Filing for bankruptcy has become relatively easy for debtors. This is because they can now make use of some special bankruptcy software that is available online. Different experts have seen the need to formulate the software to make your work easier. They come in different types, some specifically made for attorneys and others for debtors who may want to file for bankruptcy without involving a lawyer. The software made for attorneys allows them to collect all the relevant information that pertains to the debtor without necessarily meeting him face to face. The information is then processed online and the results sent to the bankruptcy database for recording. It contains all the necessary forms that the attorney needs while filing on behalf of a client.The bankruptcy software for the debtors on the other hand is a bit more detailed. Remember that it targets a debtor who is not willing to hire the services of an attorney. It therefore seeks to give you guidelines on the procedure for filing. Furthermore, once you have outlined the circumstances under which you are filing for insolvency, the software will automatically choose for you the most appropriate chapter under which to file your case. The software is available in many different formats but the most common formats are Microsoft Word files, standard text files and Adobe PDF files. None is more preferred over the other so you are free to make use of any one that suits you best. Your decision will be based on how much information you want to file and whether there are any calculations you will be required to carry out in the process. Once you have had a look at the format of the software you will be in a better position to decide.

When you file for bankruptcy, there is an essential piece of information that you need to disclose. Based on the information, the court will be able to decide which chapter you can file. The information includes your list of creditors and the amount owed to each. After the process of filing is complete, you and your attorney must have a meeting with your creditors. This is known as the 341 meeting. It is normally a forum in which your creditors will be notified of your financial bankruptcy and arrangements made on how the bills will be settled. If you file under chapter 7, your assets should be sold off and the proceeds distributed among your creditors. This is where debt consolidation comes in.  Debt consolidation during bankruptcy is a concept that can help you a great deal in paying much less money to your creditors. It works by bringing all your debts together and calculating a favorable percentage that will work for the benefit of all creditors. What follows is that you have to look for a debt consolidation firm that will act as your representative in the whole transaction. In this case, all your debts are treated as one. This is to say that the trustee who will sell off your assets will only require writing a single check. This is what he or she will send to the consolidation firm, which will then distribute the amount thereof to all your creditors in proportion to the calculated percentage. All you need to do is pay the firm a small fee for the services.

Finding a bankruptcy lawyer can be very difficult and time consuming. Bankruptcy lawyers should offer a free initial consultation to evaluate the financial situation and offer legal advice on the best course of action.

A law forum that deals exclusively in bankruptcy and debt consolidation is better equipped to deal with both chapters 13 bankruptcy and chapter 7 bankruptcies. The yellow pages are a helpful source to find bankruptcy attorneys who are categorized by their field of specialization. Another way to find a qualified bankruptcy lawyer is by referral from those who are more familiar with the field and other attorneys who might make some helpful recommendations.

Due to the duty of confidentiality, the lawyer cannot share information about their current or past clients unless permitted to do so. Talking to close and trusted family friends who can guide the right direction might be of great help. This gives an insight into the lawyer’s competence. The attorney should be considerate about the client’s problem and make him feel comfortable. It is also necessary that the attorney is organized and punctual and work well together.

While the initial consultation is free, the client should honestly explain his or her situation to the lawyer and the lawyer should give a feed back on the situation and on the option thereon. While conversing with the lawyers, the client should find out how long he or she has been practicing the specifics of their specialization, number of cases handled by them approximately and expectation from the attorney in terms of representation. Also, it should be ascertained whether the attorney will personally attend the case or pass it on to a junior lawyer or staff. All such questions can be asked and the Attorney should make sure that the client is comfortable for appointing him or her as the bankruptcy lawyer.

Bankruptcy attorneys specialize in bankruptcy laws and provide legal methods to either wipe out debts by liquidating assets and distributing them among creditors or resolve them by developing a court approved reorganization plan. Bankruptcy lawyers explain the main purposes and application of bankruptcy laws and how they function to relieve the individual and business from indebtedness. A disclosure of all the financial affairs is extremely important in a bankruptcy setting. The lawyer should be kept informed of all the facts. In the worst scenario, failing to disclose information to the court could be a crime. Written documentation of debts and liabilities is important in bankruptcy setting. Bankruptcy lawyers usually specialize either as debtor’s counsel or as creditor’s counsel. Debtor’s counsel will usually charge a flat fee for a single bankruptcy. Creditor’s counsel usually charges on an hourly basis. For filing bankruptcy, hiring debtor’s counsel will hopefully be a one-time experience;

A lawyer may give alternatives as to what can be done and should discuss the possible consequences of each option. If the house is in foreclosure, the need to file a bankruptcy petition is imminent and therefore by the need of the meeting, there should be clear understanding of what has been accomplished.

