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Why Do You Need a Bankruptcy Attorney? Money that you have earned is better off in your pocket. If you are experiencing financial problems and have earned debts that you are not able to pay, then you should seek the help of a bankruptcy attorney to know what your best options are, and you can be sure that this attorney can change this negative scenario 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 can also be called liquidation or straight bankruptcy and in this type a debtor’s properties are sold so that he can wipe out all of his debts. In this type of filing, creditors cannot legally contact you to make collections.
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Chapter 13 bankruptcy is a payment plan to repay all or part of your debts using new income. In this chapter debtors propose a repayment plan to make installment to creditors over three to five years. The payment you make is calculated by how much money you have available and how much your owe.
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Chapter 11 and 12 bankruptcy filings are used by businesses and this allows them to continue their operation without any harm to their business. A proposed plan of reorganization is given by the debtor to keep its business alive and 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. This is difficult because you are required by court to prove undue hardship and this is done by showing that if you are forced to pay your student loans or tax debt, then you will be unable to maintain even the lowest standard of living. An example of undue hardship is if you become disabled. There is a proper procedure for claiming bankruptcy. This is a court proceeding where you file a petition before a judge. Filing for bankruptcy is a complicated process which can be easily dealt with by the help of a bankruptcy attorney who would ensure the best possible outcome. Some people think that if you file for bankruptcy, it will destroy your credit score. But, an attorney will tell you that the bankruptcy will remain on your credit report for ten years but it will 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. Protecting your home and financial future is possible with the help of a professional bankruptcy lawyer.