Cincinnati Bankruptcy Attorney

Archive for the ‘Bankruptcy Tips Advice’ Category

Like other forms of Internet legal advice, consumers should use online bankruptcy information with great care. While online bankruptcy advice can be useful, relying on incorrect or outdated information can lead to dismissal of the client’s case and compromise his or her legal rights.

As such, consumers should verify all information they receive online by talking to an attorney, court clerk or low-income legal aid organization.
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Function

Online bankruptcy advice can provide consumers and small businesses with information on the types of bankruptcy permitted under the law, qualifications for filing bankruptcy, court procedures, filing fees, regulations and time frames. Many private companies also offer “bankruptcy” kits containing forms and instructions for filling out and filing bankruptcy paperwork.

Additionally, official bankruptcy court websites typically list official regulations, contact information for court clerks, downloadable forms and instructions for pro se filers.

Geography

Although federal law establishes the rules and procedures governing bankruptcies, the exact qualifications for filing bankruptcy and the process by which you must file your paperwork varies by jurisdiction. While some websites offer state-by-state summaries of laws and procedures, much online bankruptcy advice is general in nature and does not apply to all jurisdictions and situations.

Benefits

Online advice can be a low-cost (and often free) alternative to an attorney consultation for individuals or business considering bankruptcy. Since legal fees can cost on the upward of $300 per hour, free Internet-based information can provide bankruptcy-seekers with basic information they need to make an informed decision on whether or not to seek counsel.

Additionally, online bankruptcy advice websites can provide much-needed reassurance during stressful proceeding and can help clients prepare for meetings with their attorney and creditors.

Misconceptions

While individuals in most circumstances can file bankruptcy without an attorney, business must obtain the services of an attorney to bring a bankruptcy case before the court, explains the U.S. Bankruptcy Courts.

Likewise, even though online bankruptcy advice websites may provide sample forms on which bankruptcy-seekers may prepare their own filings, unless these documents come from an official U.S. Bankruptcy Court or licensed attorney, they may not be valid. Read the rest of this entry »

Bankruptcy is a process that can completely change the landscape of your personal financial life. When you are considering bankruptcy, this is not a decision that should be taken lightly. Before going through with the bankruptcy filing, there are a few things that you need to take into consideration.

Legal Help

It is generally a good idea to seek out professional help from a bankruptcy attorney before going through with the process of filing. A competent bankruptcy attorney can look at your situation and help you determine if you need to file bankruptcy.

You may be overreacting to your debt situation and could be better off pursuing another option. For example, besides going through bankruptcy, you could settle your debt or enter a debt management plan.

Credit Damage

Filing for bankruptcy is an act that can have lasting effects on your credit report. A bankruptcy will stay on your credit report for 10 years and anytime you try to obtain credit during that time, it will come up.

Prospective lenders will see the bankruptcy and could be hesitant to lend you the money you need. Besides showing up on your credit report, it will also lower your credit score immensely. It could take several years to rebuild your credit score. Read the rest of this entry »