Lesley Lyon asked:


Finding a bankruptcy lawyer can be very difficult and time consuming. Bankruptcy lawyers should offer a free initial consultation to evaluate the financial situation and offer legal advice on the best course of action.

A law forum that deals exclusively in bankruptcy and debt consolidation is better equipped to deal with both chapters 13 bankruptcy and chapter 7 bankruptcies. The yellow pages are a helpful source to find bankruptcy attorneys who are categorized by their field of specialization. Another way to find a qualified bankruptcy lawyer is by referral from those who are more familiar with the field and other attorneys who might make some helpful recommendations.

Due to the duty of confidentiality, the lawyer cannot share information about their current or past clients unless permitted to do so. Talking to close and trusted family friends who can guide the right direction might be of great help. This gives an insight into the lawyer’s competence. The attorney should be considerate about the client’s problem and make him feel comfortable. It is also necessary that the attorney is organized and punctual and work well together.

While the initial consultation is free, the client should honestly explain his or her situation to the lawyer and the lawyer should give a feed back on the situation and on the option thereon. While conversing with the lawyers, the client should find out how long he or she has been practicing the specifics of their specialization, number of cases handled by them approximately and expectation from the attorney in terms of representation. Also, it should be ascertained whether the attorney will personally attend the case or pass it on to a junior lawyer or staff. All such questions can be asked and the Attorney should make sure that the client is comfortable for appointing him or her as the bankruptcy lawyer.

Bankruptcy attorneys specialize in bankruptcy laws and provide legal methods to either wipe out debts by liquidating assets and distributing them among creditors or resolve them by developing a court approved reorganization plan. Bankruptcy lawyers explain the main purposes and application of bankruptcy laws and how they function to relieve the individual and business from indebtedness. A disclosure of all the financial affairs is extremely important in a bankruptcy setting. The lawyer should be kept informed of all the facts. In the worst scenario, failing to disclose information to the court could be a crime. Written documentation of debts and liabilities is important in bankruptcy setting. Bankruptcy lawyers usually specialize either as debtor’s counsel or as creditor’s counsel. Debtor’s counsel will usually charge a flat fee for a single bankruptcy. Creditor’s counsel usually charges on an hourly basis. For filing bankruptcy, hiring debtor’s counsel will hopefully be a one-time experience;

A lawyer may give alternatives as to what can be done and should discuss the possible consequences of each option. If the house is in foreclosure, the need to file a bankruptcy petition is imminent and therefore by the need of the meeting, there should be clear understanding of what has been accomplished.

Legal Helpers asked:


There is a bankruptcy court for every judicial district in the United States, totaling ninety. Each state has one or more, Kentucky has two. The Eastern district is located in Lexington, Kentucky and the Western district is located in Louisville, Kentucky.

Each state offers varying bankruptcy requirements and laws, but the overall process is similar. When filing bankruptcy in Kentucky, all property of the debtor goes towards the payment to the creditors. There are specific areas of property that are excluded or exempt. These assets are divided into nine categories.

Asset Categories

· Homestead- house and land

· Insurance- health policies

· Miscellaneous- alimony, child support, etc.

· Pensions- firefighter and police officer pensions

· Personal property- jewelry, burial plot, vehicle, etc.

· Public benefits- Unemployment and Disability

· Tools of the trade- depending on profession items could include, tools, equipment and office furnishings

· Wages- up to 75%

· Wildcard- $1,000 in any other property

You will fill out a legal financial evaluation where your credit report, income, assets and debts are reviewed. If eligible for bankruptcy, your attorney will provide you with bankruptcy chapter details and the process for bankruptcy. If you find that bankruptcy is in fact the most suitable option for finding debt relief you can begin the process. The main process of bankruptcy is administrative and carried mostly outside of the court. Talking to a Kentucky bankruptcy lawyer can begin your bankruptcy process and lead you towards financial freedom.

