Bankruptcy Lawyers Handle the Following
Bankruptcy lawyers assist individuals and companies who are having financial difficulties. These difficulties arise as the result of a large financial debt. Two types of debt can lead to bankruptcy. The most common type is unsecured debt, for which collateral has not been put up. Examples of unsecured debt are the money owed on a credit card and doctor bills. The second type of debt is secured debt. This debt involves someone putting up collateral for the debt, thus guaranteeing the debt will be repaid. A car loan is an example. The car itself is used to guarantee that the seller will receive payment. If the buyer cannot afford the car lone, the car is repossessed by the seller in place of payment. A bankruptcy lawyer will help guide you through the bankruptcy process, often reducing or eliminating your unsecured debt and helping to establish an affordable payment plan for your secured debt.
Filing bankruptcy starts with collecting all of your personal financial information. This will include a list of all your secured and unsecured debts (you might find ordering your credit report helpful), tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have.
Then either your attorney, or yourself if you decide to file without the help of an attorney, will need to complete the bankruptcy forms. These forms, collectively referred to as the schedules, ask you to describe your current financial status and recent financial transactions (usually within the last two years). If you are filing a Chapter 13 bankruptcy, a proposed repayment plan must also be submitted with your petition. Once the bankruptcy petition is completed you will need to file the petition with your local United States bankruptcy court. The fee for filing a chapter 7 bankruptcy is $306 and the fee for a chapter 13 bankruptcy is $281.
Immediately upon filing your petition with the bankruptcy court an automatic stay goes into effect. This provision prevents creditors from making direct contact with you or staking a claim to any of your property from the date of filing. Approximately a month after filing bankruptcy, the trustee will call a first meeting of creditors. This meeting, often called a 341 meeting, requires the presence of the debtor. Creditors rarely attend the 341 meeting even if they have some specific questions about the bankruptcy filing. Objections are typically resolved by negotiation between the debtor or the debtor's counsel and the creditor. If a compromise can not be reached, a judge will intervene.The meeting of creditors typically lasts about five minutes. If there are no challenges, you will receive a notice from the court, usually within four to six months, that the bankruptcy is discharged.
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If your creditors are making your life miserable, bankruptcy may be able to help make a lot of the pain disappear. At BankruptcyLawyerLocator.com, our experienced bankruptcy lawyers do nothing but Chapter 7 and 13 bankruptcies for people just like you, and they have extensive experience in getting the most for their clients-both during the bankruptcy process, and in their lives after bankruptcy.
Want to stop those harassing creditor phone calls and collection letters? Contact us today. You can use our secure and confidential online case evaluation form to schedule a free no obligation consultation with one of our attorneys, who will then contact you at a convenient time to discuss your bankruptcy options. You can also call our toll-free hotline at (866) 353-6800.
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