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How Can a Bankruptcy Attorney Help You? It is an ideal thing to keep the money that one has earned. However, if you are experiencing financial woes, a qualified bankruptcy attorney can turn these woes into something positive. Filing for bankruptcy is not necessarily something bad for people who really need it. 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. Now, creditors can no longer collect from you legally in this type of filing.
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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. In this chapter debtors propose a repayment plan to make installment to creditors 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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Chapter 11 and 12 bankruptcy are used for businesses, allowing them to continue to operate without any harm to the business. Chapter 11 bankruptcy filing requires businesses to give a proposed plan of reorganization to keep the business alive and to 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. Becoming disable is an example of undue hardship. 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. The fear of many people is that filing for bankruptcy destroys your credit score. 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. Since these are federal regulations, cases are brought to federal and not state courts. And In order to protect your home and financial future, hiring a professional bankruptcy attorney can help you interpret the laws in your state.