Finding a bankruptcy attorney can be as easy as opening your phone book. This is actually a successful place to begin so that you can familiarize yourself with the attorney choice in your area. By using the yellow pages of your phone book you can find several attorney listings and begin to narrow them down by their individual specializations. There should be a heading for bankruptcy attorneys in your phonebook. You can contact the attorneys that are closest to your location or choose those attorneys advertising free consultations.

Another helpful tool in finding an attorney is by searching online. By searching online you are able to find a bankruptcy lawyer for thirty-five cities in Kentucky, from Ashland to Winchester. You can pull up attorneys by state, city and law specifications. It’s very similar to using the yellow pages but often allows more detailed information on the attorney and their practice. Once you have found a list of attorneys you will want to research about their qualifications and the area of law in which they specialize. You want to find out how experienced they happen to be concerning bankruptcy cases and so on. You can contact these lawyers by phone or email to set up a free consultation where your specific financial situation will be reviewed.

Speak to each attorney and try to meet with him or her face to face. You need to know if this attorney is considerate about your financial concerns and whether or not you are comfortable when discussing your bankruptcy concerns and decisions about your case. When you begin to choose your attorney is sure that you are entirely confident that the attorney can represent you in the way you see fit. Fees and prices are important but not nearly as important as how comfortable you are with your bankruptcy attorney choice.

Jon Arnold asked:


Bankruptcy laws are extremely complicated and nearly impossible for the average person to understand. With the new bankruptcy laws that have been recently put into action, the laws have become even more complicated. This is why it is important to hire a bankruptcy lawyer if you are considering filing bankruptcy. He or she can help you choose the right chapter of bankruptcy for you.

A bankruptcy lawyer specializes in the laws as they pertain to filing bankruptcy. However, not every lawyer is versed in the laws of your particular state. That is why it is very important to go with a local lawyer who is familiar with the bankruptcy laws of your state. The laws can be considerably different from one state to another. So make sure that the lawyer you choose not only has experience working in your state, but is licensed to work with cases in your state as well.

When choosing a bankruptcy lawyer it is important that you feel comfortable working with him or her. Filing bankruptcy is a very emotional and life changing experience. Therefore, you will want a lawyer that understands what you are going through. An experienced bankruptcy lawyer will know exactly how to handle any of your concerns or fears. One of the best ways to get a feel for your lawyer is to interview him or her. Be sure to ask plenty of questions so that you have a complete understanding where he or she stands on certain matters. Also, be sure to ask what their success rate is and if he or she has handled cases similar to yours before.

When filing bankruptcy, your budget will be a key element. Therefore, you will want to make sure you have a full understanding of any and all fees your lawyer will be charging. Generally speaking, a bankruptcy lawyer charges a sizable fee for his or her services. You will be responsible for paying for the actual bankruptcy, which varies depending on what type you file for. Chapter 7 bankruptcy runs around $300. Then, your lawyer will charge approximately $1000 to $2000. If the fee is too high, you will want to consider another lawyer. But keep in mind that legal services are going to cost something, and it may be to your advantage to pay a bit more for an excellent lawyer, rather than paying much less for a bankruptcy lawyer with far less experience.

Picking a reputable bankruptcy lawyer is crucial to the outcome of your case. Therefore, you do not want to choose a lawyer at random. Picking a lawyer blindly out of the phone book could have a negative impact on the overall outcome. When choosing a lawyer, ask family and friends for recommendations. Although they may not have personally filed bankruptcy, they may have another friend who can recommend someone. So be sure to ask around. If you cannot find a personal recommendation, you can check with the Better Business Bureau to see if they have had any negative feedback on a lawyer you are considering.

Do not pick out a bankruptcy lawyer at the last minute. Be sure to do some advance planning and research. Otherwise, if you pick a lawyer at the last minute you could end up with a lawyer who is not experienced in the area you need or whom you do not feel comfortable working with.

No one likes to admit that they need help. However, when filing bankruptcy it is essential that you work with a lawyer who specializes in the field of bankruptcy. He or she can help make the overall process a lot smoother and easier. With the laws that are in place today, it is vital that you have an experienced lawyer who has a full understanding of the laws and can help you through the bankruptcy process.

