Welcome to Bankruptcy Guide
Chapter 13 Bankruptcy Laws Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
The Bankruptcy Attorney – When Experience Counts Twice
from:The bankruptcy attorney can seem like a confidante when you first meet him or her, because you will be sharing your personal financial details. Normally, these kinds of details are the kind people try to hide from the world for as long as possible. But when the debt burden becomes unbearable, it’s good to have a professional on your side as you deal with the complexities of the bankruptcy laws.
The very first decision an attorney will help you make is whether you should file bankruptcy at all. In some situations, other remedies are possible including selling assets or downgrading your lifestyle. But when that’s not possible, the second decision the attorney will help you make is deciding which bankruptcy chapter best fits your situation. The personal bankruptcy chapters are 7 and 13. Under chapter 7 you wipe out most debt. Under chapter 13 you set up a debt repayment plan through the court.
Once your bankruptcy attorney and you decide that filing is the right course of action, the next step is to actually record the petition in court. Your attorney will take care of this step and all other legal filing requirements. But after the filing you will discover an attorney specializing in bankruptcies can offer a number of other services.
The bankruptcy attorney is prepared to handle any and all special issues that arise during the bankruptcy process. For example, if you owe the Internal Revenue Service there are specific forms which must be filed in order to request IRS approval of tax debt elimination. The IRS will respond by indicating which debts can be included in the bankruptcy. Other special issues include business related debts, medical bills and the state and local debt laws that must be balanced with federal laws.
When you file a bankruptcy, it also helps to have an attorney that is trusted by the courts. Experience counts in court and a recognized and knowledgeable attorney is able to handle any court requirements. When you file bankruptcy, the court appoints a trustee to represent the court. The trustee reviews the attorney’s filings and can ask any questions that he or she sees fit to ask about your financial status. Your bankruptcy attorney can guide you through the process.
Your bankruptcy attorney also deals with creditors once the bankruptcy is filed. You virtually have no more contact with debt collectors and all debt collection efforts are referred to your attorney. This alone is a valuable service, because the attorney understands laws related to debt collection and is not cowed by collection efforts.
Even after you have completed your bankruptcy, the attorney who is an expert in bankruptcies can guide you on ways to re-establish your credit. This advice is valuable, because a bankruptcy stays on your credit record for 10 years. Therefore, establishing good credit is important, because your life will not be on hold for 10 long years.
A bankruptcy attorney is a person who will guide you through the entire bankruptcy process from initial financial status review to generating new credit after the bankruptcy is completed. If you are considering filing bankruptcy then your very first call should be to a bankruptcy attorney.
Chapter 13 Bankruptcy Laws Specific links
Chapter 13 Bankruptcy Laws News
Bankruptcies
The kind of bankruptcy filing is Chapter 7 under federal bankruptcy laws, except where noted. Personal bankruptcies are listed only in cases where liabilities are more than $100,000, but all business bankruptcies are included in this listing. Andrew R. and Holly L. Vollink
Read more...Can bankruptcy tap surprise inheritance?
Having filed for Chapter 13, a woman discovers a surprise inheritance and worries whether she has to turn over the funds to her trustee
Read more...Videos You May Like
Enter your email address below and we will send you a link to reset your password. Researchers say bankruptcy lawyers were much more likely to steer Black debtors into Chapter 13 bankruptcy than white filers of the identical financial situation.
Read more...Job Cuts, Capacity Increase Mark AA's Reorganization Plan
American Airlines parent AMR Corp. on Wednesday outlined key objectives for its Chapter 11 reorganization, including plans to cut employment by 13,000, increase departures in key markets, "modernize" its brand and continue the fleet-renewal efforts it announced last year.
Read more...NXP Semiconductors Reports Fourth Quarter and Full Year 2011 Results
EINDHOVEN, THE NETHERLANDS-- - NXP Semiconductors N.V. Q4 2011 Year 2011 -------------- --------------Revenue $931 million $4,194 millionGAAP Gross margin 41.8% 45.4%GAAP Operating margin 0.8% 8.5%GAAP Earnings/ ...
Read more...