What Secured Creditors Do I List On My Bankruptcy Petition Schedule D

 

Secured Creditors Bankruptcy Petition Schedule D

Many forms need to be filled out when filing for bankruptcy. These forms are called schedules. One of the most important schedule is Scheduled D, Creditors Who Have Claims Secured By Property.

What Is A Creditor?

People or organizations that you owe money to are called creditors. Your creditor has the right to file a claim for payment. As a result, the bankruptcy court needs to know who all of your creditors are and the types of claims that they have. Creditors can have secured or unsecured claims.

What’s The Difference Between A Secured and Un-Secured Claim?

You may have purchased a house and your home is collateral for your debt. If your debts aren’t paid a creditor with a secured claim might be paid from the proceeds from the sale of your home. You are required to list claims of all your creditors on your schedule, even if you are disputing the claim.

What Secured Creditors Should I List On My Bankruptcy Petition?

You should list –

· Relatives and friends who have a lien or security interest in your property;

· Car vendors, stores, banks, credit unions and any other entity who has given you a loan that let’s you finance the purchase of property and has a lien on that property;

· Anyone who has a mortgage or trust on real estate that you own;

· Contractors or mechanics who have liens on the property that you own because you didn’t pay them for work done on your property;

· Someone who has won a lawsuit against you and has a judgment lien;

· Another parent or governmental agency that has a lien for any unpaid child support;

· Doctors or attorneys who have liens based on the outcome of a lawsuit;

· Federal, state or local government agencies like the IRS that may have tax liens on your property for unpaid tax; and

· Anyone who is trying to collect a debt from you, like a collection agency or attorney.

This Sounds Confusing What Should I Do?

Filing for bankruptcy is difficult, time-consuming and requires a lot of information.

It’s easy to make a mistake and you can jeopardize getting a fresh financial start by failing to properly fill out your bankruptcy petitions and leaving out secured creditors.

It’s time for you to contact Sunshine State Bankruptcy at (727) 258-4999 . We can explain to you your options, prepare your bankruptcy petition and attend your 341 Hearing. We are with you from the beginning to the end. Call today at (727 )258-4999 to learn more about filing for bankruptcy and getting your fresh financial start!

Why You Should Hire A Bankruptcy Attorney To Prepare Your Bankruptcy Petition

Preparing My Own Bankruptcy Petition Without an Attorney

Making a decision to file for bankruptcy isn’t easy. There are 3 ways that you can file a bankruptcy petition. You can;

1. Represent yourself.

2. Hire a bankruptcy petition preparer, who is a person or a business other than a lawyer that charges a fee to prepare bankruptcy documents. The bankruptcy preparer will generate bankruptcy forms for you to file. They can’t give you legal advice or represent you in bankruptcy court.

3. You can hire an attorney. Only an attorney can give you legal advice about your options, what can happen as a result of filing for bankruptcy, and the long term financial and legal consequences of filing for bankruptcy.

What You Should Know About Trying To Represent Yourself

The bankruptcy law lets you represent yourself in bankruptcy court. The reality is that it is difficult for you to represent yourself successfully. The bankruptcy rules are technical and a mistake can result in financial disaster. If you chose to file without an attorney you are responsible for knowing and following the legal requirements of bankruptcy.

What Are Some Of The Mistakes I Can Make Preparing My Own Bankruptcy Petition?

When you file for bankruptcy, the law lets you keep some property or may even let you keep partial proceeds if the property is sold after your bankruptcy case is filed. Property that you are allowed to keep is called exempt property.

You may be able to keep your home, your car, clothing and even household items.

However, exemptions are not automatic. You have to list the property on the Schedule C: The Property You Claim As Exempt. If you don’t list all the property, the trustee can sell it and pay all of the proceeds to your creditors.

As a result, you can lose property if you don’t claim exemptions to which you are entitled. That’s just one of the devastating mistakes you can make trying to represent yourself.

What Should I Do If I Decide To File For Bankruptcy?

It’s time for you to hire Bankruptcy Attorney, Nancy L. Cavey of Sunshine State Bankruptcy, who can help explain your options, the financial and legal consequences, prepare your bankruptcy petition and be with you at the trustees meeting.

You’ll want someone by your side helping you every step of the way! Call today at (727) 258-4999 for a complimentary consultation.

Discharging Student Loans In Bankruptcy

It’s difficult, if not impossible, to discharge student loans in bankruptcy because there is a actual bankruptcy provision that says student loans aren’t dischargeable. However, you can discharge your student loan by proving hardship under the Brunner test which is used by the majority of the states.

What is the Brunner Test?

The Brunner test Brunner v. New York State Higher Educ. Servs. Corp., 831 F. 2d 395 (2d Cir. 1987)discharging student loans in bankruptcy
requires that you show, through an adversary bankruptcy proceeding, that:

(1) You can’t maintain, based on current income expenses, a “minimal” standard of living for you and your dependents if you are forced to repay the student loans;

(2) Additional circumstances exist indicating that this state of affairs is likely to persist for a significant portion of your repayment period of your student loans; and

(3) You’ve made a good faith effort to repay the loans.

