But Only if Filing Bankruptcy the Right Way.
Declaring bankruptcy is the end all of last resorts. With personal debts and business debts mounting ever higher and income remaining stagnant or dipping, many individuals, families, and businesses are being forced to consider bankruptcy as a very real option where once it was never a thought. The bankruptcy process is fairly straight forward, however there are many ways in which an individual filing for bankruptcy may bring more disaster upon themselves if they try to do it themselves rather than seeking professional, qualified help.
The first word of caution is to not attempt to declare bankruptcy alone. Experienced bankruptcy attorneys are a very wise asset to utilize. An experienced attorney specializing in bankruptcy asset protection may ensure that the bulk of a families or individual's assets remain untouched by those lenders and banks looking to recover debts owed to them. It may not be possible to retain every last asset, but the bulk of them, such as vehicles, homes, and real estate may remain unaffected. Major problems arise when clients fail to adhere to the instructions of the bankruptcy attorney.
Some individuals try to conceal or fail to disclose all of their assets in hopes that the will retain them. Failing to disclose all debts and assets to a bankruptcy attorney eliminates the chance that the attorney will be able to assist in the retention and protection of said assets. When a client tries to "get over" on the courts and lenders, it usually ends in a fraud situation which will prove much worse than before declaring bankruptcy.
If an individual or family is seeking bankruptcy protection, it has been tried unsuccessfully to transfer titles of ownership of vehicles and real estate to other family members in the hopes that lien holders would be unable to lay claim to the property. The courts and lenders may very well view this as fraud and deception which does not help in the disposition of filing for bankruptcy hearing.
Before any decisions and actions are taken regarding such a delicate situation as declaring bankruptcy, consulting an experienced bankruptcy attorney months before the actual filing takes place is paramount in order to salvage any money and property which the client possesses. There are no guarantees with declaring bankruptcy, but an attorney will help minimize the damage.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com. The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Friday, July 17, 2009
Tuesday, July 14, 2009
Bankruptcy Attorney - Protect Your Home, Assets, and Family's Future in Hard Times
The thought of needing to claim bankruptcy is a scary one. Unfortunately, it is an all too common occurrence in today's economy. Before the 1980's, individuals that declared bankruptcy were often viewed as failures or deadbeats. With the unparalleled prolific rise of tabloids and gossip television broadcasts, news of highly affluent and financially successful individuals that have claimed bankruptcy are constantly surfacing. If exceptionally wealthy individuals have claimed bankruptcy during a strong economy then it's perfectly reasonable that every other average income family or individual during a recession would be hit harder financially.
The stigma of being a "worthless failure" is no longer associated with bankruptcy as more and more large cornerstone companies, financial investors, and banks are filing for bankruptcy protection. These organizations are "in the know" and still have declined financially to the point where they seek bankruptcy protection. Note the key word: protection. The car industry, the airline industry, and the banking industry have all jumped on the "bailout and protection" bandwagon. In other words, bankruptcy is a tool, not a financial disease.
Even though all of this is small consolation, filing for bankruptcy still creates an apprehensive situation that requires an experienced hand. There are many subtleties and "strings attached" to claiming bankruptcy since new bankruptcy laws have been enacted. An experienced bankruptcy attorney with several years under their belt is a much needed resource in order to reasonably ensure that all real assets, vehicles, and investments are kept secure from being lost or forfeited when declaring bankruptcy.
A consultation is recommended several months before any paperwork is filed with the courts. The purpose of the consultation is so that the client and attorney may discuss and formulate a timeline and steps needed in order to protect personal assets and investments. Without an experienced attorney as a guide, lenders and banks will very possibly be able to come back and legally levy liens or garnish wages in order to collect on past debts.
Two recommendations which can not be stressed enough is to avoid the do-it-yourself bankruptcy kits that are commonly found in the office supply stores and be wary of the online do-it-yourself bankruptcy websites. While each of these methods will give glimpses of the process and actual filing of the bankruptcy court papers, these are not all inclusive to every individual's situation. Even if an individual does not own any real property or vehicles, relying on the do-it-yourself bankruptcy method will still cost you more in the future.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com . The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
The stigma of being a "worthless failure" is no longer associated with bankruptcy as more and more large cornerstone companies, financial investors, and banks are filing for bankruptcy protection. These organizations are "in the know" and still have declined financially to the point where they seek bankruptcy protection. Note the key word: protection. The car industry, the airline industry, and the banking industry have all jumped on the "bailout and protection" bandwagon. In other words, bankruptcy is a tool, not a financial disease.
Even though all of this is small consolation, filing for bankruptcy still creates an apprehensive situation that requires an experienced hand. There are many subtleties and "strings attached" to claiming bankruptcy since new bankruptcy laws have been enacted. An experienced bankruptcy attorney with several years under their belt is a much needed resource in order to reasonably ensure that all real assets, vehicles, and investments are kept secure from being lost or forfeited when declaring bankruptcy.
A consultation is recommended several months before any paperwork is filed with the courts. The purpose of the consultation is so that the client and attorney may discuss and formulate a timeline and steps needed in order to protect personal assets and investments. Without an experienced attorney as a guide, lenders and banks will very possibly be able to come back and legally levy liens or garnish wages in order to collect on past debts.
