Thursday, February 16, 2012

The Process of Bankruptcy

It does seem ironic that if you use a lawyer to file for bankruptcy, you pay a fee.  I mean you’re filing for bankruptcy… but at the same time… a lawyer can be instrumental in getting the process done correctly.  When doing it on your own there are so many things to consider. 

The first thing is that the process for filing for bankruptcy is governed by the Federal Rules of Bankruptcy Procedures.  It is also governed by the local bankruptcy courts and there is one for every judicial district in the country.  There are 90 bankruptcy districts across the country.  So do your homework.  If you live in Georgia, I would call Georgia bankruptcy lawyers if you have questions.

The United States bankruptcy judge is the court official with the decision-making power over federal bankruptcy cases.  The bankruptcy judge makes the decision as to whether or not a debtor should receive a discharge of his debts.  For the most part, bankruptcy is an administrative process, meaning lots of paperwork, and the debtor rarely goes before an actual judge.  This does keep your attorneys fee lower.

There is a tremendous amount of paperwork involved with filing a bankruptcy.  The forms necessary can be obtained from your local district court.

Filing for bankruptcy is a complex procedure where lots of legal jargon is used such as "automatic stay" and "discharge" and "exemption".  If you are not familiar with these terms, or lack an understanding, it would certainly prove to your benefit to obtain a bankruptcy attorney.

I am participating in a blogger campaign by Bucks2Blog and was compensated. However, the views and opinions are my own.




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