Bankruptcy is a legally declared condition where a person or an organization is unable to meet their financial obligations to creditors. A person can declare themselves or their business bankrupt thus meaning that they or their business is unable to pay outstanding debts. Depending on the category of bankruptcy, a judge may arbitrate a payment schedule or have a legal bankruptcy discharge most if not all debts. Anyone who has extended credit may bring a bankruptcy application against a debtor, and this is known as involuntary bankruptcy, in an attempt to recover debts owed, or introduce a rearrangement.
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A bankruptcy lawyer is an attorney who deals with bankruptcy cases and when you declare bankruptcy such an attorney can help you protect your property and home by preventing foreclosure of your home or stopping debt collectors from attaching your home. Bankruptcy attorneys will always move to action to safeguard your rights and your property and it would be advisable to first contact a bankruptcy lawyer before you file for bankruptcy. When you consult a bankruptcy lawyer, the first thing they will do is discuss your bankruptcy options with you and do an evaluation of your case to determine if bankruptcy is the better option or if there could be other options available for you. Once they determine that filling for bankruptcy is the only available option, they will move to safeguard your interests.
When you find yourself in a constant battle with mortgage payment, car loans, medical bills, and are unable to repay your credit card debts, your lawyer will advice you that it would be most advisable and affordable for you to declare bankruptcy as this is the best legal channel to get you back on track financially. Once you have filled for bankruptcy, creditors will have to as stipulated by law, go through your attorney and they should no longer in any way whatsoever contact you. This helps you to protect not only your home but also any other assets you may have.
Should you find yourself apprehensive about foreclosure and the repossession of your car, filling for bankruptcy introduces a stay of relief as a matter of legal procedure thus making a legal demand on creditors and banks to halt any collections or foreclosure processes against you. Legally then, creditors are under obligation not to get in contact with anymore after you have filed for bankruptcy and in case they do so after you have done the filling, all you have to do is give them your case number and filling date and then tell them to speak to your bankruptcy lawyer. In this way, a bankruptcy lawyer will help you protect your home from foreclosure and will keep creditors from continuing to call on you.
It is very important to speak to your bankruptcy lawyer because bankruptcy laws are not the same and actually differ from State to State. Finding out what the options for your home are when dealing with bankruptcy is thus quite important and that is why you go to a bankruptcy lawyer to find out how he or she can advice and help you protect your home. Seeking the advice of a lawyer in as far as the State laws that govern exempt assets in chapter 7 are concerned is thus the first step in protecting your home.
Because an exempt asset is an asset that the creditor is not allowed in any way to go after, your entitlement to exemptions through the bankruptcy regulations will keep the creditor from taking possession of your home to clear the debt despite obtaining a lien on your home. Through your lawyer, when you file a chapter 13 bankruptcy petition, you avoid a foreclosure and a repossession by also filing a repayment plan through the bankruptcy court so that you can repay your debts as against liquidating your assets.
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