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Browse our 3 legal questions about Bankruptcy & Debt and the lawyer answers, or ask your own questions for free.
Bankruptcy & debt law is a specialized area of legal practice that deals with situations where individuals or businesses are unable to meet their financial obligations. This field encompasses a range of legal processes designed to help people eliminate or repay debt under the protection and oversight of the court. Bankruptcy law is primarily governed by federal law in the United States, with different types specified under the U.S. Bankruptcy Code, such as Chapter 7, Chapter 11, and Chapter 13. Debt law, on the other hand, involves negotiation and settlement of debts and often intersects with consumer protection laws.
There are several common scenarios in which individuals or businesses may require legal assistance in relation to bankruptcy and debt:
While bankruptcy is primarily governed by federal law, each state may have laws that affect bankruptcy cases, such as exemptions that determine what property you can keep. Some states allow you to choose between their exemptions and federal ones, whereas others require you to use the state's exemptions. Additionally, states may also have laws concerning the collection of debts, including statutes of limitation on debt, which determine how long a creditor has to sue you for unpaid debts. Understanding these local nuances is crucial and often necessitates professional legal advice.
Chapter 7 bankruptcy involves liquidating assets to pay off creditors, potentially allowing you to discharge unsecured debts, while Chapter 13 bankruptcy involves reorganizing your debts into a repayment plan over three to five years.
While it's possible to file for bankruptcy without a lawyer, it's generally not recommended due to the complexity of the legal procedures involved and the potential impact on your financial future.
Yes, an automatic stay comes into effect when filing for bankruptcy, temporarily stopping most collection efforts, including foreclosures, repossessions, and wage garnishments.
Filing for bankruptcy can significantly impact your credit score and remain on your credit report for up to 10 years, but it can also provide a fresh start to rebuild financial health.
Certain debts, such as student loans, child support, alimony, and certain tax obligations, are typically not dischargeable in bankruptcy.
It depends on the type of bankruptcy filed and the equity in your home. State and federal exemptions often determine whether you can keep your home.
The means test determines eligibility for filing Chapter 7 bankruptcy by examining your income and expenses to assess whether you have enough disposable income to repay debts.
The cost to file for bankruptcy varies but typically includes court filing fees and any attorney fees if you hire a lawyer. Financial hardship may qualify you for fee waivers.
A discharge releases the debtor from personal liability for certain specified types of debt, meaning they are no longer legally required to pay those debts.
You can file for bankruptcy multiple times, but there are time restrictions between filings depending on the type of bankruptcy and the outcome of previous cases.
Here are some resources and organizations that can provide assistance and information about bankruptcy & debt:
If you believe you require legal assistance with bankruptcy & debt, consider taking the following steps:
Taking proactive steps can make handling debt less overwhelming and help you regain control of your financial future.
