Tips On How To File For Bankruptcy

Remember that when you file for bankruptcy, Chapter 13 Memphis attorneys are available to help. The person you choose to represent you should be considerate of your situation, reserve judgement, and work to help you devise a bankruptcy recovery plan that is realistic and considerate of your financial situation.

This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Neither publication of this article nor your receipt of this article create an attorney-client relationship.

If a person files for Chapter 7 bankruptcy in Florida, then they can use the Florida exemptions to keep some or all of the owned property, and if an individual files for Chapter 13 bankruptcy in Florida, then it affects the amount which the individual has to pay back to the creditors through the Chapter 13 plan.

Another question that many people don't ask is whether or not it's really worth it to save their home and car. In many bankruptcy cases, the real culprit is not a temporary layoff from work but rather the inability to earn enough money to make the debt payments every month. If you're in over your head with the type of house or car you bought, then using a Chapter 13 bankruptcy to keep them may not be the best idea.

If anyone is considering filing for bankruptcy, it is critical that you proceed carefully and correctly. Some individuals have taken the means test and do not fully understand how to fill it out, and are denied the option of filing a Chapter 7 bankruptcy. At Professional Legal Network, a bankruptcy lawyer will help you to determine if you qualify for Chapter 7, and to file all the necessary paperwork. The process is complex and extensive, and it is invaluable to have legal assistance when dealing with any bankruptcy filing.

Different states have varying guidelines regarding bankruptcy law, but each category has specific regulations, too. In a Chapter 7 bankruptcy, for instance, you can have many of your debts completely discharged so you can get a fresh financial start.

In short, Chapter 13 is basically a repayment plan, while Chapter 7 is known as straight bankruptcy. It is up to you and your bankruptcy attorney to decide which chapter is more appropriate to your specific needs. Be aware that filing for the wrong chapter, however, can make you lose your house.

Chapter 7 or liquidation bankruptcy makes the filer sell some of his assets so that he can have funds to pay his creditors. You need a lawyer to determine which of your assets are covered and which are exempted under this chapter. The eligibility to this will allow you to discharge your unsecured debts. By unsecured, it is meant that your loan is not collateralized. Examples of unsecured debts are credit card bills, taxes that are over 3 years old, medical expenses and personal loans. Student loans, child support, alimony, recent taxes and court ordered fines are among the debts not included under this kind of legal provision. To be able to quality here, you should pass what the law refers to as means test. If you do not pass, your only remaining option is Number 13.