Useful Tips When Filing for Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the process of liquidating assets to help pay back debts to creditors. If you are going through such a scenario, this process may seem scary, and you may not know what the future holds for you financially. Get through this tough financial situation by knowing several key details.

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Tips on Hiring a Collection Attorney to Defend You Against a Lawsuit


When served a lawsuit, you have about five days to respond. Failure to do so will When a collection lawsuit is filed against you, consider hiring a collection lawyer right away. Thinking of representing yourself in court or taking the lawsuit for granted will not do you any good. If the court determines your lack of response, it can make a judgment without proceedings, and that judgment will almost always not favor you. Here are some tips that can help you when hiring a collection attorney.

lead to a court judgment against you. Given this, you must take immediate action and look for a lawyer who can help you deal with the problem. You need someone who understands the law governing debts and knows how to respond quickly to the summons attached to the lawsuit.
http://www.ruffilaw.com/tips-hiring-collection-attorney-defend-lawsuit/

Eligibility Tips to Follow When You’re Filing for Chapter 7 Bankruptcy

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Those who are no longer capable of paying all their debts can choose to file for Chapter 7 bankruptcy. Under this process, a debtor will liquidate assets to produce amount that can be used to pay the creditor. The creditor will then discharge the remaining debt, allowing the debtor to have a fresh start without any unpaid bills. Not everyone, however, is eligible for Chapter 7 bankruptcy. If you’re planning to use this option to get rid of your debts, first determine your eligibility.

Pass the Bankruptcy Means Test

The means test is designed to determine if your income level is indeed low enough for a bankruptcy. This is carried out by comparing your monthly income with the median family income the state sets for the size of the family you have. If your monthly income is higher, you won’t be approved for Chapter 7 bankruptcy. You can, however, try a Chapter 13 bankruptcy.

http://www.ruffilaw.com/eligibility-tips-follow-youre-filing-chapter-7-bankruptcy/

How a Collection Attorney Can Protect Your Rights When Faced with Debt


If you are facing regular contact from a debt collection service, you might feel overwhelmed and unsure of your legal rights and obligations. In this type of a situation, having an attorney to represent you can help to protect your rights under the law. An attorney can provide you with information and may be able to represent you if you try to settle your debts through personal bankruptcy or other means.

Unwanted Debt Collector Contact

A collection attorney may be able to help you if you are receiving unwanted contact from a debt collector. Collection agencies must abide by the Fair Debt Collection Practices Act (FDCPA), which is enforced by the Federal Trade Commission. This law stipulates that debt collectors may not use abusive or deceptive techniques to collect money from you.
http://www.ruffilaw.com/how-a-collection-attorney-can-protect-your-rights-when-faced-with-debt/

How Chapter 7 Bankruptcy Can Help Businesses Solve Their Debt Problem


There may come a time when you can’t make a business loan payment or fail to make a personal credit card payment on a balance used to fund your company. If talking to your creditors about alternate payment arrangements fail and you have no other options to resolve your debt issues, it may be a good idea to look at bankruptcy. How can a liquidation bankruptcy help a business owner? Learn the answer to this question below:

What Is a Liquidation Bankruptcy?

Under Chapter 7 of the bankruptcy code, debtors have the right to have their assets liquidated and the money used to pay off creditors. For businesses, filing for Chapter 7 bankruptcy means selling off company assets and using that money to pay off creditors up to the amount raised through liquidation.
http://www.ruffilaw.com/how-chapter-7-bankruptcy-can-help-businesses-solve-their-debt-problem/

Collection Attorney Versus Collection Agency

Money lending is always done in good faith, whether you’re the one loaning money or the one asking for a loan. Due to different circumstances, however, people often fail to make good on their loans, leading to debt. Before long, someone will be knocking on the debtor’s door, trying to make a collection.

If you find yourself either as a creditor or debtor, you’ll probably wonder whether your should approach a collection attorney or a collection agency.

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Why Do People Go Bankrupt?

Eight years after the economic collapse of 2008 precipitated a wave of bankruptcy filings, people still hold some very deep misconceptions about this legal process. In reality, many folks go bankrupt because of unexpected and unfortunate circumstances.

Medical Expenses

According to a study done by Harvard University, medical bills are the biggest cause of personal bankruptcies in the country, representing 62% of all filings. This is hardly surprising, as the cost of getting stitches at an emergency room can cost up to $2,000 in some hospitals.

Continue reading Why Do People Go Bankrupt?