Why you should consider filing personal bankruptcy and using bankruptcy lawyers

Sept. 7, 2010 - PRLog -- Most financial advisers will warn you to thoroughly investigate every alternative to a bankruptcy filing for solving your financial problems and use it only as an absolutely last resort. Assuming protection under bankruptcy law is the only remaining option to debt relief is a chapter 7 bankruptcy petition.

A lot of the time most of the asked questions about small business bankruptcy are about the loss of property. The answer all ends up depending on state bankruptcy law. The bankruptcy filing law of the state where the chapter 7 bankruptcy is filed will specify what sort of property is classified as exempt. Different state bankruptcy laws can exempt home equity and a small portion of auto and personal property equity so it is advisable to consult with bankruptcy lawyers to know exactly where you stand.

When it comes to a chapter 7 bankruptcy you will typically have thirty days to file an objection to property exemptions then another thirty days to object to the discharge of the debt owed to them. With chapter 7 bankruptcy the discharge of your debts will not be granted until the end of the payment plan period which can last for up to five years. When the payments are completed the debt is then legally discharged and removed and the case is closed and your bankruptcy filing is over.

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No one should ever any under circumstances make the decision to go about personal bankruptcy information or attempt to handle the matter on their own after the decision is made and should first consult with a bankruptcy lawyer. The process of filing personal bankruptcy is a complex legal matter and should be only handled by competent professionals.

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