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The Bankruptcy Attorney – When Experience Counts Twice
from:The bankruptcy attorney can seem like a confidante when you first meet him or her, because you will be sharing your personal financial details. Normally, these kinds of details are the kind people try to hide from the world for as long as possible. But when the debt burden becomes unbearable, it’s good to have a professional on your side as you deal with the complexities of the bankruptcy laws.
The very first decision an attorney will help you make is whether you should file bankruptcy at all. In some situations, other remedies are possible including selling assets or downgrading your lifestyle. But when that’s not possible, the second decision the attorney will help you make is deciding which bankruptcy chapter best fits your situation. The personal bankruptcy chapters are 7 and 13. Under chapter 7 you wipe out most debt. Under chapter 13 you set up a debt repayment plan through the court.
Once your bankruptcy attorney and you decide that filing is the right course of action, the next step is to actually record the petition in court. Your attorney will take care of this step and all other legal filing requirements. But after the filing you will discover an attorney specializing in bankruptcies can offer a number of other services.
The bankruptcy attorney is prepared to handle any and all special issues that arise during the bankruptcy process. For example, if you owe the Internal Revenue Service there are specific forms which must be filed in order to request IRS approval of tax debt elimination. The IRS will respond by indicating which debts can be included in the bankruptcy. Other special issues include business related debts, medical bills and the state and local debt laws that must be balanced with federal laws.
When you file a bankruptcy, it also helps to have an attorney that is trusted by the courts. Experience counts in court and a recognized and knowledgeable attorney is able to handle any court requirements. When you file bankruptcy, the court appoints a trustee to represent the court. The trustee reviews the attorney’s filings and can ask any questions that he or she sees fit to ask about your financial status. Your bankruptcy attorney can guide you through the process.
Your bankruptcy attorney also deals with creditors once the bankruptcy is filed. You virtually have no more contact with debt collectors and all debt collection efforts are referred to your attorney. This alone is a valuable service, because the attorney understands laws related to debt collection and is not cowed by collection efforts.
Even after you have completed your bankruptcy, the attorney who is an expert in bankruptcies can guide you on ways to re-establish your credit. This advice is valuable, because a bankruptcy stays on your credit record for 10 years. Therefore, establishing good credit is important, because your life will not be on hold for 10 long years.
A bankruptcy attorney is a person who will guide you through the entire bankruptcy process from initial financial status review to generating new credit after the bankruptcy is completed. If you are considering filing bankruptcy then your very first call should be to a bankruptcy attorney.
Bankruptcy Auctions News
Fiat auctions special edition car via Twitter - Christian Science Monitor
 Christian Science Monitor | Fiat auctions special edition car via Twitter Christian Science Monitor Italian carmaker Fiat beat analysts' forecasts for first quarter earnings as its US unit Chrysler Group LLC posted its best quarterly profit since its 2009 bankruptcy, once again compensating for declining sales in Europe. Automakers using social media ... |
State fair and SportsQuest properties go on auction block Tuesday - Richmond Times Dispatch
State fair and SportsQuest properties go on auction block Tuesday Richmond Times Dispatch David Downs, a professor of real estate at Virginia Commonwealth University, said he's not sure whether scheduling two such noteworthy auctions almost simultaneously is a brilliant move or pure luck. "I could speculate that A, it's a coincidence; or B, ... |
Rolex watches, rare gold coins, fine gems in Govt. Auction's May 27 sale - Auction Central News
Rolex watches, rare gold coins, fine gems in Govt. Auction's May 27 sale Auction Central News “We will be auctioning a collection of high-end watches that includes designs by Rolex, as well as Cartier and Bvlgari. Bidding will start as low as $2 on most items.” One of the wristwatch highlights is Lot 9A, an impressive pre-owned 1985 Rolex men's ... |
Supreme Court ruling could add costs to distressed debt investors - Pensions & Investments
 Pensions & Investments | Supreme Court ruling could add costs to distressed debt investors Pensions & Investments If the court overrules a lower court decision, it would effectively end the practice of credit bidding in bankruptcy auctions, raising the costs for investors in real estate debt. In the case of River Road Hotel Partners LLC vs. |
Lights Out As LightSquared Files For Bankruptcy - Forbes
 GigaOM | Lights Out As LightSquared Files For Bankruptcy Forbes On Monday May 14, 2012, beleaguered LightSquared finally filed for its long anticipated bankruptcy protection. It's quite amazing that a year ago investors actually thought this pipedream would ever be able to overcome technical difficulties of ... LightSquared's bankruptcy is Washington's failure too |
HOW TO: auctioning off a state fair - RVANews
HOW TO: auctioning off a state fair RVANews After 156 years of operation, the bankrupt fair will have its property auctioned off later this month. “It's a sizable sale,” said Mark Motley, president and CEO of Motley's Auction & Realty Group, the organization based in Chester, VA that's in charge ... |
Wolf Creek resort up for auction - StandardNet
 StandardNet | Wolf Creek resort up for auction StandardNet Whichever of the two auctions generates the most money will be accepted and submitted to the US Bankruptcy Court for approval, said Olson. The entire resort has an appraised market value ranging from $28 million to $34 million, he added. Ogden Valley resort on auction block June 1 |
Dodgers sale creates field of dreams in bankruptcy - Chicago Tribune
 The Associated Press | Dodgers sale creates field of dreams in bankruptcy Chicago Tribune ... another party to dictate terms despite league constitutions that stipulate terms for buying a club or filing for bankruptcy, said Sosland. "Chapter 11 is a place where you can neutralize league issues to allow auctions to go forward," said Sosland. Dodger sale creates field of dreams in bankruptcy |