Bankruptcy Lawyer Know’s the Law, They Can Help
March 19th, 2008 Subscribe To Our Feed
A bankruptcy lawyer is there to represent and protect his client during the bankruptcy process which can be an extremely stressful time for many people. The most recent changes in the law have meant there is more paperwork to complete when filing for bankruptcy, so the services of an attorney can be useful in understanding and preparing your petition. 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. Your lawyer will also tell you that there are also exemptions for clothing, furniture, work tools and other necessary items you will need to live and to continue working.
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.
Of course once you are declared bankrupt the information will be added to your personal credit file for ten years although this is not as bad as it seems at first. However, a person’s credit rating is based primarily on their credit activities during recent times. This is the reason why not long after you have been made bankrupt, a whole host of companies offering credit will start contacting you, but you must be very careful at this time.
Your bankruptcy lawyer will tell you to be wary of these offers at this time as many companies specialize in approaching these types of cases and offer loans at extortionate interest rates or conditions. Such credit could put you back in the position you were before. 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.
Fortunately most people who are able to keep their bills current after bankruptcy are able to re-establish their credit in 2-4 years, which is a relatively short period of time. 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.
There is now and probably always will be a stigma to bankruptcy. The credit industry quietly fuels this notion as it makes people reluctant to pursue bankruptcy. After the recent changes, the government may decide to make it even harder to qualify for bankruptcy if this type of approach by credit companies continues. The truth is that many people forced into this situation are hard working people that have just been unlucky. Bankruptcy lawyers know that it is the law surrounding bankruptcy protection that is the only thing there to help them.
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