A bankruptcy lawyer will be able to guide you through your bankruptcy; their help will be invaluable as the process can affect the whole family for a number of years. 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. Although the amendments to the bankruptcy law are designed to eliminate the time wasters, no other real changes have been made. Once debtors have overcome this hurdle they should be able to proceed as normal.
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Insolvency laws in the United States have a certain bankruptcy protection built in, whereby the individual filing for bankruptcy will not, under most circumstances, lose his or her home. Other exclusions are incorporated into the law so that personal possessions, items needed for work, furniture and the family automobile are protected from creditors. This way the person can still go to work.
Of course each State has its own exemptions which may or may not go beyond federal ones so your bankruptcy lawyer must be aware of these in advance of your petition. Studies have shown that most people who are bankrupt are normal people who do not have an expensive lifestyle. This is why protection has been put in place and how a legal representative will keep the creditors at bay.
You may have heard that bankruptcy stays in your credit history file for ten years and whilst that is true, it's not the whole story. The truth is that your credit score is more greatly influenced by recent credit activities rather than on transactions that have occurred in the past. This is the reason why not long after you have been made bankrupt, a whole host of companies offering credit will start contacting you, but you must be very careful at this time.
There are a number of unscrupulous companies that will wish to give you credit. The rates they want to charge will be much higher than normal and there may also be additional charges. If you are not careful, you could find yourself in debt once again. Do take advice from your bankruptcy lawyer. That does not mean you cannot accept credit but you should be judicious about what types of credit you take on, to ensure payments can be met comfortably.
Whilst you continue to maintain and rebuild your credit record you may find that in less than four years your good credit record will have been re-established. That said, your bankruptcy will still be on your record but will probably not be used to prevent the purchase of a new home or an unsecured loan.
It usually the result of a set of unfortunate circumstances that leads to a bankruptcy. It is not because the individual is a failure looking for an easy way out of his debts as the credit companies would like you to believe. After the recent changes, the government may decide to make it even harder to qualify for bankruptcy if this type of approach by credit companies continues. The truth is that many people forced into this situation are hard working people that have just been unlucky; bankruptcy lawyers know that it is the law surrounding bankruptcy protection that is the only thing there to help them.
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