Global Finance

Just about Financial Information

You are here: Home - Bankruptcy


Category Archives: Bankruptcy

Can Debtors Afford Bankruptcy Finding Low-Cost Bankruptcy

There seems palpably in the air, one ominous additional burden
for the average heavily indebted American debtor and consumer in today’s
dire national economic conditions who may perhaps see his only recourse
for some relief, in filing bankruptcy: finding low-cost bankruptcy,
finding low-cost bankruptcy that you can afford. Meaning, in essence, a
non-lawyer pro se alternative.

The latest figures just released by
the Administrative Office of the U.S. Bankruptcy Courts on the February
2009 bankruptcy filings, made one vital reality crystal clear to almost
every one, namely, that the rate at which the increasingly overburdened
and restive American debtors (both individuals and businesses) are
filing for bankruptcy, is at its highest levels since the now-famous (or
infamous, many would say!) draconian changes of 2005 to the U.S.
bankruptcy law. But, even more significantly, that the new filing rate
is ominously beginning to return to the old “hated” high bankruptcy
filing levels that the nation had reached before that new law was passed
in 2005, supposedly meant to correct and drastically curtail or reverse
the then pre-existing high filing levels.

This latest trend in
American debtor bankruptcy filings strongly underscores a few
fundamental points, among others. First, the depth and gravity of the
financial straights and difficulties in which the average American
consumer and debtor is in today. Second, the reality that, no matter how
difficult a legal hurdle and impediment the institutional powers that
be (the Congress, the lawyers, or the financial institutions, the
courts, etc) may try to place on the path of the American debtors to try
discouraging or making it more difficult for them in seeking the
bankruptcy relief from their debt burdens, when it really comes time of
dire financial and economic crunch, Americans will somehow still find a
way, and will still persevere and persist even against all odds, in
demanding their constitutional rights to be heard in bankruptcy; and
thirdly, the critical necessity, for the average debtor, for finding
low-cost bankruptcy filing alternatives to lawyer.

Elizabeth
Warren, a Harvard Law School professor and author of several books on
bankruptcy, probably sums up the point best this way, alluding to the
persuasion of the Congress by various special interests to pass the 2005
law that restricted debtors from filing for bankruptcy: “The credit
industry [and other vested interests] did its best to drive up the cost
of filing [for bankruptcy]. But when families are in enough trouble,
they will fight their way through the paper ticket and higher attorneys’
fees to get help,” adding that “The word is now leaking out [once
again] that the bankruptcy courts are open for business.”

THE “UNOFFICIALLY BANKRUPT DEBTORS” – DEBTORS WHO CAN’T FILE BECAUSE THEY CAN’T AFFORD IT

But,
even most importantly than that, from the standpoint of the average
bankruptcy-seeker today, this raises one fundamental questions, however.
Namely, just how do the current growing army of increasingly despairing
American debtors who not only seek to file for personal or business
bankruptcy, but in a great deal of cases, truly NEED to file one, AFFORD
to file bankruptcy – in particular, the high lawyers’ legal cost of
filing for bankruptcy? How do these debtors get or find low-cost
bankruptcy? A bankruptcy that debtors can reasonably afford?

Some
1.1 million (1,064,000) American debtors filed for bankruptcy this past
2008 year – filings which, many analysts are quick to remind us, were
carried out by these debtors in spite of, and under tough conditions of,
a whole host of stringent, restrictive requirements and drastically
increased legal fees imposed by the 2005 law. But, even more
significant, from the stand point of the debtor or bankruptcy-seeker, is
another closely related FACT: that, worse still, according to experts,
THERE’S NEARLY AS MANY AMERICAN DEBTORS MORE who wanted to file for
bankruptcy and are eligible, but could not, because they simply couldn’t
AFFORD the lawyers’ legal fees. These are debtors who Justin Harelik, a
bankruptcy lawyer with Price Law in Los Angeles, call the “unofficially
bankrupt debtors” – debtors who are all but bankrupt but only lack the
lawyers’ hefty price to make their status official!

YEARLY NUMBER OF BANKRUPTCY FILINGS SINCE 1998

Source: creditslips.org

Year…….Bankruptcy……. Filings……… Source & Notes

1998…….1,442543……….AO data……(Office of U.S. Courts)

1999…….1,319,465………AO data

2000…….1,253.444………A.O data

2001…….1,492-129………AO data

2002…….1,577,561……..AO data

2003…….1,589,383………AO data

2004…….1,597,462………AO data

2005…….2,078,415………AO data……..includes spike in filings before 2005 bkr. law

2006…….590,544………..AACER data…(Automated Access to Court Records)

2007…….826,665………..AA.CER data

2008…….1,064,000………AACER data

EVEN THE LAWYERS AGREE, THEIR BIG FEES IS A PROBLEM WITH DEBTORS

In
deed, though many bankruptcy lawyers would rather that it be
sugar-coated, many other lawyers, themselves, objectively acknowledge
that the lawyers’ legal fees for bankruptcy is a principal frequent
issue and concern to debtors and clients in bankruptcy law practice.

