Hi there, I am Aiden Muzzel. I am well versed in bankruptcy proceedings, so I would like to share my knowledge with you through my site. I started my adult years with minimal knowledge of money management. As a result, I ended up way over my head in debt. I was working two jobs and paying all of my income to the debt accounts without making a dent in the total. It turns out I was simply paying late fees and interest with my funds. I sought out legal representation to learn more about how bankruptcy could help me end the cycle and start over. My bankruptcy attorney helped me fill out paperwork, file documents and attend court proceedings. Within a year, the judge discharged the eligible debt accounts. I hope to explore bankruptcy in more detail on my website. I hope you come back soon to learn more.
Sometimes in life, financial conditions cause you to accumulate debts that you can't pay off on your own. You can file for bankruptcy relief from your present financial troubles. Bankruptcy allows you to legally either cancel out all of your current debts or find a way to manage a payment plan. Many people choose to use bankruptcy to cancel out their debts in court. Start the process of bankruptcy by hiring an experienced bankruptcy attorney to guide you through the process.
How Bankruptcy Really Works
After consulting with your attorney, a bankruptcy filing will be initiated through a court procedure, which allows you to obtain relief from debt collectors due to your current financial status. So, if you are burdened by credit card debt, and in some cases, even unsecured loans that you also have, bankruptcy sets you on track to a new start in managing your money effectively.
Bankruptcy Chapter Choices
Two of the more likely categories for your bankruptcy filing are Chapter 7 and Chapter 13. It's very important for you to have legal representation by an attorney who has experience in bankruptcy law. If you know which chapter is right for you, then you can hire an attorney who specializes in that chapter. For example, hire a chapter 13 bankruptcy lawyer if you will be filing a chapter 13 bankruptcy.
If you do not know which chapter to file under, find an attorney who will explain which of the two chapters your case should fall under that would best suit your situation. He or she examines your case closely and determines right away which chapter offers you the best protection. You will better understand the processes that must take place for a judge to approve your bankruptcy request.
Do Not Represent Yourself in Bankruptcy Court
Some people file their own bankruptcy applications only to have the papers they submitted rejected in court because they were not done properly. In some cases, people also omitted required documents. Those kinds of mistakes won't happen when you are represented by a qualified attorney. That attorney determines what information is needed and makes sure that your filing papers are correct. Be aware that your property can be seized because of failure to present proper documentation when you represent yourself in bankruptcy court.
No Loss of Property Under Chapter 13 Bankruptcy
One of the best advantages in filing for bankruptcy under Chapter 13 is that you do not lose any property under that category. You are allowed to keep your home and pay the mortgage over a couple of years when you are somewhat behind in your mortgage payments. Chapter 13 is an excellent choice that gives you a chance to hold onto your home if you're about to undergo foreclosure.
Discharging Your Tax Debt
Chapter 7 does not allow you the benefit of holding on to your home. It does give you the option to have your tax debt discharged. That option is given to you when you've met certain tax requirements. Your attorney will advise you further on the different benefits you derive from both Chapter 7 and Chapter 13.
Share21 November 2018
