PR Friend Press Releases

According to International Monetary Fund (IMF) American households are trying to save more by cutting down their spending in reaction to the global financial crisis. IMF says that on an average people are trying to save 5-6% of their disposable income. With the threat of job cuts, salary cuts, etc. Americans are trying to compromise on their other low priority expenses. They compromise on their car loan interest payments to make timely payment for their home mortgages. This is leading many banks and financial institutions to repossess their cars due to non-payment of interest amount.

“Having a personal car has become a basic necessity in today’s fast life. We have to go to office on time, attend meetings, drop our children to their school, and so many other things. It is impossible to imagine our lives without our car. On the other hand, with this economic downturn, job loss, less disposable income, and so many other barriers it becomes very difficult to make those monthly payments of your auto loan. We understand your situation and hence provide loan modification services for those who either do no have money to pay their monthly auto loan payments or are paying much more than it is worth it. Auto Relief Group helps you with negotiating loan amounts, interest rates and term extensions. ARG acts as a mediator between you and your bank and explains them the reason for your non-payment and negotiates with them and close a deal in favor of you”, says Anthony Tribunella, Director of Operations at Auto Relief Group.

“Hence, if you go for loan modification you are also able to save some money which you would otherwise have paid for your high auto loan payments. Auto Relief Group relieves you from this burden and provides best advice on your auto loan. Pay lower, avoid your car from repossession, save money and enjoy your car with your family”, Anthony signs off.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

autoreliefgroup@gmail.com

Thousands of people are suffering from foreclosures and repossessions due to the sub-prime loan crisis in the market. People who had a low FICO/ credit score had an opportunity to buy their own cars, automobiles, etc by obtaining a sub-prime loan. Though they had to pay a higher interest amount, they didn’t mind as they were able to own whatever they want to. Due to the economic condition, people are stuck up with so many necessary expenses that they are unable to pay their house and auto loan payments on time. Thus, going for a loan modification can help the economy recover and also reduce payments for borrowers to make payments on time.

“Just imagine how uncomfortable you would feel when you will not have your car? How will you reach office on time? How will you drop your children to their school? Will you be able to take your wife shopping? I am sure no one would want to face such a situation in their entire lifetime. Hence, I am glad to say that we provide loan modification services for your automobiles at Auto Relief Group.  It will help you avoid repossession against a very small fees charged. The entire process will not take more than 3-5 weeks and we will provide you the forecasted depreciated value of your car for the next 12, 24 and 36 months based on actual market dynamics”, says Anthony Tribunella, Director of Operations at Auto Relief Group.

“Auto Relief Group helps in restructuring your loan by renegotiating loan amounts, interest rates, term extension, etc. After this step comes the actual closing and execution of modified loan payments. Auto loan contracts are much simpler and require few if any additional filings, taxes, stamps or use of 3rd party providers or title insurers. After you have accepted the modified terms, we will use a Mobile Notary service which will meet you at your home or work and notarize your new loan docs, effectively concluding the process”, explains Anthony.

Therefore, if avoiding repossession requires just a few dollars then who would not mind paying that and keeping their car with them. Auto loan modification can save us from sub-prime crisis, repossession and high monthly payments.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

autoreliefgroup@gmail.com

It is very common for people to delay their bill payments as there are so many other expenses to be paid first. Inflation being the biggest threat for Americans, the prices of food, gas, petrol, and many other basic things are increasing day by day. It is becoming very difficult for people to save money out of the many other expenses they have to make for basic necessities. This leads to bad credit, poor credit score, higher debts, higher interest payments, etc which makes life hell.  Now what can be the solutions to these problems? Is there any way to improve our credit score for future loans at lower interest rate?

