1. You lose all of your property.
This is definitely a myth. The whole policy of bankruptcy is that we want to leave people with more than a barrel around them when they can't pay their debts. Basically one who files bankruptcy is allowed to keep any property that is exempt and any property that is secured and he can still pay for. I will say that the majority of my bankruptcy clients have not had to give up property. Texas has a pretty liberal set of exemptions allowing them to keep all of it.
2. It takes a long time.
Not really. Chapter 7 cases can usually be concluded 3-4 months after filing barring any unforeseen hiccups. Chapter 13 can take 3-5 years but that is because you are in a payment plan that takes that long. So yeah, it takes a while but by the point you are making payments all of the bankruptcy matter is pretty much settled. As long as you keep up your payments to the trustee and to other secured creditors it should be smooth sailing.
3. It is expensive.
Well nothing with a lawyer is cheap...right? There are legal fees and filing fees. What I tell most of my clients though is, "Look what you are getting in return." You are cancelling out a large sum of debt, or you are lowering your car payment, or you are getting to keep your house. In the grand scheme of things the amount of attorney fees you are paying is well worth it. I personally charge flat fees for my services so you know what you are getting into before you start. No surprises.
4. It ruins your credit.
It can. But only for a short time. Further, if you are to the point where you need to file Bankruptcy chances are your credit is not that great to begin with. Most of my clients see a rise to their credit score within fifteen months of their discharge in Chapter 7.
5. You'll never be able to buy a house.
Never say never. A lot of factors go into what qualifies you for a home loan--down payment, past home loan history, etc. So never count yourself out. There is no law that says that a bank is not allowed to lend you money after bankruptcy. It is only a matter of if they are willing. So keep that in mind.
Showing posts with label Bankruptcy. Show all posts
Showing posts with label Bankruptcy. Show all posts
Wednesday, October 26, 2011
Sunday, October 23, 2011
What do I practice?--an entry for my facebook fans.
For those of you who know me, you probably think why the heck is he blogging? Well all the "seo" authorities say that this is important to get web traffic up so on and so forth.
However, I though I'd take the opportunity to let all of you know what kind of law I practice so when someone you know says, "I wonder if someone can help me with__________." You can say...wait I know someone who does that. So here it goes.
Social Security
I help people get their Social Security Disability benefits. When someone can't work anymore and they've paid into the system, they are entitled to those benefits. The thing is that a lot of people who shouldn't get benefits apply and this gums up the system. It makes it harder for people who really do deserve benefits to get them, so they hire me. It really can be quite rewarding. And to all of my Michigan followers up there, I can do this kind of work anywhere in the country.
Bankruptcy
Sometimes bad things happen to good people. Sometimes it's unemployment sometimes it's medical bills from a time they didn't have insurance. Whatever the reason, bankruptcy provides a safety net to help people get out of perpetual debt holes. I can help people stop foreclosure on their homes. I can do a lot of things with debt through bankruptcy. I also know the importance of paying for ones debts but some things happen that are just out of one's control sometimes. The need for bankruptcy can be embarrassing to some. That's why I try to make the process as non-obtrusive as possible. I have helped families in my community file and discharge debt with bankruptcy all the while keeping the whole process confidential.
Probate and Estate Planning
While I don't spend a lot of time talking about this, it is something I do. Wills and declaration of guardianship are part of my repertoire. I also help people out with probate if they are an executor of an estate. Sometimes the process can be simple sometimes not so much. Most people who aren't approaching the estate tax threshold need only certain will and estate planning documents. Some need trusts but I recommend at least a will for everyone and a declaration of guardianship especially if they have kids.
So there it all is. That is pretty much what I do. So if you hear of anyone needing any of the above feel free to share my information with him or her.
However, I though I'd take the opportunity to let all of you know what kind of law I practice so when someone you know says, "I wonder if someone can help me with__________." You can say...wait I know someone who does that. So here it goes.
Social Security
I help people get their Social Security Disability benefits. When someone can't work anymore and they've paid into the system, they are entitled to those benefits. The thing is that a lot of people who shouldn't get benefits apply and this gums up the system. It makes it harder for people who really do deserve benefits to get them, so they hire me. It really can be quite rewarding. And to all of my Michigan followers up there, I can do this kind of work anywhere in the country.
Bankruptcy
Sometimes bad things happen to good people. Sometimes it's unemployment sometimes it's medical bills from a time they didn't have insurance. Whatever the reason, bankruptcy provides a safety net to help people get out of perpetual debt holes. I can help people stop foreclosure on their homes. I can do a lot of things with debt through bankruptcy. I also know the importance of paying for ones debts but some things happen that are just out of one's control sometimes. The need for bankruptcy can be embarrassing to some. That's why I try to make the process as non-obtrusive as possible. I have helped families in my community file and discharge debt with bankruptcy all the while keeping the whole process confidential.
Probate and Estate Planning
While I don't spend a lot of time talking about this, it is something I do. Wills and declaration of guardianship are part of my repertoire. I also help people out with probate if they are an executor of an estate. Sometimes the process can be simple sometimes not so much. Most people who aren't approaching the estate tax threshold need only certain will and estate planning documents. Some need trusts but I recommend at least a will for everyone and a declaration of guardianship especially if they have kids.
So there it all is. That is pretty much what I do. So if you hear of anyone needing any of the above feel free to share my information with him or her.
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