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Joint Bank Accounts in Bankruptcy

July 5, 2011 By guest-writer

In a world where a person’s credit score is one of the most important numbers in her life, it’s no wonder that some parents are eager to help children by naming them joint bank account holders.

This used to be common practice with credit cards: parents would make children “authorized users” to help them improve their credit rating. But the credit bureaus caught on and no longer consider “authorized user” status a boost to a credit score.

Having a child listed on a bank account certainly might still benefit him, but it could hurt you financially if he decides to file for bankruptcy.

Your Cash in Bankruptcy

So what happens to joint accounts when one person files for bankruptcy? It varies depending on state law, but here are some possibilities.

Presumption of joint ownership: Some states have laws that indicate that any jointly owned accounts are considered to belong to both people listed on the account. In these states, half of the money in a joint account would be considered the property of the filer and could be used to repay creditors.
Rebuttal of presumption: The good news, however, is that filers usually have a chance to rebut (that is, disprove) their actual ownership of the money. A filer might do this by demonstrating that the other joint account owner (who is not filing for bankruptcy) deposited most or all of the funds into that account. This requires some careful legal action, so a lawyer’s help is valuable.
Repayment plan: If the bankruptcy filer chooses Chapter 13, the value of the money in the joint account might be taken into consideration. That is, the filer might be expected to pay more than he can really afford to creditors because the court views half of the joint account money as his. (A lawyer can clarify whether rebuttal would be possible in your state.)

Avoiding Bankruptcy Fraud with Joint Accounts

One other consideration for joint account holders considering bankruptcy is bankruptcy fraud. This is a crime that can ruin a filer’s chances at a bankruptcy discharge, lead to a steep fine (up to $500,000) and even cause jail time.

One action that might be considered fraudulent in court is the improper transfer of property or assets before filing for bankruptcy. In other words, if a joint account holder takes himself off the account just before filing for bankruptcy, the court might be suspicious of the action and still consider the funds fair game for the bankruptcy case.

Waiting periods for transferring assets before bankruptcy vary by state. Asking a lawyer about what’s legal where you live is likely your best bet.

Pitfalls to Filing Bankruptcy and How to Avoid Them

June 30, 2011 By Bankruptcy Leave a Comment

By Gary E Smith -

Arizona Bankruptcy Information

Filing for bankruptcy can be a stressful time in your life. It is important to realize that you are not alone in filling your Bankruptcy and that there are certain things that you as a debtors must be aware of when filling. Few people realize that when you file for bankruptcy it can lead to long-term repercussions. That being said sometimes there is no other viable option and it is important to know about certain pitfalls which can be avoided when filing for bankruptcy. Below are some things to be aware of to avoid some of the pitfalls of bankruptcy.

1. Transferring the asset value: When filing for bankruptcy many debtors want to get rid of all there debt but they do not want to give up any of there assets. So to protect there assets from the creditors they may transfer them to other people including family members and friends. This strategy can sometimes backfire and may not work when filling for bankruptcy. Recently transferred property and assets have to be disclosed to the bankruptcy trustee. Any assets that are transferred erroneously could be stopped by the courts and the courts could prevent the transfer from taking place. I caught transferring property without notifying the trustee could result in your bankruptcy being voided or rescinded by the trustee. There are specific guidelines of what assets are exempt in a bankruptcy these guidelines are specifically design to help you protect all or certain portions of a debtors assets while filing for a bankruptcy.

2. Transferring of credit card balances: Often times debtors attempt to transfer credit card balances prior to filling bankruptcy. This can shift the burden of debt from an older creditor to a new one and free up more credit to the debtor. This may allow the debtor more time to arrange for repayment of debt but the new creditor may strongly protest the debt and argue that the new debt should be presumed fraud, especially if the amount of debt is over $1500 dollars and the transfer date takes place within 60 days of filling bankruptcy it is best to avoid this practice as it may send up a red flag and leave the debtor open for more headaches.

3. Repayment of loans to family members: In the bankruptcy rules and guidelines The debtor is required to treat all creditors equally. The bankruptcy courts do not want you to choose to repay some creditors prior to others this includes family and friends. The trustee appointed by the bankruptcy courts holds the rights to pursue family and friends and receive some or all of the funds made available to them as a creditor. A debtor is required to list all debts owed to creditors this includes family and friends. and assuming there are no objections to the discharge of funds from other creditors then in some cases the debt can be officially redeemed the particular family member or friend or in any manner deemed fit by the debtor.

