If bankruptcy can happen to an organization like the church, surely bankruptcy can happen to anyone. It does not matter whether you are rich, powerful, famous, popular, or charitable, bankruptcy can happen to you. Bankruptcy is simply a legal proceeding designed to allow the honest person to work their way out of a bad financial situation. In the illustration, the church was forced to protect the good works that were continuing. They filed the bankruptcy to prevent any pending law suits from the scandal from crippling their other work.

As a society, we have come a long way since the days of debtor prisons and states. The Constitution provides for our protection against those antiquated ways when it gave Congress the power to legislate bankruptcy law making the primary laws governing bankruptcy federal. State laws supplement the federal laws by honing out some of the necessary details. The laws have been designed to protect both creditor and debtor

Unlike the business type of bankruptcy the church filed (Chapter 11), there are basically two types of bankruptcies an individual can file- a chapter 7 or a chapter 13. A Chapter 7, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A chapter 13 bankruptcy is the second bankruptcy available to individuals and is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. If you have an income and qualify for a chapter 13, there are certain advantages for filing one. These advantages are: to save your home from foreclosure; to reschedule secured debts; to provide protection for co-debtors; to consolidate your loans under one plan; to keep non-exempt property; to extend certain tax obligations, student loans, or other such qualifying debts; and to qualify for bankruptcy relief. Filing a chapter 7 will not afford you these various opportunities listed. So, if you have assets you want to keep, you currently have an income, and you want to try to pay your creditors as much as what is reasonable, you may want to consider filing a chapter 13 bankruptcy. But, if you do not have many assets, you do not have a mortgage, you just want to get out from under the burden of your debts, and you qualify, you may want to consider filing a chapter 7 bankruptcy.

The moment you file a bankruptcy, a judge will order all collecting actions to cease, an important feature called the automatic stay. The automatic stay, applicable to all types of bankruptcy filings, means that the mere request for bankruptcy protection automatically stops and brings to a cessation certain lawsuits, foreclosures, utility shut-offs, evictions, repossessions, garnishments, attachments, and debt collection harassment. That means all creditors will have to go through a trustee in order to get any of their claims back. So, if you have gotten a foreclosure notice, and you want it to cease, filing a chapter 13 will immediately stop the process.

Choosing the appropriate bankruptcy to file can be a complicated and tricky process. More common sense will indicate you will need a bankruptcy lawyer in order to properly understand how these complex laws may apply in your situation. If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan area of Portland, Oregon, contact us today at www.BankruptcyHome.com . We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

The Kuhn story illustrates that bankruptcy can happen to anyone. It doesn’t matter whether you are good at what you do, have won the lottery, or you are even famous like Bowie Kuhn. There are two forms of bankruptcies- voluntary and involuntary. Although rare, an involuntary bankruptcy occurs when a creditor legally forces bankruptcy proceedings onto a debtor. Fortunately, the greatest majority of bankruptcy legal proceedings are of the voluntary variety.

As a society, we have come a long way since the days of debtor prisons when your creditors could send you to jail until you, or someone in your family, paid off the debt. The Constitution provided for your protection against the antiquated ways of debtor prisons when it gave Congress the power to legislate bankruptcy law. Making the primary laws governing bankruptcy federal, state laws supplement the federal laws by filling in the necessary details. As a result, the federal and state legal proceedings of bankruptcy law have been designed to protect both creditor and debtor, thus, allowing those of you who are honest to work your way out of a bad financial situation.

As an individual, you have two types of bankruptcy options you can use to achieve an honest approach at working your way out of debt. A Chapter 7 bankruptcy, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A trustee that is appointed by the court will gather and sell your non-exempt property, and he will use the proceeds from the sale in order to pay your creditors. Most chapter 7 cases are “no-asset” cases, meaning you do not have any non-exempt property for the trustee to sell.

On the other hand, a chapter 13 bankruptcy, known as the wage earner’s plan, is the second bankruptcy available to individuals. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period “for cause.” If the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. During the plan, creditors may not start of continue collection proceedings.

Filing a Chapter 13 bankruptcy offers individuals a number of advantages over liquidation under chapter 7 bankruptcy. These advantages include stopping foreclosure proceedings, rescheduling secured debts, providing protection for co-debtors, consolidating loans under one plan, keeping non-exempt property, extending certain debts, and qualifying for bankruptcy relief.

