Bankruptcy is one of the most difficult, ofttimes even traumatic, situation that can be faced in life. Sometimes due to unpredictable medical expenses, changes in employment or other unforeseen events, bankruptcy is a last-ditch choice for persons who face insurmountable debt, foreclosure and other harsh financial woes.
Mixing criminal defense with bankruptcy could indeed be quite baffling. Dealing with them cannot be that easy. So, irrespective of a whether you are a debtor in bankruptcy or a simple recipient in a restitution case, you should always get reputable bankruptcy attorneys to help you defend your interest and determine your legal course of action.
Work with your lawyer to develop a reasonable budget. One of the perks of having legal representation is that your lawyer can appeal to the bankruptcy court for a more realistic repayment plan if your current salary will not allow you to support reasonable cost of living expenses.
Finally, filing for bankruptcy suggests that you are taking responsibility in a way that is fair to your case. Despite your inability to settle debts all at once, you are still being accountable, but in a way that is fit to your current financial situation. After all, you do not want to be in this situation, because there are no other viable choices aside from filing for bankruptcy. Your bankruptcy law firm can help educate you more and get you started towards the path of recovery and freedom.
There are certain income requirements that a person must meet in order to be deemed eligible for Chapter 7, so not everybody who chooses bankruptcy can take advantage of this option. On the other hand, there are plenty of people who would prefer not to file for Chapter 7 for one major reason – they don't want to lose their homes. Of course, in the bankruptcy world, Chapter 7 is an opportunity for a financial fresh start – but what if that's not what you're looking for?
Well they certainly care, and the bankruptcy may be the method by which you can voice your opinion. At the bankruptcy hearing, you are going to have to prove that things are really as you asserted they were, of course, if the judge believes you, you are in luck. You can get an injunction of some years when you get your act back on the road, financially; or you might be asked to keep paying your balance, but with a different interest and also over a set period of months.
The other important thing about Homestead exemptions which a person should know of is the time period of ownership which is needed, which should be minimum 1,215 days before the bankruptcy filing. If this requirement is not met or if the person is not the owner of the property for the given time, then their homestead exemption is limited to $146,450.