“I have the answers to all your questions. First let me explain the disadvantages of a bad credit score. Firstly, getting a loan is very difficult if you have a poor credit score. Secondly, even if you get one you will have to pay a high interest rate as you are not a reliable person according to lenders. Lastly, your market credibility will go down and you will miss out on many benefits that a person with high credit score can avail”, says Jeffrey Taylor, Director of Sales at Auto Relief Group. “Did you know that it takes almost seven years for a credit score to improve if you have suffered repossession? Yes, it is true that repossession of car, house, etc is the worst thing you would want to happen with you. As people consider paying their house loan payments first, they usually delay car payments. This could lead to repossession which will affect your credit score. If you opt for a Car/ Auto Loan Modification procedure to be done for your car, you can reduce your monthly payments and it could be easier for you to pay on time”, Jeffrey further explains.

“A person who usually will want an Auto Loan Modification will be someone who has lost his job, got a demotion in his job, suffer from some disease, owe more than the vehicle is worth of, etc. A loan modification company such as ‘Auto Relief Group’ can provide you with the best service of an auto loan modification procedure.  Banks and financial institutions try to avoid repossession of cars, trucks and SUVs. Banks are more likely to work with you on your loan modification rather than taking steps for repossession. They find it more difficult to search for a new buyer to sell the repossessed car, hence they are ready to compromise with a lower price if you given them a valid reason for your non-payment. Therefore Auto Relief Group can help you modify your loan in just three simple steps. It will prepare an Options Report for you, help renegotiate your loan price, interest rates, monthly payments, term extension, etc and close the best deal for you. ARG will convince bank about your reason of non-payment like lost job, lost income, illness, etc and give a fair modification of your Auto Loan”, concludes Jeffrey Taylor.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

autoreliefgroup@gmail.com

Trends show that with time auto loan industry is improving. Today obtaining a car loan is much easier than it was a year back. Banks and lenders have become proactive and call you to offer you an automobile loan much before you plan for one. However, getting approved/ authorized for an auto loan is much more difficult than applying for it. Lenders are very much keen on the consumer’s credibility. They do not want to take the risk of car repossession as they prefer avoiding it rather than finding a new buyer for the repossessed car. Though the interest rates for auto loan is not as sensitive as home mortgage loans, still banks feel that its an issue to be worried about. Consumers generally keep this payment at a lower priority and delay or do not pay the interest amounts regularly. Thus to avoid such situation, each bank/ lender carries an in-depth research about the consumers before granting them the car loan. Consumer’s credit score is analyzed in three categories:

• Prime (750+)
• Near-prime (620-749)
• Sub-prime (620)

“Auto Loan Industry cannot be a miser till the time when auto manufacturers close down their factories. It is just due to the current slump in the economy, that lenders are careful while granting loan. Most of the consumers have the fear of losing their automobiles, in order to pay other high priority bills. Though having a personal car is very comforting, it can cost you a lot. Help yourself out of this situation by getting your car loan modified according to your terms. Auto Relief Group is a leading company in providing Auto Loan Modification service. Loan modification can help you to reduce your monthly payments, extend term, renegotiate loan amount, avoid repossession, etc. Remember that you are not the only one going through this situation. This tough time is for all those who have already taken auto loans but are unable to pay them back”, says Anthony Tribunella, Director of Operations at Auto Relief Group.

“Auto loans are still readily available for you. All you have to do is maintain your credit score and plan you payments. If you already have one, ARG can play as a third party between the client and the lender and negotiate terms resulting in mutual satisfaction. You can lower your auto loan payments up to 50 % if you work with Auto Relief Group. Go for a loan modification which is worth it”, Anthony signs off.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

autoreliefgroup@gmail.com

Unless you live in central New York, you can’t survive your living without a car. A car becomes a necessity. If you want a job, to be in the job, to drop your kids to school, picking them back from the school, shopping and other outings, a car is very much a necessity. Even for a lighter side, to meet your girl/boy friend, to date with them you got to have a car. So, car plays a great role in an American’s daily life. When life goes cool, the car goes cool. But what about a debtor filing for Chapter 7, what if the company announces Chapter 13 bankruptcy? If an employee had bought a new car, can he/she keep the car? If they do want to keep it, how can they? Since not everybody will have enough funds, a majority of employees purchasing a car purchase it through loan. So, if the car has a loan, and the debtor cannot afford to pay back and files for bankruptcy, it is natural that the creditor will demand the property back.

