subject: Let Springfield Bankruptcy Lawyers Guide You [print this page] Let Springfield Bankruptcy Lawyers Guide You
Springfield bankruptcy lawyers help guide you through every aspect of your bankruptcy case. One of the first things any Springfield bankruptcy lawyers should do is go over your finances and determine if you should even be filing for personal bankruptcy. They will also set you up with federally-mandated credit counseling, which must be completed 6 months or 180 days before filing. This also goes over your finances and other options. Sometimes though, bankruptcy remains the only way some people can get out of a bad situation and receive a fresh financial start. If you do decide on filing for personal bankruptcy, Springfield bankruptcy lawyers will then help you decide what type of bankruptcy you should be filing for. There is more than one bankruptcy and each has its own pros and cons. Chapter 11 and chapter 12 bankruptcy are used for farmers and large organizations, and occasionally, individuals whose debts exceed one million dollars. However, since you want to file for personal bankruptcy, you only need concern yourself with chapter 7 personal bankruptcy and chapter 13 personal bankruptcy. Sometimes called straight bankruptcy, chapter 7 sees a court-appointed trustee helping you to liquidate nonexempt property to help repay your creditors. Nonexempt property is property that are not covered by federal and state bankruptcy exemptions and must be converted to cash for repayment. Chapter 13 personal bankruptcy reorganizes your debts into a three to five year repayment plan. With this type of bankruptcy, you get to keep most of your nonexempt property. However, chapter 7 generally sees you receiving a discharge after a few months while a chapter 13 discharge generally takes three to five years. However, a chapter 7 personal bankruptcy will stay on your credit report for 10 years. A chapter 13 personal bankruptcy will stay on your credit report for only 7 years. Which bankruptcy to file for depends on the specifics of your case.
