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Why Do You Need a Bankruptcy Attorney? It is an ideal thing to keep the money that one has earned. A qualified bankruptcy attorney can turn whatever financial woes you have into something encouraging instead of something that pulls us down. For people who really need it, filing for bankruptcy is not necessarily something bad. This process was really intended to provide relief. What are the different bankruptcy filings available for you? Chapter 7 bankruptcy can also be called liquidation or straight bankruptcy and in this type a debtor’s properties are sold so that he can wipe out all of his debts. Here, creditors cannot legally contact you to make collections.
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Another type of filing is the chapter 13 bankruptcy filing which is a plan to repay all or part of your debts using new income. Chapter 13 bankruptcy includes the debtor proposing a repayment plan to his creditor in which he pays all or part of his debts in a period of three to five years. The amount of money you have or earn and how much you owe are used to calculate the payment that you make.
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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. In Chapter 11 there is a proposed plan of reorganization to keep the business alive and pay creditors over time. In chapter 12 bankruptcy filing, farmers or commercial fishermen are allowed to make debt payments on the seasons which is most advantageous to 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. This is a court proceeding where you 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. You bankruptcy attorney can help you keep your house. 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.