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WHERE ELSE CAN I GET MEANS TESTING?
We are the only BAPCPA compliant means testing facility
available to individual debtors. There are other means
testers out there, but they are available only to
attorneys and they offer their services as part of a
larger and more expensive attorney due-diligence
package.
WHY OFFER A FREE MEANS TEST AND SAY
IT IS NO GOOD?
Our free MT-100 is better than any imitation you will
find out there. There are many credit counseling sites
that use the phrase means testing but mean something
else entirely. Their goal is to sign you up for credit
counseling, not bankruptcy. We are under obligation not
to advertise our MT-100 as the official BAPCPA test
because it is not. It follows the general algorithm of
the official means test but has been optimized for quick
and easy implementation. Only an official BAPCPA means
test such as MT-200 can be relied upon for filing
purposes.
IF I FAIL MT-200 WILL I GET MY
MONEY BACK?
No, you will not get a refund if you do not pass the
test. This is not a pass or don't pay program. If you
cannot afford the paid means test, then do not take it.
WHAT IS CHAPTER 7 BANKRUPTCY?
Chapter 7 Bankruptcy is a legal proceedings that is
available to a person to cope with a financial crisis.
One of the main purposes of bankruptcy legislation is to
give to a person, who is burdened with debt, to free
himself of the debt and start fresh.
WHY DO YOU RECOMMEND CERTAIN
COMPANIES AND NOT OTHERS?
Frankly, we prefer not to recommend any other bankruptcy
companies other than ourselves. We recognize however
that while our means testing is the only one available
to the general public, there are a few other companies
that provide full services preparation similar to our
MT-400 product. Our core business is means testing and
since other professionals refer their customers for
means testing, it is only proper to let our customers
know about them. Nonetheless, we recommend only
companies that have demonstrated that they comply with
the requirements of the BAPCPA.
HOW CAN I KNOW THAT YOUR FORMS WILL
BE ACCEPTED BY THE COURT?
Our court ready forms are identical to the ones
published by the federal rules and so all court are
under obligation to accept them.
WILL MY CREDITORS STOP HARASSING ME?
Yes, they are required by law to stop harassing you. All
actions against a debtor must stop once the documents
are filed. Creditors cannot initiate or continue any
lawsuits, wage garnishees, or even telephone calls
asking for payment.
WILL MY SPOUSE BE AFFECTED?
Your wife or husband will not be affected by your
bankruptcy if he or she is not responsible (did not sign
the loan agreement or contract) for any of your debts.
There are a few exceptions to that rule however.
WHO WILL KNOW?
Though bankruptcy filings are public records, under
normal circumstances, no one will know you went
bankrupt. Generally, your name will not be published in
the newspaper.
CAN I KEEP ANY CREDIT CARDS?
Most credit card companies will allow you to keep a
credit card if you arrange with them to continue making
payments, but that is generally not a good idea. This is
because it does not make sense carrying debt that you
could get rid of. There are many options for getting new
secured credit cards after bankruptcy. Even if you have
a zero balance the credit card company might cancel the
card. If you have a car payment or a mortgage, you need
not worry about not being able to continuing to make payments. You can
sign a reaffirmation agreement with the lender and
continue making your payments as though nothing had
happened.
WILL I EVER GET CREDIT AGAIN?
Yes, you will get credit again. Many banks now offer
"secured" credit cards where a debtor puts up a certain
amount of money in an account at the bank to guarantee
payment. Usually the credit limit is equal to the
security given and is increased as the debtor makes
payments. Two years after a bankruptcy discharge,
debtors are eligible for mortgage loans on terms as good
as those of others, with the same financial profile, who
have not filed bankruptcy. The fact that you filed
bankruptcy will stay on your credit report for some
years but it becomes less significant with the passage
of time. The truth is that you are probably a better
credit risk after bankruptcy than before.
CAN MY BOSS FIRE ME FOR FILING BANKRUPTCY?
You cannot be fired for filing bankruptcy. Federal law
prohibits any employer from discriminating against you
because you filed bankruptcy.
HOW MUCH AM I ALLOWED TO KEEP?
You are allowed to keep certain assets, depending on the
state in which you reside.
I WAS BANKRUPT BEFORE. WHEN CAN I FILE AGAIN?
A person can file Chapter 7 again if it has been more
that 6 years since he or she was discharged from the
last Chapter 7 bankruptcy.
HOW DO I START THE BANKRUPTCY PROCESS?
It is very easy. Hire us to prepare your complete set of
bankruptcy documents and then file them with the
bankruptcy court. That is all there is to it. There will
be a trustee meeting but that is mostly a formality and
nothing to worry about.
DO I HAVE TO USE A LAWYER TO GO BANKRUPT.
You do not need to use a lawyer to file Chapter 7
bankruptcy.
WHAT ARE THE MAIN EVENTS IN THE BANKRUPTCY PROCESS?
Day 1:
The Bankruptcy documents are filed with the Bankruptcy
Court.
There is an immediate stay so that most actions by
creditors are prevented.
Day 7 to 10:
The court notifies the creditors about your bankruptcy and
instructs them to leave you alone.
Day 20 to 42
The Meeting of Creditors is held at a place designated
by the trustee, ("The 341 meeting").
You must attend this meeting. Creditors can attend but
usually do not. The trustee asks you
a few questions such as whether or not you read the
schedules before signing. It is really quite perfunctory
and nothing to worry about. It usually lasts a minute or
two.
Day 60 to 90 (after the trustee meeting)
The debtor is discharged which means debts are wiped
off. In general, most bankrupts are
discharged. Our record is that 100% of our customers
have had their debts discharged.
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What is it like to attend the 341(a)
Meeting of Creditors?
This link provides testimony of actual debtors in their own words. The
information they share can be very useful if you have never been through the
process yourself.
Debtor
Experiences at the 41(a) Meeting of Creditors
Review of Bankruptcy Web Sites
This web site reviews bankruptcy help web sites and has useful articles on
the process.
Vendorhound Reviews
What Are The Steps Required Under The New Laws?
This web site outlines the step by step
requirement of filing under the new laws. This is a bankruptcy provider that
offers means test discounts, and their info on the process is accurate, however
we do not endorse any other companies other than ours.
Step-by-Step Under New Law
Bankruptcy Law Reference For Consumers
This link is probably the best source of general consumer bankruptcy laws
written in easy to understand layman terms.
Consumer Bankruptcy Library
Bankruptcy Law Reference For Attorneys
This is the premier link for bankruptcy laws designed for attorneys and legal
professionals.
Cornell Law Library
Companies Offering Discounts for Taking The Means Test
This is a partial list of web sites that will give you a discount off their
price if you have taken our means tests. We only list companies that have
demonstrated their ability to produce documents the fully comply with the
BAPCPA. Linking to these providers is not an endorsement of their services. If
you are a bankruptcy preparer and wish to gain XML validation of our means test
certificates, contact us for further instructions. As a minimum, we will need to
verify that your documents include properly prepared Form 22a that is fully
compliant with the means test requirements of the BAPCPA.
Verified Discounter
Usabankruptcy
Verified Discounter
BridgePortBankruptcy
Verified Discounter
Easybankruptcy
Bankruptcy Courts Directory
Directory of all bankruptcy courts
BankruptcyData.com
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