If you are facing a bankruptcy because of a recent divorce, foreclosure, credit card pressure, sudden loss of income, health issues, or any other reason, you may want to voluntarily file, but common sense should dictate that you might need the services of a bankruptcy attorney before you do. In the case you determine you are in need of relief from the stress associated with debt, and you live in or around the the area of Jacksonville, Florida, contact us today at www.BankruptcyHome.com . We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

Attorneys in Columbus, Ohio and its surrounding cities do not all offer the same services and may not all have the same years of experience.  Many attorneys specialize in just a few areas of the law.  An attorney may choose to practice any number of specialties, including Personal or Business Tax Law, Family Law (which includes divorce and custody issues), D.U.I. Offenses, Personal Injury, Bankruptcy and Contract Law.

If you are contemplating bankruptcy, it is in your best interest to seek the counsel of a Columbus area Bankruptcy Attorney.  You may have seen many advertisements for bankruptcy attorneys in and around Columbus, but is important to choose a seasoned Bankruptcy Attorney who files multiple Chapter 7 and Chapter 13 Bankruptcy cases each month.

To learn more about Bankruptcy Attorneys practicing in the Columbus Area, read the sections below:

Your Next Step

Your next step is to determine if bankruptcy is the best choice for you and, if so, which type of bankruptcy best meets your needs.  We want to assist you as you make these important choices with our free, confidential legal evaluation. Contact one of our experienced Columbus area Bankruptcy Attorneys to get the help you need in deciding whether or not bankruptcy is your best choice and, if so, which type of bankruptcy will best serve you. Bankruptcy law is complicated and ever-changing. Your creditors certainly have attorneys advising them; you need an experienced bankruptcy attorney on your team, advising you.

A Columbus area Bankruptcy Attorney can help you enter bankruptcy protection and benefit from the rights the law provides under it. Once you file for bankruptcy protection, you can experience the peace that comes with and end to the harassing phone calls and letters from your creditors. Also, your Columbus area Bankruptcy Attorney can help you retain your hard-earned home and property and get a fresh start financially for you and your family.

What Can My Columbus Bankruptcy Attorney Do for Me?

Our Columbus area Bankruptcy Attorneys can educate and counsel you on this complicated legal process and help you on your journey toward the financial stability you desire.  Once your bankruptcy attorney helps you understand the process of how to file bankruptcy, you will learn what bankruptcy can do for you and what it cannot.  The following is a short summary of each, but it is important that you speak with an experienced Columbus Bankruptcy Attorney. Your financial situation is unique; a Columbus Bankruptcy Attorney can help you understand your individual options under both United States and Ohio law.

What Bankruptcy Could Do for You

As the economy in Ohio and across the United States continues to decline, many families in Columbus struggle with debts they owe. Bankruptcy could be a legal solution that enables you to get rid of your debts and start with a clean financial slate. Through bankruptcy, you may be able to:

• Get rid of credit card and other unsecured debt:  If you can prove that you are unable to meet your financial obligations, bankruptcy may help you discharge debt you’ve incurred through credit cards. Most credit card debt is unsecured, which means that you did not pledge any property as collateral to receive the line of credit.  As a result, the creditors on unsecured debt cannot place liens against your property if you default on or are late in paying these debts; further, they cannot repossesses any property you own if you are unable to pay back the debt.

• Have many of your debts canceled or considered “paid in full” with only a partial payment:  Once you and your Bankruptcy Attorney determine which type of bankruptcy best suits your unique situation, you will know how much—if any—of your debts the courts will require you to pay. Once you meet the obligations put forth by the Bankruptcy Judge, your debt will be considered “paid in full” or discharged.

• Stop creditor harassment:  If you and your family dread answering the telephone or opening your mail due to ongoing attempts from your creditors to collect payments from you, a bankruptcy filing can put an end to this harassment. From the first day you file bankruptcy, regardless of what type you file, creditors must stop any attempts to collect payment from you on your debts. Once you file, your creditors are legally prohibited from telephoning, writing or visiting you at your home or office. Further, the creditors may not repossess certain personal property, which may include your vehicles, or begin foreclosure proceedings against your residence.

