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A Good Bankruptcy Lawyer Can Help You
Bankruptcy a court process that allows an individual or business to get help with their debts. The ultimate goal of bankruptcy is to give the individual or business a fresh financial start while being fair to the creditors.
Filing for business bankruptcy can be very complicated and frustrating. Having a bankruptcy attorney help your business through bankruptcy can make the process easier. A bankruptcy lawyer has prior experience dealing with bankruptcies and knows your state's laws and regulations.
Filing for consumer bankruptcy can also be complicated. It is important to know how the law regulates bankruptcy in your state, including what bankruptcy exemptions you can claim. A bankruptcy lawyer knows the ins-and-outs of filing for bankruptcy and how you can avoid repossessions. The 2005 bankruptcy law changes had a dramatic effect on reducing the number of bankruptcies filed in the US in 2006. They can help you find out what kind of bankruptcy filing is right for you.
Changes in bankruptcy law have created an exceptionally frustrating space in the legal sphere, especially where debt-laden consumers are concerned. These 2005 bankruptcy law changes, put into effect by President Bush, make it much more difficult for people to get their debts cleared.
Individuals declaring consumer bankruptcy normally have two filing options:
While Chapter 7 previously served to wipe the slate clean for major debtors, it is now extraordinarily difficult to get court approval for a Chapter 7 filing. Those who are denied the fresh start provided by Chapter 7 must instead file for Chapter 13 bankruptcy-a much less accommodating model also referred to as "reorganization bankruptcy." With Chapter 13, consumers are still liable for their debts and must work out a 3-5 year payment plan with the court.
Business bankruptcy should be handled with care as well, as the process can be an extremely frustrating one for even the most knowledgeable business owners. Most business bankruptcies are filed under Chapter 7 and Chapter 11, and the same 2005 legal changes that plague consumers come into effect here as well. It is rare to be awarded a Chapter 7 filing.