Two recommendations which can not be stressed enough is to avoid the do-it-yourself bankruptcy kits that are commonly found in the office supply stores and be wary of the online do-it-yourself bankruptcy websites. While each of these methods will give glimpses of the process and actual filing of the bankruptcy court papers, these are not all inclusive to every individual's situation. Even if an individual does not own any real property or vehicles, relying on the do-it-yourself bankruptcy method will still cost you more in the future.
For more information and guidance about declaring bankruptcy and protecting assets through the bankruptcy process, visit http://www.gallerlaw.com . The Galler Law Firm, LLC. specializes in bankruptcy and debt consolidation, as well as, worker's compensation and motor vehicle accident representation.
Tuesday, July 7, 2009
Look Before You Leap - Considerations Before Filing for Bankruptcy
Initially, declaring bankruptcy is not a quick process. Several months before the actual filing and declaration of bankruptcy is done, you need to make sure that any savings, investments, and assets are properly protected. If any attempts are made to conceal these assets, your creditors may be able to seize them. By consulting with an attorney that specializes in bankruptcy, this scary and stressful situation can be smoothed out.
Bankruptcy is not the dreaded word it once was. This is due in part to larger corporations, which were once a household name, having declared bankruptcy in the past 15 years. While a person or business declaring bankruptcy used to be viewed as a failure, it is now recognized as a person or entity that has become a victim of the economy or a few poor decisions. However, bankruptcy is not to be taken lightly. If a person can recover from high debt and negative cash flow, they should make every effort to do so. Unfortunately, sometimes there's little or no choice and it is the logical course of action.
With the new laws and regulations recently passed, there are now new restrictions that govern who are able to take advantage of declaring bankruptcy. A financial advisor and bankruptcy attorney are the best options to guide you in declaring bankruptcy. Under no circumstances should anyone ever attempt to file for bankruptcy themselves. Even though you can find do-it-yourself bankruptcy kits, these do not take into account the complex finances with which the majority of us have to deal. If you try to rely on the internet or these do-it-yourself kits, the mistakes will be costly.
If you are thinking about bankruptcy, you need to ask yourself a few questions. What will happen to my house and my vehicles? Can the creditors that I owe take my IRA or other investments such as mutual funds, stocks and bonds, or my savings? What about my credit report and for how long will it be affected? In what way will my credit be affected with those current credit cards that I don't owe a balance? Will I be able to help my children get financial aid for college? Will my business be safe if I declare bankruptcy? Trying to find clear cut answers to these questions that pertain precisely to your individual situation is best left up to an attorney.
When you do decide to seek out a bankruptcy attorney, just remember that there is nothing to be embarrassed about. Everyone has fallen on hard times in the past. We all put our pants on the same way. It's just that some of us have been extremely fortunate to get out from under extreme debt on our own, while some have needed a little help from a professional. By retaining a bankruptcy attorney, you're just initiating a professional relationship just like you would with your hair stylist or mechanic.
For more information and guidance about personal bankruptcy, visit http://www.gallerlaw.com.
The Galler Law Firm is an Atlanta, GA, based law firm specializing in financial matters and bankruptcy law. Their site offers many insightful pointers on important bankruptcy considerations.
Bankruptcy is not the dreaded word it once was. This is due in part to larger corporations, which were once a household name, having declared bankruptcy in the past 15 years. While a person or business declaring bankruptcy used to be viewed as a failure, it is now recognized as a person or entity that has become a victim of the economy or a few poor decisions. However, bankruptcy is not to be taken lightly. If a person can recover from high debt and negative cash flow, they should make every effort to do so. Unfortunately, sometimes there's little or no choice and it is the logical course of action.
With the new laws and regulations recently passed, there are now new restrictions that govern who are able to take advantage of declaring bankruptcy. A financial advisor and bankruptcy attorney are the best options to guide you in declaring bankruptcy. Under no circumstances should anyone ever attempt to file for bankruptcy themselves. Even though you can find do-it-yourself bankruptcy kits, these do not take into account the complex finances with which the majority of us have to deal. If you try to rely on the internet or these do-it-yourself kits, the mistakes will be costly.
If you are thinking about bankruptcy, you need to ask yourself a few questions. What will happen to my house and my vehicles? Can the creditors that I owe take my IRA or other investments such as mutual funds, stocks and bonds, or my savings? What about my credit report and for how long will it be affected? In what way will my credit be affected with those current credit cards that I don't owe a balance? Will I be able to help my children get financial aid for college? Will my business be safe if I declare bankruptcy? Trying to find clear cut answers to these questions that pertain precisely to your individual situation is best left up to an attorney.
When you do decide to seek out a bankruptcy attorney, just remember that there is nothing to be embarrassed about. Everyone has fallen on hard times in the past. We all put our pants on the same way. It's just that some of us have been extremely fortunate to get out from under extreme debt on our own, while some have needed a little help from a professional. By retaining a bankruptcy attorney, you're just initiating a professional relationship just like you would with your hair stylist or mechanic.
For more information and guidance about personal bankruptcy, visit http://www.gallerlaw.com.
The Galler Law Firm is an Atlanta, GA, based law firm specializing in financial matters and bankruptcy law. Their site offers many insightful pointers on important bankruptcy considerations.
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