Choosing a bankruptcy lawyer

Filing for bankruptcy is no mean task. The laws related to it can get difficult to understand and more often than not you will get lost in it all. At these times, a good idea would be to have a bankruptcy lawyer guide you through the entire process. Once you decide that you will need the services of a bankruptcy attorney, the next task is to zero in on one that can really help you.

The simplest way to find a bankruptcy lawyer is to ask for recommendations from your friends and family first. If a lawyer comes with some good credentials based on recommendation, then surely the same person can work for you as well. Should you draw a blank with word-of-mouth recommendation that look up attorney with the help of the yellow pages. This is a veritable treasure house of prospective contacts. Look for listings under Bankruptcy Attorneys. Whether you use these contacts or not, it would be a good idea to go through them to know of the lawyers who operate close to you. This will help from the point of convenience.

Another great way of getting a reliable bankruptcy lawyer is to ask for recommendations from those close to the field. Lawyers pursuing some other specializations too can be a lot of help and will point you out in the right direction. There are several firms that deal with the handling of personal bankruptcy cases. It would also be a good idea to visit one such reputed place and have them assess your case. You may actually find an attorney here that you will appreciate and probably hire.

A bankruptcy attorney begins his role on your case by first assessing your financial situation. Based on this he will be able to advice you on whether filing for bankruptcy is a good idea or not. He will try and apply all the alternatives to your case to see if any work. If none of them do, he will be in a position to let you know whether you can apply for bankruptcy under Chapter 7 or Chapter 13. No matter which one you are eligible for, he will guide you through the entire process.

Bankruptcy lawyers are essential to help you through the process of bankruptcy. It is not an easy one and you will need all the professional help you can get.

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Clearing personal bankruptcy myths

Filing for bankruptcy comes after a great deal of events. Some of them may be unforeseeable and often end snowballing into a bad situation. A bankruptcy situation can arise not only from frivolous spending and lack of financial management. It can also happen where there are several unbudgeted for expenses. These can be illnesses, natural disasters, unemployment, divorce settlements etc.

There is a lot of information available on personal bankruptcy. Not all of it is always accurate. There are some creditors who may try to convince you that you cannot apply for bankruptcy. This is not true. According to the 2005 amendment, any debtor can file for bankruptcy. It falls on the state to determine the extent and the possibility of asset liquidation or debt reorganization.

It is also thought that filing for bankruptcy is degrading. It can affect your personal life no doubt, but how much it affects you can be controlled only by you. Filing for bankruptcy may actually rid you of some social stigma and give you peace of mind. Bankruptcy provides you a chance to start from the beginning on a clear slate.

It is also false that you can file for bankruptcy only once. There is only partial truth in this. A person who has filed for liquidation of assets once cannot do it for a period of 8 years. After this too, you will have to file for bankruptcy under a different category and this will be subject to the law of the state.

There is also the misconception that personal bankruptcy means that you lose everything that you own and that makes you a pauper. This is utterly false. The idea behind bankruptcy is to allow you the time needed to repay your debts without losing all that you have. Filing for bankruptcy is a tedious process is a long held opinion. There is no doubt that the laws involved can get confusing. All you will need in such a situation is a good financial consultant or a credit lawyer to help you better understand what you are going to do.

Filing for bankruptcy is not an easy decision to make. That is what makes it necessary for you to know all the facts involved. If you are considering bankruptcy, do so after educating yourself well on the process and all it involves.

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Getting over personal bankruptcy

When you file for bankruptcy, it can have a very traumatic effect on you. The process of bankruptcy is such that the fact remains on your credit card report for a period of 10 years. Besides this, it can also lead to social isolation from your peers. Being branded bankrupt can have a very negative impact on your personality as well as your character, which need not always be the right perception. But through it all, bankruptcy is something that you can overcome.

