Page 1

This is an excerpt from the

CONSUMER’S GUIDE TO BANKRUPTCY 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.

Want a free copy of this guide? Just send an email to bkguide@llgtn.com and look for it in your inbox!


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.      

     

2

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 bkguide@llgtn.com, call me at 615-807-1064, or visit the website at www.llgtn.com.


WHAT IS BANKRUPTCY?

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

3

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.        

Got a question about your situation or something you read in this guide? Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064, or visit the website at www.llgtn.com.


ABOUT THE AUTHOR

 

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   Gordon  H.  Boutwell,  Atty   the   Lodestone   Legal   Group   in   Franklin   Tennessee,   Lodestone  Legal  Group   with   the   purpose   of   assisting   business   and   private   198  E.  Main  St.,  Ste.  4   clients  by  exploring  legal  options,  navigating  the  legal   Franklin,  TN  37064   pitfalls,   and   providing   measurable   results   through   615-­‐807-­‐1064   custom  solutions  and  a  commitment  to  the  lost  art  of   bkguide@llgtn.com   personal  care  and  client  service.   www.llgtn.com       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.                         situation or something you read in this guide? 4 Got a question about your Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064, or visit the website at www.llgtn.com.

Bankruptcy Building Blocls: What is Bankruptcy?  

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

Read more
Read more
Similar to
Popular now
Just for you