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All You Need To Know About Bankruptcy Software

All You Need To Know About Bankruptcy Software

For some people, the “do-it-yourself” spirit is strong within them, even when it comes to matters like bankruptcy. Bankruptcy court pro se filings occur by the thousands and the tens of thousands in the United States each year.
Even in the declaration of bankruptcy leading up to appearance of debtors and creditors before the court, the former may insist on completing their documentation without the aid of a paid bankruptcy petition preparer or an attorney, assuming they even wish to have a legal representative when the hearing begins. Of course, this may not exactly mean debtors are taking care of the application submission process totally unassisted.
Quite a few companies sell bankruptcy software directly to the consumer, which almost certainly is bankruptcy filing software in the style of tax filing software. Bankruptcy software such as this has both its good and bad points. Some notes on using bankruptcy filing software:
In truth, bankruptcy software has its clear advantages. Certainly, bankruptcy filing software, manipulated by computer technology rather than ink and paper, has the potential to be much faster than more traditional methods in the right hands, and is likely more explanatory in nature than the forms themselves.
At the very least, a particular bankruptcy software “program” leads the user in a specific step-by-step process to data entry, and therefore, theoretically, the person at the controls should not get lost as easily as when trying to complete forms with no help whatsoever. Additionally, whereas the preparation fee for employing the services of a licensed preparer may cost between $100 and $200, depending on the product, bankruptcy filing software may only set applicants back by half as much money, if that.
For all the good some may see in bankruptcy filing software, this strategy has its limitations. While any calculations performed by a particular piece of bankruptcy software are, barring some catastrophic circumstances with one’s computer, less likely to suffer from error in tabulation than a human’s performance in this same area, if the man or woman at the proverbial helm does not understand the basic underlying concepts behind these operations, all the mathematical exactitude in the world may go for naught.
As with electronic tax programs, these kinds of things are best suited as a check for the work of professionals, and thus, are arguably better served for petition preparers and the like rather than everyday people. 
 As with texts on bankruptcy, the most trustworthy bankruptcy filing software is apt to be the most easily recognizable based on the brand’s reputation and their success in other media. West Publishing, known for its maintenance and publication of versions of the United States Code, also offers CD-ROM software devoted to personal bankruptcy filings containing the requisite petition forms as well as lists of exempt assets and related discussion of real estate law and tax law.
The makers of the Quicken software line and even the mighty Microsoft Corporation have made their own bankruptcy software for the benefit of all audiences. 

Purpose of A Means Test Calculators

Purpose of A Means Test Calculators

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
As with a bankruptcy debt calculator/bankruptcy filing software, a means test calculator is based on the precepts of bankruptcy law as codified in Federal statute. Quite literally, it is a translation of the language of Section 707 of the Bankruptcy Code.         
As for what exactly a means test calculator factors in, it is based on the litany of conditions contained within the written law itself. One of the first things taken into account by the software/online interface is whether or not a person or family is exempt from the means test in the first place. For service members who were injured and disabled while on active duty, or for people with primarily business-related debts, they do not need to worry about the means test.
If the means test calculator does determine that an applicant party’s relationship to the aforementioned median income threshold or their Current Monthly Income may be grounds for a presumption of abuse, however, then more focused scrutiny in the form of the actual means test will be needed. At this stage in the calculation process, disposable income must be identified to see if this can be used to repay what the debtors owe, and by extension, whether or not they qualify for Chapter 7 bankruptcy despite their income level. 

Bankruptcy Notice Providers

Bankruptcy Notice Providers

Probably the most likely scenario in which a bankruptcy notice provider will be employed is to gather a list of creditors/claimants in a Chapter 11 filing. In instances such as this, as much as experienced providers will have ways of finding out who they need to contact as far as bankruptcy notices are concerned, they should also have the resources and savvy to know how to make this announcement in the most effective way.
Major informational campaigns may be appropriate for such large-scale reorganization plans, and perhaps even more so for something like a Chapter 9 bankruptcy. In some cases, meanwhile, bankruptcy notices must be tailored to an individual creditor to reflect their unique circumstances.
Where a one-on-one notification is needed, and likewise where time is of the essence, a bankruptcy notice provider can ensure that this form of communication is delivered quickly, discreetly and reliably, whether in a physical copy or an electronic version. It should be noted that prospective providers must apply to the bankruptcy court with jurisdiction over these proceedings to be certified and approved as a notice provider.

Learn About the Bankruptcy Hotlines

Learn About the Bankruptcy Hotlines

Many legal organizations, such as bankruptcy law firms, will run a bankruptcy hotline as part of their contribution (and advertisement) to the community. Ideally, to the benefit of the prospective bankruptcy applicant, such a phone service will be toll-free for callers and will be open 24 hours a day with live operators as opposed to an impersonal prerecorded message.
Ideally, a bankruptcy hotline might put the solicitor in contact with a licensed bankruptcy attorney who has experience with the type of concerns he or she possesses. Just as well, however, these systems may be staffed by paralegals and clerks dispensing bankruptcy advice and imaginably possessing an inferior knowledge to that of an experienced lawyer. Accordingly, as must often be stressed, hotlines are never to be recommended as substitutes to competent legal representation.
As noted, some bankruptcy hotlines exist to educate and act as a reference to specific subsets of the population. Certainly, the feature of a free service would appeal to those who come from low-income neighborhoods or individuals who have recently come upon hard times and are contemplating bankruptcy.
Then again, sometimes information is supplied the other way around. A federal court, rather than putting forth bankruptcy advice, might instead host a bankruptcy hotline that callers can use to inform the court of supposed instances of fraud or abuse.
Usually, specific data will be asked of the individual who registers a formal complaint, namely where, when and for whom a case was filed, any debts that went unrecorded and their approximate dollar amounts, and how one became aware of the malfeasance. More likely than not, a caller will be permitted to remain anonymous in offering his or help to authorities.