What Is A Bankruptcy

Feb 5th, 2014 | By | Category: Debt

There is an ever increasing trend of the quantity of people who file for bankruptcy each year. We all remember the mortgage bubble of 2008. Fortunately, the economy is improving. But whether the economy is doing well or badly, there are always people who find themselves in financial dire straits. If you’re one such people, you could decide to file for bankruptcy for a wide range of reasons. The most common reasons are as follows.

After her husband died, Mary Veronica Santiago fell behind on her bills, and the creditors began to call. So two years ago, she took refuge in bankruptcy, hoping to have her debts wiped away. But far from providing a fresh start and peace of mind, the Chapter 7 filing thrust Mrs. Santiago, 79, who lives in the East Village, into the center of a case that bankruptcy lawyers say poses a major risk to her and the millions of other New …


Bankruptcy is all too common these days with the economy the manner it is. The mortgage crisis and the cost of gas have caused many people financial troubles all over the United States. Luckily there is hope after a bankruptcy. It’s sort of like polishing up your place after you have got some scuff marks on them. Your credit is the same treatment, you can re-establish credit after a bankruptcy, and it’s the first step once you’re done with your bankruptcy.

Whatever the reason for your need to file for bankruptcy, you should not go it alone. There is someone to assist you through the process. Bankruptcy is a complex and specialized area of the law. It is difficult for laymen to understand it all by themselves. If you’re considering filing for bankruptcy it is essential that you hire a bankruptcy lawyer to assist you every step of the way to ensure that you don’t get out of the process worse off than you were before.

What is a bankruptcy

There are various types of bankruptcy and you could use a bankruptcy lawyer to assist you figure out which is the type that you need. A bankruptcy lawyer will be able to consider your case and advise you as to what options you have and which route will most probably be the better option for you. The most common form of bankruptcy is Chapter 7. But just as it is the most common doesn’t mean it’s the best for you. And this is where a good bankruptcy lawyer will be able to help you.

Bankruptcy lawyers aren’t the general lawyers that you’ll find anywhere. They have specialized training in this field because it is a specialized area of the law among its own rules and regulations. Bankruptcy lawyers have at least some experience working as clerks or interns for more experienced bankruptcy lawyers. Naturally, you want to hire the lawyer with the greatest experience. Having a good education and good training doesn’t ensure that a lawyer will provide a good bankruptcy lawyer for you.

The only way to assess whether a bankruptcy lawyer is good or not is to examine the cases that they have treated in the past. Find out what percentage of those cases have been successful. Also, having a high success rate isn’t a good enough determinant. You have to decide whether or not that lawyer has been successful with cases that are comparable to yours. If you’re filing as an individual there’s no point hiring a business bankruptcy lawyer as the kind of bankruptcy, as well as the procedures aren’t the same. Similarly, it isn’t advisable to initiate a divorce lawyer to assist you with your bankruptcy case.

Filing for bankruptcy is a life changing decision that shouldn’t be made lightly. You need to be able to make an informed choice. A bankruptcy lawyer is the best professional to assist you make that choice and to direct you through each stage of the process. When you’re consulting different bankruptcy attorneys, make certain that you contact your local bar association to learn whether or not that lawyer is in fact specialized and qualified in that area of the law.

Bankruptcy is just a legitimate tool, which aims to help customers to regain a fresh life; a life free from lenders and mountainous debts. Bankruptcy in Ohio has two primary categories which can be the most frequently employed by people: Chapter 7 and Chapter 13. For Bankruptcy Laws In Ohio, both sections are present and available. In addition, both bankruptcy law chapter 7 and bankruptcy law chapter 13 operates the same as other bankruptcy laws in other states in America. Nevertheless, …


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