Legal Helpers asked:


Starting Spring 2005, the new bankruptcy law went into effect. The new law was intended to make the process of bankruptcy more difficult. Two steps were added. One step requires a person filing bankruptcy to attend an approved Credit Counseling Course within six months before the debtor completes the filing process. The course is set up through a bankruptcy attorney.

The second added step says the debtor must attend and complete an approved Financial Management Course before the debt discharge can proceed. The attorney can also set up this appointment. In many states the courses can even be taken on the Web.

Additionally the new law requires a test on a person’s finances for approval in bankruptcy proceedings. Three tests will evaluate personal income. The tests will check a debtor’s eligibility for bankruptcy and help provide the debtor’s income proof. The debtor must provide a copy of a tax return or transcript of a tax return for the most recent filing period. There are several other changes that came with the new law and a bankruptcy attorney can provide specific details on these.

Years ago the thought of going bankrupt was a devastating experience but as credit became more available and medical bills began to grow, more and more people found themselves having more debt then they could handle. Bankruptcy laws were originally developed to help people get out from under their debt burden and for most people it was a viable of way of starting over with a new lease on their financial life.

Bowing to the credit companies, the federal government has established new bankruptcy law that still helps most people get back on their feet while providing protection against abuse of the system by a small segment of debtors. Under the new rules a person must prove that they have no choice but to file for bankruptcy protection and failing that, will be responsible for their debt.

No longer can a person pile up debt and then use bankruptcy to wipe it out. Under the new bankruptcy law they must show they do not have the financial means of paying off their debt. They must also attend counseling sessions to learn how to better budget their income to keep them from falling into the same trap again.

Persons who have lost their jobs or have amassed unforgiving medical expenses can still find protection against creditors by filing for bankruptcy. The procedure under the new bankruptcy law is a little more complicated and there are a few more forms but overall, the protection meant for the consumer are still available for any in need.

Our financial obligations will always catch up with us wherever we may be. It doesn’t matter if you are living in one of those plush high rise buildings or in one of those cabins in a windy and dusty area, you will eventually have to deal with all your creditors and the worst thing that could happen at this point is for you to be too deep in debts that you cannot possible crawl out of the financial rut that you have created.

Jon Arnold asked:


There used to be a time not that many years ago where one could file for bankruptcy at the drop of a hat, just because they wanted to. In the majority of cases, there did not even need to be a real financial need to do so, but with the very lax bankruptcy laws in place at that time, many people found it easier to file for bankruptcy than to struggle with paying their debts, and many people filed for bankruptcy once every two or three years.

The bankruptcy laws have gotten significantly tougher in recent years, and in fact you may not be approved to be able to file bankruptcy with the new laws. While the bankruptcy laws still vary widely from state to state, there are enough federally mandated laws in place that filing bankruptcy is a significantly more difficult process than it used to be, and requires approval of the bankruptcy judge, which is not granted automatically.

In fact, the procedure for filing bankruptcy is no longer a do-it-yourself procedure. There are places that market a do-it-yourself bankruptcy kit, but the amount of time you will spend to understand the very complex and complicated procedures will leave your head spinning. Your time is much better spent getting your financial life back together, and the money you spend on a good bankruptcy attorney will be well worth the expense, since the bankruptcy attorney will know the procedures, the hurdles, and be familiar with the variations of the bankruptcy law in the state where you are filing.

Another point about a good bankruptcy attorney is that they are in an excellent procedure to advise you as to your best options. More often than not, a debt consolidation service may be a better overall option for you, and debt consolidation does not have the long term negative affects on your credit score that bankruptcy does. You may wish to visit our web site at http://www.debtconsolidationstrategies.com for more information about debt consolidation.

There are some common misconceptions about bankruptcy. It is totally different than declaring bankruptcy in the game of Monopoly, but some of the things that people assume about bankruptcy are totally false, and we will take a look at some of those things here.

