Search:

Would you like to contribute to this site? Bankruptcy Menu Submit an Article Submit a Tip Place your Ad Add URL Bankruptcy Questions? Contact Us  Credit And Bankruptcy   Credit Cards And Bankruptcy   Loans And Bankruptcy   Mortgages And Bankruptcy   Help For Bankruptcy   Filing For Bankruptcy   Filing For Bankruptcy Help   Bankruptcy Attorneys   Bankruptcy Attorney States A-L   Bankruptcy Attorney States M-Z   Laws On Bankruptcy   Bankruptcy Courts In US   State Bankruptcy Courts   Bankruptcy Lawyers   Bankruptcy Lawyers States   Bankruptcy Types   Chapter 7 Bankruptcy   Chapter 7 Bankrupty States   File Chapter 7 Bankruptcy   Chapter 11 Bankruptcy   File Chapter 11 Bankruptcy   Chapter 13 Bankruptcy   File Chapter 13 Bankruptcy   Personal Bankruptcy   Business Bankruptcy   Company Reorganization   Life After Bankruptcy   After Bankruptcy Loans   Florida Bankruptcy   Nevada Bankruptcy   Texas Bankruptcy   Debt Settlement   Debt Settlement Services   Going Bankrupt   Free Bankruptcy   Bankruptcy Forms   Bankruptcy Records   US State Bankruptcy Laws   Bankruptcy Resources   Bankruptcy Reference   Information On Bankruptcy

Return To Bankruptcy Article Archive   Survive Bankruptcy With The Help Of Good Bankruptcy Lawyers By Michelle Bery It is one of those words that can make your stomach drop. It creates images of fortunes squandered, homes lost, and dreams shattered. Bankruptcy affects millions of people every year, but with the help of bankruptcy lawyers it does not have to be a financial death sentence. In fact, bankruptcy lawyers help people survive bankruptcy every day, and with their expert help, individuals and companies can often be back on their financial feet within a few short years. Individual bankruptcy is initiated one of two ways; either by the debtor or the creditor. In the case of the former, the debtor wishes to escape from oppressive debt and seeks a new start, while in the latter scenario the creditor wishes to recover assets from a creditor who is no longer solvent. In either case, creditors, with the help of bankruptcy lawyers, will usually exercise one of two options; Chapter 7 or Chapter 13 bankruptcy. With the help of bankruptcy lawyers, individuals can assess their financial situation and pursue the bankruptcy option that affords them the best possible outcome. For some, Chapter 7 might be their only realistic option. Also known as straight bankruptcy, or liquidation, Chapter 7 bankruptcies allow the debtor to keep some property while non-exempt property is sold with all proceeds going toward the creditors. In the process, many other debts are discharged, while some remain – such as child support, taxes, legal fines, and many student loans, to name a few. In many cases the creditors have very few assets that are eligible for liquidation. In those instances, bankruptcy lawyers may suggest Chapter 7 because it will allow the creditor to start over quickly with minimal losses of personal assets. Some creditors have much to lose – such as a home or automobile - and they would like to avoid losing them. In that case, bankruptcy lawyers may advise their clients to pursue Chapter 13 bankruptcy. Also known as reorganization, Chapter 13 bankruptcy allows a creditor to repay some or all of their debts, usually under more favorable terms such as less interest and waived fees. However, it is more difficult to qualify for Chapter 13 protection because the creditor must have sufficient disposable income to qualify. With the help of bankruptcy lawyers, debtors in Chapter 13 arrangements have three to five years to pay their creditors while enjoying the protection of the bankruptcy court – the creditor cannot make ongoing attempts to collect on the original debts during this time. However, the debtor cannot obtain additional debt during this time, so both parties are restrained by the court. If you are in serious debt and are facing bankruptcy or foreclosure then you should immediately consult with competent bankruptcy lawyers. The details and qualifications for all forms of bankruptcy – including some not mentioned – are very complex and require expert counsel that only qualified bankruptcy lawyers can provide. For easy to understand, in depth information about bankruptcy lawyers visit our ezGuide 2 Lawyers. keywords: Bankruptcy Lawyers Chapter 11 Bankruptcy Attorney

Get your Bankruptcy questions answered... Subscribe to our Bankruptcy Newsletter FREE! Your First Name: Your Email Address: Enter above security code

Home  |   Bankruptcy Blog  |   Ask the Bankruptcy Expert  |   Bankruptcy Archive  |   Bankruptcy RSS Feeds  |   Advertise  |   Sitemap