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What Every Credit Card Debtor Should Know
What is the difference between the chapters of bankruptcies?
When talking about bankruptcies you’ll be talking about one of the three chapters- Chapter 7, 11, and 13. Each chapter deals with a different form of bankruptcy and they are separate entities. Chapter 7 bankruptcy is more of an individual’s bankruptcy and is used frequently for those who are in deep financial trouble. Under Chapter 7 the individual will file for bankruptcy and all of their assets will be sold in order to pay off debts. Any left over debts will most likely be written off and won’t have to be paid by the individual. Depending on the law and the situation, the debtor will most likely be able to hold onto their home and vehicle.
According to Chapter 11 bankruptcy businesses and individuals are required to pay their debts back. This is the biggest difference between 11 and 7 because under Chapter 7 most of the unsecured debts are written off. Chapter 11 bankruptcy deals with the reorganization of debts in order to pay them back in an efficient matter.
Chapter 13 bankruptcies are similar to Chapter 11 in that the debts will have to be paid back through a repayment plan. Chapter 13 bankruptcy is often referred to as the ‘wage earner’ and it earns that title because the debtor must pay back what they have purchased. To be considered under this claim an individual must have less then $269,250 of unsecured debt and less then $807,750 in secured debt. In a similar fashion as Chapter 7 bankruptcy the debtor is allowed to keep their home and vehicles but may have to sell all their other assets. To file a claim under Chapter 13 bankruptcy a debtor must show that they have a suitable source of income as the ability to pay back their debts and the court must approve their repayment plan (which is put together by a court issued trustee). Your trustee will collect money from you and in turn pay it to your creditors in a timely manner.
What is the difference (if any) between the Trustee that is working on my bankruptcy case and a US Trustee?
The US Trustee’s Office is actually a part of the Department of Justice so they oversee all the bankruptcy cases that happen. A private trustee is one individual that is appointed by the Trustee’s Office to watch over a specific case.
Who needs an attorney when filing for bankruptcy?
You only need to hire an attorney when filing for bankruptcy if you are part of a corporation or partnership. These businesses need someone to represent them while an individual has the go-ahead to be their own attorney.
What constitutes as a discharge?
When there is a Court Order stating you don’t have to pay a portion of your debts then you are getting your debts ‘discharged.’ These debts are no longer your responsibility and you are no longer tied to them. Discharges do come with a few stipulations however. For instance, if you ever lie under oath or conceal property or evidence during your bankruptcy case your discharged debts may come back and you’ll become liable for them. This is why it is especially crucial for you to give correct information during trial about your finances, property and all other documentation you may bring up. Also, a discharge will not occur on tax debt, court fines, student loans or child support payments. If you want to learn more about which of your debts qualify as discharged debts then you should speak to your attorney.
When will my case finally be over?!
Filing for bankruptcy often becomes a long chore and it seems like there is no end but luckily there is. Your attorney will have a better understanding of your certain case and when it should be over but there is a general guideline that most bankruptcy cases follow. Chapter 7 bankruptcies are usually over around 60-90 days after the 341 Meeting of Creditors (if it is a non-asset claim) and 120 days if it is an asset claim case. In a Chapter 11 bankruptcy, it won’t be final until after a Final Decree is issued. A Chapter 13 bankruptcy won’t be over until around 90 days after the Final Report.
What should I go to the Bankruptcy Court for?
There are a number of reasons to go to the Bankruptcy Court in your local area and here is a list of things you may need to go there for:
• To get the forms/ information about how to file for bankruptcy and what the process consists of
• If you need any documentation whatsoever about your case
• If you want to see the status of your case or someone else’s case
• If you want to see the balance/ status in your Chapter 13 account
What happens if one of my creditors is demanding payment even though I have a discharge for my debt?
If your debt was discharged by the Court then no creditor has the right to pester you about paying up. You should immediately contact your attorney and have them explain to your creditor the situation and your legal right not to pay. Make sure your creditor is shown documentation of your discharge.
