Bankruptcy Attorney  

Of course, bankruptcy is your last resort. It is tough but provides a legal remedy for your financial situation.

Bankruptcy is a 3-step process:

1. You must first file in federal or state court saying you are “insolvent” – meaning you have no cash or assets (things you can sell) to pay your bills.

2. You have to arrange a repayment plan with creditors and the court.

3. You “discharge” – meaning settle your debts with creditors for usually a lower amount than the original bill. This gives the creditors some of their money back.

Pros and Cons:

Pros:

1. Legal protection from creditors
2. Takes care of most of your debt
3. You may get to keep your home
4. May stop financial ruin
5. Enables a fresh start

Cons:

1. Bad Credit
2. Still have to pay some debt
3. Have to go to court
4. May loose your assets
5. Loss of privacy (usually they print your bankruptcy in the paper)

What if I don’t file bankruptcy – what could happen?

Bad credit rating – making it hard to ever borrow again

Creditors may sell your property you put up as collateral – like your car or house

Lawsuit – and if you lose, you’d have all the legal costs from both sides plus your bills

Garnishment – your wages could be garnished up to 10% to pay creditors

Types of Bankruptcy

Chapter 7 – straight bankruptcy

This is when you sell everything and pay back creditors. You can keep your house, but must pay taxes, alimony, fines, and student loans.

Chapter 13

This allows you to keep your stuff, but the court appoints a trustee to help you with your wages and pay back your creditors usually within a 3 to 5 year window.

Hopefully, this information has helped your situation, but please, it is always smart and sometimes required by law, to consult with an attorney before filing.

About The Author

Stuart Simpson collects information and tries to find ways for people to stave off bankruptcy at http://www.bankruptcy-chapter7.com

Houston Bankruptcy Attorney
PETER JOHNSON - Attorney at Law ... Houston, Texas 77046. Specializing* in Bankruptcy and Reorganization ... for the Third Circuit. Attorney-Mediator on Bankruptcy Matters ...


Bankruptcy Attorney
Bankruptcy attorney in Massachusetts. ... Bankruptcy Attorney. Under Construction ... You should consult with a bankruptcy attorney for legal advice concerning your individual situation. ...


Yellin & Hyman, PC - Massachusetts Attorney
Massachusetts attorneys, Divorce attorney, Social Security attorney, Personal Injury attorney, Workers' Comp attorney, Worcester attorney.


DEBTLAWYER.COM
Are you terrified at the thought of facing Bankruptcy? The reality is that bankruptcy can mean a chance for a financial fresh start. ... of clients on bankruptcy and consumer protection matters ... Association of Consumer Bankruptcy Attorneys and the Brooklyn ...


Bankruptcy Lawyers & Chapter 13 attorneys
Personal bankruptcy resource center. We can help to take the guess work out of the process. Try our New Free Evaluation Tool to help find out if bankruptcy is right for you. ... for both consumers and businesses. Bankruptcy Attorney. Finding a good Bankruptcy Attorney can be difficult ...


Lubbock bankruptcy Attorney
We help people in financial trouble. Sam C. Gregory is a board-certified attorney in the area of consumer bankruptcy. He has helped many people. Let him help you. ... GREGORY. Attorney at Law. Board Certified, Consumer Bankruptcy Law- ... to representing people in the area of consumer bankruptcy law (chapters 7&13). I am licensed to practice ...


Bankruptcy Attorney
The Law Office of Susan P. Knight, specializing in chapter 7 and chapter 13 bankruptcy in Colorado. We also prepare documents for ALL 50 states!


Jump Law Group - Bankruptcy Attorney Seattle WA, Bankruptcy Lawyer Washington State, Seattle Tax Lawyer Attorney, ...
Bankruptcy Attorneys in Seattle, Washington state and surrounding areas. Foreclosure lawyers in Washington state, Seattle tax lawyers, and Seattle bankruptcy lawyers. Our Bankruptcy Lawyers specialize in Washington State family law, divorce in ... consumer protection advocacy. Bankruptcy Clock. Consumer Alert! ...

Additional Links >>

Click here to add your link to our directory >>