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How Can a Bankruptcy Attorney Help You? Money that you have earned is better off in your pocket. However, if you are experiencing financial woes, a qualified bankruptcy attorney can turn these woes into something positive. Although it has a negative connotation, filing for bankruptcy is actually very helpful to those who need it most. The intention of the filing of bankruptcy is actually to provide relief to those who are deep in debt. Below are the different bankruptcy types you can file. Chapter 7 bankruptcy is also called liquidation or straight bankruptcy in which a debtor’s properties are sold so that all debts are completely wiped out. In this type of filing, creditors cannot legally contact you to make collections.
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IN Chapter 13 bankruptcy filing, you debts are paid using new income, and all or part of your debts are planned to be paid. IN this chapter the debtor needs to propose a plan to his creditor in how he will pay his debts in a period of over three to five years. The amount of money you have or earn and how much you owe are used to calculate the payment that you make.
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When businesses file for chapter 11 or 12 bankruptcy, they are still allowed to continue their business operations without any harm. Chapter 11 bankruptcy filing requires businesses to give a proposed plan of reorganization to keep the business alive and to pay their creditors over time. In chapter 12 bankruptcy filing, farmers or commercial fishermen are allowed to make debt payments on the seasons which is most advantageous to them. The two most difficult debts to eliminate are student loans and tax debt. You have to prove undue hardship in the court which means that you are completely unable to maintain the lowest standard of living if you are required to pay back tax debt of student loan. Becoming disable is an example of undue hardship. There is a proper procedure for claiming bankruptcy. To claim bankruptcy you need to first file a petition before a judge. If you want to ensure the best possible outcomes, then you need to hire the services of a bankruptcy attorney for this complicated process. The fear of many people is that filing for bankruptcy destroys your credit score. Your attorney will know that despite having the bankruptcy on your credit report for at least ten years, it can help you start rebuilding your credit immediately. You bankruptcy attorney can help you keep your house. These are all federal regulations, so if there are cases brought to court, it has to be to the federal courts and not the state courts. And In order to protect your home and financial future, hiring a professional bankruptcy attorney can help you interpret the laws in your state.