be taken lightly, and should only be used as a last resort. In fact, there may be other options available to you, such as a consumer proposal. The process is complicated and if not done properly, won’t help you at all. While every situation is unique, there is standard paperwork and processes that must be followed. Bankruptcy trustees understand the law and they know exactly what you will need in order to get your fresh start. Most professionals offer a no-fee initial consultation to assess your particular situation. It’s important to bring as much paperwork as you can to this meeting (pay stubs, T4’s, bills, tax forms, credit card statements, etc.) so they can get a clear picture of your situation. They can then make a recommendation on whether bankruptcy or a consumer proposal would be a better option. To help you decide, they will go over the pros and cons of each method, and can advise you on the steps involved. There is a cost involved so they will go over that information as well. Once you’ve decided which route to take, they will handle all of the paperwork, act as a liaison to your creditors and make sure that you’ve filled out all of the necessary forms correctly. A bankruptcy trustee in New Brunswick can also offer credit and financial counseling. The last thing you want is to get into the same debt that you had before. Be the first to like. Like Unlike...
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Finding Debt Solutions in Saint John NB Can Help You Go Bankrupt like a Millionaire

Finding Debt Solutions in Saint John NB Can Help You Go Bankrupt like a Millionaire
Have you ever noticed that millionaires and billionaires seem to play by different rules than other people? That’s not to say they have different laws to follow. Instead, they seem to make money even by going bankrupt. If you look at the financial histories of some of the richest people in Canada, you’ll find a history of failed businesses and bankruptcy claims. In fact, some of the largest corporations in North America went bankrupt recently, and they’re still operating with very high-profit margins. How can that be? Bankruptcy has assumed a sort of stigma for middle-class individuals that is undeserved. Debt solutions come in many different forms, but finding the right one for you depends on understanding bankruptcy. What is Bankruptcy? Removing the stigma of bankruptcy begins with understanding the concept. Bankruptcy is, in its simplest form, stating to your creditors that you are unable to pay them the money they believe you owe. People and organizations go bankrupt for many of different reasons, many of which are not actually the person’s fault. If you run a business, you often operate based on deficit spending, which is spending more money than you actually earn. Many private individuals and organizations operate deficits, because they believe they will be able to pay off their debts as they make more money. Most people who have reliable jobs or steady income flows tend to have no problems with this. However, if market forces cause you to experience a shortfall in your income, you might find yourself unable to pay back your obligations. If this persists for too long, you might become permanently unable to pay those debts off. That is when you need to find debt solutions. You Actually Have the Upper Hand It might seem like declaring bankruptcy is stating some kind of failure, but that’s not the case. Debt solutions in Saint John NB offer you the opportunity meet with your creditors and work out a mutually beneficial plan. Since you have already incurred the debts, your creditors need you to pay them back, so they can continue to operate their businesses efficiently. They are the ones who need something from you, which is why, in a manner of speaking, you have the upper hand in these negotiations. When you consult with a bankruptcy trustee, you’ll find that you actually have more options than you might have originally thought. Depending on your circumstances, you can consolidate your loans, settle for a lower debt, or change your repayment schedule. Determining which is right for you is the first job of a trustee. If you think that you need one of these services, you should call a trustee in your area for a consultation. With proper help, you can actually come back stronger from bankruptcy. For more information visit Powell Associates Ltd. Be the first to like. Like Unlike...
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Why Legal Help with a Bankruptcy Filing Makes Sense

Why Legal Help with a Bankruptcy Filing Makes Sense
For many people, bankruptcy is the most practical way to deal with debt that is impossible to repay, and it is possible to manage the bankruptcy filing without the help of legal counsel, but this approach does present some serious challenges. Here are a few reasons why working with an attorney to file the necessary documents is the most prudent way of seeking this type of protection. Gathering Documents Preparing to file for bankruptcy means providing a great deal of information: all details about property, assets, income, and total debt must be up to date and accurate. An attorney can provide the client with a list of every type of information needed to ensure the bankruptcy filing is complete. Doing so will improve the odds of the case being assigned to a trustee and things progressing without the need to file any amended or corrected papers with the court. Completing the Necessary Forms All forms of personal bankruptcy require filling out a number of forms required by the court. The process of answering all those questions can become confusing, even for people who have done a good job gathering all the data needed. All it takes is one answer that is not complete or leaves some question in the mind of the court to require another round of filing forms, but with an attorney overseeing the completion of the forms and checking the responses for accuracy, the odds of this happening are decreased. Responding to the Court The person seeking bankruptcy protection can expect to hear from the trustee assigned to the case or possibly receive correspondence from the court, which will occur while the petition makes its way through the legal process. In order to make sure that any responses are in compliance with the needs of the court, it makes sense to work through an attorney. Doing so will ensure the responses are timely, factual, and this is what the court needs in order to proceed. The bottom line is that attempting to manage a bankruptcy without help from a lawyer is not the best move, so visit Chriscarouthers.com today and arrange to speak with an attorney before making any decisions. The advice obtained will help the client understand what must be done and how to go about the process correctly. Like us on Facebook. Be the first to like. Like Unlike...
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What Is a Bankruptcy Discharge and Why Does It Matter?

