Personal Bankruptcy

The best way to file your personal bankruptcy is to have it done Full Service for you.

NOT online software!!!

Filing Personal Bankruptcy

The term personal bankruptcy denotes a consumer bankruptcy, whether chapter 7 bankruptcy or chapter 13 bankruptcy where the entity filing is a natural person or married couple as opposed to a company or corporation. It is also defined to apply to chapter 7 and chapter 13 but no to chapter 13.

There are five types of bankruptcy, Chapter 7, 9, 11, 12 and 13. Chapter 7, also called liquidation is the most common type of personal bankruptcy that individuals file. This personal bankruptcy type is extremely popular because it provides for the absolute and complete elimination of most types of debt, thereby giving the debtor a true fresh start. The goal of a Chapter 7 bankruptcy is to obtain a court order discharging one's debts. Chapter 13 is the second most popular type of personal bankruptcy and it involves paying back your creditors under a court approved repayment plan. Chapter 11 bankruptcy is specially suited for businesses corporations seeking to reorganize their debts while continuing to operate. Chances are that you will be filing a personal Chapter 7 or Chapter 13 bankruptcy, since most individuals file under either Chapter 7 or Chapter 13. Unless you are behind on your mortgage, Chapter 7 bankruptcy is preferred over Chapter 13.

Personal Bankruptcy - Chapter 7

Chapter 7 bankruptcy also known as liquidation in the personal bankruptcy code and often referred to as straight bankruptcy or Personal Bankruptcy, is the most common type of personal bankruptcy. When people generically refer to bankruptcy or say they are declaring personal bankruptcy, they are most likely referring to Chapter 7 bankruptcy. Most law resources will begin a description of Chapter 7 by saying that the aim of the Chapter is to liquidate all non-exempt assets for the benefit of the creditors. While that is partially accurate, it misses a fundamental underpinning of personal bankruptcy law which is that the fundamental purpose of Chapter 7 consumer bankruptcy is to protect insolvent debtors form creditors. Anyone can file a Chapter 7 bankruptcy and that includes businesses, companies and corporations.

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The goal of Chapter 7 bankruptcy is to protect you the debtor from your creditors. If you are overburdened by debt, Chapter 7 bankruptcy is your friend, not your enemy.

Personal bankruptcies can eliminate just about all types including the following:

• Personal judgments from $1 to millions of dollars.
• All collection accounts.
• Hospital bills.
• Doctor bills.
• All major credit cards debts regardless of amounts.
• Store cards and all other charge card debts.
• Pending lawsuits.
• Deficiency judgments on auto repossessions.
• Deficiency judgments on mortgage foreclosure.
• Automobile accident insurance claims against you.
• Personal loans.
• Signature loans.
• Current unpaid rents.
• Past rents.
• Lawyer fees.
• Personal Income taxes.
• Qualifying student loans.
• Evictions.
• Auto loans.
• Auto lease debts.
• Collateral loans.
• Personal wage garnishments.
• Phone bills.
• Cable bills.
• Utility bills of all types, past and present.
• Gambling debts.
• Secured debts.
• Unsecured debts.

When a person files a personal Chapter 7 bankruptcy, their goal is to wipe out most if not all of their debts. You file under Chapter 7 if your personal debts are largely unsecured or if you want to wipe out most of your debts and never repay them again. If your debts are mostly loans or credit cards and judgments, you would most likely want to file Chapter 7. Imagine that for six months or more you are suffering terribly under the heavy burden of debt and all of a sudden, all that load gets lifted off you and you are a free person. One person likened it to being declared not guilty after a long trial without bail. That is what debtors report experiencing when they file Chapter 7 bankruptcy.

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Obviously, not everyone qualifies to file personal bankruptcy and if your qualify, there are limits on what assets you can keep and still discharge your debt. Imagine for a moment that you are a small time contractor and that you have just completed a remodeling job for a home owner. You have just been informed that the homeowner has filed personal bankruptcy and that you are not going to get any money for your work. You would certainly consider it unfair if the court allowed the homeowner to keep $120,000 in his bank account and a $58,000 Mercedes that was paid for while wiping out the $1,700 that you were owed. This fictional scenario obviates the need for bankruptcy laws governing what amount of personal property a person can keep after filing bankruptcy. Any amounts above the limits should be converted to cash and paid to the creditors. That is what exemption laws are about. Personal bankruptcy exemption laws specify limits for most categories of assets that you can keep after filing personal bankruptcy and it is the job of the trustee to liquidate any amounts above those limits for the benefit of the creditors.

Laws dealing with declaring personal bankruptcy can be found in Chapter 7 of the bankruptcy code (11USC). This chapter is divided into four subchapters. Subchapter 1 deals with the duties of the trustee as applied to a filing under Chapter 7, Subsection II deals with collection, liquidation and distribution of the bankrupt estate, Subchapter III deals with stockbroker liquidation and Subchapter IV deals with commodity broker liquidation.

