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Consumer bankruptcy is divided into two types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy lawyers work on liquidation bankruptcies (also known as "straight" bankruptcies, where most of your debts are discharged or liquidated under bankruptcy law. Chapter 13 bankruptcy lawyers instead work on reorganization bankruptcies, where the individual filing for bankruptcy sets up a repayment plan to resolve his or her debt. You can learn more about bankruptcy advantages and disadvantages by speaking to bankruptcy lawyers.
Reorganization bankruptcy (or Chapter 11) involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all. Chapter 11 Bankruptcy is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. The rate of successful reorganizations is very low.
Consumer credit comes in several forms: credit cards, charge cards, and debit cards. It is frequently dependent on a good, pre-existing credit score and a positive history of paying off credit card debt. You can find out what your credit score is by requesting credit reports from one of the three major credit agencies: Equifax, Experian, and TransUnion. You can begin paying off debt by choosing a credit counselor in your area.
Collection is a process that creditors can use to get money from uncooperative debtors. Collectors must abide by the FDCPA (Fair Act), and cannot threaten, swear at, mislead, or lie to the debtors from which they are trying to collect payment. Debt collection laws also prohibit calling before 8 AM or after 9 PM. If you're being harassed by debt collectors, consider contacting local bankruptcy attorneys for assistance using the LegalMatch matching service.
Income tax is a familiar legal phenomenon for most people who bring home a paycheck. Audits and appeals lawyers can assist you if you have been audited by the IRS and are planning to file an appeal with the tax court. In the case of tax evasion, bankruptcy attorneys or bankruptcy lawyers alike can provide insight and review potential defenses to tax evasion. Failure to file tax returns or pay tax penalties can be a serious legal problem and should be brought up as soon as possible with tax or bankruptcy lawyers (often misspelled as bankrupcy lawyers).