What To Look For In A Lawyer When Thinking About Bankruptcy

12 percent of Californians are unemployed. With so many individuals unemployed, the increase in credit card debt, foreclosure and bankruptcy is certain to go up. As a result of unemployment, rising medical bills or the death of a spouse, people may stop paying their bills in order to feed their family and keep a roof over their head. Sometimes, bankruptcy is the only alternative for individuals to eliminate their debt and reduce the stress and emotional baggage that comes with being in debt. Before you walk into a lawyer’s office and discuss your troubles, you may want to think about some of these choices to help you locate the right lawyer to resolve your debt.

Look at their Website

Before you commit to one lawyer, do your research in order to find an attorney who’s both affordable and can offer the best services, so that you can get the most out of your money. A lawyer’s website says a lot about their commitment to helping you, and one who owns a professional page including all his fees, services and options for bankruptcy is often ideal. For instance, a website of a North Hollywood bankruptcy attorney may have all the information you need regarding bankruptcy, such as fees, bankruptcy information and their services. The website may also contain information about the process and duration, and maybe even the fees an attorney may charge.


Use the Free Consultation 

As you look online, you may come across a free consultation link; use it because it is there for you to ask and get answers. Make sure to ask any question that you may have in order to get the best idea of how bankruptcy will change your life, your finances and any future decisions you may make. Prior to a free consultation, be certain to write down all the questions you may have so that they can all be answered.

Local Attorneys

In order to gain access to the best lawyer for your problems, you may want to talk to an attorney outside your hometown, as they may give you more for what you pay for. Say you reside near San Fernando but all the counslors in the vicinity are overpriced and do not give you the same services as a Pacoima bankruptcy attorney. You want a lawyer who will supply all the services at a reasonable cost that you can afford in order to get the most value out of your dollar. Also, feel free to call the office to speak to a paralegal or a lawyer to answer any additional questions you may have.

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The top bankruptcy myths answered

We consider some of the key myths that surround declaring yourself bankrupt and find out whether there is any truth in them.

Strange as it may sound, declaring yourself bankrupt could be one of the best ways to get out of debt that you simply cannot repay.

Once you are bankrupt all of your unsecured debts will be taken away from you. You will no longer have to worry about them and in many circumstances they will be written off.

However, despite the advantages that declaring yourself bankrupt might bring, it is natural to be worried about what affect it will have on you and your family. We consider some of these worries and find out what really happens.

If I go bankrupt I will always lose my house

If your own your own home, one of the key worries that you will have about bankruptcy is that you will lose the roof over your head.

The reality of bankruptcy is however very different to this. Your house will not be automatically sold from underneath you.

The important thing to understand is that your house is only at risk in bankruptcy if you have significant equity in it. Then the official receiver has a duty to your creditors to try and realise this equity which could result in a forced sale.

But if you have little or no equity in your property it is likely that you will keep your home even after you are discharged from your bankruptcy.

Bankruptcy means I will lose all of my goods and possessions

This is one of the great myths of bankruptcy. In reality you will be able to keep all of your household goods including electrical equipment and computers.

The only time when any of your household goods may be at risk is if they are particularly valuable items which you do not strictly need to keep.

For example if you own any valuable antiques you may have to sell these.

One area that is important to get a little more bankruptcy help is your car. The standard bankruptcy procedures mean that you are allowed to have a car if you need one. However its value should not be greater than £2000.

If your car is worth more than £2000 after declaring yourself bankrupt you may have to sell it and get a cheaper one or sell it altogether if you do not need it.


In bankruptcy will not be able to have a bank account

Many people worry that when they are bankrupt they will no longer be in control of their money or be able to have a bank account. This idea is completely incorrect.

After declaring yourself bankrupt you are one hundred percent responsible for managing your money day to day. You will receive your wages and other income as normal and must continue to pay your ongoing living expenses.

In order to do this you need a bank account and you are certainly allowed to have one.

The problem that you may come up against is that you might be required to change your bank account.

Not all of the high street banks will allow you to open a new account with them after declaring yourself bankrupt so it is important to ask how to do this when you are getting bankruptcy advice.

If I go bankrupt my spouse or partner will be liable for my debts

The bottom line is that no-one else can be made responsible for paying your debts.

Once you have declared yourself bankrupt your spouse or partner will not suddenly have to pay towards your debt or put any of their income or savings towards them.

The only time when a third party will be liable for debt once you are bankrupt is if  the debt is already in joint names or they have given a guarantee to pay if you do not.

In these circumstances they will still remain liable for the debt after your bankruptcy.

Once bankrupt I will never be able to get a mortgage

It is true that bankruptcy will damage your credit rating. After declaring yourself bankrupt a record of your bankruptcy will be added to your credit file.