The 341 Meeting of Creditors brings debtors and creditors to questioning
What is the 341 Meeting of Creditors?
The 341 meeting is where debtors and creditors get together and creditors have the opportunity to ask the debtors nearly anything regarding their financial lives. This gives them a chance to figure out the best plan for repayment and the reason for their bankruptcy in the first place. Debtors are required to attend the meeting while creditors have the option of coming or going. If you can’t make the meeting as a debtor you will probably have your case dismissed and thrown out. It is absolutely vital that the debtor show up. Make sure you call your local office to find out where to go if you have a Chapter 7, 11 or 13 341 Meeting. All locations for the meetings are accessible for the disabled and children are allowed (as long as they are quiet and well behaved) so there is no real reason for missing the important meeting.
What about my attorney, does he have to be there?
While your attorney should be there for the meeting, if he is tied up elsewhere you should let the trustee know before the meeting begins. The trustee will save your case for last and if your attorney still isn’t there they will make other arrangements with you. Follow the trustee’s instructions on what to do next.
Questions about bankruptcy fraud
If I know about a bankruptcy fraud what should I do?
If you have any information whatsoever about a bankruptcy fraud you have to report it immediately. Bankruptcy fraud is a federal crime so if you know anything at all you should send a written letter to the US Trustee in your local area. Make sure you include a brief description of your knowledge with the event along with your contact information. Have your name, phone number, address and any other information that you deem important. If you have any documentation to back up your claims you should include copies as well. Knowledge about bankruptcy fraud could include anything from hiding assets, transferring assets, lying under oath or overseas bank accounts.
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The XXI century is the century of high-speed and nanotechnologies. It seems people strive to speed up all processes to make this already hectic and sometimes chaotic rhythm of life even crazier. They are ready to shrink everything they can lay hands on to make nanotechnologies work. In fact people just want to make their life more convenient.
Contactless credit cards are another product designed to upgrade our life quality through saving customers' time during the checkout process. These new-age credit products are gaining more and more popularity with customers. The so-called wave card makes the checkout process easier and faster. The recent opinion poll proves that contactless plastics won many hearts. According to the survey's result, over 90% of wave cards owners find them to be very convenient and user-friendly. Plus such plastics are accepted nearly everywhere regular credit products are accepted.
The financial economy crisis in the US has been admitted the largest financial shock for America since Great Depression. US banks incur billion-dollar losses. The number of delinquencies keeps rising. Associated Press has announced the results of data processing on 17 trusts dealing with securitization of credit cards.
The results leave much to be desired, to put it mildly. The volume of credit card debt with a delay of 30 or more days has gone up by 26% as compared to October, 2007. Now it makes up $17 billion. It stands for over 4% of credit card debts. The information on card holders debts for Associated Press was provided by the leading US companies.
We are used to see credit cards the way they look today, and it is hard to imagine that they looked different and served for another purpose than paying for goods and services. We call them plastics. In fact, a century ago credit cards had a different shape, size and were not made of plastic.
The appearance of credit cards dates back to the beginning of the XX century. Who were they created for? The target audience was wealthy people. The cards could be used as business certificates and licenses for the so-called "loyalty programs" at some restaurants, gas stations and merchants. Those cards, you can be surprised, were made of cardboard.
Rapidly growing credit card crime rate causes more and more concern of credit consumers and credit providers as well. Credit card fraud is a number one card holders complaint to Federal Trade Commission. According to the statistics, over 85% of credit card owners that fell victims to credit scam discover the fraud only after they get turned down by credit issuers, having applied for a new credit card or loan.
Credit bureaus cannot stay indifferent to the problem of credit fraud and identity theft, in particular. Equifax, one of the three US major credit bureaus has introduced a new ID theft protection service. "ID Patrol" is a multifunctional tool that allows protecting customers from identity theft.