“You
have to pay the Chapter 7 legal fees upfront in cash. You can be too
poor to go bankrupt,” is how Professor Robert M. Lawless of the
University of Illinois College of Law once put it.

Another
observer, Jenny C. McCune, a contributing editor at Bankrate.com, notes
that rather astoundingly, we’ve now come to the point where a debtor may
have to “finance bankruptcy filing,” adds: “It may sound like a
Catch-22…you have no money so you’re filing for bankruptcy, but you
need [legal fee] money so you can file for bankruptcy.”

Jonathan Ginsburg, bankruptcy attorney, Atlanta, Ga.,
explains that in phone conversations he often has with callers facing
severe financial crises who are pondering possible bankruptcy, after
their initial question which is often general in nature, “The next
question I get has to do with fees: ‘If I have no money, how am I
supposed to pay for a lawyer?'”

LAWYERS TRADITIONAL ARGUMENT FOR THEIR HIGH FEES

Bankruptcy
lawyers, schooled in the art of argumentation and the defense of even
the clearly indefensible, particularly when it centers on the protection
of a lucrative means of making a living, would often plunge into what,
in essence, are really deep philosophical arguments in justification of
the high fees they charge – it is really still a “bargain” for debtors,
considering the much larger sums they stand to discharge in bankruptcy;
if a debtor is “really” hard pressed enough by his debt burden and is
“serious” about freeing himself of it, he’ll somehow find a way; a
debtor, if he is really “serious,” can always find the lawyer’s fees
somewhere by, say, withholding the payments he would have had to make to
other creditors and then using it to pay the lawyer to free him of the
bigger debt burden, etc., etc. It is a complex web of arguments that
would have to wait for another day to address. But, for our current
immediate purposes in this article, the relevant issue is crystal clear.
The point, clearly, is that for the average American debtor today,
already reeling from the high debt burden which is the prime object he’s
out attempting to address through bankruptcy filing, the average
lawyer’s fee for bankruptcy (some $2,000 or more for the simplest
Chapter 7 bankruptcy, and $4,500+ for its Chapter 13 counterpart) is
high, in deed even exorbitant, and frequently is just plain beyond his
means – in short, simply UNAFFORDABLE.

LAWYERS’ FEES HAVE “PRICED OUT” A LOT OF DEBTORS

Seems
that the bankruptcy lawyers, through greed and monopolistic instinct,
are gradually pricing themselves out of the personal bankruptcy filing
business, that the only realistic alternative now left to be tried,
seems to be a non-lawyer low-cost bankruptcy option.

“Surveys have
shown that many attorneys have doubled their fees to cope with new
requirements imposed by the BAPCPA of 2005. Many thousands of debtors
have therefore been priced out of lawyer representation in their
bankruptcies,” asserts Stephen Elias, a California attorney and
bankruptcy specialist and author of several books on the subject.
“Because of rules governing the practice of law, the only legal
alternative to attorney representation is self representation…
bankruptcy petition preparers can assist with your paperwork.”

The
point then is crystal clear. The fundamental task at hand this very
minute in the field of bankruptcy, is devising a credible system that is
low-cost for filing bankruptcy, which is simple, straightforward, and
readily accessible, and is, above all, AFFORDABLE to most debtors who
legitimately seek or need bankruptcy and are qualified and eligible to
file under the eligibility rules. It is, after all, no “gift” or some
kind of “favor” being meted out by “the law,” or some kind of
mercy-peddling do-gooders of the legal establishment. But, a direct
sacred right and gift of the American Constitution.

It is a task
which confronts us all, particularly the bankruptcy constituency and the
bankruptcy industry powers-that-be who control the current bankruptcy
system – the financial and credit industry, the courts, the Congress,
but including private entrepreneurs and ideas persons who can come up
with new or fresh ideas about how to fix the current broken personal
bankruptcy system, and yes, the current bankruptcy lawyers and bar, and
others.

But, of more immediacy and urgency in the mean time,
however, while we await such a new system to be designed by the
responsible parties, qualified American entrepreneurs, institutions and
entities who are able, should be free to come up with practical and
effective ways and methods – alternatives to the current wholly
deficient and inadequate lawyer-controlled bankruptcy system – that
actually enable legitimate bankruptcy seekers to exercise their
legitimate constitutional right to seek the bankruptcy relief option
when and if necessary – simply and AFFORDABLY.

