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Reasons for Hiring a Bankruptcy Attorney Money that you have earned is better off in your pocket. However, if you are experiencing financial woes, a qualified bankruptcy attorney can turn these woes into something positive. Although it has a negative connotation, filing for bankruptcy is actually very helpful to those who need it most. The intention of the filing of bankruptcy is actually to provide relief to those who are deep in debt. What are the different bankruptcy filings available for you? Chapter 7 bankruptcy is also called liquidation or straight bankruptcy in which a debtor’s properties are sold so that all debts are completely wiped out. Here, creditors cannot legally contact you to make collections.
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IN Chapter 13 bankruptcy filing, you debts are paid using new income, and all or part of your debts are planned to be paid. In this chapter debtors propose a repayment plan to make installment to creditors over three to five years. To calculate the payments that you can make, they take the amount of money you have available and the amount you owner.
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When businesses file for chapter 11 or 12 bankruptcy, they are still allowed to continue their business operations without any harm. In Chapter 11 there is a proposed plan of reorganization to keep the business alive and pay creditors over time. Chapter 12 is for farmers or commercial fishermen, allowing them to make payment on the season when it is more advantageous. It may be difficult for you to eliminate student loans and tax debt. This is difficult because you are required by court to prove undue hardship and this is done by showing that if you are forced to pay your student loans or tax debt, then you will be unable to maintain even the lowest standard of living. Becoming disable is an example of undue hardship. There is a proper procedure for claiming bankruptcy. This is a court proceeding where you file a petition before a judge. If you want to ensure the best possible outcomes, then you need to hire the services of a bankruptcy attorney for this complicated process. Some people think that if you file for bankruptcy, it will destroy your credit score. Your attorney will know that despite having the bankruptcy on your credit report for at least ten years, it can help you start rebuilding your credit immediately. A bankruptcy attorney can make sure also that your house is kept. These are all federal regulations, so if there are cases brought to court, it has to be to the federal courts and not the state courts. Hiring a professional bankruptcy attorney can help you interpret laws in your state in order to protect your home and financial future.

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