There are many common questions that a Brooklyn bankruptcy lawyer can deal with. Every bankruptcy case is different and should be handled this way. Every person will have a unique debt and asset situation, and will have a set income that should be considered as well. The income amount of the person filing for bankruptcy is very important because this will determine what chapter a bankruptcy petition is filed under. A common query is whether the person must file under chapter 7 or chapter 13 of the bankruptcy code.
Some queries that a skilled bankruptcy attorney may handle on a regular basis includes the exemptions that are allowed under the bankruptcy code. Federal law utilizes a set of specific exemptions, but in several instances the individual has a choice of using exemptions set by the state instead.A professional bankruptcy lawyer can figure out which exemptions are offered, and if more than one set can be chosen the lawyer can help guide the individual towards the exemptions that provide the best property coverage and protection.
Common questions that a Brooklyn bankruptcy attorney may be asked can involve the difference between secured and also unsecured property. Property that is secured by collateral, such as a home mortgage or a vehicle loan, might not be discharged in bankruptcy. In some cases it may be possible to reaffirm the financial debt and keep the property as long as the funds continue as scheduled, but most secure debt cannot be eliminated unless the property that is secured is returned to the creditor.
Filing for bankruptcy can involve lots of queries, especially if this process is unfamiliar. Before any first appointment with the bankruptcy attorney the person must get some forms and directions for completion.Nearly every property, debt, and income source should be listed. This involves household bills, credit card debt, and some other monies owed.
Always be truthful with the attorney retained, and if unsure regarding whether an item should be listed get the advice of the lawyer before going any further.
The typical queries that a Brooklyn bankruptcy lawyer can address can help figure out whether bankruptcy is the right choice, and make sure that the required outcome is achieved.
Common Queries A Brooklyn Bankruptcy Lawyer Can Address
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