Bankruptcy Lawyer Dirty Secrets

By Robert Skrob
The field of bankruptcy law has exploded in recent years, even though the process of filing for bankruptcy really only involves filling out a few forms. Misconceptions, frightening news articles, and misleading advertisements put out by many of the firms now specializing solely in bankruptcy law have convinced the average consumer that they absolutely must hire an expensive attorney in order to get rid of the money they owe.

Even if the client has an above-average number of questions or a combination of income, debt, and assets that are more complicated than most, an experienced lawyer should be able to handle a bankruptcy claim from start to finish in a matter of hours. Some honest legal professionals only bill their clients for this small amount of work, but the majority charges a minimum of $2,000 for a basic filing. In fact, in some areas, rates can skyrocket as high as $10,000 for a single case!

These inflated prices have actually driven many of the honest attorneys out of bankruptcy altogether, because once a client has been convinced that bankruptcy should cost them thousands of dollars, they are naturally wary of hiring anyone who charges much less.

Filling out bankruptcy paperwork is so simple in many cases that attorneys have their secretaries fill it out. Yet the field has created so much money for certain greedy lawyers that instead of letting their clients know this, they instead pocket the cash and stand back and watch while bankruptcy filings needlessly get out of control.

No matter what circumstances brought you into your current financial situation, declaring bankruptcy should never be a first choice when trying to deal with high levels of debt. Especially after taking into account high attorney fees and new credit-card-friendly laws, it would be much better for you in both the short-and long-term if your financial difficulties are handled out of court.


About the author:
Individuals everywhere, looking to get out of debt and begin investing can turn to the debt aide organization National Association of Responsible Lending and Investment at http://www.NARCLI.org. You may reach debt relief and investment experts via email to Question@NARCLI.org.


Article Source: http://www.Free-Articles-Zone.com

Texas Bankruptcy Laws for People in Severe Financial Difficulties

By Muna wa Wanjiru
There are many methods that you can use to clear yourself of the many debts that you have. These methods can include going to bankruptcy courts, but you will need to know what is recommend for the bankruptcy courts in your state. The Texas bankruptcy laws of 2005 require that you go through with credit counseling before you apply for bankruptcy.

The Texas bankruptcy laws have incorporated this new bankruptcy act in their laws about debtors and creditors. In this law you will have to attend a court approved credit counseling agency sessions for at least 6 months before you can receive a certificate that will let you to apply for a bankruptcy hearing.

Once you are certified from the counseling agency to begin the process of bankruptcy you should contact a bankruptcy lawyer. This person will have to give you a means test. This means test is part of the new Texas bankruptcy laws.

The means test will determine what your financial status is so that you can apply for chapter 7 or 13 of the bankruptcy code. Depending on the means test and if you have less than $6000, after monthly living expenses, rent, food, loans and medical bills, have been deducted from your income for the next 5 years then you can qualify for chapter 7.

Otherwise you must apply for chapter 13 bankruptcy from the Texas bankruptcy laws. For chapter 13 you will need to have your repayment plan with all of the repayment details stated clearly. This should be given to the court so that they can look it over.

This way the court will be able to see if you are sincere in your desire to repay your debts. Once the court is sure that you will be able to repay all or most of your debts that you have owing, you will be able to file for chapter 13 bankruptcy.

Once the bankruptcy process for both chapter 7 and 13 has begun you will need to gather the various paperwork and documents that you need. This paperwork is required by the Texas bankruptcy laws.

The documents that you should include for your bankruptcy declaration will include an itemized list of your current income sources, the major financial transactions that you have carried out for the last 2 years, and your monthly living expenses.

You will need other items to satisfy the Texas bankruptcy laws act. The secured and unsecured debts, along with any property and assets that aren’t exempt for the Texas bankruptcy laws must be handed with the title deeds.

Once this information has been handed over to your bankruptcy lawyer you can file for bankruptcy. The Texas judicial courts will issue an automatic stay order against your creditors. This will allow you to pay these individuals over a court defined period of time.

The Texas bankruptcy laws are designed to help people in severe financial difficulties. This aid will allow you settle your debts and have a fresh start.

About the author:
Muna wa Wanjiru is a web administrator and has been researching and reporting on internet marketing for years. For more information on Texas bankruptcy laws, visit his site at TEXAS BANKRUPTCY LAWS

Article Source: http://www.Free-Articles-Zone.com

Ohio Bankruptcy Laws and the Framework of the Bankruptcy Code

By Muna wa Wanjiru
Every state in the US has ways of dealing with bankruptcy. These ways revolve around the framework of the bankruptcy code but they are defined by the parameters of the state. The Ohio bankruptcy laws have been amended so that the new laws for bankruptcy which were introduced in 2005 are included.

In these new Ohio bankruptcy laws you will need to go through a credit counseling session at an approved counseling agency for at least 6 months before you file for bankruptcy.

You will also need to go through with a financial management instructional course after you have filed for bankruptcy in Ohio. Before you can start the process of bankruptcy filing Ohio bankruptcy laws require that you gather all of the documents that are needed for your bankruptcy case.

These documents will include an itemized list of your current income sources, your monthly living expenses, any major financial transactions for the past 2 years, your secured and unsecured debts, your last 2 years tax returns, any outstanding loans, along with any unexempted property and assets and any title deeds must be handed over to your lawyer.

Once the paperwork has been completed you can talk with your lawyer and apply for bankruptcy. Ohio bankruptcy laws needs you to complete a means test before you can apply for a chapter 7 or chapter 13 bankruptcy.

If you qualify for chapter 7 bankruptcy you can hand over your entire assets to the bankruptcy trustee. This person will liquidate these assets and pay the outstanding money to your creditors.

Once this money has been paid and your debt has been completed the Ohio bankruptcy laws will need for you to produce a certificate from the government approved agency. This certificate will state that you have attended their financial management instructional course. Your debts and other financial problems that arose due to your problems will be declared as being cleared.

The other bankruptcy chapter that Ohio bankruptcy laws allows you to go through with is that of chapter 13. In this chapter you are provided with the means to pay off your debts while you still keep your assets and property that have not been written to your creditors.

In this chapter of the bankruptcy code you have a period of 5 years to discharge all of your debts. These debts will be discharged according to a court approved plan. When this repayment has been finalized and you have gone through with the financial management instructional course the Ohio bankruptcy laws will declare that your debts are finished.


About the author:
Muna wa Wanjiru is a web administrator and has been researching and reporting on internet marketing for years. For more information on Ohio bankruptcy laws, visit his site at OHIO BANKRUPTCY LAWS

Article Source: http://www.Free-Articles-Zone.com