Bankruptcy Questions and Issues
By Contributor • Jan 23rd, 2009 • Category: Bankruptcy
Many people considering bankruptcy have experienced a major life event such as a serious injury or illness, a change in employment, or a divorce. Others may have taken advantage of simple access to credit and found themselves unable to stay afloat. And some just find that their incomes have not kept pace with the rising cost of living in the current economy.
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As a result, foreclosures, lawsuits, repossessions, and threatening letters and phone calls from creditors have become commonplace. Bankruptcy offers a way out and a fresh start. Chapter 7 Bankruptcy allows individuals to eliminate or “wipe out” all of their allowable debts.
Most people have lots of bankruptcy doubts and concerns. They think that they will lose everything or never get a mortgage or car loan again. In actuality, most people who qualify for Chapter 7 Bankruptcy will keep their house, cars and nearly all possessions. Most personal property is protected in bankruptcy.
There are many legal issues surrounding bankruptcy. Finding a good bankruptcy lawyer can benefit you in many ways. Bankruptcy lawyers are specially trained to handle bankruptcy cases. They are up to date on all of the bankruptcy regulations. Your bankruptcy lawyer can answer your questions and explain what to expect every step of the way through the process, including forms to fill out, required credit counseling, hearings to attend, the responsibility of the trustee and more.
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