Bankruptcy Lawyers

2007-07-24 08:31:47

( Legal )



Filing for Bankruptcy

Bankruptcy is a condition of last resort where you legally declare your inability to repay your outstanding credit card bills and loans. Your primary purpose in filing bankruptcy is to get a fresh start in life by relieving yourself of debts, as well as to repay your outstanding debts in an orderly manner. As an individual debtor, you can file under Chapter 7 or 11 bankruptcy laws.

Under Chapter 7, you allow your assets to be taken over by your lenders. This is ideal for cases where you no longer have any stable means of income to repay your debtors. You may be allowed to keep exempt property, especially if you have a family to support. The bankruptcy discharge stays on your credit record for ten years, during which it may be difficult or almost impossible to apply for new loans.

Under Chapter 11, you will undergo a debt restructuring program that is agreeable to all your lenders. You may still be earning income but just needed more time to service your debts. You may also be granted partial or full relief from your outstanding loans in order to get a chance to start over.

The Need for Bankruptcy Lawyers

Filing for bankruptcy is a very tedious and often traumatizing process. Lenders can be very demanding and will try their best to get the most out of your situation.

Unless you are quite familiar with all the legal complexities of bankruptcy laws, it will be best for you to seek the professional services of a bankruptcy attorney. Bankruptcy lawyers are well-versed in the matter and can even propose solutions that you may not have thought of.

A bankruptcy lawyer can act on your behalf to negotiate with your lenders and the court about your situation, especially if you are not physically or emotionally equipped to go through bankruptcy proceedings. The lawyer can also keep you posted on the developments of your bankruptcy plea, and will arrange court dates and appointments with lenders.

Where to Find Bankruptcy Lawyers

Your own friends and relatives can provide you with the right referrals, especially if they have been in this situation before. You can also consult the state bar since it has access to the track records of bankruptcy lawyers who practice in your state. You can also browse through online sites or through local directories in your community.

Before you even hire the services of a bankruptcy lawyer, make sure that you are comfortable in dealing with him or her, especially about fees and expenses related to your case.


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