Bankruptcy Barrister

David Leibowitz, a bankruptcy lawyer in Illinois, asserted that the government should offer to ordinary homeowners troubled by foreclosure listings what it has been offering to rich real estate businesspeople like Donald Trump.

Bankruptcy offers a clean slate but is not something that you always want to be falling back on. It is still a complex process fraught with stress and if you can avoid it, you should do so. It is important that you work with bankruptcy lawyers in Tacoma, WA, who can help you identify the issues that brought you to bankruptcy and make healthy, positive changes with your finances going forward.

Bankruptcy attorneys are not uncommon in the world of U.S. law. In fact, many are taking up that career path as these cases in America are fast rising and are becoming commonplace, due to the weakening economy in the West. A bankruptcy attorney is quite specialized and deals exclusively with filings. Because these filings are increasing, it can be safely argued that there is no shortage of such attorneys.

With over 35 years of experience, I understand that this is a stressful time. And I do everything possible to make quality representation affordable for anyone in Nashville who's considering bankruptcy. You shouldn't have to go through this alone. Hiring the right Chapter 7 bankruptcy attorney will help you move forward with a clean slate.

Basically, a person has 2 options of bankruptcy filing, either chapter 7 or chapter 13. The advantage of chapter 7 over chapter 13 is it allows many, if not all, of your debt to be cancelled outright in a short 3 to 6 month process to get an immediate debt relief, compares to chapter 13, which may take 3 to 5 years for you to completely enjoy a debt free life. But, you may not qualify to file under chapter 7 if you have income to make payments on your debt.

A Chapter 13 bankruptcy is available for those persons who meet certain income and debt limitations and have not have filed a previous chapter 7 within 4 years or a previous chapter 13 within 2 years. Under a Chapter 13 bankruptcy filing, the debtor repays some or all of the unsecured debts pursuant to a repayment plan and any unsecured debts balances that remain at the end of the repayment plan period are discharged. A Chicago bankruptcy lawyer will assess your income, unsecured and secured debt to determine whether Chapter 13 is the best option for you to resolve your debts and keep your assets.

To make it more confusing is another law, that requires credit card companies to establish a payment schedule that permits consumers to repay debts in amended installments. Since early year, most credit card providers have doubled their minimum payments. An average person with say $12,000 in credit card debt, will have approximate monthly payment increases from between $150 to $450, an increase most people can ill afford.