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CREDIT CARDS AND BANKRUPTCY: OPPORTUNITIES FOR REFORM

The present housing market, soaring medical costs and rising gas prices have sent many individuals and families into financial crisis. If you are unable to pay your mortgage, and creditors don’t stop calling, it is time you need to essentially seek advice from a chapter 13 bankruptcy lawyer in Atlanta.

Chapter 13 Bankruptcy, What Is It All About?

Chapter 13 Bankruptcy law enables individuals to repay some or all of their debts under a bankruptcy repayment schedule of 3-5 years. While Chapter 7 Bankruptcy involves liquidation of all unsecured debt, Chapter 13 Bankruptcy does not automatically discharge debts, but allow individuals to keep some of their belongings.

Filing for Chapter 13 Bankruptcy helps to stop home foreclosure repossessions, proceedings and end wage garnishments or creditor calls. In order to file Chapter 13 Bankruptcy, an individual should essentially have a constant source of income to meet bankruptcy repayment schedule requirements.

Working of Chapter 13 Bankruptcy:

With Chapter 13 Bankruptcy, individuals are required to create a bankruptcy repayment schedule and will require making the payment to the trustee. All the outstanding debts will be prioritized and paid according to the bankruptcy law. After opting for Chapter 13 Bankruptcy, debts will not be discharged instantly, but by the end of the bankruptcy schedule.

Why do you need Chapter 13 Bankruptcy Lawyer Atlanta?

Filing for personal bankruptcy has become more difficult with the new bankruptcy laws. By filing Chapter 13 Bankruptcy, many individuals who may be eligible for Chapter 7 Bankruptcy will now be forced to repay some or all of their debts.

Present bankruptcy is governed by centralized rules and regulations. Although you can file for bankruptcy on your own, it is always recommended to opt for Chapter 13 Bankruptcy Lawyer.

One of the main reasons for filing bankruptcy for many people is the automatic stay. What exactly is the automatic stay when it comes to filing for bankruptcy? The automatic stay is essentially an order from the court to all creditors to stop all further collection activity including but not limited to harassing phone calls, letters, lawsuits and most critically foreclosures.

The number one reason a debtor takes advantage of the automatic stay stipulation in the US bankruptcy law is to stop a foreclosure. With the US economy in the state of turmoil due to the housing crisis, many homeowners are struggling to make their mortgage payments and they are facing the possibility of foreclosure.

With the filing of a chapter 7 bankruptcy or a chapter 13 bankruptcy the debtor is given an automatic stay and according to the bankruptcy law this will then stop any and all foreclosure proceedings against the debtor. This can be particularly essential in attempting to save your home if you are in a position where you may have tried a loan modification or if you are proceeding with a short sale and you need a little more time to close your real estate transaction. Sometimes you may be on the very last leg of the short sale and you may be very close to closing your escrow however you have a foreclosure sale date and if you cannot close before that date your property will be foreclosed upon.

The automatic stay in a file for bankruptcy will give you that extension that you need to either short sell your home, successfully implement a loan modification agreement with your lender or better yet if it is a chapter 13 bankruptcy, you may be able to keep your home. The automatic stay remains in effect until either your bankruptcy is discharged or a reorganization plan has been implemented.

If you are facing a foreclosure and you are thinking that the automatic stay when filing for bankruptcy may help you to retain your home, you should seek the advice of a professional licensed bankruptcy attorney. Only bankruptcy attorneys know the intricacies of the US bankruptcy law and they will be able to answer all your bankruptcy questions regarding foreclosure and other issues.

To take the first step in finding a bankruptcy lawyer, you may simply fill out a free bankruptcy case evaluation online at BankruptcyIntro.com. After completing a simple two minute bankruptcy evaluation online, you will then be connected with bankruptcy attorneys in your area that will be able to give you a free bankruptcy case review.

Being bankrupt is a bad state anyone can ever find themselves, but hiring a wrong attorney to file your bankruptcy case in court the situation can be put you in an even worse situation. To avoid such situation, it is important that time and effort is put into researching for an attorney who is qualified and experienced enough to help you through the whole process successfully.

Here are tips to enable you choose the best bankruptcy attorney to handle your bankruptcy case if you are living in California:

Check Their Qualification

Be sure to confirm the attorney’s qualification to handle bankruptcy cases. Many attorneys out there are not qualified enough to be able to successfully lead bankruptcy cases in court; therefore, in order not to wind up with such attorney, you need to check their certification. Do they have the required certificate for this kind of job?