Understanding the Chapters

Before going further let us understand what this Chapter 7 & Chapter 13 of United States Law book is. (Readers who are well versed with these topics can continue from the next Paragraph)

Business Filing Chapter 7) (Courtesy: encyclopedia): When a troubled business is badly in debt and unable to service that debt or pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 Trustee is appointed almost immediately.

Individuals Filing Chapter 7: Individuals can file for bankruptcy when they are badly in debt. In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. The value of property which can be claimed as exempt varies from state-to-state.

Chapter 13 (Courtesy: encyclopedia):: Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan.

An individual who is badly in debt can file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy), under Chapter 13 (reorganization) or Chapter 11, Title 11, United States Code. Debtors may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances the debtor may choose under which chapter to file.

Is there any way to save your car?

So, is there any way to save your car? Yes, there are few ways to save your car, even if you have a loan. Bankruptcy information says, when a debtor files for Chapter 7 bankruptcy, he/she can Redeem the car by paying the lender the value of the car and discharging the rest of the car loan in bankruptcy. The law (United States) says this way; in a Chapter 13 bankruptcy, a car can also be redeemed if the car loan is (almost) more than two and a half year olds or more than 910 days old or if the loan was not used only for purchasing the loan. (Most of the small level “business men” has this practice of doing this “rollover loan” from a trade-in…). When your vehicle is older than this particular number of days (there is an other chance), the bankruptcy trustee will evaluate and they may allow you to pay a “Fair Price” for the Market Value of the vehicle plus a reduced interest. As the value of the vehicle depreciates as days go there is a chance for the trustee to consider a less price than the original value of the loan.

When there is no cash available for the debtor to pay for the car, he/she is allowed to take a loan to do so. The notable thing is that they are allowed to take loan even in bankruptcy. File for bankruptcy and keep the car!!!

There are few things to be noted in this (Because year 2005 had gone some changes in the bankruptcy law — On October 17, 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) went into effect.), if you file for bankruptcy and you purchased a vehicle before 910 days you are supposed to pay the price for it (i.e., the entire balance amount along with the interest you owe during the Chapter 13 bankruptcy!). It is almost like you will be dried till the lost drop! But of course, they are not that rude, you can still own your vehicle!

Auto Relief Group

This looks real good, isn’t it? Everything has its own complexity. But one thing should be noted, Chapter 7, Chapter 13 and bankruptcy are the worst case for an individual or an organization. Before being affected by any kind of debt problem it is always better to prepare ourselves for a better situation. Nobody wants to pay more than what it owes, isn’t it? That is what Auto Relief Group provides you. You can pay for what it is worth for. We provide knowledge and support in reducing your auto loans.

For further information visit: www.autoreliefgroup.com.

Contact:

877.216.7203

autoreliefgroup@gmail.com

When folks ponder bankruptcy, they as a rule imagine cars, houses, or credit cards. They more often than not will not consider medical bills. But the reality is that a big part of the bankruptcies filed in the United States are thanks to overwhelming medical expenses that people cannot pay.

If you are somebody who is considering medical bankruptcy, here are a few things that will give details to you the two kinds of bankruptcy and the ways they surely will affect your costs and the different ways they are going to affect you in the near future.

Chapter 7

This sort of bankruptcy will wholly exonerate most of the debts that somebody has, which will likely include all of the person’s medical costs. The unpleasant thing about Chapter 7 Bankruptcy is that it will remain on a person’s credit report for a decade, which is an exceptionally long time. This will also really affect their credit, even if that person filed it only because of their medical costs.

Chapter 13

Chapter 13 Bankruptcy involves the reimbursement of debts, supervised by a court of law, and it protects the defaulter from being taken to court by the individuals the person is owes cash to. It also promises protect their belongings. All of a patient’s medical bills will be able to be paid back in this style, and every so often the bills are settled for under the original amount. Unlike Chapter 7, this bankruptcy only lasts on someone’s credit report for seven years.

