Bankruptcy is a term that is known to many in the current financial world. But for a layperson, this term is somewhat fear inducing as it implies that bankruptcy is a last resort act when a person is totally wiped out in his or her personal and professional financial front. But the awareness of the meaning of the term bankruptcy is growing. With the new laws that were passed in 2005, it has become mandatory that you should appear for counseling before and after filing for bankruptcy. There are usually two chapters that are most usually filed by the debtors. But then filing for bankruptcy is not an easy task and a layperson might not know anything about the processes involved in filing for a bankruptcy. Therefore in case of the unfortunate situation where you find that you have to file for bankruptcy, take the help of a skilled, experienced and knowledgeable lawyer who can guide you through the process. He or she is also the person that will prepare all the paperwork that is necessary for you to properly lay your case in front of the court.
Before filing for bankruptcy, you might be required to take into account some pre-bankruptcy debt analysis in order to be able to file a chapter 7. There can be several serious things that you will need to consider if you are going to file for bankruptcy. To save yourself from much trouble, money, time, you are going to want to make sure that you are doing everything you can. You can contact a reputed law firm where you can choose to hire a particular Long Island bankruptcy lawyer who can help you out with proper guidance as well as assistance. This lawyer will tell you all about chapters seven and thirteen, the two main chapters that are used by individuals to get out of the bankruptcy lock in. Hence your lawyer should tell you that any income tax debts are qualified for being taken care of Under Chapter 7 or Chapter 13. This is one of five ways that you can get out of tax debt if you are willing to file for bankruptcy. You are going to have to meet certain requirements, in order to get your taxes discharged by filing for bankruptcy. So you should make sure you meet them before you file for bankruptcy to get out of tax debt. Remember that when you file for bankruptcy it will have its own consequences, especially on your credit. It is going to do much more harm than good in the end when it comes to the damage done to your credit if you file for bankruptcy just to be able to get out of paying your tax debt.
Only if you think that it is your best chance of beginning to rebuild your life because no other option is available to do so, file for bankruptcy. A good Long Island bankruptcy lawyer is experienced as well as expert in this field. They will help you in every possible way to get over this ordeal. Bankruptcy includes a variety of test and restrictions intended to prevent people from using it as a financial crutch and are mainly to be used for the purpose of getting people back on their feet financially. The main reasons to hire a bankruptcy lawyer are to handle Chapter 7 and Chapter 13 processes, which are complex. Not everyone qualifies for each one. A lawyer trained in bankruptcy matters understand and pursue the type of bankruptcy that provides the most protection and can help an individual in debt. Another benefit of hiring an expert lawyer is to dissuade the creditors, who will continue to call and write the debtor even though they are legally obligated to stop. On behalf of a client, a bankruptcy lawyer will contact these creditors and request that they stop their harassing behavior. When you hire a lawyer, even in tough times you can have some amount of peace of mind along the way.