• Remove many liens against your property: Although a bankruptcy filing may not remove all liens placed by creditors against your property, it may remove some of them. If a lien is placed against an item you own, you may not sell that item as long as the lien is in place, even if you want to sell it to get funds to pay down your debts. To understand exactly which of the current liens against your property could be removed by a bankruptcy filing, consult with your Columbus area Bankruptcy Attorney.

What Bankruptcy Cannot Do for You

Although bankruptcy can be like a life preserver for many families drowning in debt, it will not solve every financial problem for any family.

• Bankruptcy will not eliminate all of your debts owed.
• Bankruptcy will not enable you to keep property on which you have made no payments.
• Bankruptcy will not cancel out your alimony or child support payments.
• Bankruptcy will not eliminate most taxes or federal debts you owe (like student loans).
• Bankruptcy will not keep you out of future financial difficulties; your Columbus Bankruptcy Attorney can advise you on simple changes you can make now to help your financial future be a more certain one.

Everyone you know probably has an opinion on bankruptcy filings, and some of them may have first-hand experience in the matter. No one but a qualified Columbus area Bankruptcy Attorney, however, is qualified and legally trained to advise you in what your options really are and what your best choices would be.  Contact a qualified Columbus area Bankruptcy Attorney today.

Even though it is something that you probably do not want to think about or consider, you may have reached a point where it is impossible to pay your debtors. If this is true, it is an option that you may need to look into.

It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, “a legally declared inability or impairment of ability of an individual or organization to pay its creditors.” It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.

In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact “uniform laws on the subject of bankruptcies throughout the United States.” The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.

For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you plan on filing bankruptcy in Oklahoma, you need to know the laws as they relate to you in filing an Oklahoma bankruptcy. You will probably need the help of an Oklahoma bankruptcy lawyer who can help you understand how Oklahoma bankruptcy laws will affect your case.

Chapter 7 is the form of personal bankruptcy that is usually filed in Oklahoma. In Chapter 7, a bank trustee takes over your non-exempt property. He or she then liquidates (sells) your property. The money from the sale of your property is then distributed to your unsecured creditors. You have some of your doubt erased in return for this.

Chapter 13 is a different type of personal bankruptcy that is also filed in Oklahoma.  In Chapter 13, you get to hold on to possession and ownership of all of your assets. Your part, then, is to have some part of your future income designated to pay back your creditors. This usually takes three to five years.

Chapter 7 is what most people are thinking about when they think of bankruptcy. It is called “straight” or “liquidation” bankruptcy. After you meet with a bankruptcy trustee, you can wipe out most of your unsecured debt. The bankruptcy trustee liquidates your non-exempt assets so that as much of your unsecured debt as possible can be paid off. He or she then discharges (forgives) the balance of your dischargeable debt.

The good thing about Chapter 7 is that many of the people who file it do not have any non-exempt property. There is nothing to liquidate. So, you do not lose anything.

Chapter 13 is not the same as Chapter 7. It is known as “reorganization” or “rehabilitation” bankruptcy. Instead of having your debt discharged, Chapter 13 is a repayment plan that is based on your income, living expenses and debts. This plan lets you make regular payments to your debtors over a three to five year period while you continue to keep property like your car and home.

Chapter 7 probably sounds a lot better to you. Depending on your circumstances, Chapter 13 may actually be the right type of bankruptcy that you need to file. Chapter 13 is probably better if you have regular income that is enough to pay your normal debts, but some kind of financial catastrophe has hit you like unexpected medical bills or uninsured financial losses. If you have a good income, but an emergency has struck you, Chapter 13 is probably the way to go.

If you do not qualify to file Chapter 7 in Oklahoma, your only option is Chapter 13. Generally, if your income is below the median income for a family your size in Oklahoma, you are eligible to file Chapter 7. In some cases, you can file Chapter 7 if your income is above the median.

If you are qualified to file Chapter 7 in Oklahoma, only state exemptions are allowed. You cannot use federal supplemental exemptions in Oklahoma.

An Oklahoma bankruptcy attorney can show you whether you are eligible to file Chapter 7. Your Oklahoma bankruptcy lawyer can also help you decide whether to file Chapter 7 or Chapter 13, if you are qualified to file either one.

Bankruptcy is a specialized field of law. You need the advice and counsel of someone who undertands this area of law.