When you are contemplating bankruptcy, you will need to find a bankruptcy attorney. Looking for a bankruptcy lawyer can be time consuming, but it does not have to be that way. You need to keep a few tips in mind when looking for the attorney.

Where are they located for one? If you want an attorney that is close by, you can look online or in your local phone directory. You do not have to settle for the first one you find, but you can call and ask for a brochure for more information about what they offer and prices. The price as well as how you pay them will be another consideration when looking for a bankruptcy attorney. It is not unusual for a bankruptcy lawyer to charge twenty-five hundred dollars with half of the money upfront to start the process. You will also need money upfront for the filing fee, credit-counseling fee and the financial counseling at the end of the bankruptcy process. The remaining balance due to the lawyer for a chapter 13 is added into the monthly payment plan. For a chapter 7, some lawyers, however rare, will take a payment plan for the remainder of their fee or require payment before the discharge date.

You will want to look for a bankruptcy attorney that has time to devote to your case and not pass you off to an associate or paralegal. This question is something you need to ask before selecting an attorney. You can ask friends or family for a referral. You can ask the court of courts secretary in your community for a list of reputable lawyers.

You should do some research before hiring a bankruptcy attorney. If you see a lawyer on television, that does not mean you are going to receive the best lawyer. When you are selecting a bankruptcy attorney and they offer to do your bankruptcy for a thousand dollars cheaper than the normal fee of other lawyers is not a good reason to select that attorney. It is a good sign that you need to look somewhere else. Bankruptcy is a lengthy process and twenty-five hundred dollars is a fair price for the time involved. By asking for pricing plans and information on services offered, you can judge which attorney would be right for you. Take you time to check different attorneys and do not settle for the first one you find.

You can look for a bankruptcy attorney that you feel comfortable around. After all, you will be spending some time with the lawyer and supplying all you personal information. Remember one thing when looking for a lawyer. A cluttered office does not make for a good lawyer. You want a lawyer that is tidy and is less likely to misplace your personal documents and information. Look for one that is close enough to you or close to the area where the courthouse is to save some time and money. It is always a good idea to make sure they are a good bankruptcy attorney before deciding. 

Remember to keep these tips in mind. They will help you find the right attorney for you during this difficult time.

Anyone person who is a bankrupt is usually unaware of the nuances of legal process involving bankruptcy. Before filing for bankruptcy, the person must collect all the personal financial informations that include a list of all secured and unsecured debts, tax returns for the last 2 years and deeds to any real estate and any other loan documents.

The first and foremost step to be taken by a bankrupt person is to file for bankruptcy through the bankruptcy court, which is a legal process. The next step is to complete the bankruptcy forms called the “schedules” wherein the debtor should describe his or her current financial status and recent financial transactions. The debtor has to choose between chapter 7 and 13. For filing chapter 13 bankruptcy, a proposed repayment plan must be submitted with the petition. Filing bankruptcy can be done by talking to people who have technical information about bankruptcy or better still to visit a bankruptcy lawyer who can guide through the complicated procedure of filing for bankruptcy. The lawyer should be provided with all the personal information to put together and file the voluntary petition.

Once this process is over, the bankruptcy court assigns a trustee to see to it that all the informations are collected and that they are accurate. The next step is to notify the creditors that the debtor is filing for bankruptcy so that they stop all actions they might be taking up against the debtor to get the payments. After this, the next procedure is meeting the various persons who are involved in the bankruptcy case along with creditors and if possible, their lawyers.

An automatic stay goes into effect immediately upon filing the petition with the bankruptcy court which prevents the creditors from making direct contact or staking a claim to any of the debtor’s property from the date of filing. Approximately, a month after filing the bankruptcy petition, the trustee will call the first meeting of creditors, which is known as 341 meeting that requires the presence of the debtor. It is an open opportunity for creditors to question and the debtor is required to respond in full faith.

A creditor must file a proof of claim within 90 days after the first date set for the meeting of the creditors. If there is an excess asset after all the claims are settled, the court may grant an extension of time for filing of claims during the 90-day period. Objections if any are resolved by a negotiation between the debtor and the counsel of the debtor and the creditor. A judge will intervene, if necessary, when a compromise cannot be reached. If there are no hiccups, the debtor receives a notice from the court that the bankruptcy is discharged within 4 to 6 months.

Student loans guaranteed by the government are not dischargeable, that is the student continues to be liable for the payment even if he files bankruptcy. The debtor’s goal is to have as many debts discharged as possible. The ten categories of debts excluded from discharge are divided into 2 areas: debts that are not dischargeable due to the wrongful conduct of the debtor and debts that are dischargeable due to public policy.