What To Expect From Bankruptcy Lawyers
Typically, filing for bankruptcy will incur fees of anything between $1,500 and $3,000, whereas a settlement agreement usually means fees of up to $5,000. This can draw many to the bankruptcy courts, but if a Chapter 13 ruling is made, then it could take 10 years for the ruling to be removed from the report.
Filing for bankruptcy is not like dealing with another credit card company. Filing for this bankruptcy doesn't mean that you can just make a minimum payment, pay late and incur a late fee, or not pay at all. You'll actually have to submit your documents to the court and make the payments as agreed. And you have to pay on time every month without fail.
For more information, please contact The Law Offices of Michael A. Dye, P.A. at (954)745-5848 or visit The Law Offices of Michael A. Dye, P.A. is a debt relief agency helping consumers file for protection under the United States Bankruptcy Code.
On October 17, 2005, new bankruptcy law went into effect, changing the process of filing for bankruptcy throughout the United States. This new shift in law requires additional steps to be taken by the attorney and the debtor but has been geared toward benefiting the debtor. The following details explain the changes in the law and how they will affect anyone considering bankruptcy.
In many situations, bankruptcy can actually averted if individuals ended up being informed of financial alternatives readily available to them. For instance, you may contact your creditors and explain your personal circumstance, and request brand new payment terms. Not all creditors will take this, however this is turning into much more frequent, especially within the last few years.
If these sort of steps have all ready been tried to no avail, this final recourse may prove the best bet. Still the choice will have to be made whether to seek relief via Chapters 7, 11, or through 13. Consideration must be taken as to whether it is preferable to have obligations taken away or restructured. If the first is the option to be taken, there will have to be a trustee empowered.
Debtors know that many creditors will walk away when they file for BK. Possible violation of a debtor's BK is something to be mindful of, but a smart creditor will monitor the debtor's ongoing BK status. Unless the debtor is really very poor. In that case, why bother trying to collect at all?
As part of my job, I come across many different debt settlement and credit counseling companies advertising creative. A current trend that I have seen is the touting of the new bankruptcy law. The creative informs the consumer that filing for bankruptcy is nearly impossible or isn't allowed anymore. Their lives would be ruined, etc. That's simply not true.