There is obviously a cause for your anxiety, optimism, and concern. Bankruptcy is likely the most significant financial choice you and your family will ever make. Why?
Before we discuss the fundamental services of a bankruptcy judge, you may be wondering why you even need to file. While there are literally tens of thousands of articles and studies on bankruptcy, numbers are sometimes the greatest indicator. It is estimated that over 1 million Americans filed for bankruptcy in 2009. Thousands of homes were spared from foreclosure, while tens of thousands were lost. Numerous individuals filed for bankruptcy to save their property from foreclosure, reduce their high medical debt, and eliminate their credit card debt.
Numerous benefits of bankruptcy exist. The above-mentioned foreclosure, medical expenses, and credit card debt are likely the three leading causes of bankruptcy. If you dread losing your home, Chapter 13 can place a """"automatic stay"""" on it, effectively protecting you from foreclosure. If you are one of the many individuals who cannot pay their medical bills or credit card debt, you may be eligible for Chapter 7, the best method to discharge medical and credit card debt.
How the Judge Acts
The bankruptcy judge will supervise the entire procedure. Before entering court, you should retain legal counsel. As bankruptcy is governed by federal law, a bankruptcy judge is a federal justice. The judge has the ability to radically alter your existence. Judges will listen to your attorney's arguments regarding why you are eligible, what you are eligible for (Chapter 7 or Chapter 13), and what debts can be discharged before appointing a Chapter 7 trustee. In most circumstances, the judge will grant permission.
What an Attorney Does
Your attorney argues your case before the magistrate. Attorneys provide the essential arguments you need. Additionally, they assist with the documentation you must file beforehand. Suppose you have $40,000 in medical debt and wish to file Chapter 7 bankruptcy. For this to be effective, you must be eligible for a discharge. A lawyer must explain why this is necessary and will attempt to persuade the federal magistrate of your eligibility.
What Can You Do?
In the majority of personal bankruptcy cases, you will be required to appear in court. This procedure is fast and painless. If you employ an attorney, he or she will do the majority of the talking.
How to Avoid Committing Errors
If you dread making mistakes in front of your federal judge, you should consult with and hire an experienced local bankruptcy attorney. You should also conduct your own legal research, including eligibility, what you can discharge, and what you may lose. Reading articles like the one you are reading now is also intelligent.""
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