Are you facing so much debt in your life that you feel like you are drowning and you cannot turn your life around no matter what you do? Is bankruptcy your only feasible alternative to get yourself out of this rut? Bankruptcy is your legal right, if you select to invoke it. But before you jump the gun to apply bankruptcy, you should really seek the help of a qualified bankruptcy attorney to reexamine your specific case. Every financial debacle can be drastically different which can influence the decision to apply for bankruptcy. You should find a attorney who can answer any question you have regarding the whole premise behind bankruptcy and how it can affect you. Finding a right lawyer is just as crucial as the decision to apply for bankruptcy. Make sure you find a certified attorney who can answer each every question you have regarding bankruptcy like:
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Should I apply Chapter 7 or Chapter 13 bankruptcy
The bankruptcy attorney you have selected should definitely be able to give details to you the difference between chapter 7 and chapter 13 bankruptcy. To simplify chapter 7 bankruptcy, this is where your non-exempt assets will be auctioned off to pay off the creditors. Chapter 13 bankruptcy is totally different than chapter 7 in that you will get to keep the assets, but you will be paying for it with installment payments. The payments from the chapter 13 agreement is generally an amount between 10% - 100% of the actual total debt payable up to 5 years.
You worry what assets you own will be lost post bankruptcy
It all depends on what form of asset it is. In general, the assets that are labeled as exempt means that you will be allowed to keep them post bankruptcy process. The other side of the exempt asset is the non-exempt asset. Non-exempt assets can be taken by the bankruptcy court used to pay off the creditors.
Will you get to keep your 401k plan
Universally speaking, your retirement fund such as 401(k) or IRA is protected from the creditors under most situations since they can be classified as exempt assets. With that said, there are unique situations where a portion of your exempt retirement asset can be taken by the bankruptcy court to settle the debt obligation to the creditors. This sort of question should certainly be answered by your bankruptcy lawyer.
Will I lose my car post bankruptcy
Many people have the misconception that their cars will be repossessed by the lender when they apply for bankruptcy. Movies popularize this misconception of cars being repossess by the repo man after you have filed for bankruptcy. This is just not true. In order to keep your car when filing for bankruptcy, your attorney will first determine the blue book value of your car. In every state there is an an amount that you are allowed to keep as exempt when it comes to the car. If the blue book value of the car is less than the state exemption amount, then you will be able to keep the car.
How to stop the creditors from harassing you everyday
Finding a right bankruptcy attorney, and he or she will be able to explain to you the idea behind automatic stay. Once you have filed for bankruptcy protection, you are legally sheltered from the harassment of the creditors, generally known as automatic stay. If the creditors continued to harass you for the payment of the debt, you can actually sue them for "pain and suffering".
To summarize, looking for a bankruptcy lawyer to represent you is not an easy task. Selecting a bankruptcy lawyer should be done with some great considerations. You need to make sure that the lawyer is well-versed in the up-to-the-minute bankruptcy law. Your bankruptcy lawyer should not only worry about your legal status, he or she should care about you as an individual. Your bankruptcy lawyer should care about your wellbeing and help you plan for a better future. Take your time to find the right bankruptcy lawyer because this is only one of the most crucial event in your life and it should be treated with extreme care.
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