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How Can a Bankruptcy Attorney Help You? Money that you have earned is better off in your pocket. However, if you are experiencing financial woes, a qualified bankruptcy attorney can turn these woes into something positive. Filing for bankruptcy is not necessarily something bad for people who really need it. It is to provide relief to those who are deep in debt that this process of filing for bankruptcy was intended. What then are the different types of bankruptcy 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. Here, 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. IN this chapter the debtor needs to propose a plan to his creditor in how he will pay his debts in a period of 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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Chapter 11 and 12 bankruptcy filings are used by businesses and this allows them to continue their operation without any harm to their business. In Chapter 11 there is a proposed plan of reorganization to keep the business alive and pay 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. 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. 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 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. 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. Hiring a professional bankruptcy attorney can help you interpret laws in your state in order to protect your home and financial future.

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