You and Bankruptcy: The Things You Should Know and How to Deal

Your financial standing can easily dictate the person you are. When you are constantly stressed about funds, you can feel alone and depressed. When you are over your head in debt, seek relief by filing bankruptcy. There are millions of Americans out there who are experiencing financial hardships for reasons that are not their fault: Job loss, divorce, pay reduction, or medical bills. Filing bankruptcy can provide you with a fresh start, and bring the harassing creditor calls to a stop. The best part of filing bankruptcy may entitle you to legally eliminate some or all of your debts, while keeping some or all of your assets. There are three different types of bankruptcy, and you need to decide which you classify under. If you are unsure, your attorney can help you in determining. Here are the three most common types of bankruptcy that are important to understand:

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· Liquidation. This is the most common form of bankruptcy that happens among individuals. Liquidation bankruptcy allows the person in debt to make a fresh start by discharging them of some or all of their debts. When a Liquidation (Chapter 7) Bankruptcy has been filed, a trustee collects all of the person's nonexempt assets to be sold for cash, and then the cash is paid to the creditors in accordance with bankruptcy law.

· Reorganization. This type of bankruptcy (Chapter 11) applies to businesses that would like to still run the business while repaying creditors through a court-approved reorganization plan. There are many ways a debtor's business can return to a state of profitability, such as repaying a portion of the debt while discharging others. When the plan is complete, the business in debt usually emerges with reduced debt and a reorganized business.

· Adjustment of debts of an individual with regular income. These cases are limited to individuals with a regular income whose debts do not exceed certain limits. In Adjustment (Chapter 13) Bankruptcy, the debtor can propose a repayment plan to the Court. The plan will lay out exactly how the debtor will repay creditors over a period of time. When the plan is complete, all remaining debts are discharged.

After determining what type of bankruptcy you would like to file, you may not even know where to start. The first step would be to research a professional and educated lawyer that will give you the best possible result in bankruptcy court. To make the searching process easier, I have compiled a short checklist of what to look for in a lawyer to represent you or your business. Since most every person who experiences bankruptcy is doing this for the first time, it is important to know a little about how the process will go:

· Find an attorney who will make the process as simple and stress-free as possible. This is a stressful time, and you need a lawyer who is going to provide positive and helpful insight in making difficult decisions.

· A lot of experience in this field. Hiring a lawyer who has done this many times will give you a leg up not only in that your attorney knows exactly what to do, but he or she has been through the court system and is familiar with the process.

· Convenient ways to communicate. With your busy life, you will want multiple ways of consulting with your lawyer. Find a firm that is easy to contact whether it be over the phone, email, or online.

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