The issue of bankruptcy is almost taboo in our society. The events and conditions which lead you to conclude that your family will best benefit by bankruptcy are always dramatic and full of trauma. Nobody bases their future plans on the need to file bankruptcy, it just happens. Most likely, you have faced medical issues which have driven you to the financial brink. Your life is interrupted by unpleasant realities of budgeting and the sudden realization that after living expenses the amount of money you have remaining to service your debt load lacks the oomph you hoped it had and you make the only rational decision left open to you. You visit your lawyer and discuss your bankruptcy options.
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While many people can expect to file a chapter 7 bankruptcy case, increasingly frequently, families are finding themselves bound to the court for at least 3 and perhaps up to 5 years. The reason behind this is the change in the bankruptcy law which happened a few years ago. These laws, suggested by the lending community to congress, have the intent of diverting more cases into a repayment plan than was formerly the case.
Initially, you will have to organize your data so that your attorney can construct a case which presents a coherent picture of your finances to your creditors, the bankruptcy trustee and ultimately to the court. It is best if you have your tax returns for the prior 3 years available for your attorney. Other items you will want to have available are financial statements from banks, insurance companies, your payroll stubs, and information about the contents of any safe deposit boxes.
After all of your financial data is entered onto the case forms, a chapter 13 repayment plan will be created to fit your circumstances as they are allowed under the bankruptcy code. It is important that you review all of the data for correctness prior to filing your case. Errors cause delays and are costly both in time and money. Take time to get the information right. Plan on making your payments to the trustee timely. Missed payments are the main reason chapter 13 trustees make motions to have a case dismissed.
If your property was in foreclosure, be aware that there is a possibility that your lender may request relief from stay. This is their right, and if improperly answered, your property could be at risk of loss, even if your bankruptcy case continues with regard to the rest of your creditors. It's very important that your attorney advise you about the risks, benefits and detriments which may arise in your specific case. Do not leave these issues to unqualified parties.
Clients frequently ask about credit impact of a bankruptcy filing. The short and sweet answer most given is that the financial condition which now forces you to look at bankruptcy as an option has most likely already been noted by your creditors and very little worse could be posted to your credit report. In a chapter 7 bankruptcy, post discharge, it was not uncommon for your credit report to show an improvement due to the fact that your income is no longer encumbered by commitments to payments. However, in a chapter 13 bankruptcy, the most likely outcome is that your credit reputation will remain static for the duration of the plan and up until discharge.
The length of this article does not lend itself to a full treatment of the subject which we wish to cover, but there are 3 supplemental articles planned for publication over the next few weeks. You can find links to the supplements at [http://www.usa-lawyer-finder.com/]. Frank Bruce and I wish you the best bankruptcy experience possible!
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