A Bankruptcy Attorney-Georgene Pantelas

If you are considering filing for bankruptcy, you may wonder how bankruptcy will affect your life. Contacting a bankruptcy attorney can help you understand the details of bankruptcy laws for your state and can make the process run as smoothly as possible.

Did you know that a chapter 7 bankruptcy releases you as the debtor from personal liability for certain specified types of debt? This prevents the creditor from taking collection action against you. Talk to a bankruptcy lawyer to see if this is the right step for you.

If you decide to file for bankruptcy, you should ask an attorney about the Means Test, an artificial test for Chapter 7 cases that assesses your average income and expenses for the past six months. This can help you determine which bankruptcy chapter is best for you.

Bankruptcy can be a way to avoid foreclosure of your home or car. A Chapter 13 filing immediately stops all collection activity. You can then propose a repayment plan to take care of any delinquent amounts owed.

Whether you just need bankruptcy advice or if you need an attorney to handle your case, it is important to find a bankruptcy attorney with extensive experience. It can also help to search for an attorney who has experience as a bankruptcy trustee.

The stigma associated with bankruptcy has lessened considerably in recent years, due to the decline in real estate values and the increase in professional job losses. Nearly ten percent of bankruptcy filers in 2010 earned more than $60,000 a year.

In a chapter 13 bankruptcy filing, you can keep all of your property if your bankruptcy plan meets the requirements of the law. However, you will need to continue making payments despite your bankruptcy status.

One of the most difficult aspects of bankruptcy is deciding which bankruptcy chapter to choose. Consulting with an attorney can help you determine which chapter is most likely to work for your specific situation.

Even if you stop receiving bills, you should still make an effort to remain current with your payments. Filing for bankruptcy may put an end to collection calls and bills, but it doesn't release you from your obligation to pay.

A bankruptcy attorney can protect you from creditor harassment once you've filed for bankruptcy. If debt collectors continue to call and harass you after you've informed them of your filing, your attorney should be able to put a stop to it.

Depending on what type of bankruptcy you file, your tax obligations will vary, as chapter 7 bankruptcy creates a taxable estate that's completely separate from you as an individual taxpayer. Speak to your attorney to determine your tax obligations.

Don't think that it's inevitable you'll lose your home, car or other precious belongings by filing bankruptcy. The truth is that 90 percent of people who file for Chapter 7 bankruptcy don't lose any property.

If a bankruptcy judge decides that some or all of your debt is the result of fraud, that debt is immune from a bankruptcy discharge. Fraud can also result in your bankruptcy case being dropped.

If you are married, you can file for bankruptcy without your spouse, but understand that your spouse will still be liable for any joint debts. On the other hand, if you file together you'll be able to double your exemptions. Speak to an attorney to determine the best course for you.