Do you need legal advice?
by K. Weist
There are some financial situations that cannot
be resolved with normal methods
And the only alternative is to contact a bankruptcy
lawyer; the decision to do this will unfortunately,
affect the lives of everyone concerned. 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. Although the amendments
to the bankruptcy law are designed to eliminate the
time wasters, no other real changes have been made.
Once debtors have overcome this hurdle they should be
able to proceed as normal.
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. Other exclusions are incorporated into the law
so that personal possessions, items needed for work,
furniture and the family automobile are protected from
creditors. This way the person can still go to work.
Of course each State has its own exemptions
Which may or may not go beyond federal ones so your
bankruptcy lawyer must be aware of these in advance
of your petition. The chances are that the person filing
for bankruptcy does not own very high value items. The
purpose of insolvency is not meant to be a punishment
therefore many things required for living are exempt
from creditors.
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Details of bankruptcy will stay on your credit
record for ten years
But there is more to it than that. In fact the primary
points on the credit scoring system are based around
your more recent financial history and not on transactions
made some time ago. What this means is that within a
relatively short space of time after you become bankrupt
you will start receiving credit applications but at
this stage you must be very careful.
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. That does not mean you cannot accept credit
but you should be judicious about what types of credit
you take on, to ensure payments can be met comfortably.
For careful individuals, this credit rebuild
can be as little as two to four years
Providing everything is kept up to date. That said,
your bankruptcy will still be on your record but will
probably not be used to prevent the purchase of a new
home or an unsecured loan.
Bankruptcy is not a crime although many credit
institutions like to promote the idea that it is only
wasters and failures that become bankrupt
Whilst this incorrect and harmful attitude continues,
many people will struggle unnecessarily with their finance
rather than become bankrupt. This belief also makes
it easier to get support for legislation that will make
it harder for people to become insolvent. Don't be fooled
though, because your bankruptcy lawyer will tell you
that most people that file for bankruptcy protection
have just been unlucky and never had any intention of
this happening.
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