Federal Bankruptcy Courts
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Larence Hubert
May 6, 2013, 11:35:03 AM5/6/13
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Please consider this free-reprint article written by:
Larence Hubert
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Article Title: Federal Bankruptcy Courts
Author: Larence Hubert
Word Count: 758
Article URL: http://www.isnare.com/?aid=219768&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219768
Easy Publish Tool: http://www.isnare.com/html.php?aid=219768
*********************** ARTICLE START ***********************
A bankruptcy � though never pleasant � to many was a fresh start. Permitting those who got in over their heads, who may have managed finances unwisely, or who encountered sudden fiscal upsets to have a majority of their old debt eradicated and thus start anew on the road to good credit and the responsible management of funds. Yet after October of 2005 and blaming the courts, bankruptcy bound debtors found discharges heavily burdensome and instead of rejoicing at the newfound freedom and ability to once again start over, old debts were said to haunt those in dire financial straits.
While some of the changes were common sense changes for the better of the system, the limitation on the homestead exemption and the means test that would be a litmus test as to whether a family truly needed bankruptcy protection or just unload some assets � frequently at horrendous losses � were two of the most commonly cited reasons for a decline in filings. At the same time, the mandatory credit counseling before the bankruptcy filing was received as a self-serving move on behalf of the credit card industry that is heavily invested with the counseling agencies.
For this reason, though the number of bankruptcy filings have sharply declined, the number of Americans with bad credit and no hope for help in sight has just as sharply risen. In the same vein, a failure to provide quick and decisive discharge action has cost many families precious years of being mired in fiscal muck rather than having a fresh start that would eventually permit them to support their grown children�s higher education. Even if there is very little that can be accomplished by blaming the courts, bankruptcy laws have not changed for the better.
When anyone files for bankruptcy, the proceedings will go through their local federal bankruptcy court as the entire process is governed by federal law. There are a few aspects of the bankruptcy proceeding that may be influenced by state laws, the overall rules and procedures covering the process is under federal jurisdiction.
Whether an individual filing for personal bankruptcy or a company or corporation filing for protection under bankruptcy all of the proceedings are handled in federal bankruptcy court. This is more beneficial to the debtors as some of their creditors may be from other parts of the country and not influenced by decisions of state courts. With all decisions coming at the federal level, it covers the individual or company regardless of the location of the creditors.
Additionally, many creditors are less likely to attempt illegal collection tactics sometimes used when a person initially files for bankruptcy, as they fear facing charges on the federal level. There can also be no misunderstanding of the rules if they would be different in other states. Creditors may make a case speaking to the court's trustee about the discharge of debt, but in the majority of bankruptcies, there are few times then holders of unsecured loans will appear in federal bankruptcy court.
Due to the procedure going through federal bankruptcy court, it is always best for individuals to find appropriate representation in bankruptcy proceedings. Experienced lawyers understand the process in the courtroom, but more importantly, they know the order in which everything related to the case must be completed to affect an efficient discharge of the case.
In many cases, there comes a time when many borrowers must seek bankruptcy protection from their creditors. While many people can access and utilize the help of debt credit counselors, others have no choice but to file Chapter 7 or Chapter 13 bankruptcy.
Most people who are in financially trouble prefer to seek protection under Chapter 13 bankruptcy. However the court must approve the plan and before they do so, it will have to be proven the borrower is in a situation where the plan will be consistently met within the borrower�s current financial situation. The borrower must have a job to be able to pay back the plan. In addition, the plan must be of a reasonable amount, for it to work.
Many creditors may be reluctant to enter into a loan consolidation plan through a private specialist, but have little choice in bankruptcy courts. They don�t always agree to erase all charges either. However, most often the bankruptcy courts will order them to do so. This allows protection to the borrower and gives the creditor no choice but to meet the orders of the court.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219768
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Larence Hubert
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=219768
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=219768
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Federal Bankruptcy Courts
Author: Larence Hubert
Word Count: 758
Article URL: http://www.isnare.com/?aid=219768&ca=Legal
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=219768
Easy Publish Tool: http://www.isnare.com/html.php?aid=219768
*********************** ARTICLE START ***********************
A bankruptcy � though never pleasant � to many was a fresh start. Permitting those who got in over their heads, who may have managed finances unwisely, or who encountered sudden fiscal upsets to have a majority of their old debt eradicated and thus start anew on the road to good credit and the responsible management of funds. Yet after October of 2005 and blaming the courts, bankruptcy bound debtors found discharges heavily burdensome and instead of rejoicing at the newfound freedom and ability to once again start over, old debts were said to haunt those in dire financial straits.
While some of the changes were common sense changes for the better of the system, the limitation on the homestead exemption and the means test that would be a litmus test as to whether a family truly needed bankruptcy protection or just unload some assets � frequently at horrendous losses � were two of the most commonly cited reasons for a decline in filings. At the same time, the mandatory credit counseling before the bankruptcy filing was received as a self-serving move on behalf of the credit card industry that is heavily invested with the counseling agencies.
For this reason, though the number of bankruptcy filings have sharply declined, the number of Americans with bad credit and no hope for help in sight has just as sharply risen. In the same vein, a failure to provide quick and decisive discharge action has cost many families precious years of being mired in fiscal muck rather than having a fresh start that would eventually permit them to support their grown children�s higher education. Even if there is very little that can be accomplished by blaming the courts, bankruptcy laws have not changed for the better.
When anyone files for bankruptcy, the proceedings will go through their local federal bankruptcy court as the entire process is governed by federal law. There are a few aspects of the bankruptcy proceeding that may be influenced by state laws, the overall rules and procedures covering the process is under federal jurisdiction.
Whether an individual filing for personal bankruptcy or a company or corporation filing for protection under bankruptcy all of the proceedings are handled in federal bankruptcy court. This is more beneficial to the debtors as some of their creditors may be from other parts of the country and not influenced by decisions of state courts. With all decisions coming at the federal level, it covers the individual or company regardless of the location of the creditors.
Additionally, many creditors are less likely to attempt illegal collection tactics sometimes used when a person initially files for bankruptcy, as they fear facing charges on the federal level. There can also be no misunderstanding of the rules if they would be different in other states. Creditors may make a case speaking to the court's trustee about the discharge of debt, but in the majority of bankruptcies, there are few times then holders of unsecured loans will appear in federal bankruptcy court.
Due to the procedure going through federal bankruptcy court, it is always best for individuals to find appropriate representation in bankruptcy proceedings. Experienced lawyers understand the process in the courtroom, but more importantly, they know the order in which everything related to the case must be completed to affect an efficient discharge of the case.
In many cases, there comes a time when many borrowers must seek bankruptcy protection from their creditors. While many people can access and utilize the help of debt credit counselors, others have no choice but to file Chapter 7 or Chapter 13 bankruptcy.
Most people who are in financially trouble prefer to seek protection under Chapter 13 bankruptcy. However the court must approve the plan and before they do so, it will have to be proven the borrower is in a situation where the plan will be consistently met within the borrower�s current financial situation. The borrower must have a job to be able to pay back the plan. In addition, the plan must be of a reasonable amount, for it to work.
Many creditors may be reluctant to enter into a loan consolidation plan through a private specialist, but have little choice in bankruptcy courts. They don�t always agree to erase all charges either. However, most often the bankruptcy courts will order them to do so. This allows protection to the borrower and gives the creditor no choice but to meet the orders of the court.
About The Author: Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings. http://www.legalhelpers.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=219768
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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