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How Can a Bankruptcy Attorney Help You? It is an ideal thing to keep the money that one has earned. 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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IN Chapter 13 bankruptcy filing, you debts are paid using new income, and all or part of your debts are planned to be paid. Chapter 13 bankruptcy includes the debtor proposing a repayment plan to his creditor in which he pays all or part of his debts in a period of 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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Chapter 11 and 12 bankruptcy filings are used by businesses and this allows them to continue their operation without any harm to their business. 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 bankruptcy is a filing for farmers or commercial fisherman that allows them to repay their debts at the most advantageous time for them. It may be difficult for you to eliminate 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. You need a bankruptcy attorney for his complicated process so that the best possible outcomes are ensured. 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. Your house can also be kept with the help of a bankruptcy attorney. 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. Hiring a professional bankruptcy attorney can help you interpret laws in your state in order to protect your home and financial future.