Filing for bankruptcy can be an overwhelming process, and it's understandably not something that most people look forward to. However, speaking with a bankruptcy lawyer before filing for bankruptcy is a crucial step to ensure that you understand your options, make informed decisions, and maximize your chances of getting the relief that you need. Read on to see why it's important to consult a bankruptcy lawyer and how they can help guide you through the bankruptcy process.

Bankruptcy can be a contentious process, especially if a creditor takes exception to the situation. Under such circumstances, you need to know how to protect your rights. Here is how to make sure the system works the way it's supposed to while you seek relief. Get a Lawyer A bankruptcy attorney can help you to understand the process. You can describe your situation to a lawyer, and they can tell you what your rights are.

When you have old and unfiled tax returns, the amount that these taxes are worth can be substantial, and you may eventually be unable to obtain credit or make other financial decisions. If years have passed, it's important to make sure that your old tax returns are filed and that you come up with a plan to pay off your taxes. The IRS Doesn't Forget If you have forgotten to file taxes, you might think that the IRS has forgotten about you.

When you file for bankruptcy, there is a lot of confusion and possibly some anxiety about whether or not you lose all of your assets in the bankruptcy. This can be a scary thought, as you may be looking at losing your home and your vehicles. The last thing you want is to be homeless and unable to get back and forth to work when you are already at rock bottom in your finances.

Are you a senior who struggles with debt? If so, you may wonder if bankruptcy protection is the right choice or not. How can you decide? Here are a few pros and cons for older debtors considering bankruptcy. Pros of Late-Life Bankruptcy Certainly, one of the biggest reasons to declare bankruptcy as a senior is to reduce your expenses and make retirement funds last longer. Going through your retirement funds too quickly or outspending pensions and Social Security checks is stressful and financially devastating.

A Chapter 13 bankruptcy is known as a wage earner's plan. With this chapter, you are supposed to propose a repayment plan that you will commit to for 3-5 years. During this period, creditors are forbidden from engaging in any collection efforts. It is essential to hire a bankruptcy attorney to help you file for bankruptcy. Here are some of the steps involved in filing a chapter 13 bankruptcy. Credit Counseling

If you are experiencing problems paying your bills and are on the verge of losing your home, you might want to evaluate Chapter 13 bankruptcy. This branch helps people when facing these types of situations and can help you, too. As you begin searching to learn more about Chapter 13, you might have questions about what to expect. You can talk to a lawyer about these questions, but here are several things you should always expect with a Chapter 13 bankruptcy case.

There are some big differences between Chapter 7 bankruptcy and Chapter 13, and one of the differences involves debt forgiveness. Filing Chapter 7 typically offers more debt forgiveness; however, there are situations in which people do not qualify for this option. If you do not quality and decide to use Chapter 13, here are several things you should understand about the repayment of debts as well as debt forgiveness. There are certain debts you must repay in full

Under American bankruptcy law, there are basically two types of bankruptcies. The first is one that leads to a complete discharge of your debts. The second is one that allows you to restructure your debts in order to buy time to pay off as much of them as possible. Before you sit down to talk with an attorney about bankruptcy law services, it may be helpful to learn about each of these two options.

Is your debt the only thing that you can currently think about? If you have a hard time concentrating on anything else because you keep getting calls about what you owe, and you feel like there is no end to all the debt you have, it would be in your best interest to speak to a bankruptcy attorney to see if filing would be a suitable option. You Are in Need of Guidance

When people decide to file for bankruptcy, most of them will experience at least one or two challenges during the process; however, some may experience even more than this. Experiencing challenges during this process is normal and expected, and your lawyer will be there to help you learn what these challenges will be and how to get through them. Here are some common challenges people face when filing for bankruptcy.

Homes are more than just bricks and sticks, and when financial conditions prompt a bankruptcy consideration, it can create fear. A chapter 7 bankruptcy filing puts all of your property at risk including your home, but you should never allow fears of a home loss to prevent you from taking a closer look at what a chapter 7 could do for you. Read on to learn how to determine the likelihood of losing your home through bankruptcy.

