Bankruptcy Law Firms

Do I Need to Contact a Bankruptcy Law Firm?

If you are facing mounting debts and your financial future is bleak at best, you should contact a bankruptcy law firm. Contacting these firms is necessary, because they are equipped with legal professionals who will help you alleviate your debts.

When contacting a bankruptcy law firm, legal professionals will decide if filing a bankruptcy petition is worth pursuing. Communicating with a bankruptcy law firm provides information to illuminate your financial future. You should not engage in a bankruptcy filing or pursuit any debt alleviation practice until you first contact a bankruptcy law firm about your potential case.

Filing for bankruptcy is a last resort option for anyone that is consumed with debt. Before undertaking a petition for bankruptcy, you must talk to a bankruptcy lawyer about alternative options, including consolidation. When you contact a bankruptcy professional, you and he/she will look at all angles to alleviate your debt. A bankruptcy law firm will evaluate all options because a bankruptcy filing stays on your credit report for 7-10 years, depending on the chapter you file. A review of your financial situation is crucial.

If you are stricken with debt, a bankruptcy law firm is a valuable tool to alleviate your financial woes. When contacting these professionals, they will contact your creditors and evaluate your debt portfolio to analyze your need for a filing. Because a filing affects your credit score, securing a loan or financing after filing a petition for bankruptcy is exceedingly difficult. To secure financing after bankruptcy you must rebuild your credit for at least 2 years before you are eligible for a loan.

Meeting with a bankruptcy law firm allows a professional to look into your financial situation. Conversing with a bankruptcy law firm helps illuminate your options by evaluating your debt portfolio to suggest the most reasonable maneuvers for alleviation.

In addition to suggesting an efficient route for alleviation, a bankruptcy law firm also engages in negotiations with your creditors and your local court system to ensure the elimination of your debts. Bankruptcy law firms are comprised of bankruptcy lawyers, who are experienced professionals well-versed in the United States’ complex bankruptcy laws. These individuals, after reviewing your financial portfolio, will suggest a route and initiate a filing if one is chosen. A bankruptcy law firm is adept in filing petitions and adhering to the procedures necessary for expediting the filing.

What to Know about Bankruptcy Law Firms:

If you are a resident of the United States and are debating whether or not to file for bankruptcy, you must contact a bankruptcy law firm. Although federal laws will ultimately dictate your ability to file for bankruptcy, a bankruptcy law firm must file your prospective petition in a state federal bankruptcy court. Because of this localized characteristic, uniqueness exists based on jurisdiction concerning bankruptcy filings in the United States.

A bankruptcy law firm is comprised of bankruptcy lawyers who specialize in a state’s bankruptcy laws and the specific filing requirements instituted by the jurisdiction’s bankruptcy divisions. Additionally, a bankruptcy law firm is comprised of professionals who innately understand the state’s statute of limitations and filing requirements as introduced by the local legal system.

If you choose to file for bankruptcy, you should hire a bankruptcy lawyer. All bankruptcy filings commence with the filing of a bankruptcy petition, required documents, forms and fees. Although you do not have to hire a bankruptcy law firm to file for protection, bankruptcy lawyers will invariably expedite the process through their inherent understanding of complicated bankruptcy laws.

What can a Bankruptcy Lawyer Help me with?

Before filing for bankruptcy, you must understand the basics surrounding the protection. In general, there are two primary types of bankruptcy filings: Chapter 7 and Chapter 13. Both of these chapters provide relief from debts and offer a fresh financial start through a discharge of your obligations. A court order officially ends your creditors’ ability to collect on your debts.

What is a Chapter 7 Filing?

Referred to as “straight bankruptcy filing” a Chapter 7 petition is the most ubiquitous form of bankruptcy. Individuals filing a Chapter 7 bankruptcy petition possess few or no assets to pay their creditors—the discharge applies to the majority of individual debts. Discharge refers to the court action that eliminates your court’s debts.

To file a Chapter 7 bankruptcy, you must qualify for the filing. Eligibility is based on a means test and income established by federal bankruptcy law. Most times, a bankruptcy law firm will suggest a Chapter 13 filing if you can afford to pay a large chunk of your debts through a lump sum payment.

In a Chapter 7 filing, you will keep all of your exempted property; these assets are protected from your creditors’ reach. However, in a chapter 7 filing, property may be sold by the court’s trustee to satisfy your debt obligations. A Chapter 7 discharge applies to the bulk of debt types, including credit cards and medical bills.

What is a Chapter 13 Filing?

