Bankruptcy Law Firms

2007-10-15 12:53:47

( Legal )



The Tedious Process of Filing for Bankruptcy

Bankruptcy is a personal or business situation where you can no longer afford to pay for your debt obligations without intervention from a third party. The bankruptcy case is between you and your creditors, and the third party is the court.

There are several ways you can file for bankruptcy, depending on your income situation. Under Chapter 7 bankruptcy law, you declare that you will no longer be able to pay all your obligations, so your creditors will claim most of your assets. Under Chapter 13 bankruptcy, you declare inability under the present terms and conditions, but work out a feasible payment plan wherein your creditors will gradually be repaid over the next few years.

Generally, you will expect two things to happen. One is that your creditors will be anxious to clear your debts and may not readily accept your bankruptcy proposals. Or they may negotiate with the court to impose a tougher payment plan than you have proposed.

Second, while filing for bankruptcy allows you to cancel or postpone debt payments, your credit history will be severely affected. The bankruptcy record will stay for at least seven years on your credit report.

The Need for Consulting a Bankruptcy Lawyer

Filing for bankruptcy on your own is quite risky. Unless you are a bankruptcy paralegal or lawyer yourself, you may not be aware of some provisions in bankruptcy laws that you may be able to use for your own case.

Without a bankruptcy lawyer to represent you, you will have to attend all court hearings regarding your case. On the other hand, a bankruptcy lawyer could have at least represent you in appointments with the court and your creditors, as well as negotiate on your behalf regarding any counter-proposals.

Bankruptcy laws vary by state, and this complicates the matter. You cannot expect Florida bankruptcy to have exactly the same provisions as Texas bankruptcy laws.

Bankruptcy Law Firms Online

Bankruptcy Law Firms is an online directory and information site exclusively for bankruptcy matters. You can read and study the latest bankruptcy laws, which the site provides to you given your zip code.

You can also access numerous articles discussing tips for bankruptcy clients, especially in choosing a lawyer, deciding which type of bankruptcy filing option you should take, and managing life after bankruptcy.

Bankruptcy Law Firms com also allows you to communicate directly with a lawyer online so that you can get a first opinion about your own case. The site offers an initial review of your case at no charge.

More importantly, The site can give you referrals to help you find the right lawyer, based on where you live.

To request for initial review or legal assistance, you need to enter your contact information as well as details about your current income sources and debt profile.


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