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. For people who really need it, filing for bankruptcy is not necessarily something bad. This process was really intended to provide relief. 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. Now, creditors can no longer collect from you legally in this type of filing.
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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 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. A proposed plan of reorganization is given by the debtor to keep its business alive and 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. Student loans and tax debt may be hard to eliminate. 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. You cannot just claim bankruptcy anytime. 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. The fear of many people is that filing for bankruptcy destroys your credit score. But experienced bankruptcy attorneys will assure you the you can start rebuilding your credit immediately even though the bankruptcy will remain on your credit report for ten years. Your house can also be kept with the help of a bankruptcy attorney. Since these are federal regulations, cases are brought to federal and not state courts. Hiring a professional bankruptcy attorney can help you interpret laws in your state in order to protect your home and financial future.