If you have loads of medical expenses, it’s chief to look at all of your options and use them up before you file for bankruptcy. No matter how bad it has become, there is going to be a way for you to get assistance. Bankruptcy ought to be your last option, because it is something that will bring down your credit and will be with you for many years later.

Previous to jumping into bankruptcy, speak to your doctors and the clinics that you owe money and investigate if there is anything at all that they can do for you. It can be awkward, but it’s a better option to filing for bankruptcy, and odds are that it probably will have a superior conclusion for you.

Examine your costs, study your options and scrutinize yourself before you choose. Let this be your very last choice when there’s no other option.

There are many different reasons that people seek help for medical bankruptcy. No matter what you decide, the important thing is that you know that you have options.

Hattiesburg, MS – September 23, 2009 – It’s impossible to miss the signs that the American economy has taken a hard hit over the past couple of years. At one point, bankruptcy filings were up to 6,000 a day. An estimated one in five businesses will close this year, and those that manage to ride out the economic crisis are struggling to deal with excess inventory generated by changes in consumer spending behavior. These companies are finding a solution to their inventory problems with InventoryBuyer.Net.

Inventory liquidations are usually not the most pleasant experience, but the current economic crisis has made the need to liquidate your inventory an almost inevitable part of business, says Justin Eckrich, the Marketing Director for InventoryBuyer.Net “The tightened economy is bringing even well-managed businesses to their knees.”

Once upon a time companies struggling with excess inventory could point the finger at poor management and ineffective salespeople. The current global recession has changed all that. Changes in consumer spending due to a decrease in resources and rising unemployment have left many businesses looking for channels through which to dispose their excess inventory and free up company resources that could be put to better use elsewhere. Unfortunately, that’s easier said than done. InventoryBuyer.Net offers these businesses the opportunity to use their successful, hands-free turnkey system to turn their surplus inventory into working capital.

If your business is one of the numerous enterprises that have been adversely affected by the current economic downturn, it is quite likely you are contending with liquidity issues. Due to declining consumer spending, your problem inventory builds up and your cash flow declines. In this situation it makes sense to consider liquidating your surplus inventory as an immediate solution for increasing your cash flow, says Eckrich.
He adds, Employing a professional liquidation company to help with this process can give you the added benefit of leveraging their specialized knowledge and experience with selling excess inventory in secondary markets.

The company works with retailers, wholesalers, distributors, bankruptcy trustees, and lenders to help them solve their liquidity problems. They provide brand control, channel control, inventory removal, shipping and a wealth of experience to provide companies with the resources they need to rapidly dispose of their excess inventory, increase their operating capital and conquer the pressing liquidity issues caused by the unnecessary expense of company resources due to carrying surplus inventories.

Inventory liquidation is one of the easiest and fastest ways to increase your company’s cash flow, states Eckrich.’We offer unparalleled experience, unique skill-sets, and creative solutions to meet every need, every situation, and every obstacle. InventoryBuyer.Net. is offering a FREE liquidation quote for a limited time. Please visit www.InventoryBuyer.Net or call 1-877-279-3353 for more details.

Bankruptcy is quite hectic and unimaginable! Have you ever imagined yourself with an empty hand with all your belongings and assets lost? Being hand full of debt is a big headache and almost many individuals will find ways to relax and get out from those huge deals. If you are one among the list and looking ahead to find the best way to make yourself get free from your debt, then you must visit Clearinsolvency.co.uk to get some appropriate solutions. Take a step to learn how to come out of your debts, of course it is hard thing, but you have an exact and perfect result of every tough situation, that result is Bankruptcy. Through bankruptcy, you can come out from your debts. There are many pros and cons to speak about bankruptcy and decide to declare or not to declare the bankruptcy to come out from your debts. Bankruptcy is one of great way and best solutions for your debt.

Take a brief look to know what bankruptcy is and how it helps to get out from debt. You might have heard about bankruptcy in every big construction, as the whole world speaks about the vital part of bankruptcy to come out from debt. Bankruptcy is federal legal continuation by people who desire to eliminate from the debts and for people who are not able to pay the bills in right time.

