FAQ
What’s the difference between Chapter 7 and 13 Bankruptcy?
Chapter 7 is also known as "total" bankruptcy and stays on your credit report for up to 10 years. Your non-exempt property may be turned over to the trustee for liquidation.
Chapter 13 is also known as "reorganization bankruptcy" and stays on your credit report for 7-10 years. Your non-exempt property is protected during a 3-5 year debt repayment plan.
Do I need an attorney to represent me in bankruptcy?
The answer depends on the how you answer these questions- How willing are you to handle your own case? How is your level of comfort in front of the trustee? Can you afford an attorney? You could save considerable money and handle the process yourself but should/could you? Although the bankruptcy process can be daunting, many petitioners handle the case themselves and save a lot of money! Bottom line, make sure whoever (whether an attorney or a Bankruptcy Preparer) handles your petition, they are experienced in handling the type of case you need to present to the trustee.
What is 341 Meeting?
You must attend a meeting (called a 341 meeting) with your creditors to discuss the bankruptcy. All of the property that you have not claimed to be exempt may be given to the bankruptcy trustee to sell in order to pay your creditors.
How do I recover after bankruptcy?
Check your credit report to be sure account(s) closed due to bankruptcy are reported accurately.
Two types of credit can help improve your credit rating: Installment: these are big loans like auto loans and mortgages. Revolving: These are loans you often pay off monthly like credit cards. Remember not to charge more than you can pay off each month.
What is a Power of Attorney and do I need one?
Power of attorney (POA) is granted to an “attorney-in-fact” or “agent” to give that individual the legal authority to make decisions for an incapacitated “principal.” The laws for creating a power of attorney vary from state to state, but there are certain general guidelines.
What are some examples of the types of decisions a attorney-in-fact can be given the power to make?
---Financial decisions
-- Gift of money
-- Health care decisions, including the ability to consent to giving, withholding, or stopping medical treatments, services or diagnostic procedures (NOTE: your loved one can also make a separate "health care power of attorney" to give only this power to an individual).
-- Recommend a guardian
Do I need legal counsel to go with me to my Small Claim hearing, can I have an attorney with me?
Because Small Claims Court is designed to be simple, quick, and cost less than a regular Civil lawsuit, in Small Claims Court there are: No lawyers, No rules of evidence and No juries.
How much can I ask for in Small Claim Court?
The maximum amount that you can claim depends on who you are and who you are suing: Generally, if you are an Individual or Sole Proprietor your max is $10,000.00. A Corporation or Business max is $5,000.00.
What should I look for in a secured credit card?
-- Card with no application fee and a low annual fee.
-- Card that reports to the major credit bureaus (Experian, Equifax and TranUnion).
-- After 12-18 months of on-time payments, the card should convert to an unsecured card.
Does the three bureaus (TransUnion, Equifax and Experian) offer residents in my state a FREE annual report?
Consumers in some states are eligible for a free credit report under state law. The following states’ laws make free credit reports available to consumers: CO, GA, ME, MD, MA, NJ and VT. Check to see if your state offers consumer credit reports free each year.
How do I get a copy of my l credit report?
TransUnion, Equifax & Experian report are available online, by phone or mail. Use one of these options to access, print or review credit reports –
-- online @ www.annualcreditreport.com
-- by calling 877-322-8228
-- by mail (you will need to download a request form,print and complete the form and mail the completed form to):
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Your reports will be mailed to you within 15 days. Please, allow 2-3 weeks for delivery.
________________________
L. E. Hadden, Petition Preparers Plus is not a law firm, we are not attorneys, and cannot represent our customers, select legal forms, or give legal advice on rights or laws. We provide self help services at your specific direction. Services are provided at the customer’s request and are not a substitute for the advice of an attorney/lawyer. Our prices do not include court costs or publication fees, where applicable.
What’s the difference between Chapter 7 and 13 Bankruptcy?
Chapter 7 is also known as "total" bankruptcy and stays on your credit report for up to 10 years. Your non-exempt property may be turned over to the trustee for liquidation.
Chapter 13 is also known as "reorganization bankruptcy" and stays on your credit report for 7-10 years. Your non-exempt property is protected during a 3-5 year debt repayment plan.
Do I need an attorney to represent me in bankruptcy?
The answer depends on the how you answer these questions- How willing are you to handle your own case? How is your level of comfort in front of the trustee? Can you afford an attorney? You could save considerable money and handle the process yourself but should/could you? Although the bankruptcy process can be daunting, many petitioners handle the case themselves and save a lot of money! Bottom line, make sure whoever (whether an attorney or a Bankruptcy Preparer) handles your petition, they are experienced in handling the type of case you need to present to the trustee.
What is 341 Meeting?
You must attend a meeting (called a 341 meeting) with your creditors to discuss the bankruptcy. All of the property that you have not claimed to be exempt may be given to the bankruptcy trustee to sell in order to pay your creditors.
How do I recover after bankruptcy?
Check your credit report to be sure account(s) closed due to bankruptcy are reported accurately.
Two types of credit can help improve your credit rating: Installment: these are big loans like auto loans and mortgages. Revolving: These are loans you often pay off monthly like credit cards. Remember not to charge more than you can pay off each month.
What is a Power of Attorney and do I need one?
Power of attorney (POA) is granted to an “attorney-in-fact” or “agent” to give that individual the legal authority to make decisions for an incapacitated “principal.” The laws for creating a power of attorney vary from state to state, but there are certain general guidelines.
What are some examples of the types of decisions a attorney-in-fact can be given the power to make?
---Financial decisions
-- Gift of money
-- Health care decisions, including the ability to consent to giving, withholding, or stopping medical treatments, services or diagnostic procedures (NOTE: your loved one can also make a separate "health care power of attorney" to give only this power to an individual).
-- Recommend a guardian
Do I need legal counsel to go with me to my Small Claim hearing, can I have an attorney with me?
Because Small Claims Court is designed to be simple, quick, and cost less than a regular Civil lawsuit, in Small Claims Court there are: No lawyers, No rules of evidence and No juries.
How much can I ask for in Small Claim Court?
The maximum amount that you can claim depends on who you are and who you are suing: Generally, if you are an Individual or Sole Proprietor your max is $10,000.00. A Corporation or Business max is $5,000.00.
What should I look for in a secured credit card?
-- Card with no application fee and a low annual fee.
-- Card that reports to the major credit bureaus (Experian, Equifax and TranUnion).
-- After 12-18 months of on-time payments, the card should convert to an unsecured card.
Does the three bureaus (TransUnion, Equifax and Experian) offer residents in my state a FREE annual report?
Consumers in some states are eligible for a free credit report under state law. The following states’ laws make free credit reports available to consumers: CO, GA, ME, MD, MA, NJ and VT. Check to see if your state offers consumer credit reports free each year.
How do I get a copy of my l credit report?
TransUnion, Equifax & Experian report are available online, by phone or mail. Use one of these options to access, print or review credit reports –
-- online @ www.annualcreditreport.com
-- by calling 877-322-8228
-- by mail (you will need to download a request form,print and complete the form and mail the completed form to):
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Your reports will be mailed to you within 15 days. Please, allow 2-3 weeks for delivery.
________________________
L. E. Hadden, Petition Preparers Plus is not a law firm, we are not attorneys, and cannot represent our customers, select legal forms, or give legal advice on rights or laws. We provide self help services at your specific direction. Services are provided at the customer’s request and are not a substitute for the advice of an attorney/lawyer. Our prices do not include court costs or publication fees, where applicable.