Bankruptcy – An Opportunity to Put Back Your Life on Track

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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.
• 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.

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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.

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• 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.

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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.

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• 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.

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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.

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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.

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• 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.

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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.

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• 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.