One of the first things you need to do is to come to terms with the fact that you have declared bankruptcy. Once done, you have to face all the consequences that come along with it. There are several psychological aspects that get related to declaring bankruptcy. For one, you may retain the fear of purchasing anything at a retail store or from indulging once in a while. For some other integrating back into society can be difficult, leading to a lack of a social life. You first have to accept that the episode is over and done with and you need to move on. It is a learning experience and a lesson that you will adhere to for the rest of your life.

After bringing yourself back to reality, the next step is to work on your credit score. Once declared bankrupt, your credit reports will be a mess for a decade. You need to slowly work at fixing it. You have to work on aspects that will improve your credit rating. If you are looking for a loan, try approaching those lenders who take into account your credit rating for a short while prior to handing out the loan. A financial advisor or some serious Internet browsing is what can help you work on your credit scores.

The minute you are approved for a credit card or for a bank account, know your payment schedules well. Make written notes of them if necessary. Keep an accounts diary to track where you are using the card and how much you have spent. Knowing where the money goes, helps you keep a closer watch on your expenses. You will be able to monitor your spending habits this way. When you receive your bill, pay more than the amount due. This move will be noticed by the credit service. You can also make use of options such as standing orders or direct debts to ensure that you do not miss a payment date at all.

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Things to know before declaring bankruptcy

Declaring bankruptcy can affect several aspects of your life – on the financial as well as personal front. It is a serious decision which should not be taken without careful though and consultation with the right experts. You should look into and assess the potential of all the alternatives available before you decide to file for bankruptcy. This warning however, does not go to say that declaring bankruptcy is not a good idea for many, it definitely can be the only solution in some cases. Take the decision keeping your own as well as your family’s interests at heart.

The 2005 changes in the bankruptcy law have made it a little more difficult to choose personal bankruptcy as an option. The idea behind this was purely to ensure that the people who opt for it are truly struggling with their finances and not using bankruptcy as an excuse to escape liability. Only those who could not even afford to pay their bills became eligible to file for bankruptcy under Chapter 7.

The idea behind this chapter is to help give you a clean slate. It will help you wipe out all your debt without a repayment plan in place. There is a means test that you will have to undergo. If your income is below the recommended level for the median income of your state, then this test is not applicable to you.

In the case that your income is higher this is a mandatory test that you have to undergo. People who have qualified before the change in law will in all probability qualify again. It will also become mandatory to hire financial counseling services. If you fail to pass the means test, then you will have to file for bankruptcy under Chapter 13. What this essentially does is create a repayment plan for you which will be spread across 3 to 5 years. Before you apply for personal bankruptcy, bear in mind that it will have severe consequences on your credit rating. It may not be of immediate consequence to you, but it may be important going forward. No matter which chapter you file bankruptcy under, though difficult, you will always be able to spring back.

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Should I declare bankruptcy?

Declaring personal bankruptcy is not a simple task. It requires a great deal of thought as well as an in-depth understanding of the consequences. The first thing you need to do is discuss this with the experts – talk to a credit counselor or a bankruptcy lawyer. They will be able to tell you the pros and cons of declaring personal bankruptcy after assessing your financial situation.

Not everyone is eligible to bankruptcy under chapter 7. You will be subjected to a means test that will determine whether you will be able to clear a substantial percentage of your debt. If you can, then you will not be able to liquidate your debt. In such cases a repayment plan will be set in place and you will have to adhere to it. This will be under Chapter 13 of Bankruptcy. A lot will also depend on the kind of loan you have to repay.

Before you consider personal bankruptcy, you will need to look through the alternatives. Any one of them may work for you depending on the financial situation that you are in. seeking financial counseling in these matters would be a good idea. One of the options is to hire a finance manager. This will mean that you lose control over your own finances, but it is good way to bring them back on track. If you can discipline yourself, then hiring a financial counselor may work for you as well. Use his help in creating a budget for yourself.

Several creditors do come forward to work with debtors. With some persuasion you will be able to waive off some of the debt or the interest that has accumulated on it in exchange for making steady repayments. Bigger creditors know the problems associated with debt collection and the hassles with employing a debt collection agency. The litigation involved too can be time consuming.

