Facing insurmountable debt is overwhelming, and individuals often grapple with the emotional and financial stress that accompanies such circumstances. However, it's essential to view bankruptcy for what it genuinely is: a legal tool designed to help individuals regain control of their finances. Among the various bankruptcy options available, Chapter 13 stands out as a constructive choice for many debtors, offering a structured way to reorganize debts and create a manageable repayment plan.
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A bankruptcy attorney plays an important role in your bankruptcy case. Part of their job is to review your submitted records and schedules with several goals in mind. What are these? Here are three of the main things your attorney will be looking for.
1. Nonexempt Property
Bankruptcy law allows debtors to exempt some property from liquidation or repayment. However, these exemptions have limits. The attorney will examine your property to ensure that what you are claiming an exemption on actually qualifies for one.
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Lenders can use a legal process called foreclosure to repossess homes when borrowers don't make their agreed-upon payments. You risk losing your home if you miss a few payments. While the foreclosure process doesn't happen instantly, it can happen to you if you don't do something to stop it. You can hire a foreclosure attorney to help you stop the foreclosure, and here are some of the reasons you should attempt to stop it from occurring.
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The object of filing for Chapter 7 bankruptcy is to protect your assets and buy time to pay off some debts. This is the reason the courts classify some of your property as either exempt or non-exempt. For a good understanding of what property can or cannot be liquidated during a Chapter 7 bankruptcy, consult a bankruptcy attorney. Here is some basic information regarding exempt and non-exempt property.
How Does Exemption Work?
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If you are the victim in a personal injury case, then you might have already decided that you want to hire a lawyer so that you can fight for financial damages that might have been caused because of your injuries. You might already know that you can fight to get compensated for things like your medical bills and lost wages. However, there are other potential damages that you and your attorney can fight for as well.
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