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Romantic Scams causing Rise in Bankruptcy

Romantic Scams Causing Rise in Bankruptcy

Online romantic scams have been forcing many unsuspecting, kind-hearted people into bankruptcy. It is a real tragedy as these situations sweep across the nation in record numbers. Many of these people – frequently women and sometimes men approaching retirement age – are having their entire life savings cleaned out. When their life savings is stolen, they will many times dip even into credit accounts. The romantic scam forces them into bankruptcy.

How do these “romantic scam” predators seek out their prey? How do they build such a strong tie over the interent and the phone to get these unsuspecting, kind people to send their savings away overseas? The answers may surprise you.

Romantic Scams – It’s All About The Emotional Need for Romance

Both women and men can fall prey for the emotional need for romance. Usually, however, the victims in these crimes are women. Women who have recently lost a husband or a romantic interest in their life – vulnerable people such as this are usually a prime candiate for the scam. Such people are usually well-off financially, having $200,000 or much more in assets in many cases. What these people lack is an emotional connection. They search on the internet until they find it.

The romatic scam that leads to bankruptcy starts off innocent enough. In fact, for the first 2-3 months or more, the scammer only builds the relationship. The romantic scammer will share all of his family and life details. The scammer will stay up late talking to the victim on the phone or through chat rooms. The two share the intimate details of their hearts. Sometimes they will exhange family pictures or even meet up on video chat. The two quickly become inseperable and deeply connected, at least from the viewpoint of the victim.

After 2-3 months or later, the tone of the relationship intensifies. The romantic scammer will propose meeting the other person. Hints of marriage or forming a new life together begin to color every word in their conversations. Soon the romantic scammer will soon strike. The scam will quickly lead the unsuspecting victim to bankruptcy. The “first strike” will happen very close to the supposed first meeting. The scammer will ask for money because they are caught up at the airport, customs, or have been sudddenly hit with family medical disaster. Somehow the victim will gladly send them the first payment which will range even in $10,000’s of dollars or more. It is no problem to the victim: this new friend has promised to repay the debt quickly back. It all descends from there. The victims will send $100,000 to the scammer. They will then quickly dip deep into all of their credit accounts, which causes them to be forced to file for bankruptcy.

Romantic Scam Victims are Completely Convinced

Romantic scam victims are usually thoroughly convinced that their new “lover” is still loyal to them. Sometimes these scammers will trick elderly men or women with a diminshed capacity. When elderly people are simply tricked due to the weakness that came with their age, such a crime is repulsive and shocking.

What is more shocking, however, is that romantic scammers rarely actually trick somebody with clearly diminished capacity. This scam is completely different: it is a crime that virtually brainwashes the victim through emotional attachment. The victim usually still posseses a very strong will and mind. The scammer actually uses this strong mind to his advantage when he (or she) first asks for the money. The victim firmly responds with a large payment, unfortuntely knowing full well of the chance that they may end up losing the money.

This “brainwashing” is very powerful. Many vicitms still believe that their scammer will pull through for them even during their bankruptcy. The victim will have their entire family and friends confront them with the truth. The victim many times will still hold out. The vicitm is so brainwashed that they may still believe in their scammer even years after they have lost their life savings and filed their bankruptcy case.

If you have a loved one or friend who has a romantic online partner, share this information with them immediately. Have them read this article. Warn them before they send their first money tranfer.

3 Types of Bankruptcy

3 Types of Bankruptcy

How do the 3 types of bankruptcy work? What makes them different from each other? Understanding the difference between the 3 main types of bankruptcy is crucial. It will help you better decide which type of bankruptcy relief either you or someone you know may desperately need. The 3 types of bankruptcy are Chapter 7, Chapter 13, and Chapter 11.

The Most Common Type: Chapter 7 Bankruptcy

The most common and well-known type of bankruptcy is Chapter 7 bankruptcy. This is the classic type of bankruptcy where you get a total release of all your debts. All your debts are forgiven and discharged. This allows you to get a full fresh start very quickly. Of the three types of bankruptcy, Chapter 7 is the one that people most commonly understand. It gives you a total fresh start

People choose the Chapter 7 type of bankruptcy because it is the most powerful. Out of the three types of bankruptcy, it is the only one that does not require any repayment of debts. You will, however, have to turn over property to be sold in very rare situtaions. This is usually only if you have multiple paid-in-full properties, large amounts of cash, or other high value assets. Most people that file Chapter 7 do not have to turn over any property at all. All of their possessions are fully protected.

