Home » Finance

Do I Need A Bankruptcy Lawyer?

Apr 21, 2008
When filling for bankruptcy, it is advisable to engage a bankruptcy lawyer as this would shorten your process considerably. The changes in law means that filing for a bankruptcy can be extremely time consuming if you do not know what you are doing. With enough financial worries as a debtor, you do not want to add to your frustrations by having to struggle with these paper work. Your attorney will help to fill up the initial section of the application, after which you can proceed without much further issues.

The insolvency laws in the United States have certain built in bankruptcy protections for the individual. Under most circumstances, he or she will not lose their home which also includes additional items such as personal property, clothing and household furniture. It is never the intention on the state to make the individual jobless or homeless.

Federal laws aside, some States will also have additional laws of their own. This is where a bankruptcy lawyers will be of great assistance to you if you want to keep possession of what you are entitled to. A person filing for bankruptcy will usually not have much high valued items. The insolvency laws are not meant to punish the individual therefore things meant for daily living are exempted from creditors.

Your bankruptcy details will be reflected in your credit record for ten years but there is more to this than just that. In reality, what weighs more on your credit score is your recent transactions rather than your activities that occurred in the past. Believe it or not, soon after you have filed for bankruptcy, credit offers will start to come your way. Please exercise great caution and restraint when deciding when and which offers to consider.

Hopefully your bankruptcy lawyer will be able to advice you before this situation arises because certain credit companies adds on huge fees and increased interest rates. This would make loan repayment a real problem and will definitely exacerbate your already fragile financial position. However if you only consider credit offers that you are comfortable with and can pay more than the minimum amounts, then you will see your credit history rebuilding itself slowly but surely.

As a bankrupt, if you are able to keep your finances straight for two to four years without incidence, your credit rating would probably be back to normal. After this period, trying to arrange for an unsecured loan or buy a house should not cause you much problems even though your bankruptcy will be reflected in your records for ten years.

The credit industry would have you believe that bankruptcy are for losers. This attitude has caused normal ordinary individuals to shun filing for insolvency when in reality, they really need to. This creates a very unsympathetic view of those who do decide to do it. With the recent changes, the government might decide to make it even tougher for people to qualify for bankruptcy if the credit companies persist with this type of approach. Your bankrupt lawyer will definitely tell you that the majority of people who do file for bankruptcy protection are law abiding, hardworking and honest people who has fallen on hard times because of unforeseen circumstances and are not out to deceive the government.
About the Author
Jane Andrews/Steven are the owners of the credit repair secrets site. Do sign up for their newsletter and learn more about credit crunch problems and remedies. You will learn how to increase your credit ratings over 249 points and above!
Rating:
Please Rate:
(Average: Not rated)
Views: 158
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources