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Bankruptcy – An Opportunity to Put Back Your Life on Track

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Personal bankruptcy is a huge, disheartening and an intensely emotional decision. – PowerPoint PPT presentation

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Title: Bankruptcy – An Opportunity to Put Back Your Life on Track


1
Bankruptcy An Opportunity to Put Back Your Life
on Track
2
  • Personal bankruptcy is a huge, disheartening and
    an intensely emotional decision.
  • Making a choice for filing bankruptcy is
    stressful, whatever be the reason.
  • Some of the reasons could be a job loss, a
    serious illness, bad management of finances or
    any other.
  • Luckily, bankruptcy lawyers in Largo specialize
    in helping individuals navigate through
    bankruptcy laws and provide them a roadmap to
    eliminate all of their debts or reorganize their
    debts.

3
Who files for bankruptcy?
  • People from all walks of life file for
    bankruptcy. It is a misconception that only
    poorer individuals opt for this decision.
  • People seeking financial relief come from all
    strata of society and from a broad spectrum of
    professions.
  • As per law filing for personal bankruptcy is
    every Americans right.
  • There are alternatives to filing for bankruptcy,
    because this route may not be the best for
    everyone.

4
  • Individuals in financial distress consider
    various options such as home equity loans, debt
    counseling, reverse mortgages, various debt
    management programs, and other approaches.
  • However, those who consider bankruptcy as their
    final decision must go through the bankruptcy
    laws in their own state.
  • This is because each state has its own bankruptcy
    laws that determine various factors such as
    allowable living expenses, and exemptions for
    personal property.

5
Preparing and filing bankruptcy petition is an
important task
  • The major work load of a bankruptcy lawyer is
    preparation, documenting and filing of an
    individuals petition.
  • A bankruptcy petition is exhaustive work. If
    there are many creditors, a large number of forms
    may have to be filled.
  • The attorney ensures that his / her client gets
    an opportunity to review the petition in all
    aspects before it is filed with the court.

6
  • Once the documents are filed, the individual gets
    the benefit of automatic stay, and creditors must
    cease all collection activity.
  • After filing for bankruptcy petition, the
    individual is required to attend the 341 meeting
    of creditors.
  • This meeting usually takes place 4-7 weeks after
    the bankruptcy is filed in the court.

7
What is the 341 meeting?
  • The 341 meeting is not a court hearing but a
    meeting of creditors and the bankruptcy filer.
    This meeting is conducted by the bankruptcy
    trustee, where creditors if they so desire can
    ask queries to the filer.

8
What are the common bankruptcy options for the
filers?
  • Chapter 7 Bankruptcy and Chapter 13 bankruptcy
    are among the workable options for people who
    want to address their financial distress.
  • In Chapter 7 bankruptcy, filers can reaffirm
    their secured property such as cars and houses
    and continue with payments.
  • In Chapter 13 bankruptcy, debts are consolidated
    and repaid over a period of 3-5 years. The
    repayment plans are usually interest-free.
  • When an individual needs an attorney to help with
    the process, choosing the right professional is
    of paramount importance.

9
  • In Largo, Maryland, Bankruptcy Lawyers are many,
    but it is important that the attorney chosen to
    assist with the bankruptcy process must have
    sufficient experience and the right expertise.
  • By hiring an attorney who has spent most of his/
    her time practicing bankruptcy law, the
    individual will greatly enhance his or her
    chances of success.

10
Managing a New Life after bankruptcy
  • Life after bankruptcy is stress-free
  • The filer will be free of creditor harassment,
    debt-to-income ratio will improve, and
    importantly lenders may reconsider lending, as
    most of the debts were eliminated in the
    bankruptcy.
  • After bankruptcy, the individual gets an
    excellent opportunity to get his or her finances
    back on track.

11
  • After filing for insolvency, bankruptcy lawyers
    in Largo advise persons to structure a thorough
    financial roadmap to manage funds in future.
  • Spending prudently, creating an emergency fund
    and making a well-thought out retirement plan are
    some of the key actions individuals must take to
    prevent future financial disasters.
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