Find Bankruptcy Lawyers Near Me
Bankruptcy is a legal process that occurs when a person or company has incurred debts but can not pay them.
If you have debts you can not pay or you find yourself in an out-of-control economic situation, declaring yourself in bankruptcy can be a solution to your problems. With bankruptcy, you can get out of debt, take a break and start over.
The bankruptcy law is a statutory law contained in Title 11 of the United States Code. The Congress passed the Bankruptcy Law Code under its Constitutional grant of authority to establish uniform laws in the bankruptcy case throughout the United States.
Consequences of Bankruptcy:
Now that the new bankruptcy laws are in place, the structure of the bankruptcy law has changed for those who are considering bankruptcy. Under the new bankruptcy laws, people who register and have higher incomes are not allowed to file Chapter 7 bankruptcy but are ordered to liquidate at least part of their debt under Chapter 13. All debtors they will need to get credit counseling before they can file a bankruptcy case and possible additional budget advice and debt management before they can clear their debts.
In addition, you can not register under any other chapter of bankruptcy if, during the 180 previous days, a bankruptcy petition has been dismissed due to the voluntary omission of the debtor to appear before the court or comply with court orders or if it was voluntarily dismissed after the creditors sought compensation from the bankruptcy court to recover the assets over which they have withholding rights. 11 USC 109 (g), 362 (d) and (e).
What a bankruptcy lawyer near me can do:
Bankruptcy prevents overdue debts from building up over time and so when your legal process has successfully completed you will have the opportunity to rebuild your credit again.
If you decide to file for bankruptcy, an experienced Advocate attorney can help you find a solution that fits your personal situation. Bankruptcy is something that nobody wants to think about. However, sometimes circumstances make us face difficult decisions. Because new bankruptcy laws make it more difficult for consumers to file for bankruptcy, consumers should consult a competent Bankruptcy lawyer. A bankruptcy attorney specializing in bankruptcy laws can provide you with legal methods, helping you clear your debts by liquidating your assets and distributing them among your creditors.
A bankruptcy lawyer can also explain the main purposes and applications of bankruptcy laws and how they work.
Bankruptcy Lawyers Referral Service:
If you are planning to file for bankruptcy, but do not know where to start, call us and we will help you find the appropriate bankruptcy lawyer in your area who can find the best option to eliminate your debt.
More information on the types of Bankruptcy Law:
Rights of Creditors
If you have any questions about the information provided above, please contact us
Call us or click here for a referral from an attorney or law firm of the Hi5Lawyers Legal Center.
Find Lawyers When Bankruptcy is declared:
You can choose the type of bankruptcy that best suits you:
Chapter 7: Appoint a trustee to take possession of his assets. All good worth being sold or converted into money to pay your creditors. You may be able to keep some personal items and perhaps real estate, according to the law of the state in which you live.
Chapter 13: You can usually keep your assets, but you must earn a salary or have another regular source of income and you must agree to pay your creditors part of your income. The court must approve the payment plan and its budget. A trustee is appointed to receive payments from you, pay your creditors and ensure that you comply with the terms of your payment plan.
Chapter 12: Similar to Chapter 13, but only for farmers
Chapter 11: It is mainly used by businesses. Under Chapter 11 you can continue to run your business, but your creditors and the Court have to approve a plan to pay your debts. There is no fiduciary unless the Judge decides that one is needed; if a trustee is named, he or she takes control of your business and your assets.
If you already filed for bankruptcy under Chapter 7, you may be able to change the case to another Chapter.
Your bankruptcy may be reported in your credit file for up to ten years. This may affect your ability to receive credit in the future.
WHY DO YOU NEED A BANKRUPTCY LAWYER?
An attorney will explain all legal procedures to comply with bankruptcy laws
Recommend the best option for bankruptcy according to your case
Prevent losing your home
Stop collection companies from continuing to harass you for payments
Negotiate with credit card companies to lower your debts and monthly payments
Create a payment plan that you can actually afford
If necessary, help you sell certain assets so that you can pay your debts
Bankruptcy Useful Articles and Resources