Some important things to remember before filing bankruptcy

Filing Bankruptcy is not an easy process. However, bankruptcy is a necessary option for debtors who are not able to pay back their debt and want some time or a plan to pay back their debts. By filing bankruptcy, they can pay back their debt within three to five years. If your financial condition is very bad and you think bankruptcy is the best solution for your problems then Brian Linnekens shares some important things that are important to know before filing bankruptcy.

Show all your sources for income and all your Assets

On your bankruptcy form, you need to show all your sources for income and you need to declare all your assets because if you do not show all your income sources then you are may lose your authority to a discharge of your debt and criminal charges may also be filed and a fine may also be imposed on you. Apart from that, the court should have all the data about your assets, income, and expenses with it to ensure an amicable plan for you to pay off your debt in the coming years.

Avoid using your credit card continuously

Stop your credit card use because if you use your credit card it may create a few problems. The use of credit card will accumulate more debt on you, which will further create a doubt in the mind of the authorities processing your bankruptcy proceedings that you never ever intended to pay off your debts since you are accumulating more of it. Apart from that, steer clear of taking any cash advance on your credit card. While in the middle or even having decided to file for bankruptcy do not accumulate any additional debts on yourself.

Need to know different chapter of bankruptcy

Before filing bankruptcy, you need to know different chapters of bankruptcy. Bankruptcy has many chapters such as chapter 7, 11, 12, 13. All chapters have different conditions and benefits for the debtors. That is why before filing bankruptcy you need to talk to a bankruptcy lawyer because he can give you the best suggestion according your situation.

Prepare yourself before filing for bankruptcy

You may need to prepare yourself because filing bankruptcy involves a lot of paperwork. It is also important for you to know that bankruptcy filing is public, so everyone can look up your financial information. In others words you will lose some financial control and privacy during this process. That is why you need to prepare yourself before filing bankruptcy so that you can easily face the situation.

Speak to an Experienced Bankruptcy Lawyer

Filing bankruptcy is not an easy process that is why before filing bankruptcy you need to talk to a bankruptcy lawyer.  To determine if you are speaking to an experienced bankruptcy lawyer, you need to ask many questions about their profession like how many cases he/she has handled in the past, how many others areas of the law practice. It is very important because an experienced bankruptcy lawyer gives your better suggestions and with the help of a bankruptcy lawyer, you can easily know about the bankruptcy law and decide what you want.

Brian Linnekens gives an insight on Different Types of Bankruptcy

Bankruptcy is a legal process that reduces debt and gives you a chance to reorganize your debts. According to Brain Linnekens by filing bankruptcy, you can easily overcome your bad financial situation. You can pay back your debt within 7-10 years with repayment plans. Bankruptcy has several types of chapters but in most cases, people file chapter 7 & 13 because these chapters are effective and easy to file.

When Chapter 7 Bankruptcy can be an option explains Brian Linnekens

Chapter 7 is very helpful for debtors who are not able to pay back their debt. It is very useful in those cases where majority of the debt is unsecured because in chapter 7 bankruptcy some of your property is sold to recover the debt one has incurred from creditors and in return your unsecured debt will be written off. Remember everyone does not file chapter 7 bankruptcy. In cases where the disposable income is enough to file a chapter 13-repayment plan after subtracting certain allowed expenses and monthly payments for certain debts you would not be allowed to use chapter 7 bankruptcy.

Chapter 9 Bankruptcy as explained by Brian Linnekens

Chapter 9 bankruptcy is designed for “municipalities.” The main purpose of chapter 9 is to safeguard a municipality from its creditors while it negotiates its debts. According to chapter 9 bankruptcy a creditor cannot take over the assets of the municipality from the municipality. Only a municipality can file for relief under chapter 9.

