I am going to assume that you are seeking a bankruptcy lawyer because you have already exhausted all other possibilities to avoid filing bankruptcy. If you have not yet done that, I would strongly encourage you to thoroughly investigate all other options and alternatives, since bankruptcy should be considered only as your very last resort. A filing of bankruptcy will remain on your credit report for 7 to 10 years, and it will be a major red flag any time you apply for credit or a loan in the future, as well as having the possibility of you not getting a new job based on a credit report run on you.
It is not entirely necessary to hire a lawyer or attorney when filing for bankruptcy, but in the vast majority of cases, it is highly advisable to do so. The various legal forms and requirements can be a full time job for someone who is not intimately familiar with the legal system, and one wrong move can mean the difference between favorable terms, or perhaps even terms that put you in a worse situation than you are now.
Even with all bankruptcy lawyers combined, not all bankruptcy attorneys specialize in the same type of cases, so you need to make sure that you are finding a lawyer who is very familiar with the type of financial difficulties that you are facing. Unfortunately, this is not nearly as easy as walking through the yellow pages and browsing page after page of lawyer listings. Our web site contains a form where you can identify your specific situation and then be referred to a bankruptcy lawyer who is both LOCAL to you, as well as being familiar with your particular type of situation and circumstances.
When you meet with the bankruptcy lawyer, you want to maximize both your time and his time, so make sure you bring all pertinent information with you. Bring a list of all creditors, your required monthly payment to each, the current outstanding balance of each, the account numbers, and the status of each debt in terms of being current, 30 days past due, 60 days past due, etc. Also provide information on which creditors you have spoken with, as well as any particular arrangements you may have already made with any of these creditors.
Your bankruptcy lawyer can prevent creditors from harassing you, and this can start immediately after you have retained his services. With all the stress of this type of financial situation, the constant telephone calls from creditors, with each call being more threatening or sinister than the previous one, can add a huge amount of additional stress that you just do not need right now in your situation.
Your bankruptcy lawyer will be familiar with the new laws that affect bankruptcy filings. It is not nearly as easy to file bankruptcy today as it was only a few short years ago. In some situations, you may be required to go through credit counseling before being allowed to file bankruptcy. In fact, after becoming familiar with your specific situation, your lawyer may recommend other options or alternatives instead of bankruptcy, perhaps options that you had not previously considered.
In summary, be aware that just because someone has passed the bar exam does not mean that they are able to be a competent bankruptcy attorney. Be sure to find one who specializes in your particular type of bankruptcy to obtain your best bet of resoling this situation as easily and with as less pain as possible.
http://www.bestnichearticles.com/Article/How-To-Find-The-Right-Bankruptcy-Lawyer/69241
Tuesday, July 17, 2007
7 Steps to a Fresh Start after Bankruptcy
Bankruptcy is one option to consider in order giving yourself a “fresh start,” when you have more debts than you have assets. There are in fact many types of bankruptcy provided under the law but the most common is Chapter 7 bankruptcy, which is also known as liquidation.
When filing under Chapter 7 bankruptcy, all your assets, excluding those that are exempt under the law of your state, are dissolved and liquidated. Generally, the person tasked to do this is the court-appointed official, called a trustee.
All in all, the vital task of the trustee is selling your properties and using the proceeds to pay your creditors. After doing such, the court will then cancel many of your remaining debts, thus affording you a “fresh start” to life.
Here is a step-by-step guide to filing a bankruptcy under Chapter 7 bankruptcy:
Step 1: Decide whether you should file bankruptcy or not.
Filing bankruptcy is a personal decision, influenced by many factors, such as the amount of serious debts and your ability to meet the original payments or pay the full amount. For starters, when you are broke, it is never a nice experience getting harassed by creditors for debts incurred. For another, your decision to file should not be made for the sole purpose of putting a stop to your demanding creditors.
This is a significant point as secured creditors may apply for “relief from stay,” thus allowing them to continue their efforts to repossess or foreclose even though you already filed for bankruptcy.
Step 2: Get an attorney
While the law on Chapter 7 bankruptcy does not need individual consumers to hire an attorney who would represent them in court, it is still advisable to ask for legal help, particularly concerning critical decisions involved in bankruptcy.
Step 3: Comply with the legal requirements.
File your petition with the bankruptcy court serving in your area. If you are a business debtor, then file with the bankruptcy court in the place where the business was organized or has its principal place of business or principal assets. Your attorney should be able to advise you on how to deal with these required legal forms.
Step 4: Pay the necessary fees.
As with any other court cases, there are certain fees required, such as:
• Case filing fee
• Miscellaneous administrative fee
• Trustee surcharge
Upon filing, you are usually asked to pay these fees to the clerk of court.