4. Avoiding certain debts while declaring the bankruptcy petition: As a debtor you are legally required to list out and clearly identify all debts outstanding at the time of filling your bankruptcy petition. If as a debtor you wish to retain any debts for things such as houses and automobiles when filling for chapter 7 bankruptcy protection, a debtor is required to sign a reaffirmation agreement with the bankruptcy court. A reaffirmation allows a debtor to continue paying a dischargeable debt after the bankruptcy. this is usually to keep collateral or mortgaged property that would otherwise be subject to repossession.

5. Ignoring litigations: Many debtors fear litigations and lawsuits when filling bankruptcy they may find it difficult to respond to summons in the mail. In many cases when the debtor has filled for bankruptcy and receives a summons there bankruptcy attorney can fax the case information to the creditors legal representative and get the litigation dismissed. I f the debtor has not filled for bankruptcy but is in the process of preparation it is best to attend the court hearing and ask for a continuance then file for bankruptcy relief

http://www.ArizonaBankruptcyInfo.com is a resource for consumers who are considering filing for bankruptcy. We have gather information and have brought it all together in an easy to follow format that includes basic knowledge and information need in making a decision on whether or not to file for a bankruptcy be sure and watch our video’s a 9 part series on bankruptcy info videos can be seen here http://arizonabankruptcyinfo.com/bankruptcy-video-information.html

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Bankruptcy Filings Dropped in April

May 31, 2011 By guest-writer

Recently released numbers on personal bankruptcy filings show that April’s numbers were down from both March 2011 and April 2010, more or less following the trends that experts have predicted for the remainder of this year. Here’s a closer look at the specifics, and what this means for you.

Breakdown of April Bankruptcy Figures

The 21 business days in April saw 130,000 total bankruptcy filings, which comes to 6,177 filings per business day.
The number of filings shows a decline of 2.9 percent from March, and 7.1 percent from April 2010.
So far this year, filings have decreased each month at a rate somewhere between 5.6 percent and 8.2 percent compared to 2010 numbers.
In the past 12 months, 4.9 in 1,000 people have filed bankruptcy petitions. The number in 2004 (before the new bankruptcy law was passed) was 5.5 per thousand.

According to these statistics, April 2011 bankruptcy numbers suggest a decline in bankruptcy filings both compared to recent months and to last year. Bankruptcy filing rates, though not as popularly cited as unemployment numbers, can be used to offer at least a partial picture of economic recovery.

Projected Bankruptcy Filings for 2011

Based on the numbers for April and 2011 so far, predictions for total bankruptcy filings this year include the following:

1.475 million bankruptcy filings if Americans continue filing at the daily average rate (5,876) for the first four months of 2011 combined;
1.525 million bankruptcy filings if we continue at April’s daily average rate (6,177); or
1.499 million bankruptcy filings if the last eight months of the year make up the same proportion of filings as they did in the last two years.

How does that compare with the recent past? In 2010, the country had 1.56 million total filings; in 2009, the total was 1.474 million; and in 2008, 1.118 million. If filings stay on track, then, it looks like 2010 might have been the peak year for bankruptcy filings and 2011 will be the beginning of a decline.

There is no guarantee, however, that bankruptcies will steadily decrease. After all, the housing market is still glutted with foreclosure properties and home prices don’t seem to be rising. As a new wave of foreclosures begins to affect homeowners, combined with sluggish growth in the jobs sector, the need for bankruptcy protection could climb or remain constant for a few years to come.

Bankruptcy Filings and the “New” Law

If nothing else, these latest bankruptcy numbers suggest (once again) that the Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005 had little real effect on bankruptcy filing totals.

Those truly in need of the financial relief and protection bankruptcy offers are still largely able to get that help from the bankruptcy court, despite the tightened restrictions the law introduced.