This is what an Oklahoma bankruptcy attorney does. Oklahoma bankruptcy lawyers work with bankruptcy cases on a daily basis. They have to keep up with the latest changes and updates that take place in Oklahoma bankruptcy law.

Excerpts from a news article retrieved on July 1, 2010 from the website archives of the New York Times and posted December 17, 1981 by an author unlisted, read:

“Archie and Ray Griffin, former stars for Ohio State and current members of the Cincinnati Bengals, have filed for personal bankruptcy after a three-year venture, involving six athletic shoe stores, failed. The liquidation of the stores in Columbus and Springfield, Ohio, is expected to produce enough income to pay a $170,000 loan from the Small Business Administration and a $46,000 loan from the Ohio State Bank, according to the players’ lawyer. Documents in bankruptcy court show that Archie Griffin has debts of $519,568 and assets of $127,750 and that Ray has debts of $539,100 and assets of $93,350.”

Archie Griffin is college football’s only two-time Heisman trophy winner and played for Ohio State University from 1972-1975. Griffin helped his team win four Big Ten Conferences titles with the Ohio State Buckeyes, and was the first player ever to start in four Rose Bowls. In the 1976 NFL Draft,  he was the first-round draft choice of the Cincinnati Bengals, selected as the 24th overall pick in the draft. He played all his NFL football with the Bengals from 1976-1982 and played in Super Bowl XVI at the end of the 1981 season. After a successful football career, Griffin returned to Ohio State University to receive a Master of Business Administration degree, and today, he is the current President and CEO of the Ohio State University Alumni Association, and a spokesman for the Wendy’s High School Heisman award program.

Even famous men like the Griffins can be involved in bankruptcy, a legal proceeding that was designed to allow the honest person to work their way out of a bad financial situation. As a society, we have come a long way since the days of debtor prisons and states. Our Constitution provided for our protection against those antiquated ways when it gave Congress the power to legislate bankruptcy law. Today, the primary laws governing bankruptcy are federal. State laws supplement the federal laws by honing out some of the necessary details.

There are basically two types of bankruptcies an individual can file- a chapter 7 or a chapter 13. A Chapter 7, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A chapter 13 bankruptcy is the second bankruptcy available to individuals and is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.

If you have an income and qualify for a chapter 13, there are certain advantages for filing one. These advantages are: to save your home from foreclosure; to reschedule secured debts; to provide protection for co-debtors; to consolidate your loans under one plan; to keep non-exempt property; to extend certain tax obligations, student loans, or other such qualifying debts; and to qualify for bankruptcy relief. Filing a chapter 7 will not afford you these various opportunities listed. So, if you have assets you want to keep, you currently have an income, and you want to try to pay your creditors as much as what is reasonable, you may want to consider filing a chapter 13 bankruptcy. But, if you do not have many assets, you do not have a mortgage, you just want to get out from under the burden of your debts, and you qualify, you may want to consider filing a chapter 7 bankruptcy.

If you have found yourself in a situation similar to what the two Griffin men found themselves in, whether you have their kind of money or not, you may want to consider filing for a voluntary bankruptcy. If this is the case, please consider allowing a bankruptcy lawyer to properly help you understand how these complex laws may apply in your situation. If you have been flirting with bankruptcy, and you live in or around Columbus or Springfield, Ohio, contact us today at  www.BankruptcyHome.com , and we will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

Sometimes bankruptcy is a hard pill to swallow. Certainly that is the perception folks in Michigan may have when it comes to the bankruptcy case of General Motors. Last year Michigan, according to news articles, lost over 21,000 jobs due to the reorganization bankruptcy plan by General Motors to shut down 7 of 14 plants within the state. If that is not enough for one state, the Wyoming Stamping Plant in Grand Rapids closed its doors after 74 years loosing another 700 jobs in the poor economy. Whether we like it or not, bankruptcy is a sign of the times.

The number of Americans filing for personal bankruptcy rose by nearly a third in 2009, a surge largely driven by foreclosures and job losses. Overall, personal bankruptcy filings hit 1.41 million last year, up 32% from 2008, according to the National Bankruptcy Research Center. Chapter 7 filings were up more than 42% as of November 2009, compared with the same period a year earlier. November is the most recent month with analyzed data available. Chapter 13 filings rose by 12% and made up less than a third of 2009 filings as of November. The Chapter 7 increases in filings are especially significant because a “means” test was introduced in 2005 in order to force people toward a Chapter 13 so they would still have to pay back a portion of their debts. Instead, the worst US recession in four decades is testing the effectiveness of the “means” test laws.