Note that the number of installments is limited only to four. Additionally to that, you are also required to make the final installment no later than 120 days after filing the petition.
Step 5: Notice to the creditors and meeting.
After filing your petition for bankruptcy under Chapter 7, paying the necessary fees, and complying with the legal requirements, an “automatic stay” is granted to you by operation of law. This stay will efficiently stop most collection actions against you and your properties. This means that as long as the stay is in effect, creditors cannot initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments.
After the bankruptcy case has been filed, the bankruptcy clerk will give notice to all creditors whose names and addresses you provided. Then, the case trustee will hold a meeting of creditors between 20 and 40 days after you filed your petition.
Step 6: Cooperate with the trustee.
The case trustee has a vital role in a bankruptcy case. His primary responsibility is to liquidate your nonexempt assets in a manner that maximizes the return to your unsecured creditors. He does this by selling your property, if it is free and clear of liens and as long as it is not exempt, or if it worth more than any security interest or lien attached to the property and any exemption that the debtor holds in the property.
In view of the broadness of a trustee’s power, it is significant therefore that you cooperate with the trustee. Provide any financial records or documents that the trustee requests and answer questions, which the trustee is necessary to ask at the meeting of creditors under the Bankruptcy Code.
Step 7: After the discharge…
If all goes well with your Chapter 7 bankruptcy case – that is, no one files a complaint objecting to the discharge or a motion to extend the time to object – the bankruptcy court will issue a discharge order relatively early in the case, about 60 to 90 days after the date first set for the meeting of creditors
A discharge order is an order issued by the bankruptcy court, releasing you from personal liability for most debts and preventing your creditors from taking any collection actions against you. As a rule, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of Chapter 7 bankruptcy cases.
For someone filing under Chapter 7 bankruptcy, a discharge of almost all of your debts is the ultimate goal. With the release of all your debts and creditors stopped from pursuing
http://www.bestnichearticles.com/Article/7-Steps-to-a-Fresh-Start-after-Bankruptcy/69543
When filing under Chapter 7 bankruptcy, all your assets, excluding those that are exempt under the law of your state, are dissolved and liquidated. Generally, the person tasked to do this is the court-appointed official, called a trustee.
All in all, the vital task of the trustee is selling your properties and using the proceeds to pay your creditors. After doing such, the court will then cancel many of your remaining debts, thus affording you a “fresh start” to life.
Here is a step-by-step guide to filing a bankruptcy under Chapter 7 bankruptcy:
Step 1: Decide whether you should file bankruptcy or not.
Filing bankruptcy is a personal decision, influenced by many factors, such as the amount of serious debts and your ability to meet the original payments or pay the full amount. For starters, when you are broke, it is never a nice experience getting harassed by creditors for debts incurred. For another, your decision to file should not be made for the sole purpose of putting a stop to your demanding creditors.
This is a significant point as secured creditors may apply for “relief from stay,” thus allowing them to continue their efforts to repossess or foreclose even though you already filed for bankruptcy.
Step 2: Get an attorney
While the law on Chapter 7 bankruptcy does not need individual consumers to hire an attorney who would represent them in court, it is still advisable to ask for legal help, particularly concerning critical decisions involved in bankruptcy.
Step 3: Comply with the legal requirements.
File your petition with the bankruptcy court serving in your area. If you are a business debtor, then file with the bankruptcy court in the place where the business was organized or has its principal place of business or principal assets. Your attorney should be able to advise you on how to deal with these required legal forms.
Step 4: Pay the necessary fees.
As with any other court cases, there are certain fees required, such as:
• Case filing fee
• Miscellaneous administrative fee
• Trustee surcharge
Upon filing, you are usually asked to pay these fees to the clerk of court.
Note that the number of installments is limited only to four. Additionally to that, you are also required to make the final installment no later than 120 days after filing the petition.
Step 5: Notice to the creditors and meeting.
After filing your petition for bankruptcy under Chapter 7, paying the necessary fees, and complying with the legal requirements, an “automatic stay” is granted to you by operation of law. This stay will efficiently stop most collection actions against you and your properties. This means that as long as the stay is in effect, creditors cannot initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments.
After the bankruptcy case has been filed, the bankruptcy clerk will give notice to all creditors whose names and addresses you provided. Then, the case trustee will hold a meeting of creditors between 20 and 40 days after you filed your petition.
Step 6: Cooperate with the trustee.
The case trustee has a vital role in a bankruptcy case. His primary responsibility is to liquidate your nonexempt assets in a manner that maximizes the return to your unsecured creditors. He does this by selling your property, if it is free and clear of liens and as long as it is not exempt, or if it worth more than any security interest or lien attached to the property and any exemption that the debtor holds in the property.