Filed Under: Medical Bankruptcy, News Tagged With: avoid bankruptcy, bankrupt medical, Bankruptcy Attorney, bankruptcy lawer, Court, file bankruptcy, filing bankruptcy, filing medical bankruptcy, Medical Bankruptcy, what is medical bankruptcy

Chapter 7 Bankruptcy Procedure

May 24, 2011 By Bankruptcy Leave a Comment

By Peter Gitundu -

Chapter 7 bankruptcy law is also known as liquidation. It allows the debtor to pay off debts by selling his assets and dividing the proceeds among his creditors. A special court officer known as a trustee is appointed. In the states of North Carolina and Alabama, he/she is known as the bankruptcy administrator. These two have the same responsibilities of monitoring the filed cases and supervising the activities of the debtor and the creditor

Cases under this chapter begin with the debtor filing a petition in court. They must also submit financial records to back up the need of filing a petition. These records include a current balance sheet, an income statement and a financial statement. They must also submit a summary of tax payment to the trustee.

The court, once a petition has been filed charges some fees. These fees are paid to the court clerk once the petition has been filed. However payment may be paid in not more than four installments and the full amount should be completed by the end of four months. These fees are meant for paying the trustee’s surcharge, miscellaneous court charges and also the filing fee. In cases where the debtor is not in a position to pay the fees even in installments, the court may decide to waive the charges completely.

Once the court charges have been fulfilled, one has to fill out a form. This bankruptcy form shows a list of creditors, the amount and frequency of the debtor income, a net amount of living expenses and assets that the debtor has. They are what determine the kind of ruling the jury will give.

Peter Gitundu Researches and Reports on Bankruptcy. For More Information On How To Deal With Bankruptcy, Read More Of His Articles Here DEALING WITH BANKRUPTCY You Can Also Add Your Views About How To Deal With Bankruptcy On His Blog Here DEALING WITH BANKRUPTCY

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Study: Bankruptcy Considered or Filed by One in Eight Americans

May 23, 2011 By guest-writer

A study recently published by the web site Find Law indicates that a considerable percentage of the U.S. population (one in eight survey respondents, or nearly 13 percent) has either considered filing for bankruptcy or actually done so.

That figure may seem high, but in a nation of consumer debt, depreciating home values and a limited job market, perhaps it’s no wonder that so many of us are in need of serious the serious financial protection and debt relief that bankruptcy can offer.

Who Is Considering Bankruptcy?

The study breaks down potential bankruptcy filers in part by age:

Americans between 35 and 54 are reportedly the group most likely to consider bankruptcy as an option.
Americans 18 – 34 and 55 and older are, according to sources, half as likely as the middle age group to consider or actually file for bankruptcy.
Senior citizens (those 65 and older) are apparently the least likely group to consider bankruptcy as a debt relief option, at only seven percent.

How Have Bankruptcy Filing Numbers Changed in Recent Years?

Sources indicate that in 2010, 1.5 million Americans actually filed for bankruptcy protection. This number marks the highest annual total since 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) took effect and tightened the standards for those interested in bankruptcy protection.

Why Do So Many People Need Bankruptcy Protection?

While no two bankruptcy cases are alike, bankruptcy filers often note common triggers that led them to seek the protection of the bankruptcy court. These include:

Unexpected medical expenses: Illness and injury can both cause serious medical bills to build up, particularly for those people who are uninsured or underinsured. And even an otherwise happy event, like the birth of a child, can prove very expensive.
Change in family makeup: Divorce and death are difficult to deal with on their own, but are often compounded by the financial troubles they cause. Many families are forced to face unpleasant financial realities after divorce or death carries off a primary breadwinner.
Job loss or reduction: Even good employees are at risk of losing their jobs in the current economic climate, and even though layoffs have slowed in recent months, the unemployment rate remains high. It’s no secret that this type of financial burden can lead a household to seek bankruptcy protection.
Fear of foreclosure: Even those with good health and steady jobs may find themselves unable to keep up with their mortgage, and some families opt to file for bankruptcy in hopes of fending off mortgage foreclosure.

Considering the many factors that can contribute to a household’s decision to file for bankruptcy protection, it may be a wonder that only one in eight Americans has thought about personal bankruptcy!

