Debt Consolidation Loans

Although it was a little bit frightening at first, the new bankruptcy law was not that much of a hassle. I was expecting a lion, and what I found was a lamb.

I was already about 50% of the way through my Chapter 13 discharge, when my current business went belly up. Rather than go into the details of the business failure, I wish to relay to my readers my experiences in navigating the new bankruptcy legal issues and what was involved in filing a new Chapter 13 petition while still in the midst of one.

The new bankruptcy laws, require petitioners to undergo credit counseling. This was done via a Credit Counseling agency entirely over the phone, the entire process took less than 30 minutes. The entire process was fairly simple and involved the councilor reading several prepared statements and my acknowledgement of the information. Upon completion of this session, the agency will furnish the petitioner with a certificate of completion. It is this certificate which is needed in order to file a Chapter 7 or Chapter 13 petition. A second Counseling session is required before the bankruptcy can be completely discharged.

Once the petition was filed, everything proceeds basically the same way as with the pre-2006 filings. A “meeting of the creditors” is held in front of the bankruptcy trustee. This is basically a simple recorded transcription to verify that you are who you say you are, and that the documents you have filed are correct to the best of your knowledge. This process takes about five minutes, however it usually takes some longer amount of time to be called up by the trustee, due to the large number of cases that are seen on any given day.

The final step in my specific situation was a motion for the court to extend the automatic stay. In most bankruptcy cases an automatic stay is issued by the court at the time of petition to protect the petitioner from lawsuits and property seizures while undergoing the re-organization. However if this is a re-filing or second filing, the automatic stay is only in effect for thirty days, and the petitioner must make a motion to the court in order to extend it.

This motion, was the first motion of this type that the presiding judge had to consider.
This consideration took less than 10 seconds and the entire process was completed.

I hope that this short article will help in easing the anxiety of anyone going down this same path.

Tags: avoid bankruptcy, money, consolidate debt, debt, loans

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Bankruptcy records are a result of an individual or company filing for bankruptcy. This means that the individual or company has recognized that the income they are earning is not enough to meet their financial obligations.

There are two kinds of bankruptcy in the United States. The first is liquidation, where all your assets are sold off, and the second is reorganization, where you file for a new payment plan to address your financial obligations. Filing for bankruptcy means that you are admitting that you can no longer turn your losses into profits and as a consequence, you need to be freed from further payment of debts.

Bankruptcy Records are Public Records

If you think that filing for bankruptcy only means being absolved of debt, then you should be aware that bankruptcy records are created in your name or your company’s name for public access. Bankruptcy records could deter future partners or companies from ever engaging in business with you again because of your poor financial history. On the other hand, it may also demonstrate how you were able to rise above adversity.

If you know where to look, obtaining bankruptcy records should not be too difficult because these are considered public records. You can actually call the Bankruptcy Court in the vicinity where the bankruptcy was filed and conduct a search based either on the case number of the bankruptcy, the name of the person or company who filed it or the social security number or tax identification number of the involved parties. Finding the case number will enable you to request for a copy of the entire bankruptcy file for your perusal.

The United States Courts has an administrative office with an official website that allows you to look up bankruptcy records. Although some of the personal information found in bankruptcy records will be withheld, the new cases in the bankruptcy courts are shown on a daily basis on this website. For purposes of safety and protection, bankruptcy records that are used in criminal cases will not be displayed on this website.

Apart from government sites, there are plenty of private companies online who can assist you in locating bankruptcy records. Apart from the convenience they offer you, most records can be in your hands in as short as a couple of hours from the time you file online.

Why You Should Access Bankruptcy Records

• If you are thinking of joining someone in business, then it is important that you check on your future partners’ financial records.
• Bankruptcy records serve as an excellent source of research either for business students and entrepreneurs. You can read extensively about public bankruptcies to learn about what others have done wrong and how you can avoid making the same mistakes in your own business endeavors.
• If you are deeply mired in debts yourself, bankruptcy records can help you determine the next course of action to take on your own.

Tags: consolidate debt, debt problems, finance, loans, avoid bankruptcy

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