CHAPTER 7 FILING AND CHAPTER 13 FILING
If you are facing bankruptcy in Brevard County, FL, attorney Paul Daley concentrates his practice on Chapter 7 & Chapter 13 cases. Bankruptcy is a federal statutory procedure that provides relief to individuals and businesses in serious financial trouble. Bankruptcy attempts to provide those who file with a fresh financial start. Bankruptcy was developed to help people, who are suffering through difficult financial circumstances, get back on their feet. Cases filed after October 17, 2005 must meet the requirements of the Bankruptcy Abuse Prevention and Consumer Prevention Act of 2005 (BAPCPA). One of the Act’s many requirements is that consumers must complete a credit counseling session before the bankruptcy petition can be filed, and must complete a financial management course before a discharge can be entered. The U.S. Trustee for each area must approve the counseling and financial management instruction agencies.
DO I NEED AN ATTORNEY TO FILE MY BANKRUPTCY?
The right decision for you depends on evaluation of your family status, assets, obligations, and other factors. Filing for bankruptcy is a very serious step that could affect you for the rest of your life. Without the right attorney, it is possible that a person filing a bankruptcy claim will lose all assets and still come out owing all of his or her debts. A bankruptcy attorney can explain how the process works, help you reach an informed decision, and protect your assets.
HOW DO I FILE A BANKRUPTCY PETITION?
When filing a bankruptcy petition, a debtor is required to appear at a meeting conducted by either a trustee or the United States Trustee, during which creditors may ask questions regarding the debtor’s finances, assets, and liabilities. While this may be intimidating, having an attorney represent you at your court appearance can provide you with the advice you need and, in turn, the confidence necessary for sound decision-making when dealing with financial distress.
WHAT ABOUT MY CREDIT RATING?
Does bankruptcy affect your credit rating? Yes. Bankruptcy stays on your record for seven to ten years. The law prevents certain governmental units and agencies from discriminating against persons who have filed bankruptcy. After filing, some people have found that by making timely payments, such as car, house, or utility payments, they can begin to re-establish their credit. However, individual credit ratings are based on overall credit history, as well as income and assets, and it may be harder for some people to re-establish a good credit rating than for others. Unfortunately, very often student loans are non dischargeable, regardless of the age of the loan, unless the borrower can establish substantial hardship.