Depending on your financial situation, a bankruptcy law firm may initiate a Chapter 13 filing. This bankruptcy chapter effectively reorganizes your debts. Under this chapter you will make partial or full payments according to a repayment plan structured by your bankruptcy law firm. Your payment plan must adhere to your state’s bankruptcy laws.

If, after review of your financial portfolio, the bankruptcy law firm thinks you have enough disposable income to pay-off large debts, the firm will suggest a Chapter 13 filing. Common circumstances that necessitate a Chapter 13 filing include the following: you are overwhelmed with loans or mortgages that you wish to bring current through a repayment plan so you can retain the property; your debts are deemed ineligible for a Chapter 7 discharge by bankruptcy law firm (student loans child support or taxes are commonly illegible); you are motivated by personal morals or values to pay-off all of your debts.

What Will a Bankruptcy Law Firm Teach Me?

In the United States, you can choose to use your property exemptions allowed by your particular state. Exemption amounts will vary by jurisdiction. Your state’s statutes will elucidate on exempt property and value limits, however, listed below are some basic exemptions in the United States:

• Your home, or $75,000 to $150,000 of its value, depending on the state where you reside

• Personal property up to $10,000

• Motor vehicles up to $4,000 or $10,000 if you are a disabled applicant

• Retirement funds

• Proceeds generated from life insurance

The home exemption may be limited if, before filing for bankruptcy, you move to a state with a higher homestead exemption. Bankruptcy law will bar moving just to take advantage of a state’s property exemptions or to defraud creditors on purpose.

Exemptions will cover a number of types of personal items, such as furniture or clothing, but the exact amounts for exemption may not matter. It is rare that a bankruptcy trustee will try to sell these assets because they are unlikely to raise substantial funds needed to pay your creditors.

Property exemptions have a significant impact on your decision to file for bankruptcy. For example, if your primary assets are exempt and your debts qualify for discharge, engaging in a Chapter 7 filing is more sensible.

Finding a Suitable Bankruptcy Law Firm:

To locate bankruptcy law firm you must utilize all resources, including the Internet and referral services. Given its efficiency, a search engine should be the first resource utilized to evaluate and locate suitable bankruptcy law firms in your area. Perform Google or Bing searches to compile a list of bankruptcy law firms in your area. After compiling a list, you should visit legal websites to ensure that these bankruptcy law firms are licensed and in good standing with your state’s Bar association.

All bankruptcy law firms in your area should be listed online. When you find a number of bankruptcy law firms in your area you must visit their websites and view their biographical information. The individual attorney’s profile will illuminate their specific skill set, their past clients and the skill with which they engage in litigation.

Once you have reviewed biographical information you should contact the bankruptcy law firm via telephone to discuss your specific financial matter. The majority of bankruptcy law firms offer free consultations to assess your case. These preliminary meetings are essential; once a bankruptcy law firm evaluates your case the firm will render a decision regarding their willingness to proceed with a bankruptcy filing.

When you consult with bankruptcy law firm it is vital to be knowledgeable and well prepared. You must have your financial documents on hand to illuminate your case on your finances. The exchange of information is crucial to file an efficient case. Openness with your bankruptcy law firm enables the particular lawyer to inspect the need for a filing and the type of petition to be filed.

What Should I Look for in a Bankruptcy Law Firm?

When bankruptcy law firms, you must take note of their personality and their experience. You want to hire a personable and experienced bankruptcy law firm to represent you. Because the information exchanged is sensitive and personal, you must hire a bankruptcy law firm whom you feel comfortable with. Furthermore, because your case is invariably complex, you must secure legal help that is experienced and knowledgeable with your state’s bankruptcy code.

Fees associated with a bankruptcy law firm depend on a few variables, including the individual’s lawyer’s experience, their reputation, the complexity of your filing, the amount of debts you owe, the lawyer’s workload and your location. That being said, the bulk of bankruptcy law firms operate under a flat-fee or contingency basis.

What Do I Do After I File for Bankruptcy?

After filing for bankruptcy, you are free to enjoy a clean debt portfolio. All of your discharged debts are wiped clean. After filing for bankruptcy, it is illegal for a creditor to initiate any collection attempts. After the filing; however, you will still need to negotiate and fulfill the following debt obligations:

• Non-discharged debts (mortgage and child support)

• Debts you agreed to repay following bankruptcy, such as your car loan

It is essential that you stay on track with your payments because NY bankruptcy law will limit your ability to file for bankruptcy more than once. In most instances, you will satisfy a waiting period before you are ruled eligible to file again. This waiting period can last 180 days, 2 years or 8 years depending on which type of bankruptcy you first filed and whether you received a discharge or not.