The housing crisis and high unemployment rate in this recession have prompted more people to file for bankruptcy who never have considered the possibility than ever before. More middle-class Americans, people with high incomes, and people with higher education levels have resorted to bankruptcy filings. Bankruptcies are happening to famous people, rich people,  poor people, infamous people, and people all between because bankruptcy is no respecter of persons or standings in society. Bankruptcy may be a hard pill to swallow, but it can happen to anyone at anytime. It can happen to you.

As a society, we have come a long way since the days of debtor prisons and states. The Constitution provided for our protection against those antiquated ways when it gave Congress the power to legislate bankruptcy law making the primary laws governing bankruptcy federal. State laws supplement the federal laws by clarifying the necessary details. The laws have been designed to protect both creditor and debtor making bankruptcy a legal proceeding designed to allow the honest person to work their way out of a bad financial situation.

There are two types of bankruptcies an individual can file- a chapter 7 or a chapter 13. A Chapter 7, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A chapter 13 bankruptcy is the second bankruptcy available to individuals and is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.

If you have an income and qualify for a chapter 13, there are certain advantages for filing one. These advantages are: to save your home from foreclosure; to reschedule secured debts; to provide protection for co-debtors; to consolidate your loans under one plan; to keep non-exempt property; to extend certain tax obligations, student loans, or other such qualifying debts; and to qualify for bankruptcy relief. Filing a chapter 7 will not afford you these various opportunities listed. So, if you have assets you want to keep, you currently have an income, and you want to try to pay your creditors as much as what is reasonable, you may want to consider filing a chapter 13 bankruptcy. But, if you do not have many assets, you do not have a mortgage, you just want to get out from under the burden of your debts, and you qualify, you may want to consider filing a chapter 7 bankruptcy.

Bankruptcy laws are complicated, and common sense  indicates you will need a bankruptcy lawyer in order to properly understand how these complex laws may apply in your situation. If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan areas of Grand Rapids, Muskegon, or Holland, Michigan, contact us today. We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

Things have not always gone well with Haggard. Following his father’s death when he was nine years old, the young and restless Haggard turned to a life of crime where he was in and out of reform schools. Finding the life of petty crime financially unrewarding, at the age of 20, he and some of his friends burglarized a Bakersfield tavern. They were caught, and Haggard was sent to San Quentin prison to serve three years for his part in the crime. While in prison, he met Johnny Cash who came to the prison to give a music concert. That experience and being so close to death row inmates eventually inspired Haggard to turn his life around.

Not long after prison, a more determined Haggard began to receive musical success. In 1963, he recorded his first successful single records. From that moment on, music became Merle Haggard’s sole life. By 1987, Haggard had 39 hit singles. In 1990, he signed with Curb records where Blue Jungle became the first album cut for the new recording company. Unfortunately, Haggard had a disagreement with Curb over the terms of his new recording contract, and as a result, a new album didn’t appear for nearly four years thereafter. In the meantime, Haggard found himself struggling financially and was forced to declare bankruptcy in 1993. The bankruptcy helped him to financially recover, and still performing today, Haggard released his newest album in April 2010, I Am What I Am.

As you should be able to see from this illustration, bankruptcy can happen at anytime and to anyone. Bankruptcy is not a respecter of persons or circumstances, unless of course, those circumstances happen to be more money than debt. Nevertheless, burglary is obviously not the solution to a persons financial woes. The solution to some financial woes is often exactly what Merle Haggard was forced to realize- to file for bankruptcy. After all, bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person to work their way out of a bad financial situation. As a society, we have come a long way since the days of debtor prisons and states. The Constitution provides for our protection against those antiquated ways when it gave Congress the power to legislate bankruptcy law making the primary laws governing bankruptcy federal. State laws supplement the federal laws by honing out some of the necessary details.

There are basically two types of bankruptcies an individual can file- a chapter 7 or a chapter 13. A Chapter 7, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A chapter 13 bankruptcy is the second bankruptcy available to individuals and is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.

