Bankruptcy Attorney – What Kind of Bankruptcies Can a Bankruptcy Attorney Handle?
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Most bankruptcy cases fall under Chapter 7 or Chapter 13. Other types of bankruptcy may apply to you. A bankruptcy attorney can help you file them. If you want to know whether filing for bankruptcy without an attorney is a good idea, read this article.
Chapter 13 bankruptcy
A bankruptcy attorney Maryland can help you navigate the complicated filing process for Chapter 13 bankruptcy. This kind of bankruptcy entails a repayment plan with a three- to five-year duration. Before filing, you must complete a mandatory credit counseling course and submit a certificate. You must also present a repayment plan to your trustee and creditors. The court will, at the very least, approve your repayment plan.
Chapter 13 bankruptcy can help you keep your property and pay off your debts over some time. This type of bankruptcy protects your property from being seized and can prevent foreclosure. Depending on your circumstances, catching up on past-due payments may be possible. You can also extend payment schedules on secured debts, lowering your monthly expenses. Also, you can protect co-signers if you choose this type of bankruptcy.
You can eliminate your mortgage by filing for Chapter 13 bankruptcy. If you are behind on mortgage payments, you can fix the default through a Chapter 13 repayment plan. If you have a second mortgage on your home, you can cure your default through this plan. However, you must continue making your mortgage payments during the plan’s duration.
Reaffirmation
Reaffirmation bankruptcy is when you and your creditors come to a formal arrangement. These agreements are filed with the bankruptcy court and must include a Form 240A agreement and cover sheet. The bankruptcy court will approve the debt reaffirmation if it is in the debtor’s best interest. Before attempting to file for reaffirmation, you should consult a bankruptcy attorney.
Reaffirmations are a common type of bankruptcy that allows the debtor to keep some or all of their assets. The agreement can include lower payments, different interest rates, and the ability to repay the debt over time. The debtor’s attorney must sign a reaffirmation to be valid. Otherwise, the bankruptcy court can invalidate it. If the creditor has hired a bankruptcy attorney, they can negotiate with the bankruptcy court and ensure the reaffirmation is legal.
Reaffirmation bankruptcy is a complicated process, but it is something that a bankruptcy attorney can deal with adequately. First, the debtor must make sure they pay back their debts. Then, a bankruptcy attorney can help them work out a plan that best fits their financial situation.
Other types of bankruptcies
Bankruptcy can affect many different types of financial transactions. Chapter 11 bankruptcy, for example, allows businesses to reorganize. In contrast, Chapter 7 bankruptcy deals with individual filings. While bankruptcy can be devastating, it can also be a fresh start. Bankruptcy can allow you to regain control over your finances and give you a clean slate to start rebuilding your credit.
Bankruptcy law is complex, and bankruptcy attorneys can help you. There are several types of bankruptcy, and a bankruptcy attorney can help you decide which is best for your situation. For example, Chapter 13 may be the way to go if you keep a car. This kind of bankruptcy might assist you in making up missed payments and paying off the remaining debt on your auto loan. You might use it to reduce any tax debt as well. You can avoid taxes in some circumstances.
Chapter 7 bankruptcy, wage earner’s bankruptcy, and business reorganization are the other types of bankruptcy that a bankruptcy attorney may handle. These types of bankruptcy are categorized under the Bankruptcy Code and are suitable for different situations. For example, chapter 7 bankruptcy can help you eliminate most of your debt, while Chapter 11 bankruptcy forces your creditors to work together to enforce their claims through the court system. In addition, by filing for bankruptcy, you can evaluate your entire debt at once and decide what you can and cannot discharge.
Whether to file for bankruptcy without an attorney
Before you file for bankruptcy, you should learn about the bankruptcy process and whether you can handle it without an attorney. The process is complicated, and it is best to hire a lawyer to help you. In some places, like Illinois and Missouri, you can file for bankruptcy independently, but this is not always a smart move.
Bankruptcy cases are often complicated, and it can be easy to overlook important details. An attorney can keep you informed about essential proceedings and avoid unnecessary stress. Moreover, they can deal with debt collectors, who will not be able to contact you directly. Finally, while bankruptcy lawyers don’t file your bankruptcy, they can assist you with other legal issues such as lawsuits and motions.
If you file bankruptcy without an attorney, you should be aware that you will still have your debts on your credit report for seven or ten years, which means it is essential to find an attorney experienced in bankruptcy. It would be best to research the costs of hiring a lawyer. Finally, you should pick an inexpensive lawyer within your price range. In the end, a bankruptcy attorney can help you save money and get a new financial start.
