Bankruptcy Services: What You Need to Know
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Filed under Bankruptcy
According to data released in November 2009 by the Administrative Office of the US Courts, bankruptcy filings in the federal courts rose by 31% in 2008. The number of bankruptcies filed in the twelve-month period ending December 31, 2008 totaled 1,117,771.[br]
Filings have risen tremendously since 2006, after the implementation of the “Bankruptcy Abuse Prevention and Consumer Protection Act” of 2005 (BAPCPA).
Chapter 11 has been instituted to provide opportunities to individuals, who are highly indebted, to start their lives afresh. With the help of bankruptcy services, a debtor can:
- Reorganize his portfolio
- Deal with the continuous hounding of creditors, which can be psychologically taxing
- Start afresh with a smarter outlook on money management
Advantages of a Bankruptcy Service
Superior bankruptcy services can:
- Help you understand the consequences of the applicable state law.
- Get certain assets exempted from being added to the bankruptcy estate.
- Develop a money management plan to put assets into place in preparation for filing.
- Work with outstanding creditors and help enforce bankruptcy stays. This will save you from the trauma of handling calls from collection agencies, letters from creditors and other nuisances.
- Interpret your assets and help you allocate them to optimize exemptions.
- Help you understand the difference between Chapter 7 and Chapter 13 bankruptcy.
- Help you up draft a post bankruptcy financial plan. Through this plan, you can clear obligations to creditors, the debt from whom was not completely absolved by the filing.
- Provide you objective help in dealing with trustees, finding appropriate bankruptcy attorneys and protecting future assets and funds.[br]
How to Find a Lawyer Who Specializes in Bankruptcy Service
To find a lawyer who specializes in bankruptcy services, you might need to:
- Ask for the names of lawyers practicing in this field from your local bankruptcy court. Since lawyers throng the courts on a daily basis, you might easily get references of someone with extensive experience.
- Contact the local bar association and ask for references. Although you might need to pay a small pay for the recommendation, the lawyer recommended by the association would have the requisite expertise.
- Search through a phone book, where several lawyers may have placed their advertisement, giving a description of their specialization and services offered.
- Ask friends for references.
- Get referrals from lawyers you know.