Filing bankruptcy proceedings enables the filer to deal with debts without having to pay all of his or her creditors at the same time. Filing for bankruptcy also helps an individual repay or even wipe-out debts. Despite the stigma, a bankruptcy filing is a great help when you are dealing with debt. It can give you a fresh start at life through a discharge or a repayment plan. Before bankruptcy is filed, however, make sure a good lawyer is helping you with your petition. You would not want to have your case dismissed before getting discharged debt.

The different types of bankruptcy are suited for the different types of debt a bankrupt individual may have.  The actual bankruptcy procedure and qualifications for each area are covered by bankruptcy laws.

You could have the option to liquidate your assets through a Chapter 7 Liquidation Bankruptcy. Assets are liquidated and funds are allocated to certain lenders and debt collectors (which are arguably the most vital roles of a trustee in bankruptcy cases). Here, bankruptcy exemptions are key.

In contrast, you may opt to reorganize your finances through a Chapter 13 Reorganization Bankruptcy. Here, assets are retained and debts are reorganized. The restructuring will make it possible for the debtor to make monthly payments (through the trustee) according to his or her repayment plan, which shall be approved by the bankruptcy court.

Regardless of filing chapter, bankruptcy filings generally protect debtors from creditor harassment and can help stop wage garnishment and foreclosure. Also, when you file for bankruptcy, an automatic stay shall take effect immediately. This bankruptcy protection will spare you from harassing phone calls from collection agencies. A bankruptcy stay is also especially useful when you are worried about wage garnishment, home foreclosure, and repossession.

When you file for bankruptcy, you will have the chance to get out of debt and secure your financial future. A bankruptcy declaration often includes both secured debt and unsecured debt. You will have to pay your secured debts if you want to stop foreclosure or repossession. On the other hand, your unsecured debts, such as medical bills and credit card bills, will likely be wiped out. The case is different, though, for tax debt, student loans, child support, alimony, and criminal fines and penalties, as these cannot be eliminated. These can be discussed further by a lawyer knowledgeable on bankruptcy rules.

Right Bankruptcy Lawyer Filing a petition in bankruptcy allows you to have financial freedom. However, filing a bankruptcy petition can affect your credit score. Rebuilding credit can be difficult, but your credit score can eventually improve after bankruptcy.

Struggling with debt and financial problems can be stressful, especially when you are managing things alone. If you are overwhelmed with debts, you should consult with an expert bankruptcy attorney.

A bankruptcy lawyer shall help you with your bankruptcy case. Learning how to file a bankruptcy petition can be daunting when done on your own. Bankruptcy attorneys can help you with court forms, relevant paperwork, and supporting documents. To avoid any legal issues during the bankruptcy proceeding, it is recommended to hire an experienced consumer bankruptcy attorney.

If you are going bankrupt, know that you are not alone. Find credible bankruptcy lawyers who are experts in handling bankruptcy cases. Bankruptcy law is a very complicated area. Your lawyer should be board certified either in consumer or business bankruptcy. Others that are not accredited by the board may declare that they are ‘limiting their practice’ to consumer bankruptcy. Being board certified is a strong sign that they are knowledgeable about bankruptcies. Furthermore, getting legal help from credible law offices will ensure that your attorney can keep up with bankruptcy state law and the bankruptcy process, which are both constantly evolving.

After you have reviewed the profiles of attorneys near you, carefully read feedback and testimonials. If you feel you are ready, schedule a free consultation.  They should have a positive attitude that can give you a clear sense of their level of experience.

Deciding what bankruptcy chapter will suit you will depend on your monthly income, living expenses, and your capacity for making payments according to the agreed payment plan. All these and any other legal issues related to your bankruptcy declaration can be explained to you by your would-be attorney.

If you are having debt problems and are considering bankruptcy, consult with a reliable local bankruptcy attorney. Get someone who can assist you with bankruptcy discharge and debt relief. Call our law firm, WantAFreshStart, LLC, for a free consultation.