Are you swimming in a sea of debt and loans that you want to erase all of them and just have a clean, fresh start? Well, fortunately, you can do something like that if you file for bankruptcy. Filing for bankruptcy gives you the clean financial slate that you need so much. You can even save your most important assets if you consider this option. Though you can file for bankruptcy all on your own, you can avoid much of the hassle if you hire a qualified bankruptcy lawyer to help you. After all, lawyers know all the legalities involved in filing bankruptcy.

Your bankruptcy lawyer will serve as your beacon of light as you navigate the intricacies of the laws governing bankruptcy filing in your state. Your questions regarding the filing of bankruptcy will most definitely be answered by your bankruptcy lawyer. You also need to voice out your concerns as well so that your bankruptcy attorney will do his best in carrying out your wishes. Also, your lawyer will thoroughly explain to you why you need to file bankruptcy and why it is the only way to save your assets without making you feel like a failure. In fact, a lot of people find filing bankruptcy as a means of starting over, money-wise.

Your lawyer will also assist you in restructuring your businesses while keeping debt collectors at bay. It can be very hard to come up with a plan to pay your debtors if they keep on hounding you. Your lawyer understands this, and he will be able to negotiate with your debtors so that you can all come up with a good plan to solve the problem. Sometimes you can employ less drastic measures in saving your financial situation, and lawyer will be able to help you explore these other options that you may have.

In choosing a bankruptcy lawyer to work with you, one of the things that you should consider is his fees. Remember that you are in the middle of a personal financial crisis here, so your budget for your lawyer is important. However, most attorneys are considerate when it comes to these things since they know the status of their clients. Aside from the lawyer’s fees, it will be helpful if you ask him about other costs that you might encounter, like court filing costs for instance.

You should also know about the experience of your chosen attorney. If you are going to hire a lawyer, why not hire the best that your money can afford. A lawyer who is an expert in his field is more likely to give you the best results as compared to those who are new to the field.

Make sure that you talk to your Arizona bankruptcy lawyer about all the concerns that you may have. Talk about how all of your properties will be handled, such as your home, car, personal property, retirement plans, and the like. While your Phoenix bankruptcy attorney will do most of the work for you, it is still advisable to know about the specifics of handling the case. After all, it’s your properties that are at stake here.

If you have been researching the possibility and process of filing for bankruptcy, you have probably realised by now that it is no longer, since changes to the law in 2005, a simple matter. However, given that you are already in a dire financial situation, it is probably very tempting to attempt to file bankruptcy without a lawyer, as the last thing you probably need is a hefty legal bill!

However, it simply is no longer feasible to file bankruptcy without a lawyer. In 2005, following extensive lobbying by credit companies, Congress passed a number of changes to the laws ascertaining to bankruptcy and this essentially meant that the process was much more complicated. Prior to this, it was common to file bankruptcy without a lawyer. However, going it alone is simply too complicated. The changes to the law have actually been considered complicated even for lawyers, who struggle at times to keep up with evolving developments. The reason such changes were made is that they were intended as further obstacles, ensuring that only those serious about needing to file were filing.

One such change was the introduction of a means test. This test was put in place to establish whether or not you really need to declare yourself bankrupt. If you salary is lower than the median salary for the state in which you are filing, then you will be exempt from the means test. However, if it is higher, you will be required to submit extensive and detailed financial documentation to assist in establishing whether you need bankruptcy, given your relatively high income.

It is not uncommon to hear of people who successfully file bankruptcy without a lawyer. However, this has almost never happened since the reforms of 2005. So regardless of the cost, you would be well advised to hire a lawyer and simply consider it a necessary expense.

If you believe that you can File For Bankruptcy Without A Lawyer, think again. To get the facts on bankruptcy, simply Click Here

Sometimes, debts can become overwhelming. If you find yourself unable to pay off your bills on time and feel as though you are floundering financially, then there is no need to stress any longer. Know this: by filing for Chapter 7 bankruptcy, you can escape creditor harassment, halt repossessions and foreclosures, and eliminate your unsecured debts. Even though bankruptcy is typically tagged with a number of negative connotations, it can actually benefit you greatly.  

The Means Test

Before you can file Chapter 7, you must first determine whether or not you qualify for this form of debt resolution. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed in 2005, established the means test as a method of weeding out Chapter 7 applicants who actually have enough money to pay off large portions of their debts.  Those who do not qualify under the means test can instead file for Chapter 13 bankruptcy.

If your monthly income falls beneath the median income of your state, then you automatically qualify for a Chapter 7 filing. However, if it does not, then you must take the means test, which examines your income minus certain deductions.   If you pass the means test, then you can file Chapter 7.

The Liquidation Process

Chapter 7 bankruptcy is also known as liquidation bankruptcy because those who file for this form of debt resolution must liquidate, or sell, parts of their estates. Their property will be divided into what are known as exempt and non-exempt items. Everything that is non-exempt will be sold. The money gained from these sales will be used toward paying off what the debtor owes.

Typically, non-exempt assets include second cars and homes, extra cash, stocks and bonds, expensive musical instruments, valuable collections of any kind, and pricey jewelry.

The Benefits of Chapter 7 Bankruptcy

Chapter 7 bankruptcy provides a number of immediate benefits for its filers, including the elimination of all unsecured debts (such as credit card debt), the halting of creditor harassment and foreclosures, and the prevention of repossessions.  Once your secured debts have been paid off, you essentially start from scratch, financially, with the exception of your credit rating, which can be rebuilt over time.

Contact Us

If you are tired of your current financial situation and are ready to relieve yourself of your stress and worries by filing for Chapter 7 bankruptcy, then Birmingham bankruptcy lawyer Paula Greenway can help. 

To learn more about her experience and how she can help you, visit http://www.greenwaylaw.com/ today.

Joseph Devine