IN SUM

The
point is that, America, in both its public as well as private sectors,
must fast prepare for, and devise and implement, a drastically different
but effective bankruptcy filing system that provides the current
million plus per year and the upcoming additional millions of bankruptcy
filers who will be coming into the bankruptcy filing pipeline per year,
a genuinely affordable means for them to file for bankruptcy – the 1.4
million American filers (or more) that are expected to seek the
bankruptcy relief in 2009 calendar year alone, and beyond.

NEED FOLLOW-UP INFORMATION?

For
more on finding some low-cost but non-lawyer alternatives that you may
use to do your bankruptcy, other than the traditional lawyer-dominated
filing system which is generally prohibitively expensive? An alternative
that will drastically cut down your cost of bankruptcy? Please visit
this site: http://WWW.Afford-Bankruptcy.Com/proSeBankruptcyTrend.html

The Key to Building Wealth

Many people today believe in order to become wealthy they either have to be born into wealth or have a lot of money to make money. The fact is this just isnt true. Building wealth is a mechanical process and because its so simple its quite boring, therefore many people do not follow through with the formula.

The Problem

Too many people fall into a financial rut and it usually starts when we begin moving money from one credit card to another. Sure this works for a short while, but eventually it catches up with you and before you know it you have $5000 maxed out on your VISA card and $3000 maxed out on your Discover card.

The next genius move I consider was debt consolidation. While this does work and the phone calls will stop, its not a solution for the problem at hand. Your monthly payments become lower and this provides the temptation to go out and accumulate even more debt, eventually taking you back to square one. Not to mention having a history with debt consolidation leads to higher rates on things that count later in life.

Back at square one, the next step I considered was debt counseling and the idea sounded great, they even promised to lower my monthly payments by $300. I managed to avoid this one all together and now that I look back I am glad that I did. What I later found out is that debt counseling is viewed as bankruptcy.

By this time I decided to refinance my home with an equity line/2nd Mortgage loan on my home to get out of debt and it worked perfectly. However, let me tell you a little secret. When you take out a 120k loan on a home that is only worth 90k and the neighborhood starts going downhill like ours did, you cannot sell your home for what its worth. Again, we were stuck in rut where we had to borrow money from family to sell our home. Other home owners in the area were not as fortunate.

At this point in time I was seriously considering bankruptcy. If you think that after seven years nobody will know about your bankruptcy, you are mistaken. In some cases jobs wont even higher you if you ever had a bankruptcy. Most loan applications ask if you have ever filed for bankruptcy and they do take that into account even if it has been 10 years since you filed for bankruptcy. This is when I became desperate and finally cracked the money making formula.

The Solution

In 2005 I made a new years resolution to stop spending money on things that required me to make a monthly payment. Instead, I would take my paycheck and spend it on assets, or things that put money into my pocket month after month. I like to call these assets investment vehicles. It does not matter which types of investments you choose, just as long as they are all leading to the same place financially.

Tags:

Personal Bankruptcy, Not As Simple As Before

Filing for bankruptcy often is the last option for people who are in financial crisis and want to get back on their feet. A tremendous percentage of people that file for bankruptcy – more than 40 percent – are forced into it as a result of a severe medical condition

For people who don’t already have health insurance or a health plan, any catastrophic illness such as a stroke or heart attack, could easily wreck their personal funds. Even for many people with health insurance coverage, the combo of insurance premiums and insurance deductibles, can easily put a significant dent in their financial situation. Especially struck hard include the aging adults plus family units where the single woman is the person in charge of the household. It is frightening to consider just how near many people in this nation are to foreclosure, insolvency, or financial ruin.

Losing a steady job is the 2nd largest reason why many people have to file for bankruptcy. A sudden loss of a job because of company layoffs, company outsourcing, or simply a company going out of business can very easily wreck the financial underpinnings of a family that is already knee deep in debt and basically living from paycheck to paycheck. A divorce can lead to a situation of having to support two households instead of one and also possibly alimony payments.

Regrettably, the new bankruptcy law, which became effective October 2005 was essentially authored by the bank card companies. As you might expect, they modified the law to work in their favor and put in fundamentally no procedures to protect citizens who may have slipped into the above classes.

As a matter of fact, written in the guidelines of the new bankruptcy legislation, the more equity you’ve got in your home, the more the possibility is that you will need to make use of that collateral to pay off your creditors. This does nothing but increase the odds that you will lose your home through foreclosure. The modifications in the new law also make filing for bankruptcy more expensive. This can make it even harder for the people that really need it to take advantage of it. And lastly, the new law, instead of wiping out some debts that would have been dissolved under the old bankruptcy bill, will force the person into a repayment plan.