Refinancing is also an option if you own a home. This can help you pay off debts that carry a high interest. You may also be able to offer it as collateral in order to secure funding at lower rates of interest that will you consolidate your debts, bring down the number of payments you make each month and possible get you some tax benefits.

No matter which option you take, make sure that you are dealing with reputed companies and individuals.

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Cost Of Declaring Bankruptcy

Although there are a lot of people under the impression that declaring personal bankruptcy is a sure shot way of clearing all the debt but in reality all debts do not get cleared by claiming bankruptcy. Payment related to child support, alimony, any taxes that you bear, personal injury debts, education loans funded by government and any housing fee has to be paid even if you declare yourself bankrupt.

By declaring personal bankruptcy you are also liable to pay a fee that is associated with bankruptcy. These include fees that you have to pay in the court and also the fee that you require to pay to the lawyer. A bankruptcy attorney may cost you several thousand dollars.

When declaring bankruptcy please make sure that that you are taking the right decision. Take note of debts that will not get covered, even if you are declared bankrupt. Declaring bankruptcy comes with a number of costs. It is always better to plan alternatives like negotiating with creditors, building a repayment plan, making a budget etc. Even if you have two file personal bankruptcies, you can do that under Chapter 13 so that your liquid assets such as bonds, shares and property do not get confiscated.

Declaring personal bankruptcy has a lot of negative consequences. You will not be able to apply for loan or credit anywhere again. It gets difficult to get a job and you cannot even apply for a home loan. It is difficult to get out of the credit report for 10 years which can limit your credit amount serially.

In case you do not find any other alternative than declaring bankruptcy then it is always recommended that you hire a good bankruptcy lawyer and research as much as information you can before taking your decision. Ask your lawyer to charge you a reasonable amount and ask him if you can pay him in parts. You must only higher that lawyer who will pay personal attention on your case. Bankruptcy lawyer’s fee is something that you cannot escape if you are going to declare bankruptcy. Paying a nominal fee can be both in your and the lawyer's interest.

Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Cost of Declaring Bankruptcy

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Pros and Cons of Declaring Personal Bankruptcy

Declaring personal bankruptcy is a very sensitive issue. In fact, it is one decision that is going to decide your future. Sometimes life under heavy debt may feel like a failure. Fortunately, bankruptcy laws have been designed to provide respite to debtors and allow them to start afresh in their life. They are both positive and negative effects of declaring personal bankruptcy. The decision whether you should file Personal Bankruptcy or not should be made only after going through both pros and cons of the matter.

Types

Bankruptcy is generally filed under Chapter 7 and Chapter 13. Though Chapter 7 can discharge a considerable amount of debt but in most cases it will force a liquidation of the entire assets of individuals declaring the bankruptcy. If the declaration is filed under Chapter 13, the debtor is given some time and a considerable portion of the debt is lowered making it easy for him/her to get rid of his debts.

Benefits

Once the declaration has been accepted by the court, and automatic stays implies which is the first benefit of declaring personal bankruptcy. In any case, creditors cannot make any annoying calls on visit you personally to cause trouble. In case of Chapter 13, terms of loans and other mortgages can be modified and interest rates can also be lowered. Most of the time, a person who has filed personal bankruptcy under Chapter 13 is entitled to get big exemptions.

Effects

It is an undeniable fact that bankruptcy also has a lot of negative effects. Firing bankruptcy under Chapter 7 mainly destroy an individual’s credit that he has accumulated in several years. It is difficult for the one who has declared bankruptcy to get any future loans and credits. Home mortgage also becomes difficult for future. A bankruptcy cannot discharge priority debt like alimony, taxes, student loans and child support.

It is possible for secured creditors to repossess any property or political security that you have. It is recommended that you before you file bankruptcy; you can attempt to negotiate with creditors. Anyhow if things are not working out, declaring personal bankruptcy can be considered.

Brian Joneta also writes about Bankruptcy and Credit issues including Declaring Personal Bankruptcy and Bankruptcy Automatic Stay

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