Reasons for Hiring a Bankruptcy Attorney


It is good to keep the money that you have earned.  However, if you are experiencing financial woes, a qualified chapter 13 bankruptcy attorney can turn these woes into something positive.  Filing for bankruptcy is not necessarily something bad for people who really need it.  The intention of the filing of bankruptcy is actually to provide relief to those who are deep in debt.

What then are the different types of bankruptcy you can file?

In Chapter 7 bankruptcy filing, the properties of the debtor are sold in order for him to be able to pay all his debts completely, and thus completely wiping out his debts.  Now, creditors can no longer collect from you legally in this type of filing.

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 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.

When businesses file for chapter 11 or 12 bankruptcy, they are still allowed to continue their business operations without any harm.  A proposed plan of reorganization is given by the debtor to keep its business alive and pay their creditors over time.  Chapter 12 bankruptcy is a filing for farmers or commercial fisherman that allows them to repay their debts at the most advantageous time for them. For more facts about bankruptcy attorney, visit this website at .

It may be difficult for you to eliminate 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.  Becoming disable is an example of undue hardship.

There is a proper procedure for claiming bankruptcy.  Filing a petition before a judge is the first step in the bankruptcy court proceeding.  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.  A lot of people are afraid that if you file for bankruptcy your credit score will be destroyed.  Your attorney at 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.   Protecting your home and financial future is possible with the help of a professional bankruptcy lawyer.