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Why Do You Need a Bankruptcy Attorney? 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. Filing for bankruptcy is not necessarily something bad for people who really need it. This process was really intended to provide relief. Below are the different bankruptcy types you can file. 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. 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. 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. To calculate the payments that you can make, they take the amount of money you have available and the amount you owner.
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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. Student loans and tax debt may be hard to eliminate. To be able to eliminate student loan or tax debt, you will be required to prove undue hardship and this means that you need to prove that you will be unable to sustain even the lowest standard of living if you are required to pay your tax debt or student loan. Becoming disable is an example of undue hardship. 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. 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. Your house can also be kept with the help of a bankruptcy attorney. Federal courts and not state courts hear bankruptcy cases since these are federal regulations. Protecting your home and financial future is possible with the help of a professional bankruptcy lawyer.