The legal topic of bankruptcy can make people feel uneasy. It is important for prospective bankruptcy filers to have the facts straight before they move forward with their case. Bankruptcy is when a person requests the assistance of the court to erase consumer debts. Consumers often get behind on their bills due to lack of unemployment, a financial loss or a divorce.
The Law Offices of John N. Kitta can help people who find themselves in a difficult financial situation. People often become confused by what is going on so they hesitate to file the paperwork. A bankruptcy will hurt a person’s financial standing. This is because all of the outstanding debt that is owed will be legally wiped away but the creditors will not charge off the amounts.
This means that a negative item for each creditor including the bankruptcy will be included on the filer’s credit report for a time period of one decade. This can make it hard to get credit lines. It is important for people to speak with a bankruptcy attorney before completing the required bankruptcy documents.
The filing that has to be prepared takes time to complete. A person will need to fill in documents regarding the amount of debt that they are asking to be discharged. People should keep in mind that it is very rare for secured debt such as federal student loans to be discharged through bankruptcy. This is mainly due to the fact that the government backs the loans so they want to guarantee that they will receive all of their money back.
Each creditor’s name must be listed along with the account number, address and amount of debt that is owed. The amounts should be current so it can be beneficial to contact each one directly to receive an updated balance amount.
Once a person has completed this, they can then move on to declare the assets that they have. The government can seize an individual’s personal assets and liquidate them to raise funds to pay off creditors. This is where having legal help from The Law Offices of John N. Kitta can come in handy.
When people have legal help, they can have a bankruptcy filing that is in proper order. All of the paperwork has to satisfy the court’s criteria or else the matter will not be discharged and people will have to pay back the debt that is owed in full.
Over the last decade more and more Americans are considering bankruptcy to help them recover from financial losses. Most do not have the background or knowledge to decide if it is the right move for them. Fortunately, Kirkpatrick & Associates has the answers you are seeking. Over the last few years U.S. bankruptcy laws have changed, they are much tougher to navigate than previous years. We believe everyone deserves a chance to start over by wiping away most of their debts and protecting as many assets as possible. A skilled Attorney will help you decide which form of bankruptcy is correct for you, chapter 7 or chapter 13. Some people become overwhelmed by the debt, embarrassment and creditors bothering them. A skilled attorney will put an end to the harassment and relieve the burdens.
The first step will be to schedule a no obligation appointment with a bankruptcy attorney. During this meeting, he can evaluate your situation and explain the options available to you. Depending on your debt and income he will recommend which chapter is correct for you, 7 or 13. He will explain what assets can be protected and which ones must be included in the bankruptcy. Which debts will go away and which ones must be paid regardless of bankruptcy. He will explain all the cost associated with filing and the attorney fees. An experienced attorney will help you plan for the bankruptcy process. It is important to protect assets and also help you prepare for recovery afterwards. With a proper plan, you can be back on your feet financially faster.
A skilled attorney not only knows the law but also has relationships with the Bankruptcy Judges. This is an important question to ask your attorney. When you have a bankruptcy hearing, the Judge will decide whether to allow you to keep or pay for certain assets based on values claimed in the petition. Your attorney will explain what values are acceptable in the courts eyes. The attorney representing you can help “paint a picture” for the Judge that will put you in the best light. Relationships are important in all walks of life and especially when your financial future is being determined.
Finding help for bankruptcy can be confusing, the first step is gathering information to make the best decision for you and your family. Kirkpatrick & Associates will provide a free consultation and stop the bill collectors immediately!