Subchapter II (Section 721 through 728) is of particular importance to debtors because it deals with your right to operate a business while in bankruptcy, redemption of property, rights of partnerships, treatment of certain liens, disposition of property, the discharge of debts and certain tax provisions.

Personal Chapter 13

Chapter 13 is the second most popular type of bankruptcy. There are certain debt situations where a Chapter 7 personal bankruptcy is not in your best interest. In those situations, you want some breathing room to catch up with your payments. Chapter 13 personal bankruptcy is suited for those situations where you are best off paying off your debts but you need more time than your creditors will allow. Most people who file under Chapter 13 do so because they have fallen behind on their mortgage payments and are facing the possibility of foreclosure. In such situations, bankruptcy law allows debtors up to three years to pay up the arrearage while maintaining their regular payments. Contrary to popular belief, Chapter 7 personal bankruptcy is better in the long run for your credit since you can start re-building it after the discharge rather than waiting three years as is the case with Chapter 13.

You can either hire an attorney and pay lots of money to file your bankruptcy or you can file your bankruptcy online. Filing online personal bankruptcy does not mean that you file it from your browser. It means that you can have us prepare all the personal bankruptcy forms from the convenience of your web browser.

We call it online personal bankruptcy because you submit your personal bankruptcy information online and you receive back your completed personal bankruptcy forms online. But it does not stop there. Our personal bankruptcy is prepared full-service, not by personal bankruptcy software or by bankruptcy kits.

The biggest problem with filing personal bankruptcy is having all those forms prepared with all the complicated personal bankruptcy laws to consider. If you were to try to file your personal bankruptcy using do-it-yourself bankruptcy forms, you would be stopped by your lack of experience, and even if you have done this before, under the new bankruptcy laws, discharging your debts has become so much more complicated. Add to that the fact that the personal bankruptcy forms have almost doubled in size.

Also, chapter 7 bankruptcy law now requires you to use data from several government data bases in order to show that you even qualify. This is referred to as the bankruptcy means test. When filing personal bankruptcy with our services, you do not need to worry about all the personal bankruptcy forms or all the bankruptcy laws required to discharge your debts. You need to have us take your consumer bankruptcy information and prepare all the bankruptcy forms so that all you need to do is sign your name and file them.

When filing personal bankruptcy online, you need list your debts and they may include credit cards, mortgages, medical bills, and a lot more. In short the federal bankruptcy court wants to have a clear picture of your financial situation. If you have never filed personal bankruptcy before, how are you going to know what to do? When answering the questions on the official bankruptcy forms how do you know if a specific answer will help or hurt? That is where we come in.

Preparing your personal bankruptcy using bankruptcy software, including the so called "online bankruptcy software", is just plain uninformed when compared to having it done Full-Service for you by an expert.

With the added complexity of the new bankruptcy law, you cannot afford to chance it by using paper bankruptcy forms or even personal bankruptcy software. First, if you have never filed personal bankruptcy before, it could take you weeks to get the paperwork together, but more importantly, if you mess it up seriously, the bankruptcy court could order you to re-file in six months and by then you would be filing under the new laws.

You avoid the hassle and the waste of time when filing personal bankruptcy by having us prepare your professional quality chapter 7 personal bankruptcy today. When you file personal bankruptcy with us, there is no chance of its being kicked out or of your being asked to file again in six months. Our work is full service, not do it yourself.

It is tempting to use one of those $15 forms packages or the do-it-yourself bankruptcy software downloads or even an personal bankruptcy software system, but times have changed and these are not the good old days.

Take a look at the 87 questions of the 6 page means test alone and no one will have to convince you that you cannot do it yourself with forms or software kits. It can only be done by a full service company or by an attorney.

We prepare 100% of everything you will need to for personal bankruptcy
100% online in just one day or less

All you do is sign your name and file it.

Before You Start Filing Personal Bankruptcy and Before you select a Bankruptcy lawyer,  Compare And See Why We are Better

In any business, the best companies do not mind if you check out the competition first, because they know you will better appreciate their services if you have shopped around. The same applies with us.

If you insist on filing personal bankruptcy with a personal bankruptcy software then the best ones are Guaranteed Bankruptcy and Verant Bankruptcy. Filing online bankruptcy with them is no where as easy as filing personal bankruptcy online with our service because we are full service and they are not.

They charge between $170 and $200 but that does not amount to much. Why? Because in the end, it is still only bankruptcy software and that means, do-it-alone.

You are not a personal bankruptcy expert, and no bankruptcy software is going to change that.

A better comparison for filing chapter 7 or chapter 13 bankruptcy online would be DebtorAid Personal Bankruptcy and Zmt Personal Bankruptcy Filing, the two most popular Full-Service online bankruptcy filing companies.

We offer services similar to theirs but for a lot less.

We do not sell blank forms. We do not sell software. We do not sell kits. We do not sell templates.

Full Details

To learn more about filing bankruptcy online with our services, click any of the links below.

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