A Good Credit Score

A Good Credit Score

The Profession Of Bankruptcy Lawyers

by Kay Brown

A bankruptcy lawyer is there to represent and protect his client during the bankruptcy process; their assistance may ease some of the stress during this awkward period. As the changes in the law have meant that filing for bankruptcy is now more time consuming, it means that a number of people have found themselves struggling with the process.

Using an attorney can make this much easier. Most debtors will find that once this means-testing is over, most of the changes to the law end there, and they will be able to proceed with the application just as did before the changes were introduced.

One important thing to remember is that most individuals who file for bankruptcy protection don’t lose any property as the U.S. bankruptcy code provides exemptions. These exemptions allow you to keep a certain amount of value in large property like your home and an automobile. In addition to this there are extensive exemptions for clothing, furniture, and personal property.

In addition, some States have exemptions available that go beyond those provided by the federal statute and a local bankruptcy lawyer will be aware of these differences. Most people considering filing for bankruptcy don’t own many high value items so their property consists mainly of what they need to live and work. This is exactly the kind of property your legal representative will ensure is protected from creditors.

Details of bankruptcy will stay on your credit record for ten years but there is more to it than that. However, a person’s credit rating is based primarily on their credit activities during recent times. You will notice within a short period of time after your bankruptcy has been filed that applications for credit are already forthcoming.

These types of credit agreements usually have hidden and extortionate charges that will usually make the financial situation worse for the person that is bankrupt. A good bankruptcy lawyer should make his client aware of this. Your attorney will be able to advise you on reputable companies but whatever your credit agreements are, you will do your credit rating a great deal of good if you ensure that you always pay more than the minimum required.

Fortunately most people who are able to keep their bills current after bankruptcy are able to re-establish their credit in 2-4 years, which is a relatively short period of time. Buying a house or arranging an unsecured loan after this short period should not cause you any undue problems even though your bankruptcy will be on your record for 10 years.

There is now and probably always will be a stigma to bankruptcy. The credit industry quietly fuels this notion as it makes people reluctant to pursue bankruptcy. Bankruptcy is generally seen as a last resort, but as legislation continues to add changes, it will become harder for individuals to apply for bankruptcy.

Whilst there are obviously some people that want to take advantage of the bankruptcy protection system, your bankruptcy lawyer will assure you that you are just a victim of bad luck who is being given a second chance.

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