While you are thinking about bankruptcy, there are probably people around you who “know” the bankruptcy laws but what they think they know is probably wrong. Some people think they will lose everything in bankruptcy. Not true. This depends on your individual situation and the type or chapter of bankruptcy you file. You may in fact not lose anything at all.

Another myth is that you will never be able to get credit again after filing bankruptcy. Nothing could be further from the truth. Granted, it will be more difficult to get credit and until you have proven yourself again, you will likely have to pay a higher interest rate for that credit, but getting credit after bankruptcy is not a major hurdle.

You need to understand the bankruptcy laws from people like a bankruptcy lawyer who deal with bankruptcy all the time, not take the advice of people who heard this, that and the other thing about it. This is a critical time in your financial life, and the last thing you need is bum advice from someone who thinks they know what they are talking about.

Apurva Shree asked:


Assessing the filing bankruptcy cost is an important step if you are on the way to file a court petition for bankruptcy. Since you are filing for bankruptcy, it is a clear indication that you are in a deep financial trouble and the debts that you owe to various creditors are much more than what you can pay using the current sources of all your income.

Therefore, it is understandable that you would not be in a position to pay a substantial amount to defend your claim in the bankruptcy court. You will be happy to know that now there are many options available to you, using which you can file for bankruptcy without spending a fortune. All you need to do is just to keep in mind the following factors.

Filing Fee

The filing fee for bankruptcy has increased substantially in the last few years. You can imagine the substantial rise in the fee with the very fact in the last four years; the filing bankruptcy cost has risen to four times. Some four years ago, you would need to pay only few dollars in order to file for bankruptcy, but now, you need to pay somewhere between two hundred dollars to one thousand of dollars, depending upon your specific case and the type of bankruptcy you are filing for.

Also, do not forget, that in order to file for bankruptcy, first you need to purchase many forms, which contribute a major portion of the overall filing fee.

How To Save Money on Filing Bankruptcy

You can use the online forms processing services to reduce the filing bankruptcy cost. These services are available for anybody, no matter which part of the United State of America you live in. The great thing about the online bankruptcy forms processing services is that they offer you all types of forms free of cost, irrespective of which type of bankruptcy you are filing your court petition for. You can simply download these forms, fill out, and submit the same to the court.

What is more, if you want to save more, you may also ask the online processing agency to check out if you have filled the forms in a correct way and every thing is in line with the corresponding bankruptcy laws. The online agency will do the review for you at a very economical rate, which is much less than what you need to pay to the bankruptcy attorney for the same job. This way, you can also cut off the substantial amount in the attorney fee. However, you should note that it only reduces your filing bankruptcy cost; it does not cut off the role and importance of a good attorney.

Eulalia Allmand asked:


If you are in deep financial trouble and are thinking about filing for bankruptcy, then you should hire a knowledgeable bankruptcy attorney that can guide you through the entire process.

Here is what your bankruptcy attorney will do once you have contacted them.

Your Attorney Will Ask For All the Relevant Papers

You will first need to go for mandatory credit counseling six months prior to filing for bankruptcy.

The proof of that counseling, along with other financial papers (such as a list of all your debts, expenses, income and assets), will have to be provided to your bankruptcy attorney before they can proceed.

They will study your documentation and then advise you on the best way out of your financial predicament.

Your Bankruptcy Attorney Will Then Decide On the Relevant Chapter

Based on your financial records, your bankruptcy attorney will come to a conclusion as to which chapter is more suitable for your situation.

If you have exhausted your sources of income, then you might be advised to file for bankruptcy under chapter 7. If you have a reduced source of income and would also like to save most of your assets, then your attorney might advise you to file under chapter 13.

If you own a business and you want to continue running it, then you could file for bankruptcy under chapter 11.

Your Attorney Can Help You with the ‘Means Test’

If you are filing for chapter 7 bankruptcy, then your bankruptcy attorney can help you calculate your gross and net income for the previous six months. That income will be compared to the average median income of a similar-sized family in your town.

If you do qualify to file under Chapter 7 bankruptcy, then your attorney will coordinate with a trustee appointed by the bankruptcy court in disposing your assets in order to pay off your creditors.

