Today In Bankruptcy – 10-30-2012

Bankruptcy can be a misunderstood creature. There are several chapters to consider when filing in order to protect your from over zealous debt collectors. Bankruptcy allows you to settle your debts wisely and amicably for all parties without breaking your own bank. There is nothing to be embarrassed about seeking out assistance and there are several lawyers than can help.

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Today In Bankruptcy – 10-30-2012

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    Tully’s Coffee Seeks Chapter 11 Bankruptcy Protection

    After doing business for 20 years, Tullys Coffee has filed for bankruptcy this week. For the past few years, the company has had to compete with chains such as Starbucks. This company has been short on cash, over a year, and currently are in default of over 3 million dollars. A few stores have already closed and plan on closing more soon. Since opening in 1992, the company has only made a profit 2 years.

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      What to Think About When Declaring Bankruptcy

      There comes a time in many people’s lives when filing for bankruptcy may be the solution to a financial situation. If you are considering filing for bankruptcy, be sure to work with a qualified attorney. Not all attorneys are familiar with the many different laws concerning bankruptcy. There are several different types of bankruptcy, and a good lawyer will be able to figure out which one is the right one for your situation.

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        When Small Business Owners Consider Bankruptcy

        Considering filing for bankruptcy is a major step for the owner of a small business. If done properly, it can help restructure the business so that it can move on more freely with their operations. Restructuring a debt can make it easier to manage, which is good news for a business person who wants to keep their business, and not their debt, in the front of their mind.

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            Should I Pay Off Student Loan Debt Early?

            It’s not necessarily a good idea to pay off you student loan debt early. If you have any credit card debt, it is wiser to pay that off first. The interest rates for credit cards are much higher than the interest for your student loan, so get rid of the higher interest debt first. It isn’t a wise move to take money out of retirement funds, stocks, or mutual funds to pay off your student loan. You will be creating a taxable event that will create a cost in itself to pay for the loan. Also, those investments will no longer be with you for the future. Finally, the paying off of a student loan will not affect your credit score as positively as paying off credit card debt.

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                What You Should Not Do with Your Assets when Filing Bankruptcy

                A lot of us nowadays are having a really hard time dealing with their financial problems and the fact that most people now are facing financial difficulties but others just doesn’t seem to realize that somehow their efforts in “doing the right thing” to the creditors may result in destroying their financial future. Below are some things you should not do when considering bankruptcy in an attempt to repay your creditors:

                Never raid your retirement account

                There are other “honorable” people who will empty out their retirement account just to repay all their debts to their creditors. However, they will only be hit with early withdrawal penalty fees and taxes. You should know that bankruptcy will be able to give protection not only to your retirement account but to your own future as well when you retire.

                Don’t pay your credit card bills using your mortgage and rent payments.

                There are some people who use their mortgage and rent payments just to pay for their credit card bills because they are scared of what the creditors might do to them such as garnishments or threats of lawsuits. However, if you have filed for bankruptcy, you will be able to pay your creditors without having to give up your home and for you to end up homeless. If you’re really going to be stubborn about using your mortgage and rent payments to pay for your credit card bills then there’s really a huge chance for you to become homeless because of your reckless actions.

                Don’t try selling your other assets such as your electronics, cars and jewelry to pay for your creditors.

                If you’re considering bankruptcy, you should try not to use this kind of payment as the bankruptcy court considers it as favoritism on your part and your case might have a big chance to be dismissed because of it or perhaps demands that the money/assets are returned to the bankruptcy estate.

                If you are considering bankruptcy, speak with an attorney to discuss how your assets should be handled prior to filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy.

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                  The onus is on you to declare your assets when you are filing a bankruptcy petition. The bankruptcy court will have to take your assets as the disposal to settle your debts. There may be some assets that that could qualify as an exemption from liquidation by law such as your primary home but those other assets that are not qualified for exemptions then they must be disclosed to the court.

                  You might end up in jail up to 5 years or so as well as fine you of up to $250,000 if you failed to fully disclose all your assets. So while you are processing on filing for bankruptcy, make sure you have disclosed all your assets accurately and thoroughly. Forgetting about property such as paying the mortgage is one of the most common mistakes that people often do when filing for bankruptcy. Other things that you must disclose include the following:

                  • Business
                  • Real Estate
                  • Property you recently transferred to another person
                  • Stocks, Bonds, Mutual Funds, Treasury Bills etc.

                  Also, you have to remember that even any property transfers (from you to another) should also be reported during bankruptcy. If you also fail to do this, you might also end up in jail or perhaps result in stiff penalties. You might also consider on contacting your bankruptcy attorney as soon as possible if you realize that you have failed to disclose some assets.

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                    Should You File for Bankruptcy if You Make Minimum Payments on Your Credit Card?

                    The answer would be yes. You should really file for bankruptcy if you notice yourself paying only a minimum on your credit card and not only in your credit cards but also in other debts that you have, if you realize that you only make minimum payments on your debts then this might keep you in debt forever if not in a long time. Have you ever thought about the possibilities that might happen in your future? Will you still be able to repay all the debts that you currently have? Will you be able to have savings? Will you be able to provide medical insurance for yourself as well as your family? Will you be able to invest in retirement? Will you be able to live your life without having any financial problems that would last forever? If you’re going to answer no all of these questions then you should have filed for bankruptcy long before.

                    Try to think ponder about your financial status in the future in all honesty. If you’re only making minimum payments on your debts, for how long will you be able to fully pay them? Will take you 5 years? 10 more years? Or probably 30 years? Do you think you are capable of paying off these debts in a reasonable time? What about some other situations such as illness, sudden job loss, divorce, etc. Will you be able to provide the expenses for that? If you think you can’t then you might want to talk to your bankruptcy attorney and discuss it with him/her.

                    If you plan to repay your debts in an affordable manner over a short period of time, considering that you also have income then Chapter 13 bankruptcy is a good option for you. If you don’t have enough income to pay for your debt or you don’t have any source of income at all then Chapter 7 bankruptcy is the best option for you.

                    To learn more about bankruptcy or file a bankruptcy petition, call us at (813) 200 4133 for a free consultation.. You should really file for bankruptcy if you notice yourself paying only a minimum on your credit card and not only in your credit cards but also in other debts that you have, if you realize that you only make minimum payments on your debts then this might keep you in debt forever if not in a long time. Have you ever thought about the possibilities that might happen in your future? Will you still be able to repay all the debts that you currently have? Will you be able to have savings? Will you be able to provide medical insurance for yourself as well as your family? Will you be able to invest in retirement? Will you be able to live your life without having any financial problems that would last forever? If you’re going to answer no all of these questions then you should have filed for bankruptcy long before.

                    Try to think ponder about your financial status in the future in all honesty. If you’re only making minimum payments on your debts, for how long will you be able to fully pay them? Will take you 5 years? 10 more years? Or probably 30 years? Do you think you are capable of paying off these debts in a reasonable time? What about some other situations such as illness, sudden job loss, divorce, etc. Will you be able to provide the expenses for that? If you think you can’t then you might want to talk to your bankruptcy attorney and discuss it with him/her.

                    If you plan to repay your debts in an affordable manner over a short period of time, considering that you also have income then Chapter 13 bankruptcy is a good option for you. If you don’t have enough income to pay for your debt or you don’t have any source of income at all then Chapter 7 bankruptcy is the best option for you.

                    To learn more about bankruptcy or file a bankruptcy petition, call us at (813) 200 4133 for a free consultation.

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