Bankruptcy Lawyers– Important Questions to Ask While Hiring

In fact, bankruptcy is known as a federal legal process which has been designed to facilitate individuals, enterprises, or spouses to get an opportunity to start a fresh financial life while discarding some portion of unmanageable debts with easy payment terms, and liquidation of assets according to the order of the court of law.

The law enables you to get rid of your owed payments while providing time and through passing an order of prohibiting creditors to collect debts by harassing you (known as bankruptcy injunction), depending on your financial strength and evaluation of the data details furnished by you. However, debts like tax debts, child support, or spousal support are not dischargeable.

So, due to your horrible financial position due to business closure, job loss, or having a big setback in your family and so on, if you are on the lookout for bankruptcy lawyers near me ( BankruptcyLawTucson.com/bankruptcy-law ), apart from knowing their length of experience in the legal branch, professional fees or success rate, the three major questions you should ask them are stated as below:

1. Which bankruptcy chapter will be fitting for me?

In fact, Chapter 7 and Chapter 13 bankruptcy are mainly available in the US Laws, based on which one can choose a particular one, according to their financial status. Chapter 7 bankruptcy also refers to a ‘liquidation bankruptcy’ discharges certain types of debts like your due medical bills, credit card balances and personal loans by selling your property. Equally, it doesn’t allow keeping your car or home, if you’re found far behind on clearance. Equally, to qualify, your income from different sources should be low enough for passing ‘means test’ for a Chapter 7 debt discharge.

On the other hand, according to the veteran ‘bankruptcy lawyers near me’, you need to pay off your mandatory payments such as child support, alimony or spousal support. In fact, from a legal point of view, Chapter 7 permits you to retain minimum means to maintain your everyday life and discharges most of your loans as practicable by the liquidation of your property.

2. How often law allows me to file for bankruptcy?

An individual or business enterprise can file for bankruptcy at any time as per US law, provided you discharge or eliminate all your earlier debts with a gapping period between filings. If you have received previously another Chapter 7 discharge, you can apply for the same only after 6 years after having a consultancy with bankruptcy lawyers near me ( https://bankruptcylawtucson.com/about-us/ ) to ensure if the grounds are perfectly positive for filing for Chapter 7 bankruptcy once more. On the contrary, if you’ve received a Chapter 13 bankruptcy discharge earlier, you can file for the same only after 2 years.

3. Can I file for bankruptcy on specific parts of your debts while keeping some accounts in owe?

First of all, it should be noted clearly that when it comes to keeping your debts in owing, you cannot hold payments like child support or spousal support, being a divorced individual, similar to your tax debts.
Secondly, according to the rule, you should list down all your listed creditors, you owe in the petition of your bankruptcy and other details of properties like home, car in a summarized form. You must be absolutely truthful to pen down the amount of your property, income sources and creditors details. Typically, the court can undergo a thorough investigation process to ensure such figures before permitting you.