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Bankruptcy Building Blocls: What is Bankruptcy?

Date post: 02-Mar-2016
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Bankruptcy is a legal process in which individuals, couples, families, and business can eliinate, repay, or restructure some or all of their debts.
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IN THE FULL GUIDE YOU WOULD GET: A basic understanding of the 2 main types of consumer bankruptcy, valuable insights into evaluating bankruptcy as a debt reduction tool, and practical guidance for finding a quality bankruptcy attorney. Topics covered: - An overview of the bankruptcy process. - Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.” - Chapter 7 bankruptcy: what it is, how it works, and when it is preferred. - Chapter 13 bankruptcy: what it is, how it works, and when it is preferred. - How bankruptcy can save a home from foreclosure or a car from repossession. - 5 good reasons to file bankruptcy. - 5 good reasons not to file bankruptcy. - 3 alternatives to filing for bankruptcy. - 5 questions to ask when interviewing a prospective bankruptcy attorney. CONSUMER’S GUIDE TO BANKRUPTCY Want a free copy of this guide? Just send an email to [email protected] and look for it in your inbox! This is an excerpt from the
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IN THE FULL GUIDE YOU WOULD GET:

A basic understanding of the 2 main types of consumer bankruptcy, valuable insights into evaluating bankruptcy as a debt reduction tool,

and practical guidance for finding a quality bankruptcy attorney.

Topics covered:

- An overview of the bankruptcy process. - Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.” - Chapter 7 bankruptcy: what it is, how it works, and when it is preferred. - Chapter 13 bankruptcy: what it is, how it works, and when it is preferred. - How bankruptcy can save a home from foreclosure or a car from repossession. - 5 good reasons to file bankruptcy. - 5 good reasons not to file bankruptcy. - 3 alternatives to filing for bankruptcy. - 5 questions to ask when interviewing a prospective bankruptcy attorney.

CONSUMER’S GUIDE TO

BANKRUPTCY

Want a free copy of this guide? Just send an email to [email protected] and look for it in your inbox!

This is an excerpt from the

Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,

or visit the website at www.llgtn.com.

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WHAT IS BANKRUPTCY?

Bankruptcy  is  a  legal  process  in  which  individuals,  couples,  families,  and  businesses  can  eliminate,  repay,  or  restructure  some  or  all  of  their  debts.      

There  are  2  main  types  of  consumer  bankruptcies:  Chapter  7  and  Chapter  13.    Both  help  you  with  your  debt,  but  in  very  different  ways.        As  you  consider  bankruptcy  as  a  possible  debt  resolution  tool,  it  is  important  to  know  how  and  to  what  extent  each  chapter  eliminates  debt,  and  what  is  required  of  you  during  each,  so  that  you  can  know  which  option  is  the  best  for  you.

WHY FILE? People  file  bankruptcies  for  a  variety  of  reasons.        You  may  file  to  obtain  a  discharge  of  their  debts.    The  discharge  frees  you  from  your  oppressive  financial  situation,  and  provides  you  a  fresh  financial  start,  by  eliminating  some  or  all  of  your  debts.      

 You  could  also  file  to  invoke  the  automatic  stay,  which  can  stop  creditor  harassment  and  lawsuits,  and  protect  your  house  from  foreclosure,  your  car  from  repossession  or  your  paycheck  from  garnishment.    Others  file  to  restructure  and  consolidate  debt  into  a  manageable  payment.        

Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,

or visit the website at www.llgtn.com.

3

WHAT IS BANKRUPTCY?

BASIC BANKRUPTCY REQUIREMENTS In  any  bankruptcy  you  must  provide  certain  information  to  the  Court,  your  creditors,  and  your  Trustee  (a  court  appointed  attorney  that  oversees  your  case).    The  typical  case  requires  you  to  detail:    

1. All  of  your  assets  (everything  you  own);  2. All  of  your  liabilities  (everyone  you  owe);  3. Your  current  and  expected  future  income;  4. Your  current  and  expected  future  expenses;  5. The  specific  state  laws  that  you  are  using  to  

exempt  your  assets  from  your  creditors.      You  must  also  file  certain  documents,  including:  

1. A  statement  of  your  recent  financial  affairs;  2. A  certificate  of  credit  counseling  from  an  

approved  provider  (or  a  waiver);  3. Your  most  recent  tax  return;  4. Your  most  recent  60  days’  worth  of  pay  stubs  

or  other  proof  of  income.      At  some  point  during  your  case  you  will  go  to  what  is  called  a  “Meeting  of  Creditors,”  where  your  Trustee  and  your  creditors  have  the  right  to  ask  you  questions  about  your  case.        For  the  vast  majority  of  debtors,  this  is  the  only  time  you  will  go  to  “Court,”  and  few,  if  any,  creditors  will  attend.        

Bankruptcy  is  a  legal  proceeding  in  federal  court  in  which  a  person  with  more  debts  than  they  can  pay  seeks  relief  from  those  debts.            

Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,

or visit the website at www.llgtn.com.

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ABOUT THE AUTHOR

Gordon  H.  Boutwell,  Atty  Lodestone  Legal  Group  198  E.  Main  St.,  Ste.  4  Franklin,  TN  37064  615-­‐807-­‐1064  [email protected]  www.llgtn.com        

GORDON BOUTWELL is   a   bankruptcy   and   consumer  protection   attorney   in   Franklin,   Tennessee.     He   has  practiced   law   since   2006,   with   most   of   that   time  dedicated   to   bankruptcy,   personal   finance,   and  consumer  advocacy.        Over  the  years  he  has  helped  hundreds  of  individuals,  couples,  and  families  with  their  financial  problems.    He  believes   in   treating   other   people   the   way   he   would  want  to  be  treated  in  the  same  situation.    He  takes  the  time  to  get  to  know  his  clients,  and  he  educates  them  on  their  options  for  getting  out  of  debt,  helping  them  to  understand  and  evaluate  them.            He   believes   bankruptcy   is   a   worthwhile   tool   to   help  some   (but  not   all)   people   get   out   of   debt,   and,  when  combined  with  financial  education  and  counseling,  can  be  a  springboard  to  financial  independence.        In  March   2011,   Gordon   and   R.   Keith   Gordon   formed  the   Lodestone   Legal   Group   in   Franklin   Tennessee,  with   the   purpose   of   assisting   business   and   private  clients  by  exploring  legal  options,  navigating  the  legal  pitfalls,   and   providing   measurable   results   through  custom  solutions  and  a  commitment  to  the   lost  art  of  personal  care  and  client  service.    Lodestone   Legal   Group   practices   in   the   areas   of  bankruptcy,  debt  negotiation  and  settlement,  financial  counseling,   residential   and   commercial   real   estate,  estate  planning   (wills  and  trusts),   and  small  business  and  corporate  law.                        


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