What’s an Adversary Proceeding?

You have to file a Petition in Bankruptcy Court called an Adversary Proceeding to get a determination as to whether you can get all or part of your student loan discharged because of hardship. A review of cases nationwide show that the most leading reason for an undue hardship to be granted is as a result of a disability of the borrower or the disability of a family member that makes the borrower stop working and care for that disabled family member.

You’ll have to hire an attorney to file and represent you in the Adversary proceeding. It can be costly to hire a lawyer. These experts will testify about your medical condition, the likelihood that it will continue, and, in some cases, even an economist to testify about how this state of affairs would make it unable for you to maintain a minimal standard of living.

Are There Other Options?

Yes! Other options can include placing your Federal student loans in an Income-Based Repayment plan or filing for a total and permanent discharge of your Federal student loans because of a disability.

Not every circumstance is right for these solutions! There are times in which you have no choice but to file an Adversary Proceeding in Bankruptcy.

If you’re not sure what your options are, it’s time to consult a Bankruptcy and Student Loan attorney Nancy Cavey. You can contact her today at 727-828-9955.

Bankruptcy Court Tells Credit Union That They Can’t Place An Administrative Freeze On A Joint Account Owned By Bankruptcy Debtor And Non-Filing Spouse

It’s not uncommon for banks and credit unions to try to freeze joint accounts owned by a bankruptcy debtor and the non-filing spouse.

That’s not legal! At our law practice we have seen this happen before.

No freezes

A court ruled that any credit union that puts an administrative freeze on an account is required to promptly seek bankruptcy creditor relief.  Because the credit union did not promptly defend if their freeze was appropriate the Court found that the credit union intentionally violated the automatic stay.  

If you have questions about an administrative freeze on a joint account, and our looking for a bankruptcy attorney to represent you, please give us a call to see your options. We have faced these types of issues and may have solutions to help you. Call 727-258-4999 today.

Is my lump sum retroactive Social Security Disability payments exempt from bankruptcy?

Yes. If you have received a lump sum of Social Security Disability benefits, that entire lump sum may be exempt when you file for bankruptcy. That is why it is so important to contact a bankruptcy attorney when filing for bankruptcy. There are many laws, rules and updated that occur in a bankruptcy system. You want to know your rights and what you are allowed to keep as a matter of exemptions. Social Security Disability benefits are just one example of an exemption.

You can contact Sunshine State Bankruptcy if you have questions about the receipt of Social Security Disability benefits and filing for bankruptcy at 727.258.4999. Give us a call anytime with your lump sum retroactive payment questions or concerns.

Social Security Disability Benefits and Bankruptcy

If you are receiving Social Security Disability benefits, you may have fallen far behind in your bills because it is tough to live on Social Security Disability benefits. Sometimes, filing for bankruptcy is the best answer. When filing for bankruptcy many, Social Security Disability recipients are unsure whether they have to include their Social Security benefits as income in the means test calculation. In some cases, those receiving Social Security Disability benefits are dependent on those benefits to pay their living expenses and it would make a hardship to repay those benefits.

The good news is that the means test specifically excludes benefits that you receive under Social Security Disability and while your benefits need to be reported, they are not included in the calculation.

If you are on Social Security Disability benefits and you are having difficulty making ends meet or being harassed by your creditors, filing for bankruptcy may be right for you. Contact bankruptcy attorney Nancy Cavey to learn more about your rights to bankruptcy and how bankruptcy can impact your Social Security Disability benefits.

After all, Nancy also practices Social Security Disability law. Call Tampa Bay bankruptcy attorney Nancy Cavey today for your free, no obligation consultation 727.258.4999.

The Five Things You Must Not Do Before Filing for Bankruptcy

You don’t want to make a mistake that can jeopardize your bankruptcy filing and possibly disqualify you for bankruptcy. Here are Five Don’ts that you must NOT do before filing for bankruptcy:

1. Before filing for bankruptcy : Don’t transfer assets. Don’t go out and sell your car for cash before you file for bankruptcy. That’s a red flag and trustees will potentially go after the person to who you sold the vehicle.before filing for bankruptcy

2. Before filing for bankruptcy Don’t pay back family, friends or personal loans. If you get preferential treatment to one creditor over another, the trustee is going to go after that person and ask that they give back the money. If your mom or dad gave you money, that’s considered to be a loan. When you file for bankruptcy all the people and institutions that you owe money too, like your mom and dad, become creditors, you can’t give your mom and dad preferential treatment over other creditors. Don’t pay back any loans, especially personal loans to family or friends, prior to filing for bankruptcy.

3.  Before filing for bankruptcy Don’t liquidate your 401k. Taking money from your 401k that is exempt from creditors claims is bad move. Leave the money where it is!

4.  Before filing for bankruptcy Don’t charge up your credit cards. Some people intentionally go out and charge up their credit cards because they know they will be filing for bankruptcy and want to have some fun before they file for bankruptcy. As part of the bankruptcy filing, you will be filing information about your bills and debts and the trustee is going to look at that closely and make sure that you haven’t taken advantage of your creditors.