Filed Under: Medical Bankruptcy, News Tagged With: avoid bankruptcy, bankrupt medical, Bankruptcy, Bankruptcy Attorney, bankruptcy lawer, Court, file bankruptcy, filing bankruptcy, filing medical bankruptcy, Medical Bankruptcy, what is medical bankruptcy

Low Cost Bankruptcy Filings

May 11, 2011 By Bankruptcy Leave a Comment

By Josh Riverside -

By and large, one would notice that when someone files for Chapter 7 bankruptcy they would make a payment of about $450 in attorney fees, where people who file Chapter 13 have to pay more. These cases are in general more costly, the attorney’s fee begins at $750 for representation through completion of the plan.

These amounts represent attorney fees only and people are still responsible for paying filing fees and other expenses. People should also be aware that any complications in the case will raise the attorney fees rather quickly.

People could alternatively choose form preparation services instead of legal representation. A few debtors have a preference to do this and only be in attendance through hearings alone. Other alternatives include using a number of software programs that are now available. Pricewise, these programs cost about the same as form preparation services.

If the debtor wants to avoid that cost, they can download the form online. There are various website that provide this service. People can later fill the details on the forms with some form of assistance.

Preparation is vital to successfully filing under both Chapter 7 and Chapter 13. People should make sure all the proper documentation is in order and have all their financial documents up-to-date. Forms are required to be prepared in strict compliance with federal and local rules. In addition, every debtor has a large variety of alternatives accessible that may perhaps enhance, diminish, or prevent relief granted by the court.

A high-quality attorney should be able to guide their clients through the filing process. Debtors should rest assured that a very small number of people who file Chapter 7 are required to give up property for liquidation. There is nothing that can undermine the advantage of the technical edge that the legal compliance can provide in a case and every debtor who has followed this path can swear by it.

Filing Bankruptcy provides detailed information about filing bankruptcy, filing bankruptcy online, filing chapter 11 bankruptcy, and more. Filing Bankruptcy is affiliated with Free FICO Score.

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I Am Filing For Bankruptcy, Should I Short Sale My House?

May 4, 2011 By Bankruptcy Leave a Comment

By Christopher Ariano -

With the collapse of the housing market, it is relatively common for a homeowner to be underwater with regards to their home mortgage. My clients are no exception. Thus I am often asked about short sales, and how they relate to bankruptcy proceedings.

Before we get ahead of ourselves, I should first make sure we are on the same page. A short sale refers to the sale of real estate for an amount less than the principal balance owed on the mortgage. In non-deficiency states such as Arizona, the homeowner likely walks away without liability (but without any equity) and the lender agrees to accept an amount less than the mortgage balance in fulfillment of the loan.

To clarify this, let’s consider an example. Pretend you purchased your current home in 2006 for $300,000 with a 3% down payment and thus a mortgage principle of $291,000. Now consider the 2010 appraised value of your home has fallen to $200,000, and that a buyer is ready to pay this purchase price. A short sale would occur if your lender agreed to accept the purchase price of $200,000 in fulfillment of the $291,000 mortgage.

Because Arizona is a non-deficiency state, you would likely walk away from this sale without any liability towards the remaining balance, but you would have lost you initial 3% investment.

Historically, the biggest detriment to short sales is that canceled debt is a form of income and must be reported on form 1099 to the IRS. This was then considered taxable income, excluding the following exceptions: bankruptcy debt, insolvency, farm debts, and non-recourse loans. Thus as the seller you would be required to pay income taxes on the deficiency in a short sale. Given the drastic fall of home prices, this could amount to a pretty hefty chunk of change.

However, the Mortgage Debt Relief Act of 2007 added an additional exception to the cancellation of debt income that benefits underwater homeowners. Specifically, it allows the exclusion of income realized as a result of modification of the terms of the mortgage on your principal residence.

This act only applies to indebtedness forgiven between 2007 and 2012 and pertaining to loans of a primary residence. A maximum of $2 million ($1 million if married and filing separately for the tax year) of forgiven debt may be forgiven. The forgiven debt must still be reported to the IRS by filing a Form 982.

Juggling an underwater home is not easy. There are many options for you to consider, just one of which is filling for bankruptcy protection. Such matters should be carefully considered, and decisions should be made based solely on what makes the most sense for your specific set of facts and figures. Again, if you have any question pertaining to filing bankruptcy in Arizona or short sales in Arizona, don’t hesitate to contact me at my Phoenix office.

