Finding a Qualified Bankruptcy Attorney
Facing bankruptcy can be intimidating. Filing for bankruptcy is not the end- it's helpful to think of bankruptcy more like a phase or a transitional state.
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Types of Bankruptcy
There are many different types of bankruptcy, but the most common are Chapter 7 Liquidation Bankruptcy and Chapter 13 Reorganization Bankruptcy. Chapter 7 may help you to get a fresh financial start, while Chapter 13 provides you with a chance to reorganize your debt.
Most people are not experts on the ins-and-outs of bankruptcy law. Businesses and consumers alike can benefit by consulting with a bankruptcy attorney. An attorney can help relieve some of the burdens associated with bankruptcy.
What exactly does a bankruptcy attorney do? Bankruptcy lawyers assist their clients with various tasks, such as:
- Assisting with filing and compiling the required court documents
- Providing representation in court during bankruptcy proceedings
- Defending and protecting client interests against creditors
- Providing legal counsel on important issues like debt, tax effects, collections, repossessions, and liens
- Explaining the various options available and suggesting the best steps to take
- Outlining the limits and scope of bankruptcy laws
A bankruptcy attorney can help you reach the most advantageous position for your situation. Filing for bankruptcy is not for everyone; there are many pros and cons associated with bankruptcy. Furthermore, every different bankruptcy category has different effects on your property interests.
For example, you may be able to have some or all of your debts discharged (forgiven) under Chapter 7 Bankruptcy. Some debts are not dischargeable, in which case Chapter 13 Bankruptcy may be more appropriate for you. Creditors usually cannot collect from you if bankruptcy proceedings are underway.
Filing for bankruptcy is a serious decision whose effects may continue for several years. Anytime you file for bankruptcy, it will be reflected on your credit scores and applications. Thus, you may wish to consult with a lawyer to assist you throughout the process.