If your income exceeds “means test” guidelines for qualifying filing a Chapter 7, then your attorney will now have to shift their attention to filing for bankruptcy under chapter 13, which requires a new repayment schedule.

This schedule will help you clear your old debts over a period of 3 to 5 years.

Your Bankruptcy Attorney Can Draw Up a New Schedule for the Court

If you need to file for bankruptcy under chapter 13, then your attorney can draw up a new repayment schedule and get it approved by the court after arranging a meeting with your creditors.

Once the repayment plan is approved, then you will need to start your payments according to that schedule.

Your Attorney Can Help You Avoid the Pitfalls

Filing for bankruptcy can be a complicated affair – and you will probably be too worried to be thinking straight.

An efficient bankruptcy attorney can calm you down and point out the pitfalls and advantages of filing for bankruptcy under different chapters after analyzing your case.

Hiring an attorney can save you a lot of time and effort. They will do the legwork involved to close your case at the earliest possible time.

An experienced, knowledgeable bankruptcy attorney is a vital asset to have on your side when you are facing financial difficulties and thinking of filing for bankruptcy.

Legal Helpers asked:


Regaining your financial health can seem impossible and overwhelming. If you take it one step at a time the process can be not nearly as complex as most of us choose to believe. Your first step would be to contact your creditors. Explain your situation and ask about payment plans to help lower the amount paid and to pay down your bill until you are caught back up. Your second step is to create budget expenses. Calculate your income, bill amounts, and other miscellaneous expenses. Third step in this process is to reduce your expenses.

If it’s not a necessity remove it from your budget. Fourth step if needed would be to apply for government assistance. This allows assistance will bill payments, food purchases and unemployment compensation. Fifth step is to consider credit counseling. This may be helpful in not only helping you to regain financial health but it can bring peace of mind knowing how to run your finances in a healthy manner. If you have followed these five steps and your finances are still out of control, speak to a bankruptcy attorney. Fill out an evaluation to see if bankruptcy may be the right choice in regaining financial control. Bankruptcy is not a process you should be ashamed over. It is a legal process to assist those who are suffering with debt to begin a new financial start. You can regain your financial health as long as you put forth the effort to do so.

Having to face a bankruptcy is a difficult thing to do. Unfortunately, it can happen to just about anyone. When your debt rises to an amount that exceeds the wages you make in several years it is time to consider a bankruptcy claim.

This is achieved by filing bankruptcy papers through the court system. Bankruptcy is a legal process. It is very important that you are well informed before making any decision associated with your bankruptcy claim. It is possible to process you bankruptcy on your own. There are easy-to-do kits on the Internet or from various other vendors. The question is: do you think you can handle a situation that affects your future or should you hand it over to a professional bankruptcy attorney.

A bankruptcy attorney will help you decide what bankruptcy you want or need to take. There are two types that you can select from, a Chapter 7 or a Chapter 13. The Chapter 7 bankruptcy consists of reaching an agreement with your creditors, selling your assets and dividing the money between the creditors. The Chapter 13 bankruptcy is a slow repayment of your debts without losing your assets. The repayment can take up to five years.

It doesn’t matter which type of bankruptcy that you chose, you will have to provide all your personal information to your attorney. He will take this information and complete the necessary papers to file your claim in the court system. Once this is done, there will be several meetings between you, your attorney, your creditors and possibly their attorneys. The process will require patience and understanding on your part. Once the process and payments have been completed you will receive a discharge from your debt so that you can have a fresh start.

Jon Arnold asked:


Bankruptcy is not something that you do on the spur of the moment, but rather it should be a well thought out plan that you only implement when you have exhausted all other possibilities. While bankruptcy may provide a way out of your current financial situation, you need to consider and be aware that the ramifications of filing bankruptcy are going to haunt you for the next 7 to 10 years. Many people who file bankruptcy are doing so to make things better “now” but they are not looking years down the road, and when they do and wish they had considered other options, it is then too late.