Bankruptcy grants several different types of criteria’s to solve the debts problems. These debts problems are solved by federal bankruptcy laws. Clearinsolvency.co.uk gives its complete bankruptcy assistance and makes you ease out from the hard pressure.

If you expect to get complete bankruptcy information, then visit Clearinsolvency.co.uk to clear your questions. Actually, Bankruptcy is the primary choice that needs to be taken into the consideration if a person fails to payoff the debts within the time. Below listed are some of the simple key points to get away from your debt. Bankruptcy will be a perfect choice but you need to find the best way to come out of debt.

During the time of bankruptcy, some ethical steps had to be carried out to avert any endangers. Get out of debt through bankruptcy with possible ways. Some of ways are given below and try using one of them and make you get free out of debts.

If you have any assets, then get free from your debt through it. This will make you to pay low loans and settle the amount. Get second job, to get away from your debt. If you really strive arduous, you will definitely say “I am going out of debt myself”, taking second job is best one.  Next is, having a credit card will also greatly help you to get away from your debts. But you must need to control your purchasing and hold your credit card. Holding credit card is the best way to get rid from your debt. Further, set up a new repayment plan as it makes you to get good result. With the creditors negotiation based on payment terms, you could obviously get rid from your debt. Finally, the best way is, you must contact credit counselors to know whether you can choose profit or non-profit service.

About Us: Clearinsolvency.co.uk is a one place destination that gives you complete bankruptcy information and also gives stupendous assistance. Without any question, you can avail the superior support to clear your questions with respect to debt handlings and bankruptcy. On doing so, you can at least gain intense knowledge and handle the situation with ease.

Contact Us:

Clear Insolvency
27 Old Gloucester Street
London
WC1N 3AX

For Immediate Release:
The Law Office of Carucci Butler, LLC, in Wilmington, DE, is proud to announce the launch of their Bankruptcy practice as of April, 2009. Carucci Butler, LLC, will now be handling all areas of personal & individual bankruptcy cases in an effort to help Delawareans deal with their debt in these trying economic times.

Carucci Butler’s Bankruptcy practice will help individuals & families navigate through their financial issues. This will include, but is not limited to; Chapter 7, Chapter 13, Foreclosure Defense, Loan Modification, Automobile Repossessions & Tax issues related to filing Bankruptcy. In conjunction with their Bankruptcy practice they have also released their new Bankruptcy website: www.cbbankruptcylaw.com The site is designed to inform and educate someone of various issues associated with going through an individual bankruptcy. For questions regarding a possible Bankruptcy please visit the site for more information.

Carucci & Butler includes of Attorneys Matthew Carucci & Amy Butler. In addition to their Bankruptcy practice they also have extensive experience in Estate Planning, Probate, Business Law & Family Law. They have over 13 years combined experience practicing law.

Contact:
Carucci Butler, LLC
Street:1216 N. King Street
City:Wilmington
City: DE
Zip Code:19801
Country:U.S.A

Phone: 302-482-8560
Fax: 302-654-5084
Email: brian@legal-mark.com
Website:www.cbbankruptcylaw.com
:www.caruccilaw.com
:www.caruccibutlerlaw.com

###

In this world, the people while facing the problem of bankruptcy got the frustrated with the laws and regulations, which are associated with the bankruptcy. In the situation of bankruptcy, the people loose their passion and do not make the effective and great decision, and may create the problem itself. This is really dangerous for your bankruptcy problem, and even this can make the victim’s case weak, so it is really essential to make some solid and great decisions.

If you really face the problem in making the great decision then you can make contact with the online bankruptcy attorney, which are easily available in the market and literally providing the great services to all the victim of the bankruptcy problem, which is really appreciable. These online bankruptcy attorney really having the great and marvelous knowledge of the bankruptcy situations and they will definitely suggest the best solution for the problem.

