Bankruptcy protection is a strategy that has been used by many over the years.
(PRWEB) April 30, 2014
Bankruptcy Chapter 11 announces the launch of a new book called Bankruptcy Strategies United States. The link for this book can be found at http://bankruptcy-chapter11.org which is a site dedicated to the topic of bankruptcy protection. Bankruptcy protection is a strategy that has been used by many over the years. There are two types of bankruptcies. One is when a person files for bankruptcy and the other is when a business files for bankruptcy. Each type is different and has its advantages and disadvantages.
Bankruptcies are characterized with legal language called Chapters. When a business files for bankruptcy it is called Chapter 11. When an individual files for bankruptcy it is called Chapter 7 or Chapter 13. Chapter 7 bankruptcy is one that is filed for liquidation of assets. During this bankruptcy proceeding assets are sold as directed by a judge to pay off creditors. It is essentially a bankruptcy proceeding for consumers who don't have enough money to pay off their creditors.
Some of the things this book goes over is the idea of comparing all options before making a decision. Consider other possibilities before filing personal bankruptcy. It is best to discover which options works best by using worksheets and instructions provided in this manual. Once knowledge of all long term costs and benefits are known then the best decision can be made.
The use of the means test is a very important start. This test determines qualifications for Chapter 7 and Chapter 13. If earnings are too much then Chapter 7 can not be filed. Without a regular income or sufficient income Chapter 13 also can not be filed. The means test can be taken at home for free.
There is a saying that timing is everything. This is also the case with bankruptcy protection. Do not forget to use proper the timing. Filing personal bankruptcy too quickly or too slowly can be detrimental. By using good strategy will maximum results that can be achieved in record time without wasting time or money.
Another great tip found in this book is the idea of using attorney fee caps effectively. The book teaches how to find bankruptcy lawyers and how to interview lawyers and law firms. An important skill is learning how to select and manage attorneys for the best result. Not all attorneys are equally matched. Not all attorneys charge the same rates. Learn how find out how to manage attorney fees easily while receiving excellent representation.
There is a preparation side that goes into personal bankruptcy. All transactions before personal bankruptcy are going to be under scrutiny. Lean how to use available funds safely to keep as much of private property owned as possible. Eliminating priority debts and maximizing the discharge of all debts is one the keys of successfully navigating the process.
It is important to know in advance how much savings there will be. This is done by calculating how much has been spent. Also it is equally important to know how much will be saved and the probable net worth in five years.
If at all possible avoid personal bankruptcy because for most it is a very expensive process. Understand the benefits and burdens associated with all alternatives before coming to the final decision. Have in mind what to do while a bankruptcy case is pending. Look forward to jump starting life after bankruptcy and be sure to have a wealth building plan.
Ultimately this process will wipe out all debts and keep all property owned. The next step after bankruptcy is to begin rebuilding financial strength and security. This ground breaking book helps with avoidance all of the hassles when filing bankruptcy. The above is some of the great information on the subject of bankruptcy that this book touches on. This book is a great aid and assistant.