When you're filing for bankruptcy, it is critical to understand your legal rights. Bankruptcy laws protect consumers from financial ruin and the potential to be abused by outstanding creditors. By allowing consumers to have their qualifying debts eliminated, bankruptcy offers all Americans a second chance at controlling their debt.

Financial problems can be deeply disturbing and extremely stressful. You should not feel alone or embarrassed about considering bankruptcy. It is only natural that you would prefer to pay your bills, but bankruptcy may be your best option if you are not able to pay all of your debt. When you're filing for bankruptcy, it is critical to understand your legal rights.

As experienced Bankruptcy Attorneys, we help clients determine the best course of action possible in the following areas:

• Debtor Law
• New Bankruptcy Laws
• Chapter 7 Bankruptcy
• Chapter 13 Bankruptcy
• Petitions
• Motions for Relief from Stay
• Objections to Discharge
• Adversary Complaints
• Foreclosure

Our Firm is one of the most sophisticated consumer bankruptcy law practices in the country. Our consumer bankruptcy law practice group has a client base of over 40,000 and now represents over 10,000 new clients each year in consumer bankruptcy matters, making the Firm one of the largest consumer bankruptcy law firms in the U.S. As skilled Bankruptcy Attorneys, we only handle Chapter 7 and Chapter 13 consumer bankruptcy law cases. So, when our clients file bankruptcy, they have the peace of mind that their case is being handled by some of the most experienced consumer bankruptcy attorneys in the country.

After helping thousands of clients and discharging millions of dollars in debt, our attorneys have the background to explain your alternatives and suggest a solution to your financial difficulties. Make sure that any attorney you speak with practices primarily in bankruptcy. That is because Bankruptcy law is complex; when you file bankruptcy, you need a law firm that deals with these issues on a daily basis.

Our attorneys answer the phones six days a week, so that we are always available for our clients. Our computer systems are state of the art and allow us to have your records on the computer within seconds. This allows us to offer clients the highest level of client service.

Low Flat Fees/Payment Plans:
Unlike many other law firms, we offer you a choice of several different payment methods. We offer low flat fees that we allow you to pay through a flexible payment plan that suits your budget. You can hire us for as little as $100, and we will start working for you right away. You can stop paying your creditors immediately. We will take all of your creditor calls so you do not have to deal with any more harassment. Our Firm will quote you an estimate of that fee without obligation. In Chapter 13 bankruptcy cases, most of your fees are paid, interest free, through your Chapter 13 repayment plan. Whatever our fee, our priority is to get you the relief that you need.

If you or someone you know needs the assistance of an experienced Bankruptcy Attorney, contact Legal Helpers today at 866-469-0793, or use the contact form provided on this site to schedule your free consultation.

Practice Areas and Legal Definitions

Every year, more than 1,000,000 Americans file for protection under Federal bankruptcy laws. Although some bankruptcy claimants are deemed as credit abusers and/or considered financially irresponsible, many hardworking individuals and businesses can succumb to financial difficulty, and face irreperable economic crisis. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt. To discuss your bankruptcy options, or other areas of recourse that might be available to you, contact a qualified bankruptcy attorney who can advise you of your legal rights as stated under Bankruptcy Law and federal Bankruptcy courts.

New Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a claimant files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a claimant files a plan with the bankruptcy court proposing how to repay creditors.

As of October 17, 2005, the requirements under which a debtor may file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.  Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state, and state exemptions cannot be applied unless the debtor has resided at current residence for over two years.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were eligible to file under Chapter 7 will now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.

Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.

Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income.  It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. This process stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.

Bankruptcy Fraud:
Bankruptcy fraud is a business crime of filing for bankruptcy with criminal intent, that is with the intention of evading payment for goods even though the buyer has funds that could be used to pay for them, or accepting payment for goods or services but not supplying them. Common types of bankruptcy fraud include petition mills, false oath, concealment of assets, and fraudulent conveyance. Multiple filings are not per se fraudulent; as with all things in the law, it depends on the circumstances. Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act (but may prejudice a judge against the filer if there is evidence that bankruptcy is being used strategically).

Debt Consolidation:
Contrary to popular belief, debt consolidation is not a loan. Debt consolidation is a process in which debt is restructured into one low monthly payment. It further enables a consumer to reduce the amount owed and thereby eliminate interest. Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, you are probably in too much debt:

• You have begun charging to your credit card essential expenses like food and daily expenditures
• You are making only the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

If you or someone you know needs the assistance of an experienced Bankruptcy Attorney, contact Legal Helpers today at 866-469-0793, or use the contact form provided on this site to schedule your free consultation.