Facing Bankruptcy? Know Your Alternatives

If unmanageable debt has left you suffering financially in ways deeper than you can comfortably afford, it is not uncommon to believe that bankruptcy may be your only option. However, for many debtors there are plenty of other options that could act equally as effectively in reducing a person's financial mishaps without ever having to go through the bankruptcy process. The alternatives available to those contemplating a declaration of bankruptcy will depend largely on their reason for doing so. For example, if a relentless creditor or lending company has taken to harassing you on a regular basis in their attempts to secure the money owed to them, an end to this problem can be sought without declaring oneself bankrupt. Very specific state and federal laws exist which were established specifically to prevent the mistreatment of debtors by creditors, and when creditor harassment becomes a part of your life there is reason to involve a legal professional to put these behaviors to a halt. Rather than filing for bankruptcy, the discomfort caused by harassing creditors can instead be avoided and/ or prevented with the help of a bankruptcy lawyer who can fight off these abuses and save you from declaring bankruptcy.

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Bankruptcy Filers

Bankruptcy has held a negative connotation for years, being seen as the financial response of those too careless or thoughtless with their money. However, this idea of bankruptcy is far from reality. Especially with the economic crisis of the past several years, many individuals and couples have turned to bankruptcy as a real solution to their severe debt problems. According to some of the figures cited in Harvard law professor Elizabeth Warren's 2001 The Fragile Middle Class: Americans in Debt, bankruptcy is much more the result of tragic circumstances than personal faults.

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Who Is Defined As an Insider When Filing Bankruptcy?

The question of whether a creditor is a considered an "insider" in a bankruptcy case is an important distinction. When you repay one creditor and not others, it is considered a "preference" because you are providing special treatment to a single creditor. All creditors of the same priority need to be treated equally under bankruptcy law. Therefore, when you pay one person or one entity and not others, the bankruptcy trustee has the right to avoid that transaction and bring the money back into your bankruptcy estate so that all your creditors will be paid a percentage. If a creditor is an "insider" and you paid them all or a portion of the debt within one year prior to filing for bankruptcy, the bankruptcy trustee may avoid the transaction as a preference under 11 U.S.C. §547(b). The preference period for a normal creditor (like credit card companies) is 90 days versus one year for an insider, because insiders are more closely scrutinized.

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How Bankruptcy Can Prohibit Creditors From Irritating You

If you are having financial troubles and falling behind on some of your bills and credit cards payments you may have found yourself hitting that ignore button on your phones quite often. As soon as you are past 30 days overdue on any kind of payment you are going to find creditors calling and harassing you at night and day.

This can be very irritating, especially when you are checking a voicemail just to find a machine saying to call back this very important number. If you are in financial trouble and stressed out all ready the last thing you need is unvarying harassment from creditors at all hours of the day and night.

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Positives and Negatives of Bankruptcy

The idea of wiping out debts and ending nasty phone calls from debt collectors sounds too good to be true for anyone faced with a large amount of debt. It can be done; But be careful, it will not get rid of your student loans and as good as it my seem, bankruptcy has long and short term disadvantages. A bankruptcy can stay on your credit report for 10 years, making it difficult, if not impossible, to keep accounts with banks and credit card agencies. This will also impact your chances of buying or leasing a home or car. In addition, bankruptcy could quite possibly keep you from getting a job. Today, many employers look into your credit history before deciding whether or not to hire you. So you should only look at bankruptcy as a last resort rather than a quick fix.

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Bankruptcy Information: Some Basics

Finding yourself in a difficult financial situation can be scary. Facing the possibility of dealing with bankruptcy can be even scarier, especially since most individuals or businesses don't spend time making themselves aware of the legalities that go along with the process. Since many debtors are ashamed of the situation, they often fear asking too many questions regarding the process. As bankruptcy is one of the most important financial decisions a business or individual will ever make, it is essential to have correct bankruptcy information before getting starting with the process.

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Considerations to Make When Hiring a Bankruptcy Lawyer

Our lives are full of capital concerns these days. Businesses that are smart and are managing their operations efficiently have hired bankruptcy lawyers well ahead of time, and have kept them aware of their financial information. Money is the most important element in our lives these days and we need money to live our day to day lives and keep our businesses running. The average person may barely find their income enough to meet their ever increasing expenditures of health, insurance, rentals and utilities. Similarly, businesses may encounter somewhat the same situations that have to do solely with operating a business. This goes to show that just like a family can fall into a debt crisis, businesses are prone to the same hazards as well. The situation may be worse for businesses because clients and creditors press for payments when they hear of a business going into bankruptcy. So what do businesses do in such situations? They hire a bankruptcy lawyer. Smart businesses already have a bankruptcy lawyer working for them well before the need ever arises. But if you are just deciding to hire one for your business, you are new to the game and will need to make certain considerations. In order to help you with the process of hiring a bankruptcy lawyer for your business, we will be discussing some of the considerations you need to make.

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The Characteristics of a Good Bankruptcy Lawyer

Bankruptcy is the state whereby a person is left in a financial difficulty as a result of a troubled economy or a personal crisis. It can also be referred to as being insolvent. A bankrupt individual is usually unable to pay his or her debts. At this point, a person has to begin a fresh life. Therefore, when filing for bankruptcy, it is advisable to hire the services of a capable and reputable bankruptcy lawyer. Having a competent attorney is very vital. This is because you get to understand the functions and implications of bankruptcy laws. In addition, the attorney helps you apply the laws efficiently. This helps in beginning a new life. The process of getting a lawyer should not be rushed. This is because a bankruptcy law suit is very complex. Therefore, it requires some planning as well as research. There are vital aspects to consider. For instance, you should look for one of the most experienced lawyers to handle your case. He knows everything about the financial problems and can provide solutions.

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