5. Before filing for bankruptcy Don’t spend your tax refund. If you think you are getting a tax refund, you may want to consult your bankruptcy attorney to determine how to protect that refund. Until you know, don’t spend it.

What Can You Do Before Filing For Bankruptcy ?

You can learn more about your rights to bankruptcy in the Tampa Bay area by contact Sunshine State bankruptcy and request a no obligation copy of The Essential Guide to Bankruptcy in Florida.

What’s the Means Test in Bankruptcy?

To be eligible for a Chapter 7 bankruptcy, you need to meet a math test called the Means Test. To determine whether you meet that math test, we, at Sunshine State Bankruptcy, start crunching the numbers. This starts by calculating what your current monthly income is. Remember you income comes from wages, but also includes self employment, and even interest and dividend income.

At Sunshine State Bankruptcy we need to look at the gross figure- in other words what you make before taxes and that’s required for a complete and accurate bankruptcy assessment.

You can learn more about a means test and whether you qualify for bankruptcy by contacting Sunshine State Bankruptcy today for a free, no obligation, consultation.

Why Hire Sunshine State Bankruptcy?

One of the most important questions that you can ask of any law firm before you make a hiring decision. At Sunshine State Bankruptcy we develop a customized bankruptcy plan that is right for you and your family. We understand that you might have difficulty paying for the entire costs of hiring a bankruptcy lawyer all at once. If you had money, you would not be filing for bankruptcy, right? While you have the right to represent yourself in U.S. Bankruptcy Court in the Middle District of Florida, filing for bankruptcy is a very complex process. At Sunshine State Bankruptcy, we know that it’s a minefield of procedural rules, deadlines, notice requirements, means tests and even financial disclosure statements. Using a document preparation service could really cost you in the end. Why? Document preparers are prohibited from offering any legal advice, they simply fill out forms and have no further responsibility. If there are any mistakes, you are the one responsible.

At Sunshine State Bankruptcy, we know that the process of filing for bankruptcy is not debtor friendly. Professional legal advice is strongly recommended and at Sunshine State Bankruptcy we can properly guide you through every step in the process.

At Sunshine State Bankruptcy, we offer very reasonable rates with a manageable payment plan as part of our free bankruptcy planning service. Once you pay that fee in full, we can move forward with your bankruptcy filing.

Before you contact a debt settlement company, or consider a document preparation company, call our law firm. We can provide the legal protection that these organizations can’t.

At Sunshine State Bankruptcy, we identify your specific needs and provide tailored advice based on your unique personal circumstances.

We are not one of the many bankruptcy mills in the Tampa Bay area, we care about improving the lives of our clients. Don’t let your debts steal away your quality of life or your financial future. Contact Sunshine State Bankruptcy at 727.258.4999.

What Bankruptcy Chapter is Best for You?

At Sunshine State Bankruptcy we know that you need to immediately stop the unrelenting creditors who are hounding you day in and day out. You need relief from the debts that are overwhelming you and your family. But many people are confused about what bankruptcy chapter might be best for you.

A Chapter 7 bankruptcy is known as a straight liquidation bankruptcy. That often confuses consumers. They think that they have to sell everything and get rid of all their assets including their homes and cars. That’s a myth! What Bankruptcy Chapter Is Best For YouLiquidation in Chapter 7 means that bankruptcy liquidates or wipes out all the debts in your history. On the other hand, Chapter 13 bankruptcy is known as an individual organization or an individual debt adjustment. It creates a three to five year plan where you make the payment on your debt to your court appointed trustee. The trustee collects the money that you agree to pay and gives a percentage of the money to your creditors. Here’s the secret that they do not want you to know- you do not have to pay all your creditors back and the one’s that you do pay back only receive a small percentage of what you owe them.

Selecting the most beneficial chapter requires a careful examination and analysis of your personal circumstances. At Sunshine State Bankruptcy we genuinely understand the importance of each financial detail and create a personalized bankruptcy plan that is right for you.

We are also not afraid to tell you that bankruptcy relief may not available at all to you or your family. So much is at stake- your future, your property, your business, your financials, you owe it to yourself to contact Sunshine State Bankruptcy for a complimentary, no obligation confidential consultation.

During this consultation you can learn how bankruptcy can help you or your family:

• Put a stop to creditor harassment.
• Put a stop to repossession.
• Put a stop to home foreclosure.
• Put a stop to court judgments against you.

You owe it to yourself to remain the peace of mind that you deserve. At Sunshine State Bankruptcy we take immediate to “pause” that sense of urgency and panic that you are experiencing. We will take over communications with your creditors, tackle the issue of whether Chapter 7 or 13 is right for you and get your personal bankruptcy petition plan designed and filed.

Better yet, we offer a free consultation and affordable rates. We explain the fees and costs involved. There are no hidden or surprise fees. We offer reasonable payment plans as part of our pre bankruptcy planning service. We will match the right chapter to your unique situation.

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