This record will remain on your credit file for six years make your credit rating worse and make it more difficult to get credit.

However the fact that you have been bankrupt in the past does not mean that you can never get a mortgage in the future.

When you are discharged from your bankruptcy (after a year) you can start thinking about getting a mortgage if you wish.

Of course you need to understand that the mortgage terms you are offered will be far more onerous than for someone with a clear credit rating. However the longer you leave it to make your mortgage application after your bankruptcy ends, the better your chances of getting a reasonable mortgage offer will be.

Get the right bankruptcy advice

Clearly declaring yourself bankrupt is a serious step to take and not something that should be taken lightly.

It is therefore always sensible to get bankruptcy help from a specialist debt advisor who can help you understand what bankruptcy will mean for you. It is particularly important to get bankruptcy advice if you are a homeowner.

However, having taken the right bankruptcy advice, for many people bankruptcy is really not as bad as you may have thought and could be the best way to solve your debt problem.

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What does bankruptcy cost?

We consider the cost of going bankrupt and understand how these costs can be paid.

If you are thinking about bankruptcy one thing you will need to understand is the cost involved and how to pay this.

When you apply for bankruptcy at your local court you will have to pay a fee on the day. Unless you pay this fee in cash your bankruptcy application will not be processed.

You must therefore understand what this fee will be and get the necessary bankruptcy help to decide how get the money together to pay it.

The bankruptcy court fees

The bankruptcy cost is currently £700 per person. This is made up of a Court Fee of £175 and what is known as a bankruptcy deposit of £525.

The full £700 must be paid to the court clerk on the day you go to the court with your bankruptcy application form.

You must pay in cash as the court will not accept cheques or card payments.

It is vital that you remember to take your cash to pay the bankruptcy cost on the day. If you forget you will not be able to go bankrupt and will have to return to the court on another day.


Options to reduce bankruptcy costs

In certain situations you may be eligible for a waiver of the £175 court fee.

You will not have to pay the £175 court fee if you are currently receiving benefits including income support, jobseekers allowance or working tax credits (as long as you are not also receiving a child tax credit).

Also the court fee will not be payable if your annual income before tax and other deductions falls below certain levels. For example below £13000 if you are single with no children or £18000 if you are a couple.

However whatever your personal financial circumstances you will always have to pay the bankruptcy cost of £525.

How to pay for the bankruptcy fee

One of the main problems with the cost of bankruptcy is that you simply do not have the money available to pay for it.

Most people have to save the money to pay for their bankruptcy. The best way to do this is to simply stop paying all of your unsecured creditors. The money you would have paid them can then be saved towards paying for the bankruptcy fee.

Of course if you stop paying your creditors or more than a month or two, they are likely to start debt collection actions against you. You should therefore not stop making your payments to your creditors unless you have first taken bankruptcy advice from a debt expert.

Many people borrow the money to go bankrupt. This could be from friends or family.

If you have available credit on a credit card or overdraft facility, you could use this to draw cash to pay for the required fee. This is a perfectly acceptable way of borrowing money to pay for the cost of your bankruptcy.

An alternative to paying bankruptcy costs

If you believe that bankruptcy is the right solution for you but you know that you will struggle to pay the bankruptcy cost then an alternative to consider is a debt relief order.

A debt relief order (DRO) is an alternative to bankruptcy which can be used by people who owe less than £15000.

The effects are similar to bankruptcy but the cost is far less with a fee of just £90.

However the problem with the DRO solution is that you will only be eligible to use the solution if you are not a homeowner. Your other assets must not be worth more than £300 (other than you car which could be worth up to £1000) and your disposable income must not be more than £50 a month.

The cost of extra bankruptcy advice

Even though you have to pay for the cost of bankruptcy, the court will not be able to give you any further bankruptcy help such as about whether bankruptcy is the best solution for you or how to correctly complete your bankruptcy application forms.

It is therefore always sensible to speak to a debt expert before deciding to declare yourself bankrupt and you will normally be able to get good bankruptcy advice for free.

However if you want further help and support throughout the bankruptcy process or with completing your application forms you may well have to pay for this.

Generally speaking you will have to pay around £300 per person for professional bankruptcy help. If you are being quoted more than this you should make sure you speak to Beat My Debt.

Weigh up all the factors

Understandably the cost of bankruptcy can be enough to put you off the idea of using this debt management solution.

However if you are worried about paying the bankruptcy fees it is important to weigh these up against the benefits you will get from going bankrupt overall.

If you have taken bankruptcy advice from an expert debt advisor and bankruptcy is clearly the best solution for you then it may well be in your interests to either borrow or take the time to save for the required fees.

