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Reasons for Hiring a Bankruptcy Attorney It is good to keep the money that you have earned. However, if you are experiencing financial woes, a qualified bankruptcy attorney can turn these woes into something positive. Although it has a negative connotation, filing for bankruptcy is actually very helpful to those who need it most. It is to provide relief to those who are deep in debt that this process of filing for bankruptcy was intended. Below are the different bankruptcy types you can file. Chapter 7 bankruptcy is also called liquidation or straight bankruptcy in which a debtor’s properties are sold so that all debts are completely wiped out. Now, creditors can no longer collect from you legally in this type of filing.
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Chapter 13 bankruptcy is a payment plan to repay all or part of your debts using new income. IN this chapter the debtor needs to propose a plan to his creditor in how he will pay his debts in a period of over three to five years. To calculate the payments that you can make, they take the amount of money you have available and the amount you owner.
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When businesses file for chapter 11 or 12 bankruptcy, they are still allowed to continue their business operations without any harm. A proposed plan of reorganization is given by the debtor to keep its business alive and pay their creditors over time. Chapter 12 bankruptcy is a filing for farmers or commercial fisherman that allows them to repay their debts at the most advantageous time for them. It may be difficult for you to eliminate student loans and tax debt. To be able to eliminate student loan or tax debt, you will be required to prove undue hardship and this means that you need to prove that you will be unable to sustain even the lowest standard of living if you are required to pay your tax debt or student loan. An example of undue hardship is if you become disabled. You cannot just claim bankruptcy anytime. To claim bankruptcy you need to first file a petition before a judge. If you want to ensure the best possible outcomes, then you need to hire the services of a bankruptcy attorney for this complicated process. A lot of people are afraid that if you file for bankruptcy your credit score will be destroyed. But experienced bankruptcy attorneys will assure you the you can start rebuilding your credit immediately even though the bankruptcy will remain on your credit report for ten years. A bankruptcy attorney can make sure also that your house is kept. Federal courts and not state courts hear bankruptcy cases since these are federal regulations. And In order to protect your home and financial future, hiring a professional bankruptcy attorney can help you interpret the laws in your state.