The Personal Repayment Type: Chapter 13 Bankruptcy

The Chapter 13 requires a montly repayment plan that usually lasts for 3 to 5 years. Of the 3 types of bankruptcy, this one is absolutely perfect for reorganizing your personal finances. Chapter 13’s can lower car payments. They can prevent forelcosure and repossession. They can even consolidate all of your debts into one simple payment. Chapter 13 is a powerful type of bankruptcy that can be filed to forcefully and instantly put all of your finances back together.

Chapter 13’s require that you repay your general creditors only to the amount that you are able with your budget. Therefore, some people will only have to pay a very low percentage back. Other people who file this type of bankruptcy may pay the majority of their debts back. It all has to do with the income level available and the amount of debt.

The Business Reorganization Type: Chapter 11 Bankruptcy

Out of the 3 types of bankruptcy, Chapter 11 is certainly the most powerful, complex, and expensive type of bankruptcy. Chapter 11 cases are usually only filed by businesses. However, individuals are sometimes forced to file Chapter 11 also if their debt load is too large for Chapter 13.

The Chapter 11 type of bankruptcy is designed to allow a business or other entity to continue operations when they face an insurmountable amount of debt. Without Chapter 11, such a business or entity would eventually fail. Such and abrupt failure would cause chaos. It would also cause the unfair and uneven selling of any existing assets for their creditors. Without 11, employees, creditors, and even society itself would frequently suffer from these abrupt and chaotic corporate failures. Chapter 11 offers an alternative where the multitude of parties involved may end of getting a much better deal through the bankruptcy system. Justice and balance can be brought into the situation as the bankruptcy court allows the business to submit a well-thought Chapter 11 plan that will hopefully satisfy most parties.

Can You Declare Bankruptcy Online?

Online Bankruptcy

Can you declare bankruptcy online? The answer is “yes” at least to some extent. You can do most of the process online even if you are declaring bankruptcy directly without an attorney. You can do this by reaching the forms and researching the locaton (which federal court office) in which you must declare your bankruptcy.

Declare Bankruptcy Online by These Federal Forms

There are online federal forms required for declaring bankruptcy. These online forms include an official request for bankruptcy (which is called a petition). They also include several other required documents such as schedules and statements. These documents help describe to the court your entire financial condition. You must fill out all of these forms which are available online. Then, you must submit them to your local federal bankruptcy court. You will also be required to take a bankruptcy course online that takes 1 hour. These federal forms can be accessed online here.

Declare Bankruptcy Online By Researching your Bankruptcy District

You must locate your bankrutpcy district and division online to see where to declare bankruptcy. You can do this first by going to the online district identifier provided by the U.S. Courts. This will be a good start to see which local office you must file for bankruptcy. Here is the Bankruptcy District link:

Once you have determined your district and division for your area online, you can usually call the local clerk of courts. You can call the clerks office through their number listed online. Every district will have its own website with contact area for each division office. By calling, you can make sure that you are declaring bankruptcy in the proper jurisdiciton. To declare bankruptcy, it would be best to drop off your bankruptcy request in person, complete with all the proper documents and schedules. Remember, you will need to also bring a $335 money order for your court costs and have already completed the first bankruptcy class. The class provider will provide you a certificate proving that you have already taken the class.

Declare Bankruptcy Online Easier Through an Attorney

Only bankruptcy attorneys usually have full access to online bankruptcy filing. Most bankruptcy attorneys declare bankruptcy online for their clients on a regular basis. The attorney will do your entire bankruptcy online much safer and more thoroughly than you can do by yourself. For a full discussion of why it is a good idea to hire an attorney to declare your bankruptcy online, please read this Federal Bankruptcy Court article.

If you are a resident of Indiana, contact Bymaster Bankruptcy Law Offices to set up a free initial consultation.  


$500 Bankruptcy

$500 Bankruptcy

Have you heard the popular advertisement for $500 bankruptcy? These advertisements usually have more truth and substance behind them than $0 or $200 bankruptcy and similar ads. What are you actually getting for these $500 bankruptcy offers? The answer may surprise you.

$500 Bankruptcy May Only Be Partially Accurate

When you hear an advertisement for $500 bankruptcy, you need to look into the reality behind the offer. Many times these offers are simpy inaccurate. At best, they may only be telling you part of the information or cost.

For instance, some discount, high volume bankruptcy firms may offer a $500 discount bankruptcy. However, this price will rarely if ever cover the $335 court costs. It also may not cover hidden charges for credit reports and required classes. To make matters worse, sometimes this rate will only apply to certain limited customers. It may only apply to filers who are only on social security or minimal income. It may also not apply to those who have car loans or real estate. Essentially, it may be very likely that they are advertising a $500 bankruptcy for the most basic cases only with and abudance of many hidden charges waiting!

