When debt is out of control and the creditors won't stop calling, declaring bankruptcy will provide a new beginning. Choosing bankruptcy is not always easy as there are many laws to abide by and court procedures to follow. An experienced lawyer needs to be retained in order to help a debtor through this difficult process. Do not rely on do-it-yourself bankruptcy kits that are found on the retail shelf of your local office supply store; they do not necessarily provide the protection you need, and if you get "stuck" in the process, the retail box and shrink wrap won't offer much insight.
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A bankruptcy attorney will consult with you to decide on the best option for filing. The two most common personal filings are Chapter 7 and Chapter 13 bankruptcies. Chapter 7 is the most common as it enables debt to be discharged without a repayment plan. Typically, homes and vehicles that the debtor wishes to keep are not included in the discharge. Student loans, alimony and child support are also not dischargeable. When a person chooses to file for chapter 13, they enter a repayment plan that is structured by a court agreement. This plan is typically to be carried out and repaid in full within a 3 to 5 year range. In order to be eligible to file for chapter 13, a credit counseling class often needs to be completed and all financial minimums for the plan must be met.
After the path of bankruptcy is chosen, the lawyer will make sure the paperwork is completed and filed with the court as needed. The courts will require documents on all debts, assets, current finance history, as well as proof of employment. Once the documents are processed, a stay is issued to creditors so that no repossessions or foreclosures will take place. Next, the attorney will accompany the debtor to court for a creditor meeting. During this meeting, the credit company's representatives will decide if the terms of the filing will be accepted. As long as there are no major objections, the bankruptcy should be approved by the courts.
Having an experienced bankruptcy attorney to help complete the necessary steps will ease the pain of the bankruptcy process. Be sure that the chosen lawyer has years of experience in both chapter filings as well as court appearances. An attorney is the best asset one can have when filing for bankruptcy and will help provide assistance and understanding through the difficult process.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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