Various other service fees also make filing for bankruptcy higher in price. You’re going to be required to enroll in budgetary counseling both before and after your bankruptcy filing, which you will have to pay for. The individual bankruptcy regulations are also more complicated, which means that your lawyer service fees will likely be higher.

The prior bankruptcy regulations were based on a belief that a person who was responsible, who had worked his or her complete life, consistently paid his bills on time, and generally was a beneficial citizen, would have a chance to wipe his financial record clean and start over in the off chance that through problems outside of his control, he was unable to pay his bills. Sure, the system was taken advantage of by some, but in a society of laws, that’s unavoidable.

Now a number of the old laws were woefully outdated and were long past due for modification. So changes are good. But making changes to the law should never mean that you remove the safety net for people. This is particularly true when the debt position that a lot of of these people found themselves in were almost certainly mad worse by some of the outrageous late fees, percentage hikes, penalties, and other “profit centers” that are part of the financial practices of many of the major credit card companies.

Important Things to Consider for Choosing Chicago Bankruptcy Attorneys Lawyers

Bankruptcy laws are not easy to understand for the average person. Now, the new bankruptcy laws which have recently accepted and taken into action are more complicated than the older laws. Therefore it becomes very important and needed to hire the bankruptcy lawyer for filing the case of bankruptcy. She or he will help you in selecting the right chapter of bankruptcy for you.

Chicago bankruptcy Attorneys lawyers are well known about the cases related to their field. The laws and rules related to the bankruptcy are varying from state to state and therefore it is not it is not possible that every lawyer is eligible for filing the case of your state. So, it is very important to consider that lawyer only who is having knowledge and specialized in the field of bankruptcy and he must be licensed for working this kind of cases in your state.

There are many things which are important to consider while choosing the bankruptcy lawyer. This article is providing you those things below

– The very first thing which should be consider while choosing the lawyer for bankruptcy case is to make sure that you feel comfortable with him or her in discussing your case. – Bankruptcy cases are very emotional and life changing. Therefore you must also consider that lawyer for filing your case, which can understand from what you are going through. – The well known and well experienced lawyers know about how to solve and handle any of your concerns or fears. Therefore you must choose only that lawyer, who is well known and well experienced in the field of bankruptcy. – The best way for feeling confident about the selection of your lawyer is to ask question to him or her about the cases and simply it means to take interview of the particular lawyer to whom you are considering. This will make you know that where he or she is standing in certain matters related to the bankruptcy case. – You may also ask him or her about their success rates and ask about the cases which he has handled before. – While filing bankruptcy, the main and important key element is the budget; therefore you must also make sure about the charges and fees of their work.

Selecting Chicago bankruptcy Attorneys lawyers randomly will become crucial to the result of your case. Therefore, don’t pick a lawyer just from a phone book. Get details of the particular lawyer and also ask your friends and family members about the recommendations of the lawyers. Be patient! While choosing the lawyer because bit hurry can give you bad outcome in your case therefore select your lawyer after considering all of the above things.

Author Write about Optimaldebtrelief.com. Selecting Chicago bankruptcy Attorneys lawyers randomly will become crucial to the result of your case. Therefore, don’t pick a lawyer just from a phone book. For more visit .

How do I repair my credit after bankruptcy

Bankruptcy can greatly impair your credit. However, it is not irreparable. You can take steps to recover it and achieve healthier credit scores. Start with the basics until you develop the habit of maintaining a good standing.

Here are some tips to get you back on your feet:

Ask for your credit reports and check for any inconsistency

It is bad enough that your bankruptcy will stay on your record for 10 years so you must take steps to make sure that your financial reports do not have any more bad news for your creditors. The report may contain inconsistencies and even false entries so asking for a copy and examining it yourself would help you verify its accuracy. Monitoring activities affecting your credit score would also increase your awareness on your spending and borrowing and spending habits. If you are aware of your financial activities, you may modify some practices to ensure that you only incur debts which you can afford to pay so you can avoid similar problems in the future.

Make diligent payments to your nine-bankruptcy accounts and current creditors

These payments can help repair your credit score and negate some of the bad items in your report. The same way, you should pay your current creditors of your debt on time so you can avoid adding more bad credits.

Decrease your credit card balances and be cautious in applying for a new line

A low balance on your MasterCard or Visa can improve your score. Being careful in applying for new credit will help regulate your incurrence of debt. If you regulate the amount of your debt it would be easier for you to pay them on time. Also, if you always apply for it and most of the time you are denied, it can look bad on your record and cause creditors to be wary of you.

CHAPTER 3.5 PREDICTIONS BY NOSTRADAMUS,ACCORDING TO KALAGNANAM ABOUT THE END OF PRESENT WORLD

FEW PREDICTIONS BY NOSTRADAMUS AND BY POTULURI VIRABRAHMENDRA SWAMI ABOUT THE END OF PRESENT WORLD AND HOW NEW WORLD WILL START.

