The decision to file for bankruptcy is not one to take lightly. With the multiple bankruptcy plans available and the changes to bankruptcy law that occurred in 2005, it is important to be an informed about options from various scenarios. If you are considering filing for bankruptcy but have concerns about what may happen should your income change, here is an overview of the facts.
Chapter 13 is called the wage earner’s plan and allows people with a regular income to develop a plan for repayment of debt. Under Chapter 13, debtors propose a repayment plan to pay all or a portion of their debt over the period of five years, depending upon monthly income. Chapter 13 is eligible for people who are self-employed or operating an unincorporated business as long as the individual’s unsecured debts are less than $336,900 and secured debts are less than $1,010,650. There is no minimum debt requirement for Chapter 13. For income above median, Chapter 13 must run for five years with expenses determined by IRS collection standards. Below or at the median are eligible for a three-year-plan with payments determined by actual expenses versus IRS guidelines.
One of the most common questions people have about Chapter 13 bankruptcy is what happens if your financial situation changes during the duration of the plan? After all, a Chapter 13 plan runs from between three to five years and a lot of life can happen in that period of time. What happens if your income changes during that time, can your payments be adjusted?
Fortunately, Chapter 13 bankruptcy does have a great deal of flexibility in case of a change of income or expenses during the duration of the plan. Many times the court can agree to modify your plan to make it work. This often involves a lowering of monthly payments which debtors are obligated to pay.
If your situation changes significantly, Chapter 13 has what is called a “hardship discharge”. This happens when a Chapter 13 plan is confirmed but circumstances come up that prevent the debtor from completing the plan. However, there are stipulations to a hardship discharge which make it available only if: the failure to pay comes from circumstances beyond the debtor’s control, creditors have received at least as much money as they would have received under Chapter 7 where assets are liquidated, and if modification of the plan is impossible.
If you are seriously considering bankruptcy and you live in Utah, you need to consult with an attorney who understands Utah bankruptcy laws. While the process appears complicated, a Utah bankruptcy lawyer will be able to help you understand your options and avoid making bad decisions that you could later regret. Lincoln Law specializes in bankruptcies. Every day, they help people get out from under debts from $10,000 to $1,000,000 and higher. So far, they’ve wiped out over 100 million dollars in debt. They even created the software that is now used by other leading bankruptcy law firms throughout the country! You need Lincoln Law. No other law firm is better qualified to bring you the fastest debt relief and do it right the first time.
About The Author
Brian Reed. Utah bankruptcy laws – For expert legal advice on Utah bankruptcy law and how to go through the process stress-free and error-free, contact Lincoln Law at 800-722-6578.
If your law firm has a website as a part of its online legal marketing strategy, chances are it’s getting traffic every day. The value and volume of the traffic are things that need to be improved through search engine optimization, but this article is more about knowing what’s going on with your website’s activity.
When you go to a store, most major retail outlets have sensors at the doorway. You probably overlook them, but they are certainly watching you. Every time someone walks in and out, a system tracks the activity to see how popular the branch is. Consultants are often brought in to monitor shopping habits from the cameras in the ceiling to figure out new ways to attract shoppers to high profit items.
Fortunately, getting statistics about your website is a little easier but certainly no less valuable. What keywords or referring sites are getting people to come to your website? When they get there, are they staying? Where do they go? Your blog? Your ‘about’ page? How long do they stay? What percentage is filling out your contact form and of that percentage, which traffic source is driving your highest conversion?
Of course you probably don’t know this off the top of your head, but do you at least know how to get your website’s statistics?
Knowing what is happening on your law firm’s website is extremely important. Without statistics, you are flying blindly up (or down) the search engine optimization ladder.
A good place to start is with Google Analytics. If you already have a Gmail account, AdWords account, or other Google Account, you can point your browser to Google.com/analytics and sign up. Your webmaster will have to place code in the footer of your site on every page you want to track.
While other statistics applications and services are available that compete with Google Analytics, we have found that Google Analytics is widely supported and fairly accurate when compared to server logs.
If you currently do not use a statistics package, integrate Google Analytics into your website and see what you have been missing.
J. Bland is with law firm marketing company, SEOLawFirm.com. The company provides attorney websites, search engine optimization, and online legal marketing solutions to law firms. To learn more, call 1.800.728.5306 or visit SEOLawFirm.com
Article Source:
http://EzineArticles.com/?expert=J_Bland
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