What Is Bankruptcy?}

What is bankruptcy?

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Elena KitschWhat is bankruptcy? Bankruptcy is the procedure that a person undergoes when is unable to pay back this his debt. It is a legal process that establishes that a person is no longer able to pay back his debt as promised, the result of which is that once the bankruptcy is discharged his creditors loose legal rights to try and recover the money or file a lawsuit in court regarding their claim need help of new York foreclosure defense.However, this does not mean that the person filing bankruptcy get absolved of all responsibility to pay back their creditor and need the help of foreclosure attorney queens.That short is what bankruptcy is all about.Many people worry about what to expect when going through bankruptcy filing.The truth is that whole procedure can be much less lackluster than you feared is might be. The first step for bankruptcy is to find responsible and good legal advice through a bankruptcy attorney. There is a lot of paperwork involved with filing. If you have a job you’ll find it very difficult to manage all the paperwork, and forms by yourself and also if you have home problem such as facing foreclosure or a short sale. Time is not the only issue here. You need to have an expect legal foreclosure attorney who is also an expert bankruptcy attorney, that know we law and how to make it work for you.Filing for bankruptcy is a complicated process and you will need expert advice as to which the action to follow since a chapter 13 and a chapter 7 bankruptcy can accomplish some of the things and not accomplish other. Finding a best new city lawyer and a good one it is probably the best favor you can do yourself under the circumstances.You should be prepared to attend one meeting with your attorney to short out your situation and decide on a course of action. After that the all of the other meeting can be handled via phone except for the final meeting with the bankruptcy trustee. In both Chapter 7 bankruptcy and chapter 13 meeting you will meet with a representative of the court called a trustee who manages the case. You attorney should attend with you.For the actual filing of bankruptcy you will have to attend one trustee meeting. Being in a court is not most pleasant experience but it does not also have to be a scary one when you have your the best Bankruptcy attorney by your site. The meeting will probably not be what you expected if you are going by comparisons to what you seen on television and movies. There will be other people present during the time of the trustee but these were mostly be people waiting their own turn and will not be very interested in you as they are there for the same reason as you. To meet with the bankruptcy trustee.Once the court decides once you have discharged in bankruptcy you will be once again free to start rebuilding your credit. A bankruptcy filing will stay on your credit report for a period of 7 year. A chapter 13 will stay on for a period of seven years where as a chapter 7 bankruptcy will stay on your credit report for a period of 10 years since the date of the filing.

Elena Kitsch is an author of 123nylaw.com one of the best bankruptcy and foreclosure attorney services in New York City, USA. She has been writing articles on

what is bankruptcy

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