1 . World War III will slowly start from November,2010, and bacteriological and chemical weapons will be used. One of the famous astrologists predicted that economic problems in 2010 will grow. Many large companies will declare bankruptcy. This will cause hunger, religious and ethnical conflicts, and ecological problems. Global warming will greatly damage agriculture.

2. Russia will suffer from a wave of earthquakes. One of them will destroy a huge building.. 3. Nostradamus had predicted the usage of nuclear weapon in the World War

3. He have mentioned about the nuclear plants and the nuclear missiles that will destroy the world and the mankind.

4. Third World War will be preceded by an unprecedented increase in large-scale natural calamities all over the world like big earthquakes, tsunamis, hurricanes, tornadoes, floods, famines etc. Localized wars, revolutions, political disturbances and large scale terrorist attacks will increase. Assassinations of high profile leaders will take place and tensions between various countries will rise. The economies of various countries will be severely affected, leading to unemployment or inflation. The actual war would be of a short duration but is said to be several times more destructive in terms of the cost of human lives and property than all the previous world wars taken together.

5.RICH PEOPLE WILL BECOME EQUAL TO MIDDLE CLASS AND MIDDLE CLASS PEOPLE WILL BECOME EQUAL TO POOR PEOPLE (IF a=b and b=c ,then a=c),I mean rich people will become equal to poor people. IN OTHER WORDS,BECAUSE OF NATURAL CALAMITIES RICH PEOPLE AND MIDDLE CLASS PEOPLE WILL LOOSE EVERY THING AND BECOME EQUAL TO POOR PEOPLE AND ATLAST THERE WONT BE ANY DIFFERENCE BETWEEN RICH,MIDDLE AND POOR PEOPLE.

6 .India will produce the immortal ruler, Seeing wisdom and power of unlimited scope, Asia will bow before this conquering scholar. Nostradamus is making it clear that the conqueror will be a Hindu from South India. He will bind Asia together under his rule. The Hindu leader will win over the communists by persuading them of the timeless varieties of Hinduism. Russia will become India’s ally.ACCORDING TO -‘KALAGNANAM -‘ BY POTULURI VIRABRAHMENDRA SWAMI, THE NAME OF THE IMMORTAL RULER IS LORD SHIVA(THE DESTRUTOR OR THE RECREATER)

7.Meanwhile, NOSTRADAMUS predicts, after furious warfare, the Moslems will be totally wiped out. There will be no trace left of either Mecca or Medina. The creed of Muhammad will vanish forever.

The empire of Islam by Hindus overthrown, The majority of Moslems will succumb, To radio-active fall-out by India blown, Making Muhammad forever silent and numb. Interestingly, in his prose-introduction to the “Centuries”, the seer dwells at some length on the destruction of Islam and Mecca. The city will be smashed up in such a way that all those who enter it will sicken and

die. Intrestingly, even Islamic texts predict doom in the 15th century of their religion.

8. The Pope will fly from his lair. Much of Europe will repudiate the false tenets of Christianity. The Bible-chanting clergy dies. The ancient sway of Hinduism will be restored. Vedic chants will again fill the air..

9. New political and economic theories will start to form, and they will drastically change the future. People will forget about NEWTON AND EINSTEIN.

10. New robots-androids will appear and will be introduced to day-to-day life. Households will use robots to help with chores.

11. Scientific evidence of the existence of soul will be discovered..

12. The UFO mystery will be solved, and our planet will be visited by guests from other planets..

13. Solar activity will drop..

14. A very bright, previously unknown comet will appear and coincide with the time of great geological troubles, with earthquakes and volcanoes erupting and disrupting weather systems. This will cause widespread famines, droughts, and social upheavals in unexpected places. Nations that are considered prosperous and powerful, particularly western nations, will be weakened.

15. LAKES,RIVERS WILL DRIED UP.ACCORDING TO -‘KALAGNANAM” RIVER GANGA WILL DRY UP-..

16. There will appear so vast a plague that more than two thirds of the world will fail and decay.

17. USAGE OF AIR ,WATER AND SUN WILL DECREASE AND USAGE OF BRAIN AND SPIRITUALISM WILL INCREASE…

18.SOLAR ACTIVITY WILL disrupt communication and power grids.

19. A large bird will fly over the USA, Satan himself will lay a bomb, and people will cry bloody tears.

20 WHEN LAST TREE WAS DESTROYED ON EARTH ,INDICATES END OF ONE SET OF WORLD AND NEW WORLD (NEW EVOLUTION OF LIFE ON EARTH ) WAS STARTED.

