Strategies Help Desk - Frequently Asked Questions

Choosing the proper strategy for Chapter 7 bankruptcy and Chapter 13 requires a small degree of expertise to determine who may file. You do not need a law degree, but must spend a few hours finding all available options. Once you know the range your options, and if you qualify, constructing a solid strategy is easy.

Should you have questions or comments, please do not hesitate to contact us at support99@bankruptcystrategiesus.com.

Curiosity is a starting point. It is the impetus of education, and in turn, due diligence. If you are ready to take charge of your future and need help, we hope the following frequently asked questions help you reach a final decision:

• Can bankruptcy stop foreclosure and save my home from creditors and collection? The simple answer is yes, bankruptcy stops foreclosure quite easily, with few exceptions.
• Can I file for bankruptcy for free representing myself to save more money? Of course, you can file bankruptcy free of attorney fees, and perhaps receive a waiver of the filing fee. Appearing in court without an attorney is risky.
• Can I file for Chapter 7 a second time according to the rules and regulations? Yes, you can file Chapter 7 a second time so long as you follow three rules--no Chapter 7 discharge in 8 years, no Chapter 13 discharge in 6 years, and no dismissals with prejudice in 180 days.
• Does bankruptcy eliminate judgments in both Chapter 7 and 13 completely? Absolutely, many people use bankruptcy to eliminate judgments, with few exceptions.
• Why would anyone convert Chapter 7 to Chapter 13 if it requires high payments? Although rare, you can convert Chapter 7 to Chapter 13. This stops the IRS if you are facing a motion to lift the stay in a Chapter 7 case. By converting to Chapter 13, you can save almost any collateral from foreclosure or repossession payments slip past due.
• How does the Chapter 7 means test work and how is it calculated correctly? We get to this important question below in detail. Understanding how the means test works is vital, especially if you have time to make small changes in your lifestyle before you file.

Compare value. Compare chapter 7 strategies to Chapter 13 strategies. Calculate the long term profit potential of each of your alternatives, and then evaluate the results you expect over five years. Using a common measure is the easiest way to reveal your best choice. You may prefer the quickness of straight bankruptcy over wage earner plans. You should also know how each choice affects your net worth over a longer term. In this way, you receive maximum return on your time and investments.

Do not limit yourself to only one form of debt relief. Debt settlement plans provide a quick avenue to immediate savings without the stigma of bankruptcy. Other debt relief alternatives may also serve your needs, either temporarily or permanently. Only you can select your best option in your unique financial situation.

Winning Bankruptcy Strategies

When collectors are knocking and the sheriff is on the way, time is short. As your choices dwindle, you may needlessly lose valuable rights. Begin your preparation early to avoid the rush to the courthouse. Require accurate and reliable information, early.

Final discharge is the goal in every case. The path taken by each debtor is always slightly different. You may choose a wage earner plan over a quick Chapter 7 discharge. Under current rules, you must make timely trustee payments for at least three years to receive a Chapter 13 discharge. In many cases, the plan must last five years. The means test determines your options.

The test is designed to prevent average people from seek a quick discharge. If you earn above the median average income in your state of residence, the test disqualifies you. The formulas, calculations and exceptions used in the test are moderately difficult to complete.

Test results change over time. The official instructions provided by courts contain little useful information to help debtors maximize results. The instructions are designed specifically to intimidate anyone who takes the test, and perhaps drive most people toward wage earner plans with high payments over five years. You have a better way to determine your future.

In our strategies manual, we provide custom drafted forms and instructions for completing the the means test. The forms include expanded categories to force you to consider each choice wisely. Instructions, with examples, offer helpful suggestions.

Everyone needs help completing the test the first time, no exceptions. You must have your personal records in order. You must know how to calculate income, expenses, and deductions accurately, according to strict rules. This task is now easy. With a little help, discovering your best result is automatic.

To understand the full potential, see: Chapter 7 Strategies

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