Local Bankruptcy Attorneys - Free Consultations

Chapter 13? Chapter 7? Chapter 11? Personal or business bankruptcy? If you need help filing for bankruptcy under the new bankruptcy laws and regulations, you need to start by seeking legal counsel. Check out the list of bankruptcy attorneys below to get started.  Bankruptcy is a serious situation that thousands of Americans across the nation deal with.  The key to successfully filing and dealing with bankruptcy is to have a skilled, local attorney help you with everything.  Here at Local-Attorneys we have created a great online law firm referral service which will help you find the perfect legal professional who specializes in personal and corporate bankruptcy.  Get started today by filling out the short form on this page and find the best lawyer to give you the right advice and representation you deserve.

Call (877) 263-7659 or Fill out the Free Attorney Consultation Form:




 

Other Selected Bankruptcy Listings

Warner Mariani LLC (Pittsburgh, Pennsylvania)
LoFaro & Reiser, LLP (Hackensack, New Jersey)
Legal Helpers (Chicago, Illinois)
Clark Law Offices (Phoenix, Arizona)

While conducted in a variety of different ways, the process of bankruptcy adheres to a single premise: relieving a debtor of the burdens of debt while paying off creditors. Under the provisions enacted by the Bankruptcy Code of 1978, Congress has allowed a number of ways for debtors as well as creditors to maneuver into a settlement. Briefly following are two of the most common bankruptcy processes outlined in chapters 7 and 13 of the Bankruptcy Code as well as a number of services that legal firms offer to assist in the process.

Chapter 7 bankruptcy entails the use of a court-appointed trustee to seize and assess the value of the debtor’s liquid and non-liquid assets. After assigning monetary values to the assets, the trustee will then distribute the money to creditors who hold outstanding claims against the debtor. There are, however, many items of property that are considered exempt from seizure and as such play no part in the redistribution to creditors. Many cases, in fact, under chapter 7 Bankruptcy are conducted without any material assets in play. Debtors will then be eligible for relief of certain debts, especially if their income is low enough.

Chapter 13 bankruptcy is intended for citizens who receive “regular income,” or income derived from salary or wages rather than business revenue. This method allows debtors to pay creditors back over an established period of time without losing their assets. This involves a carefully calculated actuarial projection of future income, liability, and overall ability to make payments. After making payments, the debtor is granted a discharge of debt, similar to chapter 7.

From general consultation to bankruptcy eligibility calculators, legal professionals offer a number of services to prospective clients entering bankruptcy. Most firms will specialize in one or both of the above mentioned bankruptcy methods and will inspect the relationships between the debtor and the creditors to expose any critical oversights that could inform a legal premise, such as credit card abuse. Generally, all legal assistance will at least comprise close monitoring of the case with frequent updates to the client as well as a number of proposed scenarios aimed at an effective settlement.

Among the more noteworthy developments in bankruptcy law, a Supreme Court decision in Rousey vs. Jacoway of Apr 4th, 2005 stipulated that retirement savings in IRAs are part of exempt assets and as such are not subject to seizure and redistribution.

The Bankruptcy Prevention and Consumer Protection Act of that same month clarified the jurisdiction of the trustee to incorporate a number of helpful defenses in the debtor’s hands. These involved increased supervision of spending and debt payment activities as well as more information concerning the asset distribution and debt discharge processes.