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Can I File for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Many people struggle with the decision to file bankruptcy. Usually this is because they have misconceptions about bankruptcy in general. Basically, bankruptcy is a legal way to level the playing field between an individual debtor and creditors. It is a legal proceeding that provides the debtor with a fresh start. The two types of bankruptcy that are most commonly available for an individual are: Chapter 7 and Chapter 13. Chapter 7, or straight bankruptcy, is what most people typically think of as bankruptcy. In Chapter 7 bankruptcy, a debtor s non-exempt assets are liquidated or sold and the proceeds are used to pay toward unsecured debts (credit cards, loans, medical bills, etc.). In the overwhelming majority of cases, however, people do not lose any property which means unsecured creditors get nothing. At the end of the bankruptcy, roughly 3-4 months after filing, the debts are discharged and the creditor can never collect on the debt. Chapter 13 is a debt reorganization or consolidation bankruptcy. If a person has a regular monthly income, their debts (mortgage arrears, car payments, credit cards, medical bills, loans, student loans, etc.) are rolled into one low monthly payment. Because the debtor is paying back his creditors through this repayment plan, the debtor does not risk losing any assets as he might under Chapter 7 bankruptcy. Furthermore, while in the repayment plan, typically 3-5 years, creditors are stopped from contacting the debtor without first going through the debtor s attorney and the court. Millions of people declared bankruptcy last year alone to get the fresh start they needed. Contrary to what many believe, bankruptcy does not permanently damage your credit, and you will still be able to have credit. The new bankruptcy laws that went into effect in 2005 changed bankruptcy very little.Michele Wallace, author of this article, writes for the <a href= http://www.maliselawfirm.com/><b> MaliseLawFirm"</b></a>. Hire experienced <a href=http://www.maliselawfirm.com/><b>"San Antonio bankrupty attorneys"</b></a> with Malaise and get the debt relief you deserve.
Source: www.ArticlePros.com

A Bankruptcy Lawyer Does More Than Just Make Money
Some perceive lawyers to be money hungry, especially the Bankruptcy Lawyerwho is practicing one of the most common legal practices Although the money is nice, these lawyers do not encourage bankruptcy It’s for those who absolutely need to file and not so much for those who simply don’t want to pay their bills . .If you are someone who is such dire straights and in need of a bankruptcy lawyer to help, you can find these lawyers by simply logging on the internet and looking at sites such as Get Lawyer Advice where you can find legal advice and lists of bankruptcy lawyers by state Once you find a lawyer, you will proceed with the process, but before you delve into the bankrupt lifestyle, law requires that you must have a 90 minute consultation with a federally approved credit counselor . . .The credit counselor will make sure that what you are planning to do is the right thing By this point your bankruptcy lawyer has determined that your debt is substantial enough to file bankruptcy, but the credit counselor will determine if there are alternative methods to filing bankruptcy Even your lawyer will ask you what makes you think you cannot rectify your credit by making sacrifices to increase the amount of money you can apply to your bills This is asked because bankruptcy damages your credit much longer than if you were to simply work to repair your credit through playing catch up and making payments . .If the credit counselor has determined that you are a candidate for bankruptcy, then you can move ahead with the process, but if they determine you are not, they will discuss with you the alternatives Credit counseling was put into place since so many were abusing the system and filing because they just didn’t want to pay their bills . .So keep in mind that your bankruptcy lawyer is legitimately there to help you Since the bankruptcy process is not as simple as it used to be due to reformed laws, your lawyer is more proactive in making sure your decision is the right one and in turn you can provide him or her with referrals of those who also need help .
Source: www.rsstnx.com