.21..THE world will begin new after the World War 3 and the peace will the restored.ACCORDING TO MAYAN CALENDER PRESENT WORLD WILL END ,BY THE END OF 2012 AND NEW WORLD(NEW EVOLUTION OF LIFE ) WILL START ON EARTH FROM THEN.

According to Potuluri Vira Brahmendra swamy, the Basavanna (stone nandi) of Yaganti will come alive and shout when Kali Yuga ends- NANDI IS THE VEHICLE FOR SHIVA.

In the -Brahma-Vaivarta Purana-, Lord Krishna tells Ganga Devi that a Golden Age will come in the Kali Yuga – one of the four stages of development that the world goes through as part of the cycle of eras, as described in Hindu scriptures. Lord Krishna predicted that this Golden Age will start 5,000 years after the beginning of the Kali Yuga, and will last for 10,000 years.EVEN IN -‘KALAGNANAM” IT IS WRITTEN THAT GOLDEN AGE (SATYA YUGA) WIL START 5000 YEARS AFTER THE BEGINNING OF KALIYUGA. Mayan Prophecy Matches Hindu Prophecy. It is amazing that both calendars began at about the same time over 5,000 years ago and both calendars predict a totally new world and/or golden age after about 5,000 years into their calendars.

22. .AFTER THE END OF WORLD THERE WONT BE ANY LIFE FORM ON EARTH WHICH DEPENDS ON AIR ,WATER AND FOOD..

23 .AFTER THE END OF THE WORLD FEW HUMANS WILL LEFT AND THOSE HUMANS WILL TRASNFORM IN TO GODS.( NOTE::::::::::::ACCORDING TO PURANAS AND VEDAS PEOPLE WHO DRINK NECTAR OR AMRUTA ,FOR THEM THERE IS NO NEED TO TAKE AIR ,WATER AND FOOD.I MEAN THOSE PEOPLE CAN ALSO STAY ALIVE WITH OUT TAKING AIR,WATER AND FOOD..

24. INDIA WILL BECOME SUPER POWER COUNTRY.

How To Find A Dependable Business Bankruptcy Attorney In Bettendorf, IA

Any legitimate business undergoes their individual financial crunches. With the changes in the economy, every commercial institution faces its own problems with finances. When the situation is irresolvable over a period of time with creditors continuously asking for payments, Bankruptcy is imminent.

Bankruptcy can never be the final straw; there are always ways to resolve the situation no matter how severe. The Constitution of USA has various Chapters dedicated to help people in a fiscal trench. It is a matter of finding the right provision and filing a well-drafted petition to the court to declare one’s inability to pay the pending dues. .

Petitions can be of two types when looking at the range of bankruptcy – ‘voluntary’ and ‘involuntary’. The majority of the cases of bankruptcy declarations filed in the US are voluntary and the easiest to resolve. The debtor realizes his fiscal position and applies in the court of law with transparent financial statements to seek the best solution possible to clear pending debts.

Creditors file an involuntary bankruptcy petition where things can take a drastic turn for their debtors. If a debtor is unresponsive and unable to manage their financial affairs, they may lose their property and assets. This form of bankruptcy cases run for long and are rather complex to resolve. However, creditors do recover a fair share of their money after liquidation. The Chapters most regularly dealing with bankruptcy in the US are Chapters 7 and 13. Though there are four other Chapters dedicated to bankruptcy, the others are for special categories and situations.

Chapter 7 cases are about direct liquidation. These are quickly resolved. A trustee is appointed to resolve the debtor’s assets and distribute the money to the creditors directly. Chapter 13 cases are a long term reorganization of the debtor’s finances and involve a settlement of regular payment to the creditors.

However, it is also important to note that not all practitioners of law are honest or transparent. A bad attorney in a state of bankruptcy is indeed a worst case scenario. Looking into the reputation of the lawyers you consult is vital and sensitive as many things could go wrong in such a state of need.

This is why one has to be extra careful when in need of a good business bankruptcy attorney. Bettendorf, IA inhabitants can get in touch with Buckrop & VanDeVelde Debtors’ Attorney., Mr. Buckrop and Mr. VanDeVelde can ensure you a safe solution to your financial troubles are they have years of experience and are up to date with new developments.

Filing bankruptcy requires a lot of decisions and a lot of forms to be completed, especially with the new bankruptcy laws. I suggest you to visit www.bvbankruptcy.com, for the best business bankruptcy attorney Bettendorf, IA.

Tags: ,

F32 Trojan Boat Legacy

The buyer arrives at his preferred choice by one of several methods.