My name is Christopher H. Ariano and I am a Phoenix bankruptcy attorney and managing partner of Ariano & Reppucci, PLLC. We are a boutique law firm located in Phoenix, Arizona that focuses on the preparation and filing of consumer bankruptcy petitions. If you are in need of an experienced and dependable Phoenix bankruptcy lawyer, don’t hesitate to contact me today.

The information contained on this web site may provide general legal information but is not intended to give legal advice or counsel on any specific legal matter. It does not create an attorney-client relationship and should not be relied upon in lieu of legal counsel. The links provided in this web site are for the information and enjoyment of on-line readers and do not constitute an endorsement of products or services represented there. The hiring of a lawyer is an important decision and you should consider the information contained on this Website as well as other factors in making your own decision.

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Common Bankruptcy Questions Answered

April 18, 2011 By Bankruptcy Leave a Comment

By Tony Mandarich and Reda Abouleish -

Filing for bankruptcy is a way to start over with a clean slate. It relieves the tension and anxiety that comes with creditors calling, debt building and provides a solution to a financial mess. It is important to realize bankruptcy has many intricacies and sometimes it is hard to distinguish where to start. Here are some common concerns to consider before proceeding forth.

Does Bankruptcy Take a Toll on My Credit? Your credit will take a hit with any filing for bankruptcy. However, your personal financial recovery plan should include gradually developing credit after the bankruptcy is completed. The timing of when this occurs depends on what type of bankruptcy you are filing. With Chapter 7, bankruptcy remains on your credit history record for 10 years. With Chapter 13, bankruptcy stays on your credit history record for 7 years. You need to check with a professional bankruptcy attorney to determine which one is more suitable to your situation and needs.

Will I Lose My Job? No, you shall not lose your job after filing Bankruptcy. It is illegal for employers to discriminate against you for filing bankruptcy. Furthermore, unless an employer specifically searches for bankruptcy filings, then your employer (or potential employer) shall not find out. This is an instant relief for some who wish to keep the negative financial situation private.

What Happens to Student Loans? In most cases, student loan debt is not dis chargeable in bankruptcy court meaning you will have to repay them. There is an exception to this statute. For you are able to discharge the student loan if by paying, it you would be considered an “undue hardship” on the borrower. Nevertheless, do not get your hopes up. It is extremely challenging to prove and bankruptcy courts are the ones who have the final say.

Will I Lose My Car? Depending on what state you live in, there may be an automobile exemption rule allowing you to keep the vehicle. On average, the ability to keep or lose a car is determined by how much the car is worth in comparison to how much you owe on it. You need to ask a professional. For a Chapter 7 filing may cause the court appointed bankruptcy trustee to liquidate it.

What about My House? Under bankruptcy, law, your house has a separate set of rules. For under Chapter 13 bankruptcy, your house will be preserved and the courts shall let you live in it throughout the entire process. It is vital to check with a professional before filing for any bankruptcy ensuring you have a greater understanding of what is possible under what type of filing, and which filing you shall benefit from the most.

Bankruptcy is a tricky situation. There are many stipulations that are standard across the nation, but it is essential to note that there are also legal rules varied by state. Find someone in your own area who is able to answer your questions accurately. Ask for references. Hire an experienced professional who has ample knowledge about bankruptcy proceedings and is able to guide you throughout the entire procedure is completed.

To find out more about Arizona bankruptcy law reach an Arizona bankruptcy attorney and a Phoenix bankruptcy attorney today.

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What Is The Best Way For Filing Bankruptcy?

April 11, 2011 By Bankruptcy Leave a Comment

By Jon Arnold -

Many people are trying to get through overwhelming mounting debt without filing bankruptcy. We are living in difficult times, and plenty of people have lost their homes because of job losses. The economy is so unstable, and filing bankruptcy seems like a quick solution.

There are many different ways to deal with these financial situations without filing bankruptcy. That one choice is only an option after you have eliminated all other debt relief solutions. Bankruptcy comes with negative effects to your credit score, which can last for as long as ten years.

