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Why Do You Need a Bankruptcy Attorney? It is an ideal thing to keep the money that one has earned. If you are experiencing financial problems and have earned debts that you are not able to pay, then you should seek the help of a bankruptcy attorney to know what your best options are, and you can be sure that this attorney can change this negative scenario into something positive. Although it has a negative connotation, filing for bankruptcy is actually very helpful to those who need it most. This process was really intended to provide relief. What then are the different types of bankruptcy you can file? In Chapter 7 bankruptcy filing, the properties of the debtor are sold in order for him to be able to pay all his debts completely, and thus completely wiping out his debts. 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. The payment you make is calculated by how much money you have available and how much your owe.
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Chapter 11 and 12 bankruptcy are used for businesses, allowing them to continue to operate without any harm to the business. In Chapter 11 there is a proposed plan of reorganization to keep the business alive and pay 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. This is difficult because you are required by court to prove undue hardship and this is done by showing that if you are forced to pay your student loans or tax debt, then you will be unable to maintain even the lowest standard of living. Becoming disable is an example of undue hardship. 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. Your attorney will know that despite having the bankruptcy on your credit report for at least ten years, it can help you start rebuilding your credit immediately. 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.