Can you speed up the bankruptcy process so you can reap the benefits of filing? Yes, and this article will show you how.
First, perhaps the most important decision you'll make is who you hire for legal representation. If they lack the experience needed, it can really lengthen the process for a bankruptcy discharge. You should consult with as many lawyers as it takes until you find one with the experience needed to get this process completed for you.
Where can you find a good bankruptcy lawyer? Every state has thousands, but not all lawyers are equally competent. If you have trouble with your bankruptcy, a lawyer's guidance is invaluable. He or she can ensure not only this process is as fast as possible, but also that you save the most money and protect the most assets. In other words, a lawyer you pay money saves you much more. But time, the factor we are considering, is equally important.
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Say for example you are facing a foreclosure and having your car repossessed. And say you want to discharge as much of your debt as possible. Upon consulting with a lawyer, the process can begin by deciding what form of bankruptcy to file - Chapter 7 or Chapter 13 - and then on what to pay on, what to lose, and what to protect for your future.
If you file Chapter 7 bankruptcy, you are discharging debt. If you face a foreclosure or a repossession or even a wage garnishment you still have many options. You can pay outside the bankruptcy. On the other hand, if you lack the money to keep your home, car, or other possessions, you can at least buy yourself some time to find a new residence and new transportation options.
If you file Chapter 13 bankruptcy, you are taking much more time to pay on debts. You're paying some if not all of your debt, while also protecting your assets from foreclosure and repossession. If you have the capital, a Chapter 13 bankruptcy can effectively stop a foreclosure, protect your car, protect other assets, halt collections against you, and protect you from wage garnishment. It takes about 3-5 years, so if you want fast results, Chapter 7 may be better.
Second, in order to speed up your bankruptcy - beyond hiring an experienced lawyer and going over forms of bankruptcy -- you need to give your lawyer the tools he or she needs to discharge your debt and protect assets in a timely manner. You should prepare as much information about what you make from your job or any other income you have, what monies you owe and who to, what assets you have, what current income you have, and more. If you fail to figure in certain assets, such as expensive jewelry, it can delay the court process.
Finally, remember that by filing you are taking advantage of your legal rights. If you abuse these rights, such as by trying to protect certain money or assets, it only hurts your case and lengthens the process. Honesty is important. If you're afraid of losing everything, sit down with your lawyer and go over your options. The situation may not be a fun one, but it need not take forever.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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