Although it is quite tuff to find the best bankruptcy attorney for getting the best solution, but you can get it through make the search of the various bankruptcy reviews, which is really the most effective way to get the best bankruptcy attorney. Here, on the best bankruptcy attorney you can also get the best bankruptcy lawyer adviser near to your area, which is really splendid job and must be appreciating.

Overall, the online bankruptcy attorney is really making the all dreams true of all the victims, who are facing the problem of bankruptcy in the most effective and easiest way. The people, who are connected with it, are really doing the splendid job.

Email – dominic@scacci.com

Web – http://www.getlawyeradvice.com

Connecticut Better Business Bureau offers advice to help consumers protect purchases

The recent closing of a substantial number of large retailers this year has shoppers understandably worried about gift cards, warranties and post-holiday gift returns.

Connecticut Better Business Bureau President, Paulette Hotton Scarpetti, says the high bankruptcy rate has consumers confused and worried.

“Consumers are understandably concerned and want to know that their holiday purchases are protected if a retailer goes under.”

When a retailer files for bankruptcy it may file either for Chapter 11, which means it intends to reorganize and continue to do business, or Chapter 7, which means closing down permanently and liquidating assets to pay creditors.

If a retailer intends to continue under Chapter 11, it will often deliver on goods, redeem gift cards and fulfill services. Sometimes, however, a Chapter 11 can quickly turn into a Chapter 7, leaving consumers at the end of the line of creditors, and often receiving no compensation at all.

Your BBB has some advice for consumers if a retailer files for Chapter 7 bankruptcy:

Pay with Credit Cards

Even though customers are not preferred creditors, if an item is purchased with a credit card, they may be able to dispute the charges with the credit card company and get their money back. People who pay with a debit card, check or cash will have to file a claim with the bankruptcy court administering the process, within a 90-day period. Information on filing a claim and forms may be found at www.uscourts.gov

Gift Cards

Your BBB recommends redeeming gift cards as soon as possible to avoid any problems if a retailer does go under. This can prevent having to file court documents for a claim. In rare cases, consumers may get some of their money back, and some retailers are even trying to attract new customers by accepting bankrupt competitors’ gift cards.

Warranties

The validity of an outstanding warranty varies with each bankruptcy. If a retailer goes out of business, the manufacturer may still honor the warranty. If a manufacturer closes its doors, consumers may be able to rely on warranties provided by the retailer. Many extended warranties and service contracts are administered by third parties and usually are not affected when a retailer closes its doors.

You can find more information on gift cards, extended warranties and how to be a savvier consumer at www.bbb.org.

Bankruptcy is still an available option to most Americans in financial difficulty. Creditors can be stopped, and foreclosures can be prevented.

Recent changes in the Bankruptcy Laws and the publicity associated with them has led many to believe that Bankruptcy is no longer available as a means of avoiding unbearable debt. This is not true.

In 2005, Congress passed sweeping legislation, sponsored by the Consumer Credit industry, which changed the requirements for seeking Bankruptcy relief. Since the 2005 amendments to the Bankruptcy Code there has been a lot of misinformation regarding the accessibility of the Bankruptcy Courts for Americans in financial difficulty. But Bankruptcy is not dead.

In fact, today, most Americans in financial difficulty can still use the Bankruptcy Courts for protection. There are two ways to establish your eligibility for a Chapter 7 Bankruptcy.

One way to establish eligibility for a Chapter 7 Bankruptcy is to show that the household’s income, for six months, is less than the national median income for the same size household (adjusted for each state). Of course, many households in America make less than the median income while a similar number make more than the median income.

For those households that make more than the median, there is a second test to establish eligibility for Chapter 7 Bankruptcy. However, the second test is more complicated. The second eligibility test is based upon whether most of the household’s income is needed for the necessities of life. Many American households, today, use all of their income, and more, for the necessities of life. This second test, therefore, affords eligibility to many households which make more, sometimes much more, than the national median income.

We find that more than 75% of the individuals that consult with us regarding Bankruptcy protection are eligible under the 2005 Amendments to the Bankruptcy Code. This, of course, requires a careful analysis by an experienced Bankruptcy Lawyer.