If you have an income and qualify for a chapter 13, there are certain advantages for filing one. These advantages are: to save your home from foreclosure; to reschedule secured debts; to provide protection for co-debtors; to consolidate your loans under one plan; to keep non-exempt property; to extend certain tax obligations, student loans, or other such qualifying debts; and to qualify for bankruptcy relief. Filing a chapter 7 will not afford you these various opportunities listed.

If you have found yourself in a situation similar to what Haggard found himself in, don’t burglarize your neighborhood bar. Instead, you may want to consider filing for a voluntary bankruptcy. If this is the case, please consider allowing a bankruptcy lawyer to properly help you understand how complex bankruptcy laws may apply in your situation.

If you have been flirting with bankruptcy, and you live in or around Bakersfield, California, contact us today at  and we will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

First of all, when I was young, I took seriously the religious training that taught me “to owe no man.” Since then, I have learned  it is almost impossible for the average citizen to function in our society without owing someone something. Most of us cannot get a house to live in without credit. Credit is only built when you borrow time against your income. If you even rent, you have to have good credit to be allowed to enter into a lease or rental agreement. In this case, you are borrowing against future income and time. Most people do not pay a full year’s rent, and in some cases, if you cannot meet your rental agreement, the rental agent can hurt your credit. So, when I say “owe no man anything,” I mean you must try to live within your means the best you can so that you may not owe anyone anything. Today, at 63 years old, I will have my house paid off in five years, we own both late model cars out right, and we never pay interest or fees on our credit cards. Even though I have a mortgage payment and pay a hospital bill from a past operation, I would say that I “owe no man anything.”

Secondly, understand completely what it means to live within your means. Living within your means can be defined as never having more living expenses than your income can pay off in a month and be sustained for five years. In other words, your budget needs to be a five year plan. Why five years? Because, not being able to pay down your liabilities within five years with the sum total of your assets is the definition for bankruptcy. Therefore, how can being bankrupt mean that you are living within  your means?

Thirdly, stay completely away from usury. Usury is defined as exorbitant interest rates. In our society, exorbitant is a relative term and usury has been almost cast out of our legal system by deregulation. So, here is a good general rule of thumb. Never get involved in borrowing any kind of money that are simple interest loans of rates more than 5% above the prime rate. Never borrow money with compound interest. The prime rate is defined here as the interest rate currently used by the Wall Street Journal which is based on the Federal Reserve rate. That means you will need to completely stay away from credit card debt, many corporation credit cards, and most store financing because their financing usually comes with interest that is the maximum rates allowed by law. On top of that, they encourage you to go into debt by making minimum payments. In most of these scenarios, you can never pay off a loan by paying the minimum, so NEVER take on credit when there is the remotest possibility you will have to make minimum payments.

Fourthly, maintain a cash reserve equal to one year’s family salary. Combine all your total income made in the family, and you should have a savings account equal to one year’s salary. If your family makes $40,000 a year, you can put aside $8,000 for five years and accomplish your savings goal. When you reach your goal, it allows you to weather most financial storms like loss of a job, temporary health problems, and retraining for a new career. If you have to spend all or part of the money for an emergency, always replenish the reserve.

This article is not a complete assessment of budgeting, but for those of you who are skeptical about its potential, please consider this. We have lived for over thirty five years making less than $50,000 per year, raising two children to adulthood that we paid both their ways through expensive colleges, vacationed two weeks a year at some of the finest resorts in America, never missed a meal, never slept outside unless we wanted to, lived a middle-income type existence, and remain healthy individuals today. Both our children practice our budgeting methods, both are gainfully employed, and both make six figure incomes.

For some of you, it may be too late to make your budget because you have already reached the bankruptcy stage. It takes discipline and determination to live on a budget. It takes the same to start over. Filing a Bankruptcy enables you to start over here in America. Do you want a fresh start and the opportunity to try budgeting? Here at Bankruptcy Home will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

The town was named after the Braselton family that lived in the area for some time. The town was bought from the Braselton Families by a partnership between the Ameritech Pension fund and Basinger in 1989 for $20 million. The Basinger-Braselton partnership hoped to establish Braselton as a tourist attraction with movie studios and a film festival. At the same time that Basinger entered into the contract to buy the town, she was having a dispute with Main Line Pictures over a movie she agreed to act in. Basinger, who at the time had recently been married to Alec Baldwin, did not want to make the movie so she could have a baby at the age of 40.