Be careful and examine the entire situation, reputation of the firm, and the costs required before making any appointment. Surpisingly, you may get a better price and service at a firm advertising $800 to $1200 because these prices are low but still very possble for a firm to charge with no hidden charges. A real (including the $335 court cost) $500 bankrputcy price would only give the lawfirm $165 per case for their extensive hours of legal work! This price is simply too low to be possible. The only exception would possibly be a pro-bono, non-profit charity organization (someone who would be doing the work mostly for free!).

$500 Bankruptcy May Not Be Accurate at All

Many times a $500 bankruptcy advertisement is not accurate at all. Many firms will charge this amount (or more) only for a Chapter 13 case. Chapter 13 cases always require a $310 for the court cost. However, there are likely approximately $4000 in fees total for these cases that will be paid through your bankrupty plan. This $4000 approximate amount is court-set in many U.S. districts, resulting in most places ulitmately charging about the same amount for the 3-5 year representation required for a Chapter 13 case.

Remember, most bankruptcy firms charge somewhere between $800-$2500 for a Chapter 7 plus the $335 court cost. This represents the lower and higher end of the spectrum. This simply does not align with an advertisement claiming $500 bankrutcy. You could even be signing up for a forms provider instead of an attorney. This means that you would be essentially doing your bankruptcy yourself. Alternatively, you may just be dealing with a very cheap bankruptcy office that may nickel and dime you to death with an actual, basic-case-only price of about $835 plus some hidden fees. Although there are many lower priced bankruptcy offices accross the U.S., beware of advertisements like this. Make sure to get all of the details first. Or, possibly just pursue someone else adverising a more realistic low price.

Do you need debt relief?  Call Bymaster Bankruptcy Law Offices for a FREE initial consultation.

Declare Bankruptcy

Declare Bankruptcy

Want to declare bankrputcy? You declare bankruptcy to eliminate all of your debts. Before you declare bankruptcy, it is important to know some basics behind the process. Knowing these basics will help you understand exactly how declaring bankruptcy actually works.

You Declare Bankruptcy in Federal Court

You or your lawyer will need to prepare a petition. Although you may clearly be “bankrupt” and overloaded with debt, you still need to file a bankruptcy petition. This is how you offically “declare” bankruptcy. This petition is a formal request for bankruptcy relief with the Federal court. If you file the petition correctly and follow bankruptcy’s rules, you will get your bankruptcy relief every time. Your case will not be denied. You are entitled to the relief if you need it. Declaring bankruptcy will then permanently eliminate all your debts in about 90-120 days. Most normal debts will be completely elimated. There are only a few exceptions such as child support, recent tax debt, and student loans that do not get eliminated through delcaring bankruptcy.

Listing All Your Income, Assets, and Debts

Your bankruptcy petition will list out all your income, assets, and debts. This is how you declare bankruptcy. You must provide the court all your financial information. If you do not provide all your finanical information correctly, then the court may require you to make changes to your petition. If the information is very incomplete or inaccurate, the court may even deny your case. This is one reason why it is wise to find a bankruptcy attorney to represent you.

The bankruptcy court will also assign a Trustee to oversee your bankrupty case.  This trustee will be assigned to your case to make sure everything is handled and reviewed correctly. You will go to a single bankruptcy meeting with this Trustee. The Trustee will ask you several questions a this meeting about your financial condition. When you declare bankruptcy, you must follow all the rules of the court and the trustee in order for your case to finalize. You will not receive the release of your debts until your bankruptcy case is finalized and completed.

You File Bankruptcy by Calling an Attorney or Preparing Forms Yourself

Because of the complex nature of bankruptcy, it is always best to contact an attorney to declare bankruptcy. If you declare bankruptcy on your own, you could run into problems. These problems could include being unable to understand the forms or other various bankruptcy requirements. Sometimes these problems can even be worse such as losing money or property unexpectedly. That is why you should always seek an attorney to represent you.

If you still want to declare bankruptcy on your own, you can do so by filling out the forms on your local district’s website. To declare bankruptcy, you must turn in all of your petition forms to the local branch of your federal bankruptcy court. You must also take a one-hour required class beforehand and present a money or for your case’s $335 court cost. You can find the forms, including the Petition, Schedules, Statement of Financial Affairs and other sections by following this link here.

Remember, it is always wise to hire an attorney. It is much easier and safer to file bankruptcy with an attorney.

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