Bankruptcy Information
Use our Bankruptcy Guide to learn about bankruptcy laws, bankruptcy court, filing bankruptcy, bankruptcy discharge, chapter 13 bankruptcy, chapter 7 bankruptcy and find bankruptcy help.
Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors.
Filing Bankruptcy
Have you lost a job or had your income reduced? Do you have unanticipated medical bills? Have your living expenses increased beyond what you need to make your normal minimum payments on your credit cards and other bills? The vast majority of people who need to file bankruptcy end up in that position through no fault of their own. That isn't intended to mean that people who file aren't responsible for their debts. They are. But the bankruptcy laws exist to enable people to get a "fresh start" when unexpected or unforeseen events occur to render them unable to pay their debts.
Choosing a Bankruptcy Lawyer
If things have gone wrong on your financial front and if you seriously want to brave it and take the responsibility, you will need to file for bankruptcy. This is not easy for anyone. Yet it is a bold step forward that will help you get rid of your debts and at the same time not lose all your assets. You can start your life again free from all the debts. You need to consult a bankruptcy lawyer for this. Though this is not obligatory as per law, such an expertise will only help you to carry out a smooth bankruptcy filing and settlement.
Filing for bankruptcy is a complex and long process. You may not be able to bear the tedious procedure involved in this case. You can get complete peace of mind by just leaving these works with a bankruptcy attorney. The first step that you need to take is to choose your bankruptcy lawyer, before you file. There are different types of bankruptcy lawyer catering to businesses and individuals. Choose the one that you need for your purpose.
There are many advantages of hiring a bankruptcy attorney. The new law makes it obligatory for you to explore more options before you file for bankruptcy - like credit counseling. Bankruptcy attorneys can help you understand the legalities of the entire process. Secondly, a bankruptcy lawyer helps you determine which chapter you should choose to file for bankruptcy. Third, they take the help of other bankruptcy assistance company to ensure that they have given the case a due consideration. And finally, they help you with the tedious work of dealing with creditors, negotiating with the court to work out a repayment plan, deal with the extensive paperwork and even help you gather your assets for liquidation purposes.
Before you choose a bankruptcy lawyer, you need to do some research as to the one you should hire. You can go to the state Bar Association and try to find a good bankruptcy lawyer who has no ethical complaints lodged against him. You could also take the help of your friends and relatives who have filed for bankruptcy before. Remember that this is a very complex process and only a skilled person can handle it well. You can arrange for an initial meeting with the lawyer and even check his credentials before you make the final approval.
If you are filing for bankruptcy, it goes without saying that you will not be able to hire an expensive lawyer. Yet it is not always a good choice to hire a cheap bankruptcy lawyer. He may not have the required experience or skill required. Remember that you will get what you pay for. You can check with the local Bar Association to determine what a fair price would be. Finally, you need to trust your lawyer. You need to give him all the necessary information that he requires and give him the true facts of your situation. He can give you the best only when you give him the truth!
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Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the "simplest" and least expensive bankruptcy to file under and is known as a "straight liquidation."
Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is known as a "reorganization" where an individual or business proposes a repayment plan to the creditors who are owed money before the case is filed. It is designed primarily for businesses.
Chapter 12 Bankruptcy
Chapter 12 Bankruptcy is the chapter of the Bankruptcy Code providing for adjustment of debts of a "family farmer," or a "family fisherman" as those terms are defined in the Bankruptcy Code. It is known as Family Farmer Bankrupty or Family Fisherman Bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is basically a repayment plan for individual wage earners who have total unsecured debts of less than $307,675 and total secured debts of less than $922,975 (debts which are legitimately in dispute or are contingent are not included in this total).
Discharging Taxes in Bankruptcy
Can you get rid of discharge tax debts in bankruptcy? The answer is "yes", depending on the type of taxes and other factors.