Filing for Chapter 7 Bankruptcy (Creditor Bankruptcy) will Stop Creditors and discharge Debts. The idea of the bankruptcy law is to give you a fresh start--Financially, free from your previous debts, with enough assets to live on and get you started again. And, this can be done after filing for bankruptcy, chapter 7 pro se with the help of expertise Professional Assistance. No attorney fees required.
Bankruptcy is our Constitutional right to a legal procedure which allows one to escape from oppressive debt. Bankruptcies, which are governed by federal laws in a federal court system witnessed the filing of 1.5 million bankruptcies in 2010, 1.4 million in 2011 and 1.1 million in 2012. With so many people filing for bankruptcies to discharge debts every year, a special division of the federal court system is devoted exclusively to bankruptcies, enabling filing for bankruptcy without an attorney.
One must keep in mind that there are financial effects to a filing credit card Bankruptcy. The immediate effects are that ones creditors will get off your back, excluding utility cut-offs. Mortgage foreclosures and evictions, may only be delayed for a few days or weeks. Long-term effects after your bankruptcy is completed will include difficulty to obtain creditor to qualify for a mortgage, etc. This will be a long, gradual process to re-building credit once again.
You will have to be very careful not to get into debt problems again, as the time needed to wait between Bankruptcy filing is once every six years.
In changing your situation, there are some available options. First, a traditional bankruptcy Chapter 7 is a personal bankruptcy which discharge debts, allowing debts to be forgiven forever and stops creditors from harassing you. Second, a "re-organization" or "payment plan" bankruptcy (Chapter 13) is where one arranges to pay off some or all of ones debts according to a payment plan constructed around ones income. a Chapter 12 is specifically designed for farmers. Chapter 11 is designed for corporations and partnerships. Chapter 13, 12 and 11 should be filed under the consult of an attorney. If, however, it is later determined that a Chapter 7 is a better solution, Professional Assistance, a non attorney bankruptcy petition preparer can help in converting a Chapter 13 to a Bankruptcy Chapter 7
Chapter 7 of the Bankruptcy Code is a traditional bankruptcy for the discharge of debts. If you meet the one requirement that you don't have the income to support your debts and want to stop creditors from chasing you, then Professional Assistance can help file a Chapter 7 bankruptcy form. In a Chapter 7 you will either pay for, or give up, property for secured debts. Any non-exempt property will need to be surrendered in order to pay off as much of the other debt as possible. You will keep all of your other exempt property and will be forever released from any obligation to repay the remaining debt.
Each piece of property is either classified as "exempt" or "non-exempt". Exempt means you may be able to keep it. Non-exempt means you will have to turn it over to the trustee (works for the court, a middle-man between you, your creditors, and the court). You will be allowed to keep a certain dollar value of real estate, car, furniture, tools used in your profession, insurance policies, clothing, retirement benefits, public benefits (workers' compensation and unemployment) and other personal items. However, exempt property may still be lost if you borrowed money to buy it and defaulted on payments.
A secured debt is one which is covered by a certain piece of property. For instance, home mortgages and car loans. If you don't pay, the lender may take the property. A payment plan acceptable to your lender will have to be arranged to keep these debts current. An unsecured debt is not covered by any property. For instance, credit card debts and medical bills. You should also consider if a friend or relative co-signed a loan for you, that friend/relative will still be liable for the debt.
Taxes you owe, government guaranteed student loans, child support and alimony cannot be discharged in a bankruptcy. So even if you go through a bankruptcy, you will still have to pay these debts.
More Bankruptcy filing info and Bankruptcy filing help available at 954-922-1816Professional Assistance