Get Financial Reprieve Using a Bankruptcy Attorney
As a household owner, getting an ideal solution to your financial constraints can be frustrating. Filing for bankruptcy might not be on top of your list but it is important to examine what the law has to offer. With an experienced bankruptcy attorney every nuance of bankruptcy law will be explained to evaluate whether it can be a source of reprieve for your family.
Bankruptcy Law Overview
Legally speaking, bankruptcy is a procedure designed to help you get out of debt and avoid imprisonment. The Congress in 2005 passed the popular Chapter 7 and 13 Bankruptcy Procedures which unlike other laws are a branch under the Federal Court System.
Since the 2007/2008 economic bust, there are many families that are still reeling from the aftereffects and they have used these laws to get reprieve and avoid jail time. The laws are very intricate and if you can get a family law firm that also deals in bankruptcy the better. The main procedures in bankruptcy law are further elaborated below;
Chapter 7; this is termed as straightforward bankruptcy through total discharge of debt. Your bankruptcy attorney will help you offload as much debt as possible through liquidation of assets. There are however debts such as child support which cannot be discharged. In essence, you need a lawyer to get you through all the complexities involved.
Chapter 13; to complete this, you must be a wage earner. It is simply a reorganization of your debts into a single payment which is subsequently deducted from your paycheck. It helps you to save some property and make your life easier without worrying about calls from a debt collection attorney every other minute.
The basic definition of these procedures belies the intricate issues around each. If for example you are paying child support, a child support lawyer will come into play. It is better to use a family law firm that offers a wholesome solution because all these issues will be tackled on the same table. You can even get a criminal defense lawyer to offer solutions if you were ever involved in crime.
Complex issues such as the kind of debts applicable for Chapter 7 and 13, types of debts that can be discharged, procedures for filing, dealing with creditors, adversary proceedings, chapter 13 payment plans, documentation needed too for these procedures among other issues need a dependable attorney to help you.
The pitfalls of filing without an attorney include filing under wrong chapter, unnecessary filing, lack of some documentation, choosing incorrect property exemptions and all these can leave you worse off than you were initially.
Advantages of Chapter 7 and 13 Bankruptcy Procedures
One of the most pressing issues when you owe money is of course the fear of victimization. Once you file, there will be no more contacts from your creditors as they are barred by law. Under a bankruptcy plan, you can also retain your home, your car and no one will have authority to ransack your belongings. In simple terms, your bankruptcy attorney will get you off the hook and the heavy burden of debt will be lifted thus enabling you to get a new start.
Times are hard but there are always solutions out. If you get a credible family law firm with experienced specialists in every aspect of a bankruptcy case, then you will have made a bold move towards economic freedom.
Bankruptcy Law Overview
Legally speaking, bankruptcy is a procedure designed to help you get out of debt and avoid imprisonment. The Congress in 2005 passed the popular Chapter 7 and 13 Bankruptcy Procedures which unlike other laws are a branch under the Federal Court System.
Since the 2007/2008 economic bust, there are many families that are still reeling from the aftereffects and they have used these laws to get reprieve and avoid jail time. The laws are very intricate and if you can get a family law firm that also deals in bankruptcy the better. The main procedures in bankruptcy law are further elaborated below;
Chapter 7; this is termed as straightforward bankruptcy through total discharge of debt. Your bankruptcy attorney will help you offload as much debt as possible through liquidation of assets. There are however debts such as child support which cannot be discharged. In essence, you need a lawyer to get you through all the complexities involved.
Chapter 13; to complete this, you must be a wage earner. It is simply a reorganization of your debts into a single payment which is subsequently deducted from your paycheck. It helps you to save some property and make your life easier without worrying about calls from a debt collection attorney every other minute.
The basic definition of these procedures belies the intricate issues around each. If for example you are paying child support, a child support lawyer will come into play. It is better to use a family law firm that offers a wholesome solution because all these issues will be tackled on the same table. You can even get a criminal defense lawyer to offer solutions if you were ever involved in crime.
Complex issues such as the kind of debts applicable for Chapter 7 and 13, types of debts that can be discharged, procedures for filing, dealing with creditors, adversary proceedings, chapter 13 payment plans, documentation needed too for these procedures among other issues need a dependable attorney to help you.
The pitfalls of filing without an attorney include filing under wrong chapter, unnecessary filing, lack of some documentation, choosing incorrect property exemptions and all these can leave you worse off than you were initially.
Advantages of Chapter 7 and 13 Bankruptcy Procedures
One of the most pressing issues when you owe money is of course the fear of victimization. Once you file, there will be no more contacts from your creditors as they are barred by law. Under a bankruptcy plan, you can also retain your home, your car and no one will have authority to ransack your belongings. In simple terms, your bankruptcy attorney will get you off the hook and the heavy burden of debt will be lifted thus enabling you to get a new start.
Times are hard but there are always solutions out. If you get a credible family law firm with experienced specialists in every aspect of a bankruptcy case, then you will have made a bold move towards economic freedom.