The studio sued her for breach of contract. Basinger was forced to file for bankruptcy, and although she eventually won her appeal against Main Line Pictures and got a reversal, an over exuberant trustee agreed to pay Main Line Pictures $2 million anyway. Fortunately, the bankruptcy court rejected the trustee’s proposal as failing to give appropriate credence to the merit of Basinger’s legal positions.  Had the trustee been successful, those who held Ameritech’s investments, which Basinger had guaranteed through loans, would have been paid 17 cents on the dollar, and likely, Braselton would have been bankrupt as well. But as it turned out, Basinger eventually sold her minor portion to the Ameritech Fund when she met her financial difficulties. Today, the town has survived and has grown to a population of 2,294.

Not many stories of bankruptcy has this good of an ending, but what we can learn from this illustration is that contrary to popular belief, there is life after bankruptcy. Bankruptcy can happen at anytime and to anyone. Being famous or financially successful is no indicator of future success, lack of misunderstandings, or lack of problems. Filing for bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person to work their way out of a bad financial situation. In the Basinger case, filing for bankruptcy had the effect of helping others as well as the debtor filing, and Basinger did work her way out of the situation.

There are two forms of bankruptcies- voluntary and involuntary. Although rare, an involuntary bankruptcy occurs when a creditor legally forces bankruptcy proceedings onto a debtor. The greatest majority of bankruptcy legal proceedings are of the voluntary variety. Even the rich and famous can be forced into bankruptcy if they cannot pay their creditors on time, regardless of the reason.

There are two types of bankruptcies an individual can file- a chapter 7 or a chapter 13. A Chapter 7, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A chapter 13 bankruptcy is the second bankruptcy available to individuals and is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.

We do not necessarily think by filing a bankruptcy, like Basinger, that you will be helping others as well as yourself. Bankruptcy is a personal matter that is most always about you. Our bankruptcy laws are complicated and common sense should dictate to you that consulting with a bankruptcy lawyer is a good idea if you are bankrupt. A good rule of thumb is to define being bankrupt of not being able to pay down liabilities over a five year period when they are greater than the sum of your assets. If you determine you are in need of relief from the stress associated with debt contact us today at www.BankruptcyHome.com . We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

Bankruptcy can happen to anyone whether they are good at what they do or even famous like Dick Smothers. Anyone can be forced into bankruptcy if they cannot pay their creditors on time, regardless of the reason. Therefore, filing for bankruptcy is not always a choice you make, but others might make it for you. There are basically two forms of bankruptcies- voluntary and involuntary. Although rare, an involuntary bankruptcy occurs when a creditor legally forces bankruptcy proceedings onto a debtor. The greatest majority of bankruptcy legal proceedings are of the voluntary variety.

As a society, we have come a long way since the days of debtor prisons and states. The Constitution provides for our protection against those antiquated ways when it gave Congress the power to legislate bankruptcy law making the primary laws governing bankruptcy federal. State laws supplement the federal laws by honing out some of the necessary details. The laws have been designed to protect both creditor and debtor making bankruptcy a legal proceeding designed to allow the honest person to work their way out of a bad financial situation.

An individual, when having to or forced to file for bankruptcy, has two types of bankruptcy options:

1. A Chapter 7 bankruptcy, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A trustee that is appointed by the court will gather and sell your non-exempt property, and he will use the proceeds from the sale in order to pay your creditors. Most chapter 7 cases are “no-asset” cases, meaning you do not have any non-exempt property for the trustee to sell.
2. A chapter 13 bankruptcy, known as the wage earner’s plan, is the second bankruptcy available to individuals. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period “for cause.” If the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. During the plan, creditors may not start or continue collection proceedings.

Facing a bankruptcy because of divorce, foreclosure, credit card pressure, sudden loss of income, health issues, or any other reason is no laughing matter. To determine if you need to file a bankruptcy or which bankruptcy would be appropriate for your particular situation, complex bankruptcy laws and good common sense should dictate that you might need the services of a bankruptcy attorney. If you determine you are in need of relief from the stress associated with debt and you live in or around the the area of San Jose, California, contact us today at www.BankruptcyHome.com . We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.