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Explore Your Options With A Bankruptcy Attorney

Before you start talking to a bankruptcy attorney, it's important to understand the basics of bankruptcy law. Read on to learn more about filing.

When you consider bankruptcy it can be a very delicate situation. By looking to a bankruptcy attorney for help, you can find out how best to handle your financial situation by taking advantage of what the federal government has to offer. In the end, if you decide to go through with the process you will need legal representation as bankruptcy is taken care of by the federal court system. To start, it's important to know the basics of what is available to you. Here is a little more information about the three filing statuses to choose from.

Chapter 7 bankruptcy is liquidation bankruptcy. This is when all of your property and assets are liquidated into their cash value in order to pay off all of your debts. This is best for people in a financial situation where they have debt that is far beyond what they can afford, even after liquidation. Once everything has been liquidated any other debts that you owe will be erased and you will not be responsible to complete payments on them. This can be a life altering experience so your bankruptcy attorney will not suggest this solution lightly. They can help you through the process by ensuring a quick resolution so you can get back to rebuilding your life.

Chapter 11 is the chapter of the bankruptcy that works with businesses so that they can reorganize their current debts to stay in business. Your bankruptcy attorney will help you reorganize your businesses finances to easier payment plans. You will have to disclose your assets, liabilities, and business affairs so that the judge presiding over your case approve of your reorganization. It is best to find a lawyer that specifically works with business bankruptcy law so that you get the strongest representation possible.

Chapter 13 is designed for individuals who have gainful employment but high interest bills, loans, and mortgages getting in the way of financial stability can take advantage of this type of filing status. Your bankruptcy attorney will work with you to propose a plan that allows for better terms with your creditors and has you pay reasonable, affordable payments over time. By creating a new plan, you can get out of financial debt within three to five years. This also helps you retain some of your most important assets, such as your home.

When you meet with a bankruptcy lawyer for a consultation, you may find that your financial situation could have a resolution other than bankruptcy. You may be advised to seek out a consolidation loan or find ways of rethinking your budget with an accountant to start getting on top of your debt. It's just one in a series of solutions. To startArticle Search, arrange an appointment with a lawyer. These initial consultations are free so you have nothing to loose.

Article Tags: Bankruptcy Attorney, Financial Situation

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ABOUT THE AUTHOR


When in need of a diligent bankruptcy attorney annapolis denizens should make sure that they visit and browse http://www.russacklaw.com/.



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