The first step in choosing a bankruptcy lawyer is recognizing that your financial situation is driving you to find one. Bankruptcy law is complicated and has many technical requirements best overseen by a lawyer and not by debtors representing themselves.
When the time comes to consider filing bankruptcy, there are two ways to go: Chapter 7 and Chapter 13. Bankruptcy allows you to reduce or eliminate your debt, but the decision to file should not be taken lightly.
Usually, a person filing for bankruptcy protection is doing so because of creditors that are seeking to take action against that individual or the person’s property. To protect the bankrupt individual and that individual’s property during the process, the Bankruptcy Code imposes the Automatic Stay.
As a general matter, filing a bankruptcy proceeding imposes the Automatic Stay on most actions pending or to be filed against the debtor. Most of the stayed actions are related to debt collection efforts, but there are exceptions to the Stay.
If you’re experiencing financial problems and have started looking into bankruptcy, there is a good chance that you’ve learned that Chapter 7 bankruptcy can eliminate certain debts. You may be wondering, however, whether it can eliminate the kinds of debt that you have.