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The Bankruptcy Attorney – When Experience Counts Twice
from: Deb St. George - HomelessInKingCounty.comThe bankruptcy attorney can seem like a confidante when you first meet him or her, because you will be sharing your personal financial details. Normally, these kinds of details are the kind people try to hide from the world for as long as possible. But when the debt burden becomes unbearable, it’s good to have a professional on your side as you deal with the complexities of the bankruptcy laws.
The very first decision an attorney will help you make is whether you should file bankruptcy at all. In some situations, other remedies are possible including selling assets or downgrading your lifestyle. But when that’s not possible, the second decision the attorney will help you make is deciding which bankruptcy chapter best fits your situation. The personal bankruptcy chapters are 7 and 13. Under chapter 7 you wipe out most debt. Under chapter 13 you set up a debt repayment plan through the court.
Once your bankruptcy attorney and you decide that filing is the right course of action, the next step is to actually record the petition in court. Your attorney will take care of this step and all other legal filing requirements. But after the filing you will discover an attorney specializing in bankruptcies can offer a number of other services.
The bankruptcy attorney is prepared to handle any and all special issues that arise during the bankruptcy process. For example, if you owe the Internal Revenue Service there are specific forms which must be filed in order to request IRS approval of tax debt elimination. The IRS will respond by indicating which debts can be included in the bankruptcy. Other special issues include business related debts, medical bills and the state and local debt laws that must be balanced with federal laws.
When you file a bankruptcy, it also helps to have an attorney that is trusted by the courts. Experience counts in court and a recognized and knowledgeable attorney is able to handle any court requirements. When you file bankruptcy, the court appoints a trustee to represent the court. The trustee reviews the attorney’s filings and can ask any questions that he or she sees fit to ask about your financial status. Your bankruptcy attorney can guide you through the process.
Your bankruptcy attorney also deals with creditors once the bankruptcy is filed. You virtually have no more contact with debt collectors and all debt collection efforts are referred to your attorney. This alone is a valuable service, because the attorney understands laws related to debt collection and is not cowed by collection efforts.
Even after you have completed your bankruptcy, the attorney who is an expert in bankruptcies can guide you on ways to re-establish your credit. This advice is valuable, because a bankruptcy stays on your credit record for 10 years. Therefore, establishing good credit is important, because your life will not be on hold for 10 long years.
A bankruptcy attorney is a person who will guide you through the entire bankruptcy process from initial financial status review to generating new credit after the bankruptcy is completed. If you are considering filing bankruptcy then your very first call should be to a bankruptcy attorney.
Bankruptcy In California News
Reno's Silver Legacy casino in bankruptcy protection
With a big push from Northern California's Indian casinos, one of Reno's largest casinos has fallen into Chapter 11 bankruptcy protection.
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Stockton, the California city on the brink of bankruptcy, and creditors agreed to extend talks aimed at restructuring its municipal debt for an extra 30 days.
Read more...Greenberg Traurig Expansion Continues in California with the Addition of Bankruptcy and Restructuring Attorney Howard ...
LOS ANGELES, May 23, 2012 /PRNewswire/ -- Howard Steinberg has joined the international law firm Greenberg Traurig, LLP in the Los Angeles office as a shareholder in the Business Reorganization & Financial ...
Read more...Record number of school districts in state face bankruptcy
Pummeled by relentless budget cuts, a record number of California school districts are facing bankruptcy, state Supt. of Public Instruction Tom Torlakson announced Monday. The Inglewood Unified School District and 11 others -– most in northern California -- are currently...
Read more...As We See It: New state report shows 188 school districts in financial trouble
It's one thing for a California city to declare, or consider, bankruptcy. Vallejo had to do it, and now Stockton, facing declining revenues and unsustainable pension costs, is facing a similar fate.
Read more...Reno's Silver Legacy files for Chapter 11; Indian casinos a factor
The Silver Legacy was supposed to rejuvenate Reno's ailing casino market. Instead, it became one of the biggest victims to date of the Northern California Indian gaming. The mammoth 17-year-old casino filed for Chapter 11 bankruptcy reorganization last week after a deal to restructure its $142.8 million in debts fell apart.
Read more..."Octomom" files for bankruptcy in California
LOS ANGELES (Reuters) - The California mother of octuplets, dubbed "Octomom," filed for bankruptcy on Monday, after previously admitting she was on public assistance to support herself and her 14 children. Nadya Suleman, 36, gave birth to eight babies as a single mother in 2009. But goodwill turned to anger in the media after it was revealed Suleman had undergone fertility treatments when she ...
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