When you are faced with the tough decision of filing for bankruptcy protection, you need the help of a bankruptcy attorney. This is an individual who is experienced with the whole process of bankruptcy proceedings. Bankruptcies are of many different types. It is therefore important that you choose the lawyer who is experienced with the type of bankruptcy you are filing. He/she can also advise on which protection to seek depending on your circumstances. A foreclosure attorney should be experienced in dealing with the process of handling a foreclosure legally. Just because you have defaulted in making payments does not mean that your rights should be taken away. This attorney will ensure that you get the legal protection you need during the foreclosure.
If you are filing for Chapter 7 bankruptcy, it means that you want to try and payback your debts within the confines of a determined plan. Getting a bankruptcy attorney who is well versed in this sort of case can help you work out this plan for the mutual benefit of both you and your creditors. Chapter 7 can be used by both individuals and businesses. It was enacted by Congress so as to enable those who want to honestly get out of debt find a manageable way to do so without constant harassment from their creditors. The attorney will ensure that the property that is deemed exempt by the chapter is not sold off. The way this chapter works is by allowing some assets of the individual or business to be liquidated in order to meet some of the debts. The unsecured debt that is not paid from the proceeds is considered written off. The debtor and creditor can also agree not to dispose off some of the assets as long as the debtor continues to make regular payments as per agreement.
There is also Chapter 13 bankruptcy which a bankruptcy attorney can also guide you through. It allows for the debtors to keep most of their property and pay back the debts in a new payment plan agreed between you and the creditor. In this way, you can keep even assets like rental property that you would not keep if you took chapter 7. A Chapter 13 bankruptcy differs from chapter 7 in that it allows you to continue working on paying your debts while chapter 7 allows you a fresh start as all debts are discharged. This means that a person who filed for chapter 13 is able to rebuild his history much faster than one who used chapter 7. The record of the chapter 13 bankruptcy stays on your record for 7 years while that of chapter 7 stays for even 10 years.
It would be foolhardy to think that you can handle the bankruptcy case on your own. Remember that the creditor will most likely hire the best legal team affordable in an effort to recover the debts. Without adequate legal backing you stand no chance of standing up to these lawyers.