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Bankruptcy & Debt law in the United States is a legal process that allows individuals and businesses who cannot pay their debts to seek relief from some or all of their debts. This process is governed by federal law, specifically the U.S. Bankruptcy Code, and is carried out in federal bankruptcy court. There are different types of bankruptcy filings, each with its own eligibility requirements and consequences.
There are several situations where you may need a lawyer for Bankruptcy & Debt issues. Some common reasons include:
In the United States, bankruptcy laws are primarily federal laws, meaning they apply across all states. However, there are some aspects of bankruptcy that are influenced by state laws, such as exemptions and property rights. It's important to consult with a local attorney who is familiar with the specific bankruptcy laws in your state.
A: The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 involves creating a repayment plan.
A: Not necessarily. Each state has its own set of exemptions that protect certain types of property from being liquidated in bankruptcy.
A: The length of the bankruptcy process can vary depending on the type of bankruptcy and individual circumstances. Chapter 7 typically takes a few months, while Chapter 13 can last three to five years.
A: Not all debts are dischargeable in bankruptcy. Some common non-dischargeable debts include student loans, child support, and certain tax debts.
A: While bankruptcy can negatively impact your credit score, it is possible to rebuild your credit over time with responsible financial behavior.
A: Technically, you can file for bankruptcy without a lawyer, but it is not recommended. The process is complex, and a lawyer can help navigate the legal system and protect your rights.
A: The cost of hiring a bankruptcy lawyer can vary depending on the complexity of your case and the lawyer's experience. Many bankruptcy attorneys offer free consultations to discuss your options.
A: Once you file for bankruptcy, an automatic stay goes into effect, preventing creditors from taking any further action to collect on debts, including harassing phone calls and wage garnishment.
A: Depending on your circumstances and the type of bankruptcy you file, you may be able to keep your car and house through exemptions or by reaffirming the debts.
A: The means test is a calculation used to determine if you qualify for Chapter 7 bankruptcy based on your income and expenses. If you do not pass the means test, you may need to file for Chapter 13 bankruptcy instead.
If you need more information or assistance with Bankruptcy & Debt in the United States, consider reaching out to the following resources:
If you are considering filing for bankruptcy or need legal assistance with debt-related issues, it is highly recommended to consult with a qualified bankruptcy lawyer. They can evaluate your situation, explain your options, and guide you through the bankruptcy process to help you achieve financial relief and a fresh start. Take the first step towards financial freedom by scheduling a consultation with a bankruptcy attorney today.
