Most businesses have their own attorneys or lawyers on salaried basis, and they specialize with the accounts of the company. However, there are times when individuals and businesses that need help from professional bankruptcy lawyers. You need someone or a team of experts that would be proficient in handling all concerns with regard to bankruptcy. This is true whether you’re trying to file Chapter 7 or Chapter 13. One of the most important and very essential assistance needs for anyone would be gaining help on which bankruptcy chapter to file. It is also important that you understand how this process works. When you have all of this information in hand, and with the eminent experts helping you out, you wouldn’t be stripped of everything you have while bankruptcy charges are pressed on you.
According to the United States Court site, bankruptcy in March 2013 was down. This study looked at a 12-month period of time. Many are experiencing better financial times, whether they are business owners or not. There are instances, however, when bankruptcy is the best case scenario. Having a qualified lawyer to walk you through the process is essential. This process is often referred to as debt settlement. Although it comes with some negative connotations, bankruptcy can provide you with the new start that you need.
There are many different reasons that someone files for this option. Debtors have sometimes faced rising medical bills due to illness. Business troubles are another common reason for bankruptcy. Although there are benefits related to both Chapters 7 and 13, there can be damage to your credibility. Depending on the state that you live in this filing will remain on your credit history from 7 to 10 years. At the end of the process, you can start to rebuild your credit and to come out of your financial troubles. Keeping an eye on your creditworthiness often means filing for bankruptcy. To do this efficiently you will need the assistance of a qualified bankruptcy attorney.
Search for the Right Attorney
Many people try a number of things before they file for bankruptcy. They try traditional debt settlement steps like paying smaller payments. Not all debtors will accept this type of process. In these instances, you will need to find a qualified bankruptcy attorney to assist you. Your search for an attorney will likely include using the internet. Take a look online, search through reputed engines; look at the yellow pages or even the paperback telephone index as well. Even personal referrals from family and friends can help search for the right bankruptcy attorneys too.
Most firms these days offer potential clients a free consultation. This is helpful to individuals and business owners. A consultation will help you to learn exactly what the process is and what it involves. Clients will also use this time to ask questions of an experienced lawyer. The Administrative Office of US Courts reported that more than 1 million filings for bankruptcy took place this past year. Included in these were both individual cases and business cases. Having an experienced lawyer is the best way to smoothly get through a bankruptcy.
Choose between Chapter 7 and Chapter 13
As you search for a bankruptcy lawyer, you should check the credentials of each firm and its lawyers. Do this by checking with the American Board of Certification. They have a website which would have a list of bankruptcy firms and lawyers, experienced and accredited sources you can bank on for your needs. You may tailor your search for a lawyer based upon the type of bankruptcy you’re filing. Some firms specialize in Chapter 7, while others specialize in Chapter 13. There are firms that work with client of both of these chapters.
It is very important that you understand the difference before making a decision. Chapter 7 is commonly associated with the elimination of unsecured debt. Some clients will be able to rid themselves of most of this debt through this chapter. Chapter 13 on the other hand, involves both secured and unsecured debts. It is possible to prevent foreclosures and car repossessions with this particular filing. Your lawyer will help you to determine which chapter is best for your case. Before you meet any of the bankruptcy lawyers or the firms, please ensure that your paperwork is in place and you do not hide the real state of your financial ways. Do not wait for the future to unfold, because time is money here, both for you and the bankruptcy firms too.
What to do afterwards?
There are many different things that you can do after filing for bankruptcy to make life better. These are common tactics that people use to not end up in the same situation again. Here are some of these tactics:
• Live on a budget
• Pay bills on time
• Pay off credit cards monthly
• Contribute to savings
• Wait for big purchases
Using the right financial steps needs to become a habit. People who are faithful to these steps not only avoid going back into bankruptcy. They gain the experience that they need to be better financial investors when it comes to viewing money.
There are many financial advisors and counselors that assist people with their budgets. You will even find classes that show people how to wisely handle their finances. These are useful resources to not only avoid future bankruptcies. They teach life skills that show how to best use and handle money.
Many of the lessons related to this process come from understanding bankruptcy. Your legal team will be instrumental in teaching you how to maneuver through this journey. At the same time you will be able to use this experience for living better in the future. The process of filing bankruptcy can be stressful, along with the period afterwards. Most people, however, feel relieved in knowing that they are on the right track with handling debt. Your legal team will play an important role in getting you through the struggles of filing. It is essential that you confide in them fully and provide them what they need to get you in a better position.