Even if saving takes you a number of months, the outcome of declaring bankruptcy will often be far better for you than starting a debt management plan or IVA which could mean you have to maintain monthly payments possibly for many years.

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Florida Bankruptcy Laws that You Simply Need to Know

You will find federal laws for bankruptcy within the Usa. However, each and every state has its very own set of procedures that need to be observed also. This article illustrates Florida Bankruptcy laws for those individuals living within the sunshine state.

In Florida, one can find 3 bankruptcy courts that cover numerous counties. So, depending on where you live, you might either be filing in the the northern, middle, or southern Florida bankruptcy court. Each and every court has the same duties but is strategically located to address all areas.

Probably the most normal kinds of bankruptcy are Chapter 7 and Chapter 13. These are for individuals not firms. It is worth stating that the U . S . has eight different varieties of bankruptcies which could be submitted.

Chapter 7 will be the most normal or well-known kind. This is when all of a person's property and assets are seized and sold off to pay off debt that's owed. There are actually some cases exactly where you happen to be allowed to keep your house and some personal things. This really is when a judge rules certain items to be exempt.


Chapter 13 occurs when the person's debt is restructured as well as a payment plan is made. This tends to occur if there is a opportunity the individual can pay off the debt at a decrease agreed payment. In some instances, assets are seized and sold to lessen the unpaid debt load. The Florida court will figure out how a Chapter 13 is organized on a case by case basis.

How does the Florida law vary from the Federal laws? The distinction in Florida is when it comes to what assets might be considered exempt from becoming seized. The list is relatively extensive. It consists of houses, vehicles, insurance cash, some personal possessions, pensions, retirement savings, along with a couple of other objects.

The Florida laws are essentially complicated. You will will need a lawyer which is extremely familiar with them. So as to keep particular assets, you will need to meet particular criteria which include living in Florida to get a minimum amount of time. Each asset requires to be reviewed to see if it can be exempt from repossession. Be sure you assessment this having a lawyer just before filing.

Florida bankruptcy laws can unquestionably work in your favour in comparison to other states. Filing is often an enormous relief from tension and is usually a decent choice for many folks. I recommend your subsequent step would be to book an appointment that is properly schooled in this sort of proceedings. Getting the proper lawyer can make an enormous distinction in the outcome.

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Florida Bankruptcy Laws that You Should Know

There are actually federal laws for bankruptcy within the United States Of America. Yet, every state has its own set of rules that must be used as well. This post illustrates Florida Bankruptcy laws for those men and women living within the sunshine state.

In Florida, one can find 3 bankruptcy courts that cover various counties. So, depending on where you live, you'll either be filing in the the northern, middle, or southern Florida bankruptcy court. Every single court has the same duties but is deliberately situated to deal with all districts.


One of the most typical kinds of bankruptcy are Chapter 7 and Chapter 13. These are for individuals not firms. It can be worth noting that the Usa has 8 unique types of bankruptcies which will be registered.

Chapter 7 will be the most standard or well-known type. This is when all of a person's property and assets are seized and sold off to repay debt which is owed. You can get some cases where you are allowed to keep your house and some individual things. This really is when a judge rules specific items to be exempt.

Chapter 13 happens when the person's debts are restructured along with a payment strategy is produced. This may happen if there is a opportunity the individual will probably pay off the arrears at a lower agreed payment. In some instances, property and assets are seized and sold to reduce the unpaid debt load. The Florida court will decide how a Chapter 13 is set up on a case by case basis.

Just how does the Florida law stand out from the Federal laws? The distinction in Florida is when it comes to what assets may be considered exempt from becoming seized. The list is quite substantial. It consists of homes, vehicles, insurance cash, some personal possessions, pensions, retirement savings, plus a few other things.

The Florida laws are basically complicated. You'll require a lawyer which is incredibly familiar with them. In an effort to maintain particular assets, you need to meet particular criteria for instance living in Florida for a minimum quantity of time. Each and every asset demands to be reviewed to see if it can be exempt from repossession. Make sure you evaluation this with a lawyer just before filing.

Florida bankruptcy laws can most certainly function in your favour when compared to other states. Filing is often a huge relief from anxiety and is a fantastic selection for a great number of folks. I suggest your subsequent step is always to book an appointment that is well schooled in this type of proceedings. Getting the best lawyer can make an enormous difference within the outcome.

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Excessive Medical Bills Could Cause You to Would like for a Bankruptcy Lawyer

n many cases losing your job means losing your medical insurance. For many families these days it might be easier to lose one income than it'd be to lose their medical insurance.

