Do You Need A Lawyer To File Bankruptcy – There are many reasons why people come to us for help with bankruptcy. High medical bills resulting from poor business decisions, divorce, loss of job or ability to work, and injuries. Here at TATE BYWATER we have seen people interested in bankruptcy due to many, many circumstances. That is why it is important to remember the following.
It’s not always your fault – we understand that everyone who needs a bankruptcy attorney is bad with money. There are people who have consigned themselves to oblivion, most people forced to meet us by events beyond their control. Either way, we can help you get back on your feet with the benefits of bankruptcy law.
Do You Need A Lawyer To File Bankruptcy
It’s a complicated process – bankruptcy law is always changing. Trying to navigate it yourself can be an almost impossible process. That is why it is important to seek the help of a bankruptcy attorney as soon as you realize that you cannot handle the process.
Things To Do When A Client Files Bankruptcy
Every Client Is Different – As we mentioned above, not everyone needs to consult a bankruptcy attorney for the same reason. That is why it is important to visit a law firm with thorough experience in bankruptcy law. Whether you have a personal or business financial problem, we know the questions to ask specifically for you for your bankruptcy filing.
If you feel you need the help of a bankruptcy attorney, call TATE BYWATER to discuss your options. Bankruptcy is an option if you have too much debt. Find out if bankruptcy protection is right for you, the differences between types of bankruptcy, when to file and what to expect.
Differentiating between the different types of bankruptcy and knowing when it is appropriate to file for one can be confusing.
In this guide, we’ll cover Chapter 7 and Chapter 13—the two most common types of bankruptcy—and explain what happens when you file bankruptcy, how to do it, and the questions you should ask yourself to determine if bankruptcy is right. you
What To Know If Coronavirus Has You Considering Filing For Bankruptcy
Bankruptcy is a legal process for individuals or companies that are unable to pay their outstanding debts. You can become bankrupt in one of two main ways. A more common way is to file for voluntary bankruptcy. Another way is for creditors to ask the court to grant a bankruptcy order.
If you decide to file bankruptcy yourself, there are several ways to do so. You may want to consult with an attorney before proceeding so that you can determine the best fit for your situation.
There are other types of bankruptcy filings that are less common and more expensive for small businesses, such as Chapter 11. This type of bankruptcy is for businesses with debts of $2.5 million or more, or businesses owned by an LLC or partnership. Chapter 11 bankruptcy is similar to Chapter 13 but is usually only for businesses.
The Small Business Reorganization Act of 2019 made Chapter 11 less costly for small businesses, giving them more flexibility to negotiate bankruptcy terms with creditors. But it is still much less common than Chapter 13. If you think Chapter 11 bankruptcy is right for your company, you can talk to an attorney.
How To File Bankruptcy Without A Lawyer: Is It A Good Idea?
Filing a bankruptcy petition automatically stops your creditors’ claims against you. This means that your creditors will have to stop trying to collect the money you owe them. They will not be able to:
Your case will be assigned to a bankruptcy trustee, who is an attorney who will oversee your case. The trustee will send notices to your creditors and schedule a hearing.
From there, the process depends on whether you’ve filed for protection under Chapter 7 or Chapter 13 of the federal bankruptcy code.
Chapter 7 is one of the most common types of bankruptcy. In Chapter 7 bankruptcy, you will:
Here’s What To Consider Before Filing Bankruptcy
There are certain assets – such as limited amounts of cash, clothing, household goods and a car – that you are allowed to keep, but these exemptions vary by state where you live.
Once your assets are liquidated and the creditors are paid, any remaining debts you may have are forgiven unless you confirm the debt. A debt is confirmed when you voluntarily waive the protection through a bankruptcy discharge and agree to be responsible for the debt. Confirmation is chosen to preserve certain assets and avoid liquidation.
Not everyone can file Chapter 7 bankruptcy. If your income is too high, you may need to file Chapter 13 bankruptcy instead.
If you cannot file Chapter 7 bankruptcy, or if you have some money to pay creditors and assets you want to keep, Chapter 13 bankruptcy may be an option for you. In Chapter 13 bankruptcy, you will:
Advantages Of Hiring A Bankruptcy Lawyer
After these steps are completed, your remaining debt that is eligible for discharge will be cleared.
Chapter 13 is a good option for someone on a fixed income who has some money left over each month to pay their debts but needs some time and extra time to catch up.
Depending on how you choose to declare bankruptcy, your assets and liabilities will be affected in different ways. In Chapter 7 bankruptcy, many of your assets are up for liquidation to pay your creditors with the proceeds. In Chapter 13, you keep assets while you work on a repayment plan for your outstanding debts.
For small business owners with a lot of personal debt, bankruptcy can help them stay in business. It is important to note that business debts are not discharged through Chapter 7 or Chapter 13 unless you are the sole owner and are personally liable for them.
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Certain business assets may be exempt from Chapter 7 bankruptcy filings. For example, if your business is service-based and does not maintain equipment or significant inventory, you may be able to continue your business after discharging business debts through bankruptcy.
No form of bankruptcy can discharge student loan debt. Some people, such as some government employees, are eligible for student loan forgiveness unrelated to filing bankruptcy.
If you need help managing your student loan debt, you should look into debt consolidation or help manage repayment options.
In a bankruptcy petition, your home and mortgage will be listed as assets to determine your ability to repay. Depending on the type of bankruptcy you file, your mortgage can be affected in different ways:
Filing Bankruptcy: Consequences, And Alternatives
If you choose to confirm your mortgage in Chapter 7 bankruptcy, you may be stuck with your debt obligations after your bankruptcy proceedings. If you can’t repay, you can’t file for Chapter 7 bankruptcy again for several years, and creditors can sue you to collect the debt.
To declare and file bankruptcy, you must complete a credit counseling class to learn about bankruptcy, alternative options, and managing your own finances.
After completing the course, you can apply to the U.S. District Court in the federal judicial district where you live. A petition must be filed in bankruptcy court. This petition will list your:
You must also submit a copy of your most recent tax return with your petition. You can have an attorney prepare the petition for you, or you can file bankruptcy forms and the U.S. You can get instructions from the courts.
Steps To Filing For Bankruptcy
Chapter 7 is sometimes referred to as “straightforward bankruptcy.” Chapter 7 bankruptcy removes your non-exempt assets to pay off as much of your debt as possible. Cash from your property is distributed to creditors such as banks and credit card companies, and you receive a discharge notice within four months.
To file Chapter 7, you must pass the bankruptcy means test. The only exemptions from this are disabled veterans who file for bankruptcy for debt relief while on active military duty or with debts from running a business.
A record of your bankruptcy will remain on your credit report for 10 years. But for many people, Chapter 7 marks a fresh start.
Chapter 13 bankruptcy is also known as reorganization bankruptcy. Chapter 13 enables people to pay off their debts over a period of three to five years. For individuals with consistent, predictable annual income, Chapter 13 offers a grace period. Any debts remaining at the end of the grace period are discharged.
Steps To Bankruptcy You Need To Know Before Filing
Once approved by the bankruptcy court, creditors must stop contacting the debtor. Bankrupt individuals will then continue to work and pay off their debts over the coming years and still keep their assets and property.
Most people take their financial responsibilities seriously and want to pay off their debts in full, but knowing when to file for bankruptcy and when to negotiate or use another strategy can help put you on the road to financial health.
Here is a list of questions that can help you assess your financial health and give you insight into whether bankruptcy is right for you. You should also discuss these questions with an attorney.
Credit cards typically have high interest rates on open balances. This means that if you’re only making the minimum payment, your balance can add up quickly. If your balance
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