Stephen K. Underwood, Attorney at Law

Category: "Bankruptcy"

02/21/16

  01:15:00 pm, by admin   , 148 words  
Categories: Bankruptcy

Best Bankruptcy Forms

Best Bankruptcy Forms

The Best Way to Prepare & E-File Bankruptcies Without Breaking You

If you are an attorney searching for a low cost alternative to other bankruptcy preparation software, you should check out Best Bankruptcy Forms. The forms are interactive bankruptcy forms that will save attorneys time and money. The forms come complete with a case upload file to prevent attorneys from having to enter debtor information and statistical data on CM/ECF. The interactive forms will ask a series of questions in an interview, and will merge the data into the forms, and then will send the form to Adobe Acrobat where it can be saved in PDF Format. The forms will work in all the states and comes complete with a Common Creditor Database, an Exemptions Database, and Means Testing Data. A free trial is available. I know all of this because I developed the forms myself

04/15/15

  04:02:00 pm, by admin   , 355 words  
Categories: Bankruptcy

Chapter 13 Bankruptcy: Wage Earner Plan | Buffalo NY Bankruptcy Lawyer

Chapter 13 Bankruptcy - Save Your House From Foreclosure, Bankruptcy Lawyer Buffalo NY

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a wage earner's plan. Chapter 13 allows individuals with regular income to propose a plan to repay all or part of their debts. The plan sets forth an agreement to make installment payments to creditors over a three to five year period. After the plan is confirmed by the Court, the law forbids creditors from starting or continuing collection efforts. After the plan is paid in full the debtor(s) will be granted a "discharge" from all dischargeble debts.

Why do debtors choose Chapter 13 over Chapter 7

Primarily, individuals choose Chapter 13 to save their homes from foreclosure by curing delinquent mortgage payments over time in the plan (however, regular mortgage payments must still be made on time outside the plan).

Secondly, individuals can reschedule other secured debts reducing the payment by extending the payment over the life of the chapter 13 plan.

Thirdly, Chapter 13 sometimes protects third party co-signers who are also liable with the debtor on consumer debts.

Lastly, Chapter 13 consolidates unsecured debt because individuals pay the trustee directly a percentage of the overall unsecured debt (as low as 5%) and will not be dealing with the creditors.

Chapter 13 Eligibility?

1) Any individual is eligible for chapter 13 relief as long as the individual's secured debts are less than $1,149,525, and unsecured debts are less than $383,175.

2) Individuals filing Chapter 13 bankruptcy will have to take an approved Credit Counseling Course before the petition can be filed (may be delayed on a foreclosure emergency).

3) Individuals filing Chapter 13 bankruptcy will have to complete an approved Financial Management Course before discharge can occur.

4) Individuals filing Chapter 13 bankruptcy will have to provide additional documentation to prove their financial condition.

How much does it cost to file a chapter 13?

Costs:
Filing Fee: $310.00

Attorney Fee:
Range $1200.00 - $2500.00 (depends on the circumstances).

If You Need more information?

Visit my Dedicated Bankruptcy Website

Otherwise Contact me now for a Consultation:

Please call (716)-656-7676 for a free phone counsultation or HERE for a free web consultation. The first consultation is always free, and you will always speak directly to Stephen K. Underwood, the Buffalo NY Bankruptcy Lawyer.

  02:49:00 pm, by admin   , 331 words  
Categories: Bankruptcy

Chapter 7 Bankruptcy: Liquidation | Buffalo NY Bankruptcy Lawyer

Chapter 7 Bankruptcy - Get Rid of Credit Card Debt, Bankruptcy Lawyer Buffalo NY


What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a liquidation proceeding designed for those experiencing financial difficulty that do not have the ability to pay their existing debts. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. In the vast majority of cases the debtor keeps all of his property because the debtor has no non-exempt assets for the trustee to distribute. This is called a "no asset case". In about four months the debtor receives a "discharge" of all dischargeable debts, providing the debtor with a "fresh start". Although there have been predictions of gloom and doom regarding the new law, Chapter 7 remains a viable option for most individuals that seek it.

What are some of the requirements of the new chapter 7 bankruptcy law?

1) Individuals whose debts are primarily consumer debts are subject to a “means test” designed to determine whether the case should be permitted to proceed under chapter 7. The means test is based on the median income of the debtor's state.

2) Individuals filing Chapter 7 bankruptcy will have to take an approved Credit Counseling Course before the petition can be filed.

3) Individuals filing Chapter 7 bankruptcy will have to complete an approved Financial Management Course before discharge can occur.

4) Individuals filing Chapter 7 bankruptcy will have to provide additional documentation to prove their financial condition.

What is the median income for New York State?

$48,840.00 - 1 Person Family
$60,743.00 - 2 Person Family
$71,706.00 - 3 Person Family
$88,156.00 - 4 Person Family
Add $8,100.00 for each additional person.

How much does it cost to file a chapter 7?

Costs: Filing Fee: $335.00
Attorney Fee:Range $1000.00 - $2500.00 (depends on the circumstances).

If You Need more information?

Visit my Dedicated Bankruptcy Website

Otherwise Contact me now for a Consultation:

Please call (716)-656-7676 for a free phone counsultation or HERE for a free web consultation. The first consultation is always free, and you will always speak directly to Stephen K. Underwood, the Buffalo NY Bankruptcy Lawyer.

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