Things to know when filing for bankruptcy

Filing for bankruptcy may seem like the easy way out of debts. But before one considers this decision, the following are things to know when filing for bankruptcy.

Things to know when filing for bankruptcy

Bankruptcy affects one’s credit

ertytryet4Bankruptcy will wipe away anyone’s good credit history which is essential when one is borrowing money somewhere. This will be detrimental since if one is bankrupt, then they have very low chances of having their loans approved. Besides that, the worst part is that it stays on one’s credit report for ten years. One will also be expected to declare their bankruptcy to their future employers, government reports, and even their medical forms. Bankruptcy will follow one for a greater period of their life.

Not all debts are discharged

Bankruptcy is not a cure to all financial problems that one has. Some of the types of debts are not discharged when one files for bankruptcy. Such debts include child support and taxes owed back. So before one considers filing for bankruptcy, they should consider other options like going for credit counseling which will help one to go through their debt and ways of curbing the growth of the debt. One may also consider loan modification where the loans’ interest rates may be lowered or one can still negotiate for lower monthly installments. Alternatively, one can consolidate all their debts to one debt with the help of a consolidation company so that they make a single monthly payment as opposed to the several payments.

Your financial life is publicized

One should be aware that bankruptcy filings are public hence their financial life will be open to the public. One will have to seek the services of an attorney to help them with the bankruptcy filings. The court will be the one to determine the creditors who will be paid and the order as well. The names of the people in the bankruptcy court are published in the local newspapers and also online. This makes one lose their financial privacy. One should be aware of this before going ahead to file for the bankruptcy.

Bankruptcy comes with requirements and costs to be met

When one files for bankruptcy, they are subject to orders given by the bankruptcy court and their attorney. One may be forced to give their credit cards, and their spending is also controlled. One is also expected to meet the attorney’s fees which may be on a flat rate basis, or they may charge a certain percentage of the debt owed. One will pay for the legal fees before the proceedings start.eretyry3524

Your request may be challenged by the creditors

One should list all their debts when meeting with their attorney. One should include everything so that their request is granted. The creditors are allowed to attend the court sessions to listen and ask all the questions they may have. After sixty days from the meeting with creditors, they can file lawsuits against one to challenge the discharge so that their debts can be paid in full by the person filing for bankruptcy. One can assume they will have no debts to pay if there are no any lawsuits within the deadline given…

What to consider when looking for a divorce attorney

It is cheaper to keep her. Indeed, it may be cheaper not to let her or him go. However, if divorce is the only option, a good divorce lawyer will be your savior. There are several family lawyers out there, but only a few are good for your case. Here is what to consider when looking for a divorce attorney.

Avoid gender discrimination

w43546yretwrIf you are looking for a divorce lawyer, you must be thinking of your gender. If you are a man, you may be thinking that by divorcing your wife, you will hurt every other woman on the planet. Your first choice divorce lawyer is consequently a man, preferably a male chauvinist. That should not be the case. Well, the male chauvinist may do a good job, I don’t deny that. However, a woman who is a feminist may do better, especially if she specializes in divorce law. A woman lawyer defending a man in a divorce case will find it easy to recant the submissions made by the lawyer of the woman in question. Women know each other very well. Bottom line- choose a lawyer of any gender. As long as the lawyer is a specialist in family law, he or she will deliver the success you so badly want, other factors remaining constant.

Consider the experience of the candidate in handling divorce cases

Every case is a special case in the divorce world. Indeed, every divorce case has a unique verdict based on the evidence provided before the court. No two divorce cases are the same. Therefore, don’t handpick the divorce lawyer referred to you by a friend who had a divorce case handled successfully by the specific lawyer. Success in divorce cases boils down to the experience of a divorce lawyer in handling divorce cases. An experienced lawyer will know how to compile water-tight evidence and articulate it before the judges in the court of law. He or she will know where the law becomes the ass that it is and where it can be swayed. This experience is very important in ensuring that the court proceedings are aligned to your interests.

Consider the negotiation skills of the lawyer

The ability to negotiate and settle a case amicably is a very important factor to consider when choosing a divorce lawyer. Sometimes, it is important to follow the spirit of playing a winning game in a court of law rather than the principle. That is why baseball rules continue increasing every day. Baseball players are concerned with winning by all means. Look for a lawyer who believes in winning. Even if you have a valid case, you may get nothing out of it if your lawyer is not able to negotiate and strike a deal that will settle the case in your favor.we456yretwr

Check for clarity in the fee structure

Finally, it is also important to check the fee structure of your lawyer of choice carefully. There should be no hidden costs. It should be easy to estimate the overall cost of the litigation process from the outset.…