Resources for Bankruptcy News

Some of the best web sites for bankruptcy news include:

http://www.cacb.uscourts.gov/

http://www.canb.uscourts.gov/

http://www.nolo.com/

Of course, The Law Offices of Stephen B. Kass also provides updates on the economy, tax, bankruptcies, and foreclosure relief laws.

Before filing for bankruptcy, learn about bankruptcy terminology and options with web site research and other educational materials at libraries or bookstores to be prepared in organizing thoughts on finances for meetings with creditors, trustees, bankruptcy court staff, and lawyers.

There are different types of Bankruptcy Code chapters a person can file under.  For example, Chapter 7 bankruptcy discharges all a person’s debts four to five months from petition filing, and is suited for individuals who do not have many assets, and whose equity in a house does not exceed an equity limit. Chapter 13 is for persons whose income prohibits them from filing a Chapter 7 bankruptcy or who have significant assets they want to protect from getting sold to pay off creditors. In Chapter 13, the debtor makes repayments to creditors over a three to five year payment plan. At the end of the repayment period, the remainder of the individual’s debts is discharged.

Filing bankruptcy halts the collection activities. A debtor lists all creditors in the bankruptcy petition, whether or not a debtor continues to do business with the creditors.  The court notifies all creditors and the bankruptcy trustee of the bankruptcy petition. In a foreclosure situation, a debtor can file bankruptcy right before the foreclosure takes place to stop the foreclosure.  Creditors who call after a debtor files bankruptcy violate the law.

Research about bankruptcy can assist a debtor in preparing bankruptcy documents for court filings.  A debtor should review all filings and not let an attorney file documents without his/her signature.  A debtor is responsible for the truth of everything in the bankruptcy filing.  Sometimes the attorney may think to file with /s/ and type the client’s name.  The attorney is not able to do this without the client’s consent.

Learning about bankruptcy terminology can calm a person suffering financial difficulties.  The bankruptcy process can be thought of as simple once a person foresees the steps in the process, and reviews belongings to see what can generally be kept after a bankruptcy.

Look to an experienced New York bankruptcy attorney to assist with background knowledge on bankruptcy options.