- Expensive Medical Bills
- Reduced income or job loss
- Unexpected emergencies
- Catastrophic damage to your property
- Poor or Excess Use of Credit
- Divorce or separation
About Bankruptcy Law
Bankruptcy is a legal procedure initiated by an individual or a business that cannot pay their debts and seeks to have the debts discharged or reorganized by the Bankruptcy cases almost exclusively fall under federal law, though states may pass laws governing issues that federal law doesn’t address courts. Special bankruptcy courts nationwide handle only debtor-creditor cases. Generally, any bankruptcy-related claim must be filed with the U.S. Bankruptcy Court..
Know Your Rights
The person filing for bancuruptcy is entitled to call forth an attorney skilled with bankruptcy laws who in turn will help the filling party with
1) Provideing protection from creditors
2) Offer relief from some, or maybe even all debt obligations
3)Protect assets from debt collectors and find a way to free you from financial responsibilities.
While it’s permissible to file for bankruptcy “pro se” – on your own – statistics say you will get a much happier result if you hire an attorney, So if your financial status has soured and you want protection from creditors and relief from debt obligations, a bankruptcy lawyer could be your ticket to a fresh start..
A good bankruptcy attorney will give you peace of mind with basic services that include an initial consultation to get an overview of your case, advice on options available including what type of bankruptcy to file, completed paperwork necessary for filing bankruptcy and representation when the case goes to court.
Consumers may choose whether to hire an attorney or represent themselves in filing bankruptcy, but as the numbers cited above from the American Bankruptcy Institute clearly demonstrate, hiring an attorney is a huge advantage.
Lawyer fees for bankruptcy vary depending on which form you choose, how complex your case is and where you are geographically. The standard rate for a Chapter 7 bankruptcy is $1,500 and $3,500 for Chapter 13. Other costs include a filing fee and fees for credit counseling and financial management courses,
Though there is room to debate the wisdom of filing for bankruptcy without your spouse, there is no law preventing a husband or wife from doing so. There are several factors that should be considered, including the status of your finances and the bankruptcy laws in your state, but any married individual can file on his or her own.