Filing for Bankruptcy

16.10.2010 | Author: aule | Posted in Bankruptcy

If you have made the decision to begin filing for bankruptcy you probably have lot of questions going through your mind. For instance, how does bankruptcy affect your finances down the road? How much will it cost? How long does it take? You can get accurate answers to your questions from a professional bankruptcy attorney who will be happy to evaluate your situation and get you started. Some attorneys will offer a free evaluation of your situation so you can make an informed decision according to your individual circumstance.

If a Chapter 13 bankruptcy is right for you, the attorney will outline the attorney fees, court costs and provide other information you need. It is good to get an idea about these proceedings if this will help with your situation.

Personal bankruptcy, whether Chapter 7 or Chapter 13, puts an automatic stay, or halt, to collection activities. What this means is that creditors must cease phone calls, letters and other actions for as long as the judge has ordered the stay to be in effect; which lasts about 3 months. Utility shut offs, car repossessions and garnishments are examples of collection activities that are covered under an automatic stay. In a Chapter 13 restructure bankruptcy, a repayment plan is usually worked out for any assets the debtor wants to keep, like a house or car but there are certain rules that must be stuck to when filing for bankruptcy.

An attorney will advise you about specific laws as it relates bankruptcy and foreclosure. But in general, filing for bankruptcy after foreclosure proceedings have started will not stop the foreclosure, but will possibly delay it. If you seek bankruptcy protection to save your home it is advised that you do so before the mortgage company begins foreclosure. If you are behind in your mortgage find an attorney who will offer a free consultation to see if bankruptcy would help. The lawyer can also advise a way to keep your automobile by repaying in affordable payments in a Chapter 13 bankruptcy.

So how much does a bankruptcy cost? Attorney fees vary depending on your individual situation. But the cost does not compare to what you save if you are able to stay in your home and keep your transportation. The monetary value of these assets surely is worth more than fees and court costs. You can take the guesswork out of this important decision by making an appointment for a free legal consultation with a bankruptcy attorney to help you get rid of your debts for good when filing for bankruptcy.

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