In today's economy, personal bankruptcy is becoming an increasingly popular way to end the battle with debt. However, before you begin the process you need to have a full understanding of the ins and outs of bankruptcy. With the new bankruptcy laws that are now in place, it is important that you find a lawyer who is well versed with all of laws in place and how they may vary in your particular state.
Often times, people believe they will end up spending more money if they hire a bankruptcy attorney. However, in most instances, clients will actually save more money and end up with less debt if you hire a professional lawyer to help guide you through the entire process.
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When you begin the personal bankruptcy process, you will first need to decide what type of bankruptcy you will quality for. As well, you must be approved before you can file bankruptcy. Not everyone qualifies, and therefore must find other alternatives to debt relief. For example, if you have filed bankruptcy in the 180 days prior and your case was dismissed for any reason, you cannot file for personal bankruptcy again.
In most situations, consumers either qualify for Chapter 7 bankruptcy or Chapter 13. With Chapter 7 bankruptcy, you will need to make a list of all your current assets, as well as all of your current debt. Then, you will be required to liquidate your available assets in order to repay your debtors. There are provisions as to what can be salvaged from liquidation.
With Chapter 13 bankruptcy, your lawyer will work with you, your creditors and the courts in order to design a repayment plan of your acquired debt. Once you have completed credit counseling, you will then begin to work on repaying your debt. Creditors often will be more than willing to work with you to lower your interest rates or take a partial payment as a payment made in full. If you are in the midst of having your home foreclosed on you may want to consider Chapter 13 as a way to save your current home.
With both Chapter 7 and Chapter 13 bankruptcy, there are certain debts that cannot be included. For example, any student loans acquired after September 1, 2004 cannot be included in your bankruptcy claim. As well, you cannot include child support, spousal support and taxes or tax liens.
The personal bankruptcy laws vary from state to state. Therefore, it is important that you find a local lawyer that can correctly guide you through the entire process. Although not everyone qualifies for bankruptcy and not all debt can be included in your claim, if you are swimming with debt and do not see any other way out, then bankruptcy is definitely worth considering.
Before beginning the bankruptcy process, consider doing some serious research and make sure that you are a candidate for it. It is important to keep in mind that the courts must approve your claim. Therefore, once you have made the decision to file bankruptcy, consult with a lawyer who can increase your odds of being accepted for bankruptcy once you have filed. Before you know it, you will be on your way to a fresh start, without the looming debt.
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