In Need of a Bankruptcy Attorney?
If your financial situation is in crisis mode, you must act quickly to protect your assets and financial interests. Creditors don't waste time when your accounts show signs of default. They submit adverse credit bureau reports that lower your credit score. They transfer your accounts to collection agencies who call your home, job, or business until they get a definitive response. Recovery attorneys secure creditor's judgments through lawsuits. They satisfy court judgments by garnishing your income and placing liens against your home. Economic problems can be stressful, especially when you see no potential for relief. Bankruptcy attorneys can help you navigate the most complex financial problems. They intervene on your behalf to stop collection efforts. They use their legal knowledge and experience to produce financial relief.
A Common Problem
If you're feeling anxious over your financial future, you're not alone. Money management problems occur at all levels of income and economic spectrums. They arise due to uniquely personal issues such as high medical bills, job losses, and divorce. Unexpected expenses and spending indiscretions cause problems as well. It doesn't matter how you reached your credit crisis; you shouldn't try to handle it on your own. Bankruptcy attorneys provide the critical legal assistance you need. They listen to your concerns, evaluate your financial issues, and determine if bankruptcy is your best option. After hearing your story and reviewing your personal financial information, your attorney might recommend that you attempt debt forgiveness, bill consolidation, or another non-legal option. When bankruptcy is the best alternative, you can trust your bankruptcy attorney to understand the complex federal code and work with you to comply with the requirements.
United States Bankruptcy Code
The Bankruptcy Code provides protection for both the debtor and the creditor. It protects the debtor by requiring that creditors cease formal and informal collection activities. It protects creditors by forcing debtors to document their assets in writing and during a formal examination. This disclosure allows the court to decide if you have the ability to pay or if you meet the qualifications to discharge your debt. Your attorney initiates the legal process by filing a petition citing the appropriate chapter.
- Chapter 7: You receive a complete discharge of your debt. If you have assets, a trustee oversees a liquidation and your creditors receive any cash proceeds.
- Chapter 11: A debtor (usually a business) works with creditors to establish a plan to reorganize and pay some or all the debt.
- Chapter 12: Family farmers and fishermen can reorganize their debt and arrange to pay some or all of it to their creditors.
- Chapter 13: This chapter is sometimes called the "wage-earner" plan. If you have a "regular income," it allows you to establish a repayment plan. To qualify, your debt must meet certain guidelines and you must complete your repayment within three to five years.
- Chapter 15: Applies to parties involved in foreign court cases.
Bankruptcy is a formal legal process. You must comply with strict rules and guidelines and appear at court-ordered hearings. Attorneys work with you to gather the required information and submit necessary documents on your behalf. They help you comply with court requests and prepare your responses. They represent you during hearings and work to provide an outcome that gives you the financial relief you need.
Bankruptcy can seem like a drastic option, but it might be the best option for you. If you're struggling with financial difficulties, your attorney can help you decide. Most bankruptcy attorneys offer a complimentary consultation. You discuss your financial issues and decide the best solutions for your personal and financial circumstances.