In view of the broadness of a trustee’s power, it is significant therefore that you cooperate with the trustee. Provide any financial records or documents that the trustee requests and answer questions, which the trustee is necessary to ask at the meeting of creditors under the Bankruptcy Code.
Step 7: After the discharge…
If all goes well with your Chapter 7 bankruptcy case – that is, no one files a complaint objecting to the discharge or a motion to extend the time to object – the bankruptcy court will issue a discharge order relatively early in the case, about 60 to 90 days after the date first set for the meeting of creditors
A discharge order is an order issued by the bankruptcy court, releasing you from personal liability for most debts and preventing your creditors from taking any collection actions against you. As a rule, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of Chapter 7 bankruptcy cases.
For someone filing under Chapter 7 bankruptcy, a discharge of almost all of your debts is the ultimate goal. With the release of all your debts and creditors stopped from pursuing
http://www.bestnichearticles.com/Article/7-Steps-to-a-Fresh-Start-after-Bankruptcy/69543
Finding Cheap Bankruptcy Lawyers For You
In this age of living on credit cards it is not surprising to find that more and more people are filing for bankruptcy. In order to prevent the misuse of bankruptcy claim a new law called the Bankruptcy Abuse and Consumer Protection Act, was passed in 2005. If you are in a serious and genuine financial problem, the right thing to do is file for bankruptcy. But before you do that you would have to find yourself a cheap bankruptcy lawyer who can explain to you all the finer points of the new law and can get you a good deal.
Where to Find a Bankruptcy Lawyer
Your quest for finding cheap bankruptcy lawyers can start with your family and friends. Those who have gone through the bankruptcy experience can recommend some names. You will get an insight into how competent the lawyer is. If you know an attorney, he or she might be able to refer you to some good bankruptcy lawyer.
Bankruptcy is a complex legal process, therefore, it is essential to have a bankruptcy lawyer who can put forward legal methods to either wipe out the debt by liquidating your assets and distributing them amongst your creditors, or develop a repayment plan. Usually the first consultation with a bankruptcy lawyer is free, so make sure you put forward your real financial situation before him or her. Once you have hired a bankruptcy lawyer, provide him or her with a list of all the debts that you carry. This would include credit cards, medical bills, loans, cars, etc. Make sure you have your bankruptcy lawyer explain to you all the details of the new law. If you have any questions, do not hesitate to ask.
Choosing a Good Bankruptcy Lawyer
A good bankruptcy lawyer will give you expert advice on how to get your financial situation back on track. A good lawyer will help you with repayment plans and debt management. Before you finalize your choice make sure you share a comfort level with your bankruptcy lawyer.
You want a lawyer who understands the system and will do a good job to represent you. It may cost you a little more but you get what you pay for. Your local bar association can probably help you decide whether a proposed fee is fair with the local standard. You can also browse online to compare some services to get an idea how much it would cost you to hire a bankruptcy lawyer.
http://www.bestnichearticles.com/Article/Finding-Cheap-Bankruptcy-Lawyers-For-You/70169
Where to Find a Bankruptcy Lawyer
Your quest for finding cheap bankruptcy lawyers can start with your family and friends. Those who have gone through the bankruptcy experience can recommend some names. You will get an insight into how competent the lawyer is. If you know an attorney, he or she might be able to refer you to some good bankruptcy lawyer.
Bankruptcy is a complex legal process, therefore, it is essential to have a bankruptcy lawyer who can put forward legal methods to either wipe out the debt by liquidating your assets and distributing them amongst your creditors, or develop a repayment plan. Usually the first consultation with a bankruptcy lawyer is free, so make sure you put forward your real financial situation before him or her. Once you have hired a bankruptcy lawyer, provide him or her with a list of all the debts that you carry. This would include credit cards, medical bills, loans, cars, etc. Make sure you have your bankruptcy lawyer explain to you all the details of the new law. If you have any questions, do not hesitate to ask.
Choosing a Good Bankruptcy Lawyer
A good bankruptcy lawyer will give you expert advice on how to get your financial situation back on track. A good lawyer will help you with repayment plans and debt management. Before you finalize your choice make sure you share a comfort level with your bankruptcy lawyer.
You want a lawyer who understands the system and will do a good job to represent you. It may cost you a little more but you get what you pay for. Your local bar association can probably help you decide whether a proposed fee is fair with the local standard. You can also browse online to compare some services to get an idea how much it would cost you to hire a bankruptcy lawyer.
http://www.bestnichearticles.com/Article/Finding-Cheap-Bankruptcy-Lawyers-For-You/70169
First Steps To Understanding The Bankruptcy Code
Becoming bankrupt is not something that many people think about. There are occasions when this will happen and these individuals will need to file for bankruptcy. The assorted chapters of bankruptcy like chapter 13, and chapter 11 are taken from the bankruptcy code. This code was established by the US congress.