Some people do not meet the requirements, and cannot discharge all their debts. Some homes, or other personal assets receive protection when filing bankruptcy but the process itself is not necessarily a protection guarantee. A bad credit rating can cause you many problems for a long time. Debt relief programs, and payday loans are some alternatives to you feeling that you need to declare bankruptcy. They will negotiate a loan at a lower interest rate for all your debts, which you can pay back with a single monthly payment. These loans lower the payment amount by combining all your debt into one loan amount. These programs are worth researching before you decide to file for bankruptcy. They could be a better option for you.

If you think that bankruptcy, may be a better choice for you, then you owe it to yourself to meet with a bankruptcy attorney. Bring along a list of all your creditors, and the amounts that you owe. The lawyer will decide if you are eligible, and whether you have a valid claim. Make sure that you ask about all costs and any effects of bankruptcy. After he has discussed the various types of bankruptcies, he will then file your claim, if any of the options he has presented would not work for you for whatever reason. The court appoints a trustee to review your claim. In a few months, you will meet with the court trustee who will make a determination as to whether or not he will discharge your debts. If he decides your claim is valid, then within a year, you will receive a final document, discharging your debts. Be aware, creditors cannot harass you once you have filed a claim. When you hire a lawyer, filing bankruptcy is easier.

Too many people are way too quick to think that they need to go through the process of filing bankruptcy when they really have not looked at all their possible and available options, almost all of which are much better than bankruptcy, especially considering the long term negative impact of bankruptcy on your credit rating. For more information and to get a free bankruptcy evaluation from an experienced lawyer local to you, please visit our web site at http://www.bankruptcy-data.com

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Chapter 7 Bankruptcy – What Debts Are Non-Dischargeable?

April 6, 2011 By Bankruptcy Leave a Comment

By Christopher Ariano -

As you all may know, filing for chapter 7 bankruptcy protection is often a pretty efficient way to rid yourself of burdensome debt. Don’t get me wrong, there are serious ramifications associated with filing bankruptcy – these must be adequately understood and considered prior to filing.

However, as long as you are realistic about your debts and understand which debts may or may not discharged, you will likely obtain the results you were looking for. In the end, bankruptcy almost always provides my clients with the fresh start they so desired. And for me? Happy clients = happy lawyer in my book.

However, in order to achieve these favorable results, it is absolutely necessary to understand which debts cannot be discharged under chapter 7 bankruptcy protection.

Criminal Fines and Associated Debts: Fees and non-fee court ordered judgments pertaining to criminal activity cannot be discharged. This includes judgements involving death or personal injury of another and stemming from your own negligence or criminal activity, including those stemming from DUI.

Student Loans: This is a common point of frustration, but in 99.99% of cases I see (disclaimer: I made up that number, but it is in the ball park according to my own experience) student loans cannot be discharged. The technical jargon is that they may only be discharged when payment causes undue hardship to debtor or their dependents.

Fraudulent Debts or Dishonest Activity: This is basically an umbrella category that applies to all cases of fraud or deceit, but is most often seen in cases of bankruptcy fraud. An example is the debtor that maxes out their remaining credit cards in the days before filing their petition. I should note that this includes attempts to pay off secured debts with non-secured, and thus dischargeable, funds. This means no taking out cash advances on credit cards, to pay down your alimony and child support.

Alimony & Child Support: Speaking of alimony and child support, it is not dischargeable. This includes provisions made for future division of assets, including QDROs. Stay tuned for an article in the coming weeks regarding filing bankruptcy to discharge debts obtained from property settlements in a divorce proceeding.

Tax Debt: This one is a little tricky, but generally applies to that debt incurred within the last 3 years.

Any Debt Not Reported On Petition: This is a biggie. I will generally access your credit report, and use the provided information to report your debts on the bankruptcy petition. However, not all debts appear on your credit report and not all lawyers chose to use this method and. As such, I tell all consultations about this point. I would hate to see you emerge from a bankruptcy, only to realize that you were still on the hook for one or more large debts.

That’s it for now, however I will update this list as I go along. As always, bankruptcy is easier (and the results are generally a heck of a lot more favorable) when left to the professionals. If you are in the Phoenix area and are in need of a qualified Arizona bankruptcy attorney, feel free to contact me to arrange a free bankruptcy consultation.

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