But once a choice is made, they are usually immutable, as with most product loyal customers. This seed may have been planted years back during a memorable afternoon on an uncle’s boat . Or perhaps it was a good boat review that made such an impression that the buyer looks for just one particular make in the boating classifieds.

Trojan certainly has its loyal owners. The F32 series, in particular, broke all sales records. Over a period of nearly 20 years, some 2,700 rolled off a line at that Lancaster, P.A., plant – more than any other production boat in its size range. And the F32 has maintained that desirability.

They were certainly popular because of their space and price, says broker Joan Kelly of McMichael Yacht Sales in Mamaroneck, N.Y.

When one comes on the market now, if it’s in good shape and has low hours, it will not last long. There arent too many flybridges in a certain price range – such as the Trojan F32 or the Silverton 34. They had a nice traditional look, good space, and you can still buy them reasonably.

Dollars & Cents

When introduced in 1973, the F32 Sedan sold for $29,000. Five years later, the base price of the F32 sadan was up to $40,600. Equipped with the standard 225 Chryslers and later the F32 was equipped with 350 Crusaders V-8s, the F32 had a cruising speed between 15 and 22 mph (2500-3000 rpm), with a top speed of 32.3 mph (4,ooo rpm).

After 1983, standard tankage was increased to 220 gallons. Today’s buyer considering a used to Trojan may find a range of $44,800 to $51,500 for a 1988 F32 Sedan. A 1974 recently appeared on the Web for $29,500 – roughly its original price. In Massachusetts, a 1977 with 250s was
offered at $39,500.

History 101

The F32 was among Trojans first ventures into fiberglass construction. From 1949 to 1964, Trojan built exclusively in wood, developing a momentum and reputation for affordable craftsmanship.

But with the 1960 introduction of fiberglass as a building material, Trojan would not be the only boat-builder to make the switch to fiberglass. Trojan president James R. McQueen wanted to make sure fiberglass construction was going to hold up under marine conditions before committing to what would be a major capital transition costs for molds, methods and tooling, recalls Jim Ressler, Trojan’s chief engineer from 1970 to 1977.

Jim McLean was very much a wood advocate and reluctant to make the switch, says Ressler. But he was cognizant that much of the industry was going to fiberglass, whether he liked it or not.

The F-series was introduced in 1970 – with the F denoting fiberglass construction. The F32s that you see today first appeared in the summer of 1972 with teak on the foredecks and cockpit – a short-lived design feature . The last F32 was built in 1992.

Of the three models offered, the F32 Sedan (model # 321) was by far the most popular than the F32 Express (model #320) or the F32 Sports Fisherman ( model #322). Only about 20 percent were ordered with the long cockpit and diminished house area of the Express. And only two-or three dozen of the F32 Sports fishermen (model #322) were sold, according to Ressler.

Right Time, Right Place

The birthplace of the Trojan F32s was just east of Lancaster, P.A., about 70 miles west of Philadelphia. Built in the 1960s on about 55 acres, the Trojan plant
had around 300 employees working two shifts on three assembly lines – at one point all of them building F32s, recalls Ressler.

At its peak, production volume was between 8 and 10 boats a week, he says – more than 400 a year. Although today’s literature says 2,700 were built Ressler estimates the total number of F32s at closer to 3,000. The ride eventually ended with the late 80s implosion of the boat building industry: bankruptcy and asset buyout. The molds for the F32’s were cut into pieces with a chainsaw, but not the F32 legacy. Jay Crumlish of Chester, Md., sold Trojan’s for almost 18 years. His father, the late John Joseph J. J. Crumlisch Jr., was Trojan’s regional sales manager for the mid-Atlantic and influenced his son in the direction of yacht sales. Crumlisch, too, remembers the Lancaster plant. At its peak, they were flying off a line he says. But the fit and cabinetry werent rushed.

Why was the F32 such popular boat? This was wider than most boats, says Crumlish. It had a good reputation and was economical to run. That was certainly the heyday of boat production, though.

They hit the market at the right time. The F32 layout remained largely unchanged throughout its long production run. Sedan models have a 60 square-foot cockpit, and enclosed family space of about 73 sq. ft. that includes the standard lower helm to starboard, and is simply appointed yet bright and spacious interior. Forward, a wide V- berth is flanked port and starboard by ample shelving with hanging lockers providing the privacy bulkhead. On port, the head is forward of the galley, which abuts the aft bulkhead. On the starboard, a large dinette converts to double berth.
The Express version answered a different equation: With no family room, there is more space available for the cockpit and interior.

Dennis Killian

Ex-Spouse Filing For Bankruptcy How This Affects Child Support

It’s an unfortunate truth that often times ‘money problems’ are cited as the leading cause or contributing factor to divorce. Considering this, it’s not unusual for a post-divorce bankruptcy (or two) to play a part of the life after divorce.
In dealing with bankruptcy concerns, child support becomes a critical factor for Florida law cases.