Chapter 11 Bankruptcy

Chapter 11 bankruptcy is very complicated and it used for those peoples who are struggling with their business and want to reorganize their finances. It is generally used only by those whose debts exceed chapter 13. In this process debtors continuously work and maintain owner ship of all assets and try to fulfill to pay off creditors. Chapter 11 is more expensive. Before filing chapter 11 you will need to talk to a bankruptcy lawyer like Brian Linnekens who will be able advice you professionally based on his experience and years of learning in the realm of Bankruptcy.

Chapter 12 Bankruptcy

Very few people use chapter 12 bankruptcies. It is specifically for farm owners. According this chapter the debtor maintains ownership of his assets and works out a repayment plan with the creditors. Similar to chapter 13, filing under chapter 12 bankruptcy you can pay back your debt within three to five years.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is one of the most beneficial options for those people who are struggling with their debts. It is best for those debtors who are behind on secured debts such as home mortgages and car loans. Chapter 13 bankruptcy gives you a chance to keep all your assets and you can stop foreclosure with the repayment plan agreed upon in the Bankruptcy terms and conditions. According to the repayment plan, you can pay back your debt within three to five years. The time of three to five years can be increased by the bankruptcy process if you are not able to pay off your debt within three to five years. Since paying off the debt within a particular time period will depend on your present income. Chapter 13 will help you to reorganize and reduce your debt. It will also gives you a chance to create new plans to pay off your debts and gives you more time to fulfill your financial obligations.

Bankruptcy has provided us many options. If you are thinking of filing bankruptcy then you need to understand the various bankruptcy options and know which one is suitable for you. Before filing bankruptcy, you can talk to a bankruptcy lawyer since bankruptcy law is very complicated and with the help of an attorney you can easily know the difference between the various bankruptcy chapters. Filing for bankruptcy should be the last option. Before filing for bankruptcy you should check for other options like loan modification or loan settlement whichever is possible for you.

 

For more details about Brian Linnekens feel free to visit: http://www.brianlinnekens.com/2017/03/25/brian-linnekens-gives-an-insight-on-different-types-of-bankruptcy/

Brian Linnekens provides tips to improve credit score after bankruptcy

Individuals who file for bankruptcy in the court will definitely have to see a negative impact on their credit scores. If you recently filed for bankruptcy chapter7 and chapter 13 protections, it is very important for you to manage and improve your credit scores afterwards. Healing your credit scores will help you get your life back on track. According to Brian Linnekens there are several things you can do to start re-establishing your credit score after bankruptcy. Follow these expert tips and improve your credit scores in a very small period of time.

Brian Linnekens Advises to clear your credit reports of errors

One of the most important steps of managing your credit is to clear your credit reports of errors from TransUnion, Equifax, and Experian. Under the Fair Credit Reporting Act, It is your right to dispute inaccuracies. Ensure that your credit reports have correctly labeled your pre-bankruptcy debt as “included in BK”. If a debt you included in the bankruptcy is not being reported correctly, contact the credit bureau reporting the information to start a dispute and have the information corrected.

Brian Linnekens asks you to Track your finances and credit reports in a regular manner

After a bankruptcy, you must be extra vigilant about your finance and credit reports. Keep a regular eye on your finance and credit conservatively. Be cautious with spending. This is a high time when you essentially require making a budget for your expenditures. A definite budget or effective spending plan will help you to manage your cash flow. Have a budget with a line for saving, so you can deal with future emergencies and unexpected events easily. Stop racking up unnecessary debt. Keep your employment stable.

Brian Linnekens advises you to pay your current bills in a timely manner

After filing for bankruptcy in court you are required to make timely payment of your current bills and rents. Just for the reason that missed payment can hurt your credit score. Bankrupt’s payments are being tracked by the credit bureau Experian, so it is very important for a bankrupt to pay his bills in a timely manner. Repaying existing bills as agreed in court will be one of the single, most powerful things that a bankrupt can do to restore his finances and credits. It will positively affect his credit score and will help him to release his case shortly from court.