Believe it or not, much of these laws are in place to protect the individuals who are having financial problems. Below we will outline what the bankruptcy codes are and what they mean to you.
These laws were put in place so that there was a uniform law about bankruptcy that could be found throughout the US. These laws from the bankruptcy code are designed to protect the person who is in debt from further problems.
There are currently four main types of bankruptcy laws that are taken from the bankruptcy code. You will recognize these bankruptcy laws as chapters. Chapter 11 is one of the bankruptcy laws that can be found in the bankruptcy code under the heading chapter 11.
The different chapters inside the bankruptcy code provide info for people who are in debt. The various ways that the law can work to keep you safe from unreasonable hassles can be found inside the pages of the bankruptcy code chapters.
As a citizen you have the right to view and read these laws. The only problem that we see is it is typically to late for most people. Meaning they are already in financial trouble, so reading about the laws to stop the bankruptcy may not work. However, you will still want to understand the rights you have being in a bankrupt state of affairs.
While the US government has provided the framework for these laws of the bankruptcy code each state has the right to pass other laws that will work in accordance with the bankruptcy code. They don't have the right to change the law, just factors that pertain to their specific state can they add.
The states can only provide other laws that are compatible with their state's laws. Otherwise the states themselves don't have the power to govern how the bankruptcy code works.
There are many dissimilar and new laws that you can find when you look through the bankruptcy code. One of the new laws that you will find is the altered state of the debtor-creditor relationship.
While the different states can't vary the basic rules of the bankruptcy code they do have the right to interpret how these bankruptcy claims are filed and acted on in their respective states.
If there is a major change to the bankruptcy code this change will be passed by congress. One such change that has taken effect alters the rules of bankruptcy for chapter 7. In this part of the bankruptcy code all debtors must prove that they have the right to file for bankruptcy.
The bankruptcy was established and put into place to address those that are in financial trouble and for creditors to get their money back. This of course if a very general definition, but will serve the point. So be responsible and spend less than you make.
They will be allowed to file for bankruptcy only if these people have fulfilled a counseling session. This step has been taken to hold that the bankruptcy code is not being misused by the assorted individuals who want to avoid paying their various debts. As the bankruptcy code has been placed for our shelter it is best if you handle these laws with respect.
http://www.bestnichearticles.com/Article/First-Steps-To-Understanding-The-Bankruptcy-Code/70125
Believe it or not, much of these laws are in place to protect the individuals who are having financial problems. Below we will outline what the bankruptcy codes are and what they mean to you.
These laws were put in place so that there was a uniform law about bankruptcy that could be found throughout the US. These laws from the bankruptcy code are designed to protect the person who is in debt from further problems.
There are currently four main types of bankruptcy laws that are taken from the bankruptcy code. You will recognize these bankruptcy laws as chapters. Chapter 11 is one of the bankruptcy laws that can be found in the bankruptcy code under the heading chapter 11.
The different chapters inside the bankruptcy code provide info for people who are in debt. The various ways that the law can work to keep you safe from unreasonable hassles can be found inside the pages of the bankruptcy code chapters.
As a citizen you have the right to view and read these laws. The only problem that we see is it is typically to late for most people. Meaning they are already in financial trouble, so reading about the laws to stop the bankruptcy may not work. However, you will still want to understand the rights you have being in a bankrupt state of affairs.
While the US government has provided the framework for these laws of the bankruptcy code each state has the right to pass other laws that will work in accordance with the bankruptcy code. They don't have the right to change the law, just factors that pertain to their specific state can they add.
The states can only provide other laws that are compatible with their state's laws. Otherwise the states themselves don't have the power to govern how the bankruptcy code works.
There are many dissimilar and new laws that you can find when you look through the bankruptcy code. One of the new laws that you will find is the altered state of the debtor-creditor relationship.
While the different states can't vary the basic rules of the bankruptcy code they do have the right to interpret how these bankruptcy claims are filed and acted on in their respective states.
If there is a major change to the bankruptcy code this change will be passed by congress. One such change that has taken effect alters the rules of bankruptcy for chapter 7. In this part of the bankruptcy code all debtors must prove that they have the right to file for bankruptcy.
The bankruptcy was established and put into place to address those that are in financial trouble and for creditors to get their money back. This of course if a very general definition, but will serve the point. So be responsible and spend less than you make.
They will be allowed to file for bankruptcy only if these people have fulfilled a counseling session. This step has been taken to hold that the bankruptcy code is not being misused by the assorted individuals who want to avoid paying their various debts. As the bankruptcy code has been placed for our shelter it is best if you handle these laws with respect.
http://www.bestnichearticles.com/Article/First-Steps-To-Understanding-The-Bankruptcy-Code/70125
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