Before the law was changed in 2005 many lawyers and paralegals dabbled in Bankruptcy. Today, many of those lawyers and paralegals will not. The State Bar of California, Board of Legal Specialization certifies the competency of Bankruptcy Specialists so that a client seeking the advice of a Bankruptcy Specialists can be certain that the chosen lawyer is competent to protecting their interests.

In these troubled financial times there is one portion of the Bankruptcy Code, which specifically affords protection for people under the threat of foreclosure. Chapter 13 of the Bankruptcy Code allows for homeowners to stop foreclosure proceedings and force their lenders to allow sixty months to pay back arrearages. This is just the relief that many American Households need.

Here too, the eligibility for a Chapter 13 Bankruptcy is something that should only be analyzed by an experienced Bankruptcy Lawyer. The specific financial facts for each individual must be review in determining whether Bankruptcy is a good idea. But, it is still available and makes good sense for many financially troubled Americans.

Bankruptcy is not dead but alive and well as a tool in the hands of an experienced lawyer to protect valuable assets and financial well-being.

Richard A. Brownstein
Brownstein and Brownstein LLP
21700 Oxnard Street, Suite 1160
Woodland Hills, CA 91367
Tele: 818 905-0000
rb@brownsteinllp.com

http://www.brownsteinllp.com

One of only 105 lawyers in the State, Certified by the California Bar Association, Board of Legal Specialization as a Bankruptcy Specialist.

In 2005, when Congress made sweeping changes to the Bankruptcy Code, they left virtually unscathed the Chapter 13 Bankruptcy provisions designed to save a home from foreclosure. Today, in the face of massive foreclosures, many families are unaware that Chapter 13 Bankruptcy may still be used to prevent foreclosure.

There are three different types of Bankruptcy that are generally available to individuals:

Chapter 7 Bankruptcy (sometimes referred to as a liquidation) is the most common. In this Bankruptcy qualified individuals are allowed to discharge most of their unsecured debt in exchange for allowing their non-exempt assets to be liquidated by a Trustee.

Chapter 11 Bankruptcy (sometimes referred to as a business reorganization) is expensive and typically reserved for business or individuals with substantial assets and substantial income. Chapter 11 allows debtors to reorganize their debt and pay their creditors over time. The amount that they pay depends upon the value of their non-exempt assets. The amount of time allowed is based upon current and projected income.

Chapter 13 Bankruptcy (sometimes referred to as a wage earner’s reorganization) is relatively inexpensive and exclusively for individuals with the ability to pay certain required obligations within a three to five year period. The amount that needs to be paid over a three to five year period is determined by the value of non-exempt assets, the amount of certain non-dischargeable debts, and current income.

Chapter 13 Bankruptcy allows property owners who are delinquent on their mortgage payments to abruptly stop foreclosure proceedings. This is true for any type of Bankruptcy filing, up to the day before the foreclosure sale. But Chapter 13 is uniquely structured to allow the property owner to pay the delinquency in equal monthly installments over as much as sixty months (the PLAN). So long as the PLAN complies with the technical requirements of the Bankruptcy Code, there is no need to get the lender’s agreement to the PLAN.

It is true that Chapter 13 Bankruptcy has rather stringent qualifications, including total amount of debt and ncome. It requires a competent Bankruptcy Lawyer to analyze the specific debt and income facts to determine if the property owner qualifies. But assuming a property owner can meet these qualifications, Chapter 13 provides a mechanism for them to stop the foreclosure and protect their property for five years … or at least until they can find a buyer at a reasonable price.

Time is the primary benefit. Chapter 13 will provide the time needed to ride out the current emergency.

Richard A. Brownstein

Brownstein & Brownstein LLP

21700 Oxnard Street, Suite 1160

Woodland Hills, CA 91367

Tele: 818 905-0000

rb@brownsteinllp.com

Richard R. Brownstein is one of only 105 lawyers in the State, Certified by the California Bar Association, Board of Legal Specialization as a Bankruptcy Specialist.