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Bankruptcy Lawyer

Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13 bankruptcy. Sponsoring bankruptcy lawyers handle these types of bankruptcies exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Bankruptcy attorneys will fight to protect your rights and your property. Bankruptcy attorneys fight the aggressive and annoying creditors for you. They can help you keep your home, vehicles and other personal property.

Filing for Chapter 7 bankruptcy is a way for debtors to get a "Fresh Start" and have debts eliminated. This type of bankruptcy is also called a "Straight Bankruptcy" or "Liquidation Bankruptcy" because assets will be liquidated in order to pay off as much debt as possible.

For debtors who are incapable of repaying debts, and eligible for chapter 7, this is the most common option. Chapter 7 allows the debtor to relieve themselves of the burden associated with having a large amount of debt. It stops harassing phone calls from creditors, eliminates most debt, and eases...

Chapter 13 bankruptcy allows debtors that file their petition with the court to submit a plan of how they will repay their debt. This form of bankruptcy is referred to as a wage earners plan by the United States government. The repayment plan submitted by the debtor must have the debt repaid within three to five years of the planís start. No plan submitted by a debtor can take longer than five years to pay back the debt. During the repayment process by the debtor, his or her creditors must stop all of their collection efforts such as phone calls or letters to the debtor.

Determine Chapter 13 eligibility
Eligible persons for Chapter 13 bankruptcy include individuals who are self-employed or who operate an unincorporated business as long as their unsecured debts total less than $336,900 and their secured debts total less than $1,010,650. Corporations and partnerships are not eligible to file for Chapter 13 bankruptcy. If a debtor failed to appear in court within the previous 180 days for another bankruptcy hearing then he or she cannot file for Chapter 13 bankruptcy. As with Chapter 7 bankruptcy, debtors wishing to file for Chapter 13 bankruptcy must receive counseling from an approved credit-counseling agency 180 days prior to filing the bankruptcy petition. In emergencies, the United States trustee can make exceptions to the rules above for eligibility.

Using Chapter 13 to stop a foreclosure
By far, the most common reason debtors choose to declare chapter 13 bankruptcy is to save a home that would otherwise be foreclosed upon. The repayment plan and new laws associated with chapter 13 bankruptcy allows home owners to stop foreclosure proceedings, and create a plan that will allow them to get back on track to paying off their home loan. The laws are rather complicated, so anyone wanting to do this should have a bankruptcy lawyer representing them

A bankruptcy lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives.

Bankruptcy law is the name given to the branch of civil law that covers federal bankruptcy and state insolvency laws and regulations as they apply to individuals, municipalities, and businesses. During bankruptcy, a court administers the estate (the property and other assets) of a debtor (a person or business who owes money to others) for the benefit of creditors (a person or business that is owed money). In voluntary bankruptcy proceedings, individuals or businesses may file for bankruptcy in an attempt to resolve a hopeless financial situation; although, from time to time, a creditor may force the filing of an involuntary bankruptcy proceeding. Please read on to find a bankruptcy lawyer, bankruptcy attorney or to learn more about bankruptcy information including the new bankruptcy laws.




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