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Reasons for Hiring a Bankruptcy Attorney It is good to keep the money that you have 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. 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. In this type of filing, creditors cannot legally contact you to make collections.
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Another type of filing is the chapter 13 bankruptcy filing which is a 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 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 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. 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. Filing a petition before a judge is the first step in the bankruptcy court proceeding. If you want to ensure the best possible outcomes, then you need to hire the services of a bankruptcy attorney for this complicated process. 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. Federal courts and not state courts hear bankruptcy cases since these are federal regulations. And In order to protect your home and financial future, hiring a professional bankruptcy attorney can help you interpret the laws in your state.