If you are on the very edge of filing bankruptcy and need a way out, there are multiple other options that may be available to you. If you feel like you’re hopelessly buried in debt and you have very few assets, filing for bankruptcy may not be the answer to ending your financial problems. Though it sounds like an easy and attractive solution for one’s financial problems, bankruptcy should be the last option any individual should resort to.

Throughout the process of filing for bankruptcy, it is a good idea to have a lawyer represent you through all formal bankruptcy proceedings. Unless you yourself are very familiar with bankruptcy law, especially the variations of the law within your state, it is more than just a good idea to have a bankruptcy lawyer represent you; it is almost a necessity so that you don’t accidentally get yourself into worse trouble than you are right now. From start to finish, the process of filing for bankruptcy is much different than it has been in decades past, and a good bankruptcy attorney knows those pitfalls and can navigate around them.

Before taking the big step and filing for bankruptcy, you will need to do some reading, especially so that you can explain to your bankruptcy attorney the reason for considering bankruptcy. You may need to consider filing bankruptcy if your expenses are increasing because of divorce, job loss, or medical bills, while your income is decreasing because of the same reason. There are various good reasons for filing bankruptcy, but there are also many BAD reasons for filing bankruptcy, based on the ease with which one could do that in years past, but most of those loopholes have been closed, and it is not nearly as easy today to file a non-painful bankruptcy case.

If you have decided there is no alternative to filing bankruptcy, you may be asking yourself, “how do I find a good bankruptcy lawyer? If you have exhausted all other resources and still feel bankruptcy is your only viable option you can learn more about filing bankruptcy or buy do it yourself bankruptcy forms. If you’re unemployed, on public assistance, have little or no money in a bank account, don’t own an automobile, or rent or live with others, filing for bankruptcy may do little to improve your financial situation. The bankruptcy judge is going to want to see a plan of how you plan to change your current situation so that you are not back in the same position in another few years, so be sure that you discuss a financial plan with your bankruptcy lawyer.

emmamadison asked:


Corporate bankruptcy lawyer is someone who specializes in cases dealing with bankruptcies relating to public companies. According to the federal bankruptcy laws, public companies can file bankruptcies under Chapter 7 or Chapter 11. Any corporate bankruptcy lawyer will tell you that most companies choose Chapter 11 over Chapter 7. We will discuss the reason later on.

Chapter 7

When your bankruptcy lawyer advises you to file for a corporate bankruptcy, under Chapter 7, there are a series of events that would happen once you do so. Filing under Chapter 7 would lead to stoppage of all your company’s operations. In other words, your company will completely go out of business.

A trustee is appointed by the court. The job of the trustee is to sell all the assets of the company. The money that is generated is then used to pay off the debt of the company. Investors who have the least risks are paid first. In other words, secured creditors are paid first. Bondholders are paid next because they represent the debt of the company.

According to the bankruptcy law relating to corporate bankruptcy, stockholders are paid the last. That is only if some sale proceedings are left. This is because stockholders own the company and take on a greater risk as compared to secured investors. Stockholders make money when the company is doing well and stand to lose the most when the company goes through a bad phase.

Chapter 11

Under Chapter 11, the bankruptcy proceedings follow a different course of action. Your corporate bankruptcy attorney will advise you to file under Chapter 11, because it gives the debtor company a chance to reorganize and try to become profitable again. Once Chapter 11 is filed, a committee is set up which comes up with a reorganization plan. Under Chapter 11, the company still runs its day-to-day business, but all major decisions have to be approved by the bankruptcy court.

As a debtor you must understand that corporate bankruptcy is a very time consuming and expensive process. It is a process that cannot be done without an online attorney who specializes in corporate bankruptcy. You cannot make do with a general bankruptcy attorney, you need specialized help.

Besides being a time consuming process, bankruptcy can have serious and grave effects on a business., this can spoil your credit. A corporate bankruptcy lawyer will provide you all the professional help that you need. A bankruptcy that goes smoothly and right will provide you the fresh start that you are looking for.