What does a Bankruptcy Attorney do?

Nobody is prepared to go through bankruptcy proceedings. Businesses and consumers are very reluctant to undertake the stigma and credit score damage that is associated with filing for bankruptcy. However, in some cases the individual or business owner is left with no other alternative. When mounting debts are making your future uncertain and you are in danger of your home being foreclosed, or your vehicle and assets being repossessed, often the only thing that can be done is to file for bankruptcy. At this point the professional you must take advice from is a reliable bankruptcy attorney. The bankruptcy attorney will advise the client which Chapter to file under and ensure that all the proceedings go off without a hitch. Most court proceedings, especially those for filing under a personal Chapter 7 bankruptcy are rather complicated and an individual would find all these matters confusing. The requirements of the 2005 BAPCPA ( i.e. Bankruptcy Abuse Prevention and Consumer Protection Act) have made filings for liquidation and bankruptcy quite challenging. Only an experienced professional bankruptcy attorney can help in achieving the optimum results for his or her clients, by safeguarding properties and protecting the interests of the debtor. Chapter 13 and Chapter 7 are the most commonly used bankruptcy chapters. A chapter 13 debtor usually can keep all of his or her property while a debtor filing under chapter 7 bankruptcy would be required to surrender all non-exempt properties at the time of the case to the Trustee appointed by court. Chapter 13 bankruptcy cases incur more expense that Chapter 7 bankruptcy cases in terms of legal fees, as the former cases take more time and are more complicated. A Chapter 7 case may be over in a matter of months whereas a Chapter 13 plan may be drawn out over the length of 60 months. The Trustee in a Chapter 13 case acts as a liaison between the debtor and the creditors. The debtor makes the regular monthly payments as part of the repayment plan to the Trustee, who divides this payment among the creditors according to the agreed plan under Chapter 13. Whether you file for Chapter 7 or Chapter 13 you can never be fully discharged of all your liabilities. After the end of a plan you may still have to continue payment for non-dischargeable debts like certain taxes, student loans, alimony, child support etc. For more details you should consult a qualified bankruptcy attorney. Washington DC has many experienced and fine legal professionals who can aid local clients in their proceedings.