Brian Linnekens advises to apply for a new secured credit card

Give up on your unsecured credit cards and apply for a secured credit card. Secured cards are useful tools for rebuilding credit. Secured cards need a cash deposit and offer lower credit limit than unsecured cards. Take a close look at the interest rate and fees before committing to a secured card. Ensure you are keeping your spending in control and paying in full and on time each month. Doing this will help you get most benefit for your score.

Article Source: http://www.brianlinnekens.net/brian-linnekens-provides-tips-to-improve-credit-score-after-bankruptcy/

Chapter 13 Bankruptcy Benefits From Brian Linnekens

Chapter 13 is one of the most beneficial options for people neck down in debts and struggling with their finances. If you are looking in to forms of bankruptcy and want to get rid of your bad financial situation, you might wonder if a Chapter 13 bankruptcy is the right solution for your situation. Bankruptcy lawyer Brian Linnekens shares a few benefits of chapter 13 bankruptcy. However all these points regarding bankruptcy should be read and understood under the guidance of an able bankruptcy lawyer like Brian Linnekens. Please ready the following benefits to make sure that you have a general understanding of the process and the benefits that can be expected once you file for bankruptcy.

Save your home from foreclosure:

Foreclosure is a legal process under which if any person suffers a financial situation and he/she is not able to return their debt then the rule for foreclosure is that your entire property will be transferred to your creditors by law. If you have received a foreclosure notice and want to save your home then you can file a chapter 13 bankruptcy. Chapter13 bankruptcy is simple and effective way to save your home from foreclosure. Foreclosure can be stopped with a repayment plan. According to the repayment plan you can pay back your debt within three to five years. The time period can be increased depending upon your income that you are receiving at the present time. In case you are filing for bankruptcy just to save your home you should first check out the others options like a loan modification with your financial institution. Filing for bankruptcy should be the last option.

Protect yourself from creditors:

As a debtor you are faced with creditors harassing you if you are not able to make your monthly payments on time or have missed out on a few of your loan payments in the past. Your creditors may be calling you daily to collect this past due balance. When you file for bankruptcy and hire a bankruptcy lawyer you can easily avoid creditor’s harassment. It creates a distance between the debtor and their creditors. In others words it saves the debtor from the creditor’s harassment because the bankruptcy lawyer directly calls up your creditors and tells them to stop calling you since you have filed for bankruptcy. Apart from that a chapter13 the trustee will distribute the payment to creditors received from you as fixed in your bankruptcy arrangement. When you file bankruptcy you should also hire a bankruptcy lawyer. A bankruptcy lawyer is very useful in that situation because he/she will contact your creditors to stop them from calling you. A bankruptcy lawyer may also get the courts to intervene if the creditors do not stop harassing you provided you have filed for bankruptcy.

Reorganizing debts:

Chapter 13 also helps in reorganizing and reducing debt. It will help you create a new plan to pay off your debts and gives you more time to meet your financial obligations. This is kind of a loan restructuring where all your debts are considered, a plan is worked out by keeping your income and expenditures in mind while protecting your interests in the long run and you are given an opportunity to pay back anything you owe to the financial institutions.

Save your nonexempt property:

According to chapter 7 your nonexempt property can be sold by your creditors if you are not able to pay your debt. But when you file your case with chapter 13 it is possible for the debtor to keep the nonexempt property because you are paying back a portion of your debts through your repayment plan in exchange for keeping all of your assets.

 

 

Check the kind of financial advisor you are looking for

Outside financial assistance is very important, particularly, for recognized businesses. On the other hand, financial agents possess a mixed popularity within the market for their professional services offered feels Brian Linnekens. There is pool of financial advisers in the marketplace however many of these usually are known for their informative advice.

Clear you doubts of employing a financial adviser

The first and most essential question to understand will probably be your need. You need to realize whether a person require guidance or perhaps data for your funds. For many who are merely looking for some information similar to what should be done with pension you can visit numerous web sites. Websites like these consist of information about home mortgages as well the very best personal savings and also credit card deals.

