While bankruptcy is not something that anyone wants to face, there are times when this is the only option for some. And even though someone facing bankruptcy stands to lose his or her credit rating and the ability to qualify for loans, the law also protects individuals in numerous ways. For one thing, there are possessions that are exempt from liquidation (a family home for instance, or a car which one must have to keep his job).
A bankruptcy lawyer makes his client aware of his rights under federal and Delaware law: his right to receive no more harassment from creditors who, though angry, will no longer find a purpose in seeking repayment from their bankrupted debtor. Bankruptcy protects against having wages garnished, IRS claims, law suits, and foreclosure.
Two Types of Bankruptcy
The two sorts of bankruptcy are Chapter 7 and Chapter 13. To qualify for the latter, one must be able to pay off much of his remaining debt from a portion of his wages over a reasonable amount of time as determined by the court. It is expected in a case like this that the client will remain in gainful employment. In a Chapter 7 bankruptcy case, the situation involves liquidating assets. In either case, many loans will be discharged without any or without complete repayment. Certain payments must continue such as alimony, child support, student loans, and others: an attorney will know the complete story.
Why Hire an Attorney from The Delaware Lawyers Team
You might think that the law protects you inherently if you file for bankruptcy, but there are many aspects of your case you probably do not understand and various regulations which will protect you against losing more than you need to. At the very least, you probably need help determining which Chapter you should file for.
Bankruptcy applicants also go through means testing. Are there complicating factors likely to affect this outcome to your detriment? Perhaps bankruptcy is not the option for you at all and there are other ways to stay afloat. With the help of our attorneys, you can avoid this and find ways to satisfy debt while losing as little in the process as possible.
The best way to tell if a lawyer will do you any good is to read what he has done for others already. We are happy to speak with you to see how we can help you.