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Are Bankruptcy Lawyers Saviors Of People?

Apr 22, 2008
Bankruptcy lawyers can be the savior of people who have made the tough decision to file for bankruptcy; this will be an extremely stressful time for many people as their whole life is about to change. In an effort to try and reduce the number of cases which may not be legitimate, the law was changed and this has made the initial preparation of filing for bankruptcy a lengthier process.

A decent attorney, however, will be able to make sure that nothing is missed. Despite all this extra paperwork for debtors, once it has been completed, the bankruptcy petition can proceed in the same way as it did before the changes in law.

Fortunately, the United States bankruptcy protection code provides certain exemptions for people who are filing for bankruptcy when it comes to the disposal of property. It is unlikely that your home or vehicle will be at risk. Work clothes, tools and other essential items like furniture are also exempt, as a bankrupt still needs a place to live and a way to travel to work.

Of course, some States have made additions to the federal law and this is where your bankruptcy lawyer will be of more assistance if you want to retain the possessions to which you are entitled. Studies have shown that most people who are bankrupt are normal people who do not have an expensive lifestyle. This is why protection has been put in place and how a legal representative will keep the creditors at bay.

Details of bankruptcy will stay on your credit record for ten years but there is more to it than that. You see, you're the majority of your credit score rating is made up of more recent financial activities and not so much about past ones. Very soon after you've filed bankruptcy, you'll begin to get credit offers and you will want to exercise great caution in deciding which offers to accept, and when.

These types of credit agreements usually have hidden and extortionate charges that will usually make the financial situation worse for the person that is bankrupt. A good bankruptcy lawyer should make his client aware of this. Your attorney will be able to advise you on reputable companies but whatever your credit agreements are, you will do your credit rating a great deal of good if you ensure that you always pay more than the minimum required.

Whilst you continue to maintain and rebuild your credit record you may find that in less than four years your good credit record will have been re-established. Your bankruptcy will still appear on your credit record for the full ten years but it should not cause you problems if you decide to buy a house, car or arrange another unsecured loan.

It usually the result of a set of unfortunate circumstances that leads to a bankruptcy. It is not because the individual is a failure looking for an easy way out of his debts as the credit companies would like you to believe.

Bankruptcy is generally seen as a last resort, but as legislation continues to add changes, it will become harder for individuals to apply for bankruptcy. Whilst there are obviously some people that want to take advantage of the bankruptcy protection system, your bankruptcy lawyer will assure you that you are just a victim of bad luck who is being given a second chance.
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