Nevertheless, when you are short of time as well as don’t seem to be self-confident concerning your finances, looking for financial adviser’s assistance is vital. A good adviser can recommend numerous proper products. Typically, consultants expertise covers diverse areas- some are financial advisers while some are generally broker agents, tax advisers etc. Make certain you hire an impartial adviser who can suggest you appropriate products from the market. A few of the pointers to employ financial advisers according to Brian Linnekens are:

Employ professional financial adviser from the market-

Make sure to check the certificate of the financial adviser to prevent any kind of discontentment. A person can’t hire any person from your market to advice you on your finances. Experts are reliable and their professionalism will be the real power. Usually, financial advisers will need to have accreditation from Certified Financial Planner as well as Personal Financial Specialist. Make certain about his status industry and his previous clients.

Inquire in addition to discuss around with friends and colleagues-

To hire a financial adviser, you may check around from friends as well as co-workers. You can check registries with professional associations such as Associations of Personal Financial Advisers to discover good financial adviser.

Recognize your requirements-

As stated before, you must know the reasons you wish to employ a financial agent. In case you are clear with regards to your wishes then picking out the correct individual to advice should be quiet easy. Given that financial planners expertise is within different places make sure you retain the person who fits your preferences by meeting with many different financial advisors.

Know how the adviser gets paid –

A few financial planners are generally paid a fixed amount in their tenure so they don’t charge commissions for the services. Alternatively, commission based planners don’t charge their clients for frequent visits rather they have some portion in the services and products. Fee-only advisors are uncommon so the majority of financial advisers tend to be commission based.

Know the alphabet soup –

A Certified Financial Planner (CFP) is a individual who would be able to counsel you on the whole financial picture. However, the CFA could be the person with expertise in investing in addition to CPA is a person tackling with tax issues. You should find the one who fits your expectations.

Inside existing market scenario, choosing the right tax assistance is actually wearisome. Customers should be extra careful about hiring the best one. If you hire the wrong person, it can be unsatisfactory for you later on. Finances need to be managed by an individual who is experienced in his area and is trustworthy. Research as well as planning is necessary and do as much as research it is possible to get the best one.

Article Source: http://www.brianlinnekens.com/2013/12/28/check-the-kind-of-financial-advisor-you-are-looking-for/

Five Advantages of choosing an experienced Bankruptcy Attorney

bankruptcy-attorney-brian-linnekens

Bankruptcy is a legitimate process which enables a debtor to file for court protection from creditors looking for reimbursement of credits. For people who are fighting with an overwhelming amount of debt issues, bankruptcy means a new start in terms of finances in future. When you are fighting financial uncertainties and are unable to pay back debts filing for bankruptcy is the most financially responsible move you can make. If you are thinking about bankruptcy then your first step needs to be choosing an experienced bankruptcy attorney. Brian Linnekens a bankruptcy lawyer has been sharing a few advantages to hiring a knowledgeable bankruptcy lawyer.

Bankruptcy Attorney gives you Lawful Advice and Valuable Suggestions-

Bankruptcy is an extremely complex and daunting process. The bankruptcy lawyer gives you all answers to any queries about petitioning for bankruptcy. If you are confused about bankruptcy, they will give you particularly lawful advice, valuable suggestions and also a lawyer will help you make critical decisions for example what kind of bankruptcy you should file.

Helps for Representation-

A Bankruptcy Attorney helps you better communicate between you and the creditors. It is common to feel uncomfortable and dubious about settling on decisions yourself. A bankruptcy lawyer will manage communications and will represent you in court proceedings and meetings. Else you will need to negotiate your settlement and chase complicated court procedures alone.

