Credit Yogi

Bankruptcy Information

There is a lot of misinformation out there, especially on the internet, about bankruptcy. 

Bankruptcy Information Straight From Bankruptcy Attorneys

There is a lot of misinformation out there, especially on the internet, about bankruptcy. While we would never recommend bankruptcy to anyone unless it’s the best or only option, it’s important to know the facts about what bankruptcy is, what it does, and how it affects you. Credit-Yogi has been helping people get real debt relief through bankruptcy as early as 1995.

Creditors, who obviously do not like bankruptcy because they usually end up getting less than what you owe, or nothing at all, often spread misinformation. Creditors may lead you to believe that bankruptcy will bring you more harm than good. However, even creditors realize, sometimes it’s better to settle for less, cut their losses, and move on – rather than continue futile and costly collection efforts.

Call Credit-Yogi now, Click below to get a FREE CONSULTATION with a bar association bankruptcy attorney to get information on your individual case.

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Facts About Bankruptcy

  • Your home, car and other valuable assets can be protected under Chapter 13 Bankruptcy.
  • You may qualify for Chapter 7 or Chapter 13 Bankruptcy depending on your income and assets.
  • Chapter 7 Bankruptcy takes about three months, and when you finish you are debt-free.
  • Chapter 13 Bankruptcy can take up to 3 – 5 years; your debt is reduced, with the remaining portion being paid back over time.
  • Small businesses can file Chapter 7 or 13. This is an easier option than Chapter 11, and you can keep your business open. Discuss this with your Credit-Yogi attorney.
  • Most debts can be discharged or reduced in a bankruptcy, including mortgage and car payments.
  • Student loans and felony charges cannot be discharged, according to federal law as well as some IRS Tax Debt.
  • Not all attorneys who take bankruptcy cases are qualified to represent you appropriately – you should choose an attorney who is certified with the American Bankruptcy Association. Credit-Yogi will get you a qualified bankruptcy attorney who works in your community.
  • Bankruptcy will stay on your credit report for up to 10 years. However, if you need bankruptcy protection, your credit report is already negative. Credit can be repaired once debts are removed and there are option to keep some credit lines open.

Click below to get in touch within minutes with a qualified bankruptcy attorney to discuss your specific case. We can help you day or night!

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How The Right Bankruptcy Questions Can Help You Find The Right Bankruptcy Attorney.

Filing for bankruptcy is a very serious decision. Before making the decision, you have likely tried other options such as loan consolidation, by nothing has worked. Now you feel that the only way to get out of debt is to file for bankruptcy. Before starting this process, credit-yogi wants you to get the best bankruptcy facts. You need to understand the facts as fully as possible before beginning the process. Keep in mind that the bankruptcy rules are one thing and bankruptcy facts are another. The bankruptcy rules simply say in black and white what things must be done and how they must be done. The bankruptcy facts are an interpretation and application of those rules to work in the best interest of the person who is filing for bankruptcy.

The best solution in this case is to consult with a professional, which can provide to you free of charge. A reputable debt management law firm will provide you with the facts that are most important to the filing of a successful bankruptcy, and should be willing to help identify specific cases where the rules can be used to help out in your specific situation. There are many government agencies that will offer similar services, although generally these will take the form of dissemination of information rather than a personal discussion of your situation.

Firms that specialize in loan consolidation are less likely to be helpful in this situation, but you may have been dealing with one in your attempts to avoid getting in to a bankruptcy situation in the first place. If so, it may be time to start a relationship with a law firm, and then by all means ask for their advice on the issue of filing for bankruptcy. A consult with a bankruptcy attorney with reputable firms will offer you a free consultation. They should expect you will research to make sure that the firm you have chosen to talk to is reputable, established, and is certified by the American Bankruptcy Institute or similar certification.

It has become common for small firms to become processors of bankruptcies offering a lower than normal fee. These firms should be chosen carefully as they may not be a good fit for a complicated bankruptcy or those with a variety of assets. Try to find a firm that fits your particular situation. A smaller firm might be all you need if your case is a fairly straightforward one, and they will generally charge less than the larger firms. A larger firm might be needed, whatever the expense, if your situation is complex or would require expert financial evaluation of your worth and obligations. Get Bankruptcy Help

You should particularly seek the facts on Chapter 7 and Chapter 13 bankruptcy. They are quite different both in terms of who qualifies and in how they affect your particular situation. Whether you consult with a debt management firm, a loan consolidation firm, or a bankruptcy attorney make sure that you get a clear explanation of these facts and ask questions if you do not fully understand what you are being told.

The professionals get their rules and facts from the Federal Rules of Bankruptcy Procedure. If you are curious, it is available on line at The bankruptcy code is a document full of proper legal jargon, and contains many procedural rules, which may or may not have to do with your situation. The document is also very long and, unfortunately, quite tedious for those without legal training to try to understand. A professional can interpret this rather dry material and present you with understandable facts. You will be setting yourself up for success by getting the facts from a professional. With their assistance, you may find it easier than you thought to get through the information gathering process. You can then proceed with confidence to pursue filing for bankruptcy and getting out of debt.
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Life After Bankruptcy

Your financial life will not be ruined after bankruptcy – quite the opposite. Bankruptcy is a fresh start. Filing for bankruptcy is taking charge of your life, and doing something productive to handle your mountain of debt.

After bankruptcy is over, depending on your situation, you will either have zero debt, or very manageable debt. You can then live on your current income and feel like you got a big fat raise because you don’t have all those debts to pay each month. You can restore your credit and start saving for your future.

Click below to get a started on a new life without the mountain of debt.

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