Finding yourself unemployed is very stressful and therefore the last factor you want to be worrying about is that somebody would possibly get sick or have an accident that could need emergency attention. If there was an accident or unexpected illness within the family it would not take long for medical bills to collect to a degree where bankruptcy is your only option.

Job loss is not the sole way to lose your medical coverage. For some corporations eliminating staff is an absolute last resort. They would rather cut medical cover or remove coverage altogether before firing people. This is often commendable in some ways in which because workers can keep their wages however living without health insurance can be a terribly dangerous situation.

If you've got lost medical coverage it's vital to not fall into a couple of economic traps.


For instance, it is never a sensible idea to put medical services like prescriptions on your credit card. Not only do credit cards have sky-high interest rates but you are building a debt that can force you out of business before too long.

Another technique folks use in desperation is to require a loan out against their home to pay down medical debts. This is a sensible idea in theory as a result of the interest rates on home loans are sometimes abundant lower however it's not a smart idea in an exceedingly down assets market. The equity you have got in your home has doubtless been reduced and you don't want to slender that margin by eliminating a loan against your home. Not to say that you could simply lose you home if you were to get in to far over your head.

It's vital that you don't discount the ability of prevention. Start exercising whether or not it's simply parking farther from your office everyday. Once you begin moving moving your body, start creating changes to your diet. Drink less soda and additional water and add fruits and vegetables in place of fats and sugars. These changes can go a long method in keeping yourself out of the doctor's office.

If it's already too late and medical bills are totally overwhelming you and you are considering bankruptcy than arm yourself with a skilled bankruptcy lawyer while possible. This person can walk you thru the differences between chapter 7 and chapter 13 bankruptcy and help you decide what the simplest selection is for your situation.

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Filing Bankruptcy - Get The Right Aid To Make Things Easier

If you are burdened with plenty of debt, filing for bankruptcy is the right choice. Since it's a legal process and requires attention to detail, you should hire an experienced lawyer who will help you make informed choices for your financial well being.

If your debt has grown to such an extent that you are considering filing for bankruptcy, you should seek some expert advice as you might not even have a clue about this procedure. After doing some online research, you might have learned by now that the first step towards declaring yourself bankrupt is to file for bankruptcy through the bankruptcy court. But that's not enough, you need legal assistance. Whether you live in a metropolitan town such as Chicago or places like Bensenville or Batavia, you can find a good lawyer to guide you through the process of filing for bankruptcy.


The basic purpose of Chapter 7 Bankruptcy Law is to provide an immensely indebted person some solace. In this process, you get a discharge of all your nonchargeable debts within a few months. Also known as a straight bankruptcy, Chapter 7 bankruptcy wipes out your debts and gives you a chance to make a fresh new start. When you file through Chapter 7, all actions against you are brought to a halt. Utility shut off, auto repossessions, wage garnishees and unsecured judgments are ceased. In case you don't qualify for a Chapter 7 bankruptcy, the other option is Chapter 13.

Reorganization bankruptcy, widely known as the Chapter 13 bankruptcy is usually filed by those who can pay off their debts over three to five years. If you fall behind on your mortgages, auto payments, have non-exempt assets you want to keep or make up for the missed payments, you can file for Chapter 13. This is three to five year plan that lets you clear off your debts of which a portion will be discharged as well. Its main benefit is that you can keep your property even the one that's non-exempt. 

Your bankruptcy lawyer will put all your financial information together for filing your voluntary petition. After filing the papers, a trustee will be appointed for your case. S/he will examine whether the info provided by your lawyer is accurate and adequate or not. Afterward, your creditors are notified about your bankruptcy filing. The notification is to stop them from taking any actions to get the payments from you.

Knowing  the kinds of bankruptcy filing procedure is at odds from understanding the legal terms. Hiring a proficient bankruptcy lawyer will make all the complicated legal work much easier. You need to find a good bankruptcy lawyer who will guide you through the filing for bankruptcy procedure. Instead of calling the first name that appears on the yellow pages, you should do some homework to find a good bankruptcy lawyer. If you pick out a lawyer randomly, there are more chances of you jeopardizing your financial future. You are already in a financial crisis, so there's no point in adding more to it. Search for a good law firm in your area, you can get aid from the search engines.

The firm you choose to represent you should have qualified lawyers with considerate amount of experience in the bankruptcy law field. Bankruptcy Law is much different from any other legal aspect, so make sure that your lawyer is qualified. S/he should have a high degree of knowledge and expertise in debt relief and bankruptcy litigation. Since it's a legal process, each and every decision should be made with much concern. Just ensure that your Villa Park bankruptcy lawyer deals your case with much patience and diligence. 

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