If you find yourself facing this situation with your ex-spouse, you need to be informed about how bankruptcy affects child support payments.
Often, one party files for bankruptcy under the impression that any and all financial obligation to the other party will be dischargeable in the bankruptcy. However, this is simply not the case with domestic support obligation(s). In response to the economic downturn and housing market decline, a bankruptcy law went into effect in 2005, titled ‘The Bankruptcy Abuse Prevention and Consumer Protection Act’ (BAPCPA ). This altered the relationship of debtors and creditors, and even altered the relationships between creditors. This new law changed many things in the bankruptcy code including how a “domestic support obligation” will be treated.

Child Support And Bankruptcy

What do you need to know about domestic support obligation as it relates to bankruptcy? First, domestic support obligation can come in many forms, such as:

– Alimony and/or child support
– Money owed to a spouse before divorce
– Financial obligation incurred during a divorce agreement

Before BAPCPA, the law stated that you could NOT discharge a child support obligation or alimony in a Chapter 7 or Chapter 13 bankruptcy, but you could discharge any money owed to a spouse (i.e., domestic support) under a divorce agreement so long as the money wasn’t a part of the alimony or child support obligation. This is sometimes termed, an “equalizing payment” in the final agreement or court judgment.

Additionally, before this new law, if the ex-spouse filing for bankruptcy couldn’t pay the debt or if discharging the debt would be less detrimental to the spouse receiving the funds, it could be listed and discharged depending on the final judgment of the court. All of this changed with BAPCPA.

How Will Bankruptcy Affect Child Support Payments
A Chapter 7 bankruptcy is a personal bankruptcy, offering filers a complete discharge of all eligible unsecured debts; however, child support is not eligible for discharge thanks to The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). It is understood by the United States Congress, family law and bankruptcy courts that child support payments are intended to maintain a human life and are accordingly highly prioritized and protected by the court.

Simply put, if you or your ex-spouse file a Chapter 7 (or Chapter 13) bankruptcy, the domestic support debt and child support is still obligated and the courts will not be able to discharge the debt. When the bankruptcy is over, the spouse will still owe the debt and support to the other spouse.

Bankruptcy and Child Support Modification

Keep in mind, since bankruptcy eliminates certain low-priority debts, it may make it easier for your ex-spouse to make monthly child support payments. Bankruptcy cannot change what your ex-spouse owes in child support or make modifications to the amount of payment.
With this in mind, if your ex-spouse can no longer afford the court-ordered child support payment, you may want to contact a divorce or family court lawyer to discuss your specific concerns and situation before you and your child or children experience undue financial hardship.

Seek out trustworthy legal advice about your options and understand your rights so that you can protect you and your children from ongoing stress and confusion. We’re here to help you with any questions you have, or you may set up a consultation to discuss your case now.

Peter Frampton, to grow to be a Three-time Divorcee

Rock singer Peter Frampton is receiving a divorce from his spouse, Christina Elfers, bringing an conclude to a 15-12 months long marriage. The rocker is noted to have filed for divorce in the Los Angeles County Superior Court. The reason cited in the divorce papers are mentioned to be irreconcilable distinctions.
They Made this Bed

Reportedly, Frampton is mentioned to have asked for joint custody of the teenage daughter of the couple. The Los Angeles County is recognized for its large amount of divorces and also bankruptcy, filed by many abundant businessmen, not able to repay huge debts and receiving their bankruptcy attorneys to help them. But these attorneys can only do so significantly given that this metropolis is falling under burdensome laws and massive tax hikes positioned onto Las Angelinians.
Sole Custody
Peter Frampton has requested that the couple’s daughter, Mia, be in the main bodily custody of his soon-to-be ex-spouse. The marriage did not fairly adhere to the third-time fortunate syndrome, as this was without a doubt, the rock star’s 3rd marriage and now divorce. It is explained that the few have been separated for at least 6-months now. Peter Frampton is a hugely-profitable, 6-time platinum offering artist. His album Frampton Comes Alive was the finest marketing album in the 12 months 1976. The few will not be dealing with bankruptcy lawyers anytime quickly because it appears to be they have remained economically inside of themselves.
Palimony Stories
While Peter’s third divorce appears to be to be reasonably tranquil, his earlier break-ups weren’t so easy sailing. A single of Frampton’s renowned legal instances, not involving bankruptcy attorneys, was way back again in the 1970s. Peter was living with his girlfriend Penny McCall, and it was an era when attorneys in the West Coast had been aiding wealthy stay-in girlfriends get Palimony from their boyfriends. Frampton’s attorneys fought difficult against Penny’s and won – very good for them. m.