If you fear that you need to file for bankruptcy, it's important to consult with a bankruptcy attorney or another financial professional. You may not need to file for bankruptcy; some people are able to consolidate their debts. What Is Debt Consolidation? If this is your first small business, one thing you may be overwhelmed with is multiple debts with different balances and interest rates. With consolidation, instead of paying each debt off separately, you will combine the debts into one monthly payment.

Filing bankruptcy can be stressful and embarrassing, but adding a bankruptcy hearing to the mix can make many people even more nervous. If you are filing for bankruptcy or considering filing for bankruptcy, you may need to attend a formal hearing before your debts can be cleared. Check out these facts to help you prepare for your Chapter 7 bankruptcy hearing. The Hearing Is More Casual Than Court Hearings The bankruptcy hearing has many rules and regulations you must follow, but it is much less formal than a real court hearing.

Are you hoping that bankruptcy will wipe away all of your past debts? That is not always the case. Here are some debts you could still be stuck with, even after a bankruptcy is finalized. Child Support Do you currently owe child support from a previous marriage? This debt won't just go away with a bankruptcy. In fact, this is a court-imposed financial responsibility, and you will still be obligated to pay all missed payments.

When you have way too many bills and debts and not enough income, it typically does not take long to start falling behind on your payments. If you are in this position and have no money left after paying your bills, you could look into bankruptcy. Chapter 7 bankruptcy is one option you have, and here are three ways it offers relief to people in your situation. It Erases Debts

The bankruptcy filing process requires a lot of planning, with certain actions that you take impacting the case. If you want to have a good chance at having your bankruptcy filing approved, you'll need to do these two things. Take a Means Test There are laws in place that are designed to prevent people from using bankruptcy if they do not need it. This is done through means testing, which compares how much you make to other people that live in your state.

Bankruptcy is often associated with "fresh start." Because of this general perception, many people tend to think that filing for a bankruptcy is the only solution to solve large financial woes. However, there are at least seven things you need to know before you go bankrupt. Long-term Ramifications You should know that filing for bankruptcy has long-term ramifications to your personal life. Bankruptcy stays on your credit report for as long as ten years, making most investors to shut you down.

Sometimes it's easy to get into credit card debt,but hard to get back out. Circumstances such as a floundering economy or a failed marriage can leave an individual struggling just to pay the monthly interest on their unsecured debt. Paying only the minimum payment on your debts means that the principal, or the amount you owe, never goes down, so you're stuck in a an ongoing cycle of debt. Filing for Chapter 13 bankruptcy protection may be your best bet for getting back on your feet and freeing yourself from this burden.

Bankruptcy is something you can file if you need serious help getting out of debt, and it is something you can do alone or with your spouse. Married couples do not have to both file, if just one needs relief; however, there are three important things you should know if you are considering filing alone while you are married. Both Incomes Must Be Included The branch of bankruptcy you file will be dependent upon your income.

If you are absolutely up to your eyeballs in debt, filing for bankruptcy can be a way out. However, it does have its consequences. The bankruptcy will appear on your credit history for 7 - 10 years (depending on the type of bankruptcy you file), and the process of going through bankruptcy is time-consuming and stressful, too. Thus, it is worth your while to try a few other possible financial solutions before you resort to bankruptcy.

If you are married and have a lot of debt, you could file for bankruptcy with your spouse or by yourself. It is often better to file jointly; however, filing alone is fine in some situations. If your spouse is against filing for any reason, you could still go through with filing on your own, but there are several things you should know before you do this. Here are three important things to think through before you file alone.

If you've owned and operated your own service-based business for years but have decided to finally retire, you'll likely want to liquidate any remaining assets before closing your business for good. While selling a service-based business is possible in most markets, it can be tough to find someone who will maintain your business's goodwill among the community and perform work up to the standards you've spent decades setting. However, closing your business has some potential consequences as well.