Leslie, Spieler & Fulford LLC

One South Oak Street - Union, Missouri 63084-1817 U.S.A. View Map

Bankruptcy Law News & Notes [2010-06-13]

Chapter 7 and 13 personal and business bankruptcy filings are on the rise, due to current economic conditions. Foreclosures are also continuing to increase. Chapter 13 bankruptcy (a/k/a "wage earner plans") may help stop foreclosure and save the family home. This is something to consider if one wishes to preserve real property and if a monthly payment plan may be established. The bankruptcy case must be filed prior to any foreclosure date.
Remember that Chapter 7 bankruptcy is generally considered "straight bankruptcy" or liquidation. It typically provides a fresh start for people overloaded with debt. Chapter 7 is not for everyone, and sometimes, debtors are not able to keep all of their property during the Chapter 7 proceeding. Only "exempt" property may be maintained by the debtor. Chapter 13 requires a regular monthly payment to a bankruptcy trustee. Some debtors choose to file Chapter 13 and others must file Chapter 13 due to income levels, property holdings or for other reasons. In Chapter 13, debtors generally keep all of their property, with some limitations.
Once either Chapter 7 or 13 bankruptcy is filed, bill collectors should stop phoning or otherwise communicating with debtors. The automatic stay provisions of the Bankruptcy Code require this. Also, the automatic stay will stop, or stay, all garnishments, legal proceedings, lawsuits etc.
Since 2005, debtors have been required to undertake a brief course in credit counseling and financial management, prior to and during their bankruptcy case. This is usually accomplished by tele-conference, on the internet or sometimes, in a class room setting.
The information noted above is general information only and is not intended to be given as legal advice or to create a lawyer/client relationship. For further questions or additional information concerning Bankruptcy, please telephone the lawyers of Leslie, Spieler & Fulford LLC in Union, Missouri. The law firm is a debt relief agency which helps debtors file bankruptcy under the Bankruptcy Code.

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