FAQ,About,Bankruptcy,Lawyer,Ma law FAQ About Bankruptcy Lawyer
When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a
Many individuals are having trouble financially and are considering contacting a bankruptcy lawyer. These individuals may have gotten caught up in the mortgage bubble, lost their job, had health problems or used their credit cards too much. Now that they're deep in a sea of red ink, they are wondering what to do. It would be wise to make an appointment for an initial consultation to learn how declaring bankruptcy might work for them. Here are some commonly asked questions:- What's the difference between a Chapter 7 and Chapter 13 filing? Individuals who declare Chapter 7 bankruptcies are basically wiping their slates clean and starting over. This method is a liquidation of debts and assets. A Chapter 13 is a bit different because it is a reorganization of debts rather than a total liquidation. The courts mandate reorganization with creditors and bills and make the payment more manageable. This is often a choice of working individuals who want to keep certain assets such as their homes.- Will student loans be forgiven after an individual is bankrupt? No, student loans are one of the few types of debts that are never forgiven unless the person dies. In case of financial hardship, an individual can get a postponement or make reduced payments but this isn't a payment that can disappear easily. If a person ends up working in a social service career for over ten years and if the loan is in good standing, it may be forgiven at that point.- How does a person pay their attorney if they're flat broke? There are different methods for coming up with the funds to pay for the legal fees. Borrowing from a friend or family member, making payments or saving up cash are a few of the ways to do it. Some law practices offer flexible payment schedules to their clients so it would be wise to ask about this during the initial consultation.- Does a citizen have to divulge every detail of their financial life to the courts? Yes, if a person attempts to hide bank accounts or doesn't tell about an upcoming inheritance, the legal sleuths will uncover this information during the court proceedings and it will be bad news for the filer. Hiding information or telling lies can result in a felony fraud charge.- Will all the neighbors find out? Some individuals are embarrassed about their economic plight and don't want neighbors or co-workers to find out. It is a public filing but chances of anyone looking it up that is a casual acquaintance is fairly slim. Besides, so many people have money trouble these days; there are probably lots of people in the exact same boat.- Will I regret filing bankruptcy? Most individuals breathe a huge sigh of relief when they've finally contacted their lawyer and started the process. Living with huge bills, harassment from creditors and no way out can be extremely stressful. Saying "no more" and starting over can be a breath of fresh air.The bankruptcy lawyer will take a look at clients' individual situation and be able to advise them on the next steps. Making a call for an initial consultation can be a way to get the ball rolling. Article Tags: Bankruptcy Lawyer, Initial Consultation
FAQ,About,Bankruptcy,Lawyer,Ma