No More Harassment-

When you are hiring a bankruptcy lawyer, they will handle all the issues for you and you will be free of the hassles. Do you have debt collector calling your home or business constantly? It is harassment. In fact, creditors can keep on calling you once you file bankruptcy, however if you work with a bankruptcy lawyer you can inform the creditors to contact your lawyer straight.

Bankruptcy Lawyers know the system inside out-

For the most part lawyers have built relationships with judges, clerks, different lawyers and different parties required in their clients’ cases. In this manner, they usually have a deep knowledge of the court framework controlling their clients’ case. In spite of the fact that this does not give bankruptcy lawyers any legitimate advantage, their specialized connections can help by keeping your case running smoothly within the system. Get the best results for your case; you should cooperate with your attorney. Always give all requested documents, and don’t skip hearings. A good lawyer will definitely help you for your case.

No more Fear and Tension for Filing Bankruptcy-

Filling a bankruptcy can be complicated. A bankruptcy lawyer can help with the fear and uncertainty. If you don’t know how to file a bankruptcy, Attorneys will help you do the filing. You can know from day 1 what will happen with your finances. Yes, most bankruptcy hearings are short and to the point, yet there is a lot of detail that goes ahead outside the court and in paperwork. This is the main benefit to hire professional bankruptcy lawyer. You can be assured of no missteps. Only one thing you need hire a professional lawyer to help.

A few things you need to fix before filing bankruptcy according to Brain Linnekens

filing-bankruptcy

Bankruptcy is like a pressing a financial restart button while you are overwhelmed with debts. Filing for a bankruptcy is a fresh financial start that helps fillers to pay their liabilities. Before you decide that you are ready to fill bankruptcy in the court, remember you have to fix so many things which are important. Before you commit yourself to bankruptcy consider the following important tips from Brian Linnekens the bankruptcy guide. Following these tips will make sure that you are prepared for filing bankruptcy.

Get an idea about bankruptcy cost and fee

The first thing a bankrupt should do once he decides (or is still deciding whether to file or not) is getting an idea about bankruptcy fees and overall costs. No doubt, it costs to file bankruptcy; you need to submit bankruptcy forms and fees in the court on the day of your bankruptcy. You will also have to pay the bankruptcy lawyer who will handle your bankruptcy case in the court. So it is very important to find out in advance that what would be your overall bankruptcy cost before filing. A bankruptcy fee depends upon where you live in the USA. Instead of going alone find a lawyer that would assist you with the right bankruptcy cost. Well, it is possible to file for bankruptcy without a lawyer, but it is difficult, risky and an overwhelming task. As you are a bankrupt it might be difficult for you to arrange money for bankruptcy and lawyer’s fee but you could ask your family members and friends to help.

Change Your Bank Account Before filing a bankruptcy

If you have debts with your bank then your account is likely to be closed down when you go bankrupt. Brain Linnekens recommends bankrupts to open a new bank account before committing themselves bankrupt in the court. Banks with a good reputation generally have a clause in their terms and conditions that they will not open your a new account in their banks if you go bankrupt. So it is very important to open a new bank account two or three months prior to filing for bankruptcy.

Complete your forms

Before filing for a bankruptcy in the court make sure that you have completed two bankruptcy forms. One form is the Statement of Affairs (6.28) and the other is the Debtor’s Bankruptcy Petition (6.27). And if you are qualified for the court fee being waived then you will also need to complete the application for a fee remission form (EX160). Always carry 4 copies of the Statement of Affairs form and Debtor’s Bankruptcy Petition form with you while going to court for filing. Your bankruptcy cannot be granted without it. Make a file and keep more than four photocopies of each bankruptcy paper with you.

Book your appointment and attend your hearing

Not all courts deal with bankruptcy so you need to find out the details of the courts of your locality that deal with bankruptcy. Call your court to find out if the court you are going to handles bankruptcy related cases. Fix an appointment with a bankruptcy court which is closest to you. You should be responsible enough to be on time for your hearing.