The Truth About Bankruptcy <br />by Reed Allmand<br />
Bankruptcy can be caused by many factors including the following:<br />	- Loss of a job<br />	- Illness of a spouse or chi...
A few benefits of filing for bankruptcy are:<br />-  Psychologically regaining control of your life<br />-  Preventing cal...
Financial stress and ignoring financial problems can cause the following to happen:<br /> - Constantly Harassment from Cre...
Charges incurred by ignoring financial charges include:<br />	- Attorney fees<br />	- Debt counseling fees<br />	- Payday ...
Filing for Bankruptcy Can Provide a Fresh Start<br /> - Chapter 7 Bankruptcy <br />		-Discharges most unsecured debt<br />...
What is Chapter 13 Bankruptcy?<br />	- Debt consolidation plan that allows debtor to restructure debt and pay back in 3 to...
Several myths about Bankruptcy include the following examples:<br />- Bankruptcy will hurt my credit for 10 years<br />- E...
Other myths about bankruptcy include:<br />	- My spouse and I must file bankruptcy together<br />	- I can’t get rid of bac...
How do I know what attorney to choose when filing for bankruptcy?<br />	- Hire an attorney referred by another attorney<br...
When consulting a bankruptcy attorney, consider the following questions:<br />	- Have many bankruptcy cases do you file ea...
Be aware of the following after hiring an attorney:<br />	- Retainer Agreement	<br />	- Interview/Case Evaluation<br />	- ...
The Allmand & Lee Difference<br />	- Allmand & Lee understand the average person needs a bankruptcy attorney<br /> <br />	...
The Allmand & Lee Difference<br />	- Over 20 years of consumer bankruptcy experience<br /> <br />	- Offers free phone cons...
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Bankruptcy 2

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Bankruptcy 2

  1. 1. The Truth About Bankruptcy <br />by Reed Allmand<br />
  2. 2. Bankruptcy can be caused by many factors including the following:<br /> - Loss of a job<br /> - Illness of a spouse or child<br /> - Divorce<br /> - Poor money management<br /> <br />Indicators that filing for bankruptcy may help you:<br /> <br /> - Living paycheck to paycheck<br /> - Routinely paying your bills late<br /> - Routinely overdrawing your checking account<br /> - All of your credit cards are maxed out<br /> - Behind on mortgage or car payments<br />
  3. 3. A few benefits of filing for bankruptcy are:<br />- Psychologically regaining control of your life<br />- Preventing calls from Creditors and Bill Collectors<br />- Restructure Secure Debt<br /> <br />
  4. 4. Financial stress and ignoring financial problems can cause the following to happen:<br /> - Constantly Harassment from Creditors <br />- Collection Agency or Banks could potentially sue you. <br />- Defaulting on a home mortgage = foreclosure<br />- Defaulting on an auto loan = repossession<br />
  5. 5. Charges incurred by ignoring financial charges include:<br /> - Attorney fees<br /> - Debt counseling fees<br /> - Payday Loan fees<br /> - Auto title loan fees<br /> <br />Ignoring financial problems can results in:<br /> <br /> - Foreclosure on your home<br /> - Repossession of personal property and assets<br /> - Garnishment of wages<br />
  6. 6. Filing for Bankruptcy Can Provide a Fresh Start<br /> - Chapter 7 Bankruptcy <br /> -Discharges most unsecured debt<br />- Candidates must pass the Means Test, which includes:<br /> <br /> - Qualification #1: Debtors must have an annual median income less than the state median income for a family of the equivalent size<br /> <br /> - Qualification #2: <br /> - Debtor’s income must be greater than median family income,<br /> -Debtor must pay a portion of unsecured debt <br /> - If debtor’s monthly expenses don’t require all available income, then debtor must pay a $100/month for six years into a Chapter 13 plan.<br />
  7. 7. What is Chapter 13 Bankruptcy?<br /> - Debt consolidation plan that allows debtor to restructure debt and pay back in 3 to 5 years.<br /> - Debtor must have enough income to cover all monthly expenses and pay into a Chapter 13 plan.<br />
  8. 8. Several myths about Bankruptcy include the following examples:<br />- Bankruptcy will hurt my credit for 10 years<br />- Everyone will know I filed bankruptcy<br />-I cannot filed bankruptcy because of BAPCPA<br />- I am a bad person for filing bankruptcy<br />- I can pick and choose what to include in my bankruptcy<br />-It’s hard to file bankruptcy<br />- I will never be able to own property again<br />- I will lose everything I own<br />
  9. 9. Other myths about bankruptcy include:<br /> - My spouse and I must file bankruptcy together<br /> - I can’t get rid of back taxes by filing bankruptcy<br /> - I can only file bankruptcy once<br /> - I can never get credit again<br /> - Only losers file bankruptcy<br /> - Creditors can still harass me after I file bankruptcy<br /> - Filing bankruptcy causes more family trouble and divorce<br />
  10. 10. How do I know what attorney to choose when filing for bankruptcy?<br /> - Hire an attorney referred by another attorney<br /> <br /> - Hire an attorney referred from the State Bar<br /> <br />Remember: A good attorney will provide you information in preparation for the consultation.<br />
  11. 11. When consulting a bankruptcy attorney, consider the following questions:<br /> - Have many bankruptcy cases do you file each year?<br /> - How many cases have you successfully taken to discharge?<br /> - What percentage of your Chapter 13 cases get confirmed?<br /> <br />Also find out: <br /> - What bankruptcy associations the attorney belong to?<br /> - Will the attorney personally handle my case or will the bulk work be done by a paralegal?<br /> - How often will the attorney communicate with me about the status of my case?<br />
  12. 12. Be aware of the following after hiring an attorney:<br /> - Retainer Agreement <br /> - Interview/Case Evaluation<br /> - Review of Documentation<br /> - Pre-Bankruptcy Counseling<br /> - Analysis of Legal Issues<br /> - Review of Auto and Home Owners Insurance Policies<br /> - Draft, Review, File the Petition<br /> - Serve Chapter 13 Plan<br /> - Pending Litigation<br />
  13. 13. The Allmand & Lee Difference<br /> - Allmand & Lee understand the average person needs a bankruptcy attorney<br /> <br /> - Allmand and Lee’s priority is to make sure clients benefit from their services and receive a fresh start<br /> - Allmand & Lee have a high success rate and a wealth of bankruptcy case experience<br /> <br /> - Allmand & Lee are committed to helping as many clients as they can<br />
  14. 14. The Allmand & Lee Difference<br /> - Over 20 years of consumer bankruptcy experience<br /> <br /> - Offers free phone consultation <br /> <br /> - Free online case evaluations<br /> <br />For more information on how Allmand & Lee can help you call us today! 224-884-4176<br />
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