Last year more than 1 million Americans filed personal bankruptcy in order to improve their financial situation. The process of filing for bankruptcy can be a stressful and emotional time. It may be triggered by traumatic events such as a job loss, overwhelming medical bills or an uninsured natural disaster. While the law does not require that an individual utilize the services of a lawyer in order to file, fortunately, a good bankruptcy lawyer can provide services to make the process less complicated and confusing for an individual. It's important to be an educated consumer when selecting an attorney, so here is a description of the process to help get started.
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Overview
Bankruptcy law describes the branch of civil law covering federal and state bankruptcy and insolvency laws applying to individuals, municipalities and businesses. A party may file for bankruptcy voluntarily or may be forced by creditors. While a bankruptcy can offer relief and a fresh start, the affects of a low credit score will usually not disappear for up to ten years. There are two things an individual can do prior to consulting with a bankruptcy lawyer. First, they should get all of their financial information collected and organized. Second is to seek consumer credit counseling which is mandated by the government for anyone filing for bankruptcy.
Choices
An individual will need to meet with a bankruptcy lawyer to determine what type of filing they qualify for and is best for their situation. The majority of cases are Chapter 7, the quickest and simplest option which complete eliminates most debt that is not attached to a property. The other main option is Chapter 13 in which a three to five year payment plan is developed during which the debtor must pay off their creditors. The law can be complicated and an individual must make the right choices to avoid losing more than is necessary.
Filing the case
A lawyer must understand both state and federal law as the case must be filed in federal court but state law has a large effect on the claims and exemptions presented in the case. A lawyer will also insure that the right forms get filed correctly and on time. This is important not only to having the process completed quickly but also because an individual must file within a certain period of time following counseling. A bankruptcy lawyer will work on your behalf to communicate with the judge and will help you prepare for and accompany you to creditor meetings.
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