Ask For Referrals

An easy and fast way to get qualified and efficient attorneys to handle your bankruptcy case is to ask for recommendations from friends who have filed for bankruptcy before. Since they have gone through the whole bankruptcy process before, they will be able to show you a good lawyer you can engage.

Asking legal professionals to direct you to a good bankruptcy attorney is also a wise thing to do. Since, that’s their profession; they should know the right person or firm to refer you to.

Go To Bankruptcy Courts

You may be able to find attorneys who showed what you are looking for by going to observe court sessions on bankruptcy cases. You can then approach them and ask for an appointment to discuss further. And from this, you will be able to know much about the attorney to enable you make up your mind whether to hire them or not to take on your case.

Find an Attorney Who Is Not Overworked

You need to hire an attorney who is not overworked, and may therefore not have the time and patience to listen to you and take the complete details of your case. Working with an attorney with loads of briefs on his or her desk can leave you flustered as you will not be happy that they are representing you the way you want.

A little conversation with your prospective attorney before hiring them to handle your bankruptcy case can reveal whether they will have the needed time and patience for your case. You can ask them what they are doing presently, and how interested they are in handling your brief. Taking the time and effort to find a bankruptcy lawyer that best suit your needs will lessen your worries in the long run as you know that you are in good hands.

About The Law Office of James G. Roche

The Law Office of James G. Roche is the leading bankruptcy law firm in California, helping hundreds of clients who file for bankruptcy. At James G. Roche, our attorneys will take every measure to ensure that clients file for bankruptcy only when necessary. We will assign a bankruptcy attorney will work with clients on a one-to-one basis to preserve and protect their assets and pay creditors in the near future where possible.

Contact them at 888-380-3080 for a Free Bankruptcy evaluation.

For more information, visit them at http://thelaw007.com

Most people perceive bankruptcy as the ultimate life failure. Unfortunately, for millions of U.S. citizens, it is the last alternative available to save their worldly possessions. Personal bankruptcy can stir up many emotions and leave people feeling ashamed. Worse yet, it can leave a financial black mark on credit reports for ten long years.

Before filing personal bankruptcy, it is important to seek out alternatives to determine if better financial options exist. Sometimes, debt consolidation, debt settlement, credit counseling and budgeting can achieve the same results without the credit chaos associated with bankruptcy.

If bankruptcy alternatives cannot solve financial problems, debtors should take time to become informed about the bankruptcy process. New bankruptcy laws enacted in 2005 have made filing considerably more difficult and expensive. Debtors are required to undergo credit counseling from an approved U.S. Trustee agency and undergo the ‘means’ test to determine the amount of debt to be repaid.

The Bankruptcy Abuse Prevention and Consumer Protection Act was implemented to help consumers from subprime lending tactics and to protect creditors from people who were abusing the system by filing bankruptcy to write off frivolous credit card expenses. BAPCPA provisions require all Americans filing for personal bankruptcy to pay back at least a portion of their debts.

Six bankruptcy chapters exist including: Chapter 7, 9, 11, 12, 13 and 15. Personal bankruptcy falls under either Chapter 7 or Chapter 13.

Chapter 7 is often referred to as ‘liquidation bankruptcy’ because debtors are required to turn over non-exempt property to a bankruptcy trustee. The Trustee supervises the sale of property and funds are used to pay outstanding creditor debts. Remaining balances are written-off and debtors have a clean financial slate.

Under chapter 13 bankruptcy, debtors are allowed to retain their property, including automobiles and real estate. However, a repayment plan must be submitted to the bankruptcy judge for approval.

Chapter 13 payments generally extend for two to three years and can place significant financial restraints on debtors. One unexpected expense can cause debtors to fail out of bankruptcy. When this occurs, debtors lose court protection and creditors can commence with collection actions.

Bankruptcy is governed under federal law. However, each state establishes bankruptcy policies. If planning to file bankruptcy you will need to adhere to the laws of your state. Petitions must be submitted to the district where you reside and approved by a bankruptcy judge.

When possible, attempt to obtain a repayment plan with creditors and avoid filing chapter 13 bankruptcy. Depending on the circumstances, creditors might reduce outstanding balances or interest rates. Increase your chance of successful negotiations by offering an upfront cash payment and reasonable repayment plan.

If bankruptcy is the only feasible option, retain the services of bankruptcy attorneys well-versed in state and federal laws. Doing so ensures proper documents are filed and improves your chances of having the bankruptcy court approve your petition.