What Is a Bankruptcy Discharge and Why Does It Matter?
People can find themselves facing financial problems that seem to be insurmountable. When no amount of budgeting or help from a financial counsellor will make things easier to manage, the only thing to do is talk with an attorney about filing for bankruptcy. For those who wonder how the process works, it pays to ask the question of what is a bankruptcy discharge and listen closely to the response. Understanding the Concept So, what is a bankruptcy discharge and how will it affect the client? A discharge is simply an order from the bankruptcy judge that declares the debtor is no longer responsible for a debt and is under no obligation to repay the balance to the creditor. This typically occurs after the judge has gone over the particulars of the petition and the debtor has met with all requirements of the court. Should the judge determine that the debtor is in full compliance with current laws related to bankruptcy, it is possible to receive this type of relief. Keep in mind that depending on the type of personal bankruptcy protection the debtor is seeking, the court may order certain assets to be sold and the funds distributed to partially settle outstanding debts. Those assets are typically things that the court believes the debtor does not need in order to maintain a reasonable standard of living. For example, the court is not likely to declare the vehicle used to get to and from work should be sold. If the debtor does happen to own a second vehicle that is not used regularly, it could be considered eligible for sale. What Happens Next? Once the bankruptcy discharge has occurred, the debtor no longer has to worry about collection attempts, or about any property or other assets being seized. Instead of sleepless nights worrying about money, the debtor is now free to begin making plans for the future. In the best-case scenario, that will mean putting all the information learned in the court-ordered financial management classes to good use. The debtor will commit to making sure income exceeds expenditures, and there is money set aside in savings to provide some measure of financial security. For those who are considering the possibility of bankruptcy, visit Stlbankruptcyfirm.com and arrange to speak with an attorney. Doing so may be the most practical way to get a fresh start and move forward without constant worries about finances. Tweet us on Twitter! Be the first to like. Like Unlike...
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Valuable Information Provided by a Bankruptcy Attorney in Hamilton, OH

Valuable Information Provided by a Bankruptcy Attorney in Hamilton, OH
Debt is something everyone faces. Most people get into debt wisely and pay off their debt in reasonable time. Though most people are careful getting into debt, some get in over their heads. When unexpected job loss occurs or a person becomes ill or injured, they can quickly find themselves drowning in their debts. When debt becomes too much to pay, many people find the help they need by contacting a bankruptcy Attorney in Hamilton, OH. With the help of an attorney, they can sort out the debts they owe and make a wise decision on how to take care of them. The first step in getting help with debt is meeting with a bankruptcy attorney in Hamilton, OH. The attorney will require a person to bring in pieces of information on all of the debts they owe, their monthly income and any property they own outside of their essential property. All of this information will be reviewed by the attorney to determine what type of bankruptcy will be most prudent. There are two main types of bankruptcy that individuals file in the United States. The first type is chapter 7 and allows people to clear their debts in as little as six months. With this type, extraneous property owned, excluding a person’s residential home, car, clothing and furniture, is sold in an auction to raise money to pay the debts owed. If no non-essential property is owned, the court-appointed trustee has the power to absolve the debts. Individuals also have the option of filing for chapter 13 bankruptcy. With this type, people do not have to surrender any property, but there are some limitations on the amount of debt that can be covered. When a person files for this bankruptcy, they pay a payment through the courts each month to pay down their debts. The period for chapter 13 ranges from three to five years, depending on the person’s income and amount of debt they owe. Those who feel they have done all they can to get out of debt, yet are still sinking, can Visit Dean Snyder Attorney At Law. Through his help, a person can learn more about their options for bankruptcy so debt relief can be found. Be the first to like. Like Unlike...
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