Find a Bankruptcy Attorney in New Albany
Finding yourself in a bankrupt situation is an unpleasant thing. There are many bankruptcy articles one can read to familiarize yourself with all the options available. One may hire a foreclosure lawyer in cases where the mortgage needs to be renegotiated, a foreclosure is involved, and court proceedings are to be attended to. A foreclosure lawyer will defend your rights before any action is taken. Moreover, you as the client need someone well knowledgeable in all the latest regulations for a foreclosure.
Additionally, one must understand bankruptcy and how it works. In liquidation bankruptcy, once the bankruptcy is discharged, some of the unsecured debt is eliminated. For example;
• Personal loans
• Medical bills
• Credit card debt
However, some of the secured debt you still have to pay even after the declaration of bankruptcy. Such includes;
• Child support
• State taxes
• Alimony
Normal taxes are filed annually. However, due to financial constraints, one may miss filing taxes due to this rule. Bankruptcy and irs debt are when one cannot pay federal taxes, hence declaring yourself bankrupt is a viable option. Legally, other options are available, like having an offer in compromise and arranging with the IRS for a payment plan. Unlike bankruptcy and state taxes, where the law is different in federal taxes, one must legally file taxes four years in the bankruptcy period.
Bankruptcy can be challenging, both emotionally and financially. However, bankruptcy doesn’t have to totally ruin you. It is entirely possible to recover from a bankruptcy and rebuild your credit. It is quite possible that you can even be approved for a mortgage as early as three or four years after your filing. However, if you’re filing for bankruptcy in the New Albany area area you’ll need to find a good bankruptcy attorney in new albany
There are two primary forms of personal bankruptcy filings. Chapter 7 bankruptcy is liquidation, while Chapter 13 is reorganization. The average Chapter 7 bankruptcy is opened and closed within three to six months. This tends to be the quickest and easiest form of bankruptcy and is the most common form of bankruptcy in the US. Chapter 13 can be described as reorganization. This allows individuals with a regular source of income to to gradually pay off their debts. A three to five year repayment plan is generally required under Chapter 13 bankruptcy filings, unless the court discharges the debts early due to hardship.
However, to help you deal with your bankruptcy you will need to hire a bankruptcy lawyer in new albany as the entire process can be quite long and complex. In addition, a bankruptcy attorney in New Albany can help you to determine which kind of bankruptcy is most appropriate for your particular situation. If you’re going through bankruptcy make sure to contact a reputable, experienced bankruptcy attorney in new albany. Bankruptcy can be confusing and stressful, make sure you get the proper legal guidance.
