Getting To The Point – Attorneys

Getting To The Point – Attorneys

How Can a Bankruptcy Attorney Help You? It is an ideal thing to keep the money that one has earned. However, if you are experiencing financial woes, a qualified bankruptcy attorney can turn these woes into something positive. For people who really need it, filing for bankruptcy is not necessarily something bad. It is to provide relief to those who are deep in debt that this process of filing for bankruptcy was intended. What are the different bankruptcy filings available for you? 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. Here, 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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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. Chapter 12 is for farmers or commercial fishermen, allowing them to make payment on the season when it is more advantageous. 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. An example of undue hardship is if you become disabled. Bankruptcy cannot just be claimed. To claim bankruptcy you need to first 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. 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. Protecting your home and financial future is possible with the help of a professional bankruptcy lawyer.

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