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Archive for September 14th, 2009

What You Have To Know About Bankruptcy Laws

Monday, September 14th, 2009

Bankruptcy laws are state specific but definitely not without federal reference. Of late, they are tightened to raise minimum credit card debt payments, as a first step. Personal bankruptcy laws have certain requirements for the debtor too, as most of these are taken from federal laws, title 11 of the United States Code. However, the primary goal of the bankruptcy laws is to provide debtors an opportunity to start a fresh.

From the perspective of an ordinary citizen, bankruptcy laws can be taken as part of a safety net enjoyed in America. Because, they ultimately provide you relief from debts and save you from sliding further into crisis. If you, the debtor, are honest, take it for granted that the new bankruptcy laws are intended to provide you with a fresh start to get free from old obligations and debts. But simultaneously, if you are out to take advantage of the changed bankruptcy laws, you will be eliminated ruthlessly. What point this drives home is that- bankruptcy certainly helps you out of financial mess but it simply is not charity. They are in place to provide you and your business an opportunity to pull-up your socks and discharge the debt before getting a fresh start.

What is chapter 7 bankruptcy? Most of it deals with consumer bankruptcy, concentrating on the liquidation process under the federal bankruptcy laws. So what is this Chapter 7 Bankruptcy? Chapter 7 cases are no asset involved cases, and debts are eliminated without a need for repayment. But the new changes to bankruptcy law don’t let debtors file Chapter 7 bankruptcy easily making it harder to qualify for Chapter 7 debt relief. You are required to meet what is known as ‘means test’ to provide for qualification under federal bankruptcy laws. On the other side, some commentators feel that Chapter 7 ruins credit card companies.

There is a second type of bankruptcy filed by most consumers -Chapter 13. With chapter 13, there is a common myth that it discharges and eliminates all debts. However protection under the Chapter 13 bankruptcy laws is immediate. Bankruptcy attorneys that deal with chapter 13 and chapter 7 opine that these are specific consumer bankruptcy laws and that chapter 13 is the most popular bankruptcy law. The reason is chapter 13 helps you to clear off debts systematically.

While some of the new clauses in bankruptcy laws are good, not all can be so effective. They are rather are confusing. There are a number of other things within the federal bankruptcy laws which need to be taken care off in respect of their complex nature. It is observed that bankruptcy laws are misused as protective shields to prevent creditors, in some cases to eliminate them altogether.

Of course, there is a growing feeling that the changed bankruptcy laws are complex to file and you need to be advised by an experienced bankruptcy lawyer. However the principle behind the amendments is encouraging risk-taking by reducing the fear of negative impact of failure. The bankruptcy laws are made complex to avoid easier elimination of your debt in a bankruptcy and make you payback anyway. The bottom line: bankruptcy laws provide new dimension to the approach of business people to obligations after a failure.

For more information on bankruptcy laws, visit to www.oregon-bankruptcy.net . The Oregon consumer protection attorneys in the Consumer Litigation Group specialize in credit reporting cases, identity theft cases, and unlawful debt collection practices cases. The Portland, Oregon bankruptcy attorneys in the Bankruptcy Practice Group represent Portland and other Oregon consumers in Chapter 7 and Chapter 13 bankruptcies.

How A Bankruptcy Attorney Can Help you

Monday, September 14th, 2009

Bankruptcy laws are extremely complicated and nearly impossible for the average person to understand. With the new bankruptcy laws that have been recently put into action, the laws have become even more complicated. This is why it is important to hire a bankruptcy lawyer if you are considering filing bankruptcy. He or she can help you choose the right chapter of bankruptcy for you.

When choosing a bankruptcy lawyer it is important that you feel comfortable working with him or her. Filing bankruptcy is a very emotional and life changing experience. Therefore, you will want a lawyer that understands what you are going through. An experienced bankruptcy lawyer will know exactly how to handle any of your concerns or fears. One of the best ways to get a feel for your lawyer is to interview him or her. Be sure to ask plenty of questions so that you have a complete understanding where he or she stands on certain matters. Also, be sure to ask what their success rate is and if he or she has handled cases similar to yours before.

When filing bankruptcy, your budget will be a key element. Therefore, you will want to make sure you have a full understanding of any and all fees your lawyer will be charging. Generally speaking, a bankruptcy lawyer charges a sizable fee for his or her services. You will be responsible for paying for the actual bankruptcy, which varies depending on what type you file for. Chapter 7 bankruptcy runs around $300. Then, your lawyer will charge approximately $1000 to $2000. If the fee is too high, you will want to consider another lawyer. But keep in mind that legal services are going to cost something, and it may be to your advantage to pay a bit more for an excellent lawyer, rather than paying much less for a bankruptcy lawyer with far less experience.

Picking a reputable bankruptcy lawyer is crucial to the outcome of your case. Therefore, you do not want to choose a lawyer at random. Picking a lawyer blindly out of the phone book could have a negative impact on the overall outcome. When choosing a lawyer, ask family and friends for recommendations. Although they may not have personally filed bankruptcy, they may have another friend who can recommend someone. So be sure to ask around. If you cannot find a personal recommendation, you can check with the Better Business Bureau to see if they have had any negative feedback on a lawyer you are considering.

Do not pick out a bankruptcy lawyer at the last minute. Be sure to do some advance planning and research. Otherwise, if you pick a lawyer at the last minute you could end up with a lawyer who is not experienced in the area you need or whom you do not feel comfortable working with.

No one likes to admit that they need help. However, when filing bankruptcy it is essential that you work with a lawyer who specializes in the field of bankruptcy. He or she can help make the overall process a lot smoother and easier. With the laws that are in place today, it is vital that you have an experienced lawyer who has a full understanding of the laws and can help you through the bankruptcy process.

If you’re finding a bankruptcy lawyer, let’s Baxter & Baxter, LLP law firm help you. The Oregon consumer protection attorneys in the Consumer Litigation Group specialize in credit reporting cases, identity theft cases, and unlawful debt collection practices cases. The Portland, Oregon bankruptcy attorneys in the Bankruptcy Practice Group represent Portland and other Oregon consumers in Chapter 7 and Chapter 13 bankruptcies.