Debt Relief Services for the Tax Defaulters

There are many individuals who are facing a tough time paying their bills and are failing to pay their taxes on time. It may be because they have suffered loss in business or have been ignoring to pay the taxes due to any other reason. Failure in tax payment is considered to be a serious offence, which has serious consequences. The defaulters might have to face tax lien, wherein, the government seizes their real estate property, retirement accounts, brokerage, and savings account. If the tax lien is filed, the individual’s credit rating would be affected and he/she will not be able to buy or rent a house, rent an apartment or sign a lease. For such individuals, debt relief services from the specialised firms, is the only ray of hope.

Many companies or individuals file for bankruptcy and it is the only option for them that seems feasible. Now-a-days due to the poor economic scenario bankruptcy has become a common phenomenon. As per the federal laws bankruptcy is designed

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10 Steps to Building a Bankruptcy Practice

Lots of lawyers are trying to build a bankruptcy practice these days. Many make the critical mistake of using outmoded ways of getting the practice off the ground, and end up being an also-ran in their area. Competition is fierce, and lawyers are working smarter – not only harder – to be successful.

10 Steps To Building a Successful Bankruptcy Practice

  1. Join the National Association of Consumer Bankruptcy Attorneys: This is the largest national organization dedicated to the plight of consumer debtors. With well over 4,400 bankruptcy lawyer members, it is the best source of information and continuing education for the new and established practitioner alike. NACBA also runs some very active listservs to help members share information.
  2. Buy the entire National Consumer Law Center library – including the consumer bankruptcy book: NCLC puts out the most comprehensive set of books on bank
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Why Consider A Bankruptcy Alternative, or Non-Bankruptcy Financial Solution?

Nobody wants to find himself or herself in the position of facing harsh financial realities. Mounting debts and obligations, a growing sense of stress and anxiety about what to do, and being unable to meet all of the demands you’re facing. If you’re in the position of wanting or needing to file bankruptcy, then before you do so, you should also consider a bankruptcy alternative or non-bankruptcy resolution.

First, what qualifies as a bankruptcy alternative? There are many different such options available, and all of them are merely tools at your disposal to try to clear up your financial circumstances enough so that you are not backed into a corner, and that you do not have to file bankruptcy.

For instance, with somebody fighting on your behalf such as an experience bankruptcy attorney, you may be able to negotiate and compromise with lenders and creditors. This can get interest rates reduced, total debt owed reduced, monthly payments reduced, and more.

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The Rules and Regulations Pertaining to New York Bankruptcy Law

There are several chapters like chapter 7, 9,11,12,13 of bankruptcy code under the federal law which governs the bankruptcy laws of New York. The various chapters under the bankruptcy law cover various issues and therefore guides as to how to deal with, and decide cases falling under each chapter effectively. Chapter 7 is applicable for debtors who have no assets to repay the debts. Chapter 9 deals with cases of government municipalities. For the owners or shareholders of a company there is chapter 11. Chapter 12 deals with fishermen and farmers. For salaried individuals or families, self employed and wage earners there is Chapter 13.

As fixed under chapter 7 of the New York bankruptcy law, the income of an individual under such cases should be less than the average income. Under this chapter, the cases that are handled are almost made fully exempt from the debt, but some things like student loans, alimony, child support, fraudulently acquired debts have to be paid off. The r

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Business Bankruptcy Attorney – What Can They Offer to My Business?

Financial crises are taking the world by storm. Many businesses have had to declare themselves bankrupt and shut down operations, because they found themselves in an acute liquidity crisis. This serves as a good example for many other businesses, which are still operating, to start preparing for the worst. When preparing for the worst, a business must hire a business bankruptcy attorney before they even require the services of one.

Handling and dealing with a bankruptcy situation is never easy. You have high debts and expenses to pay off and the creditors of the business come pressurizing you for their payment. It’s not something that you can take on your own. You will need professional help, especially when it comes to a matter of thousands of dollars. This professional help comes in the form of a business bankruptcy attorney who will do the most he / she can, to get you out of the crisis while helping you lose the least because of it.

When a business bankruptcy

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The Bankruptcy Filing Numbers Down, Bad News for a Bankruptcy Attorney

Recently, the bankruptcy filing rate came out and it shows that less Americans are filing for bankruptcy to eliminate their debt. According to the bankruptcy filing data, the number of Americans filing bankruptcy dropped from the same period last year ending September 30, 2012. The greatest decrease was those filing Chapter 7 bankruptcy which declined around 15%. The number of Chapter 13 bankruptcy filings also declined 10%. In 2010 the US saw a record number 1.6 million people filing bankruptcy for numerous reasons. In 2011, the decline began dropping the rate to 1.47 million bankruptcies and now it has further declined to 1,261,140. While this sounds like good news for the economy, it seems like bad news for a bankruptcy attorney.

Typically, the majority of people file Chapter 7 bankruptcy over all the other chapters. Because of the bankruptcy code changes back in 2005 and the real estate bubble bursting in 2007, we’ve seen an increase of Chapter 13 bankruptcy filings

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Hiring a Bankruptcy Attorney Can Be Like Building a Football Team

Every fall football season comes into full swing and many armchair quarterbacks sit home and talk about what changes they would make to their favorite team to have a successful season. Dealing with serious financial matters can be very similar. When putting together a football team every member is of utmost importance. Most of the focus is usually on the quarterback who is the center of the team. When it comes to filing bankruptcy one could use the analogy of drafting a football team on how to proceed. Knowing this, just like the quarterback on a football team, one of the most important members would be the bankruptcy attorney. Everyone knows filing for bankruptcy can be one of the most stressful times in anyone’s life. That’s why it’s important to accumulate the proper legal team to have the most successful bankruptcy filing.

Hiring a bankruptcy attorney should be looked at as acquiring an invaluable team member no different than what a sports team would do

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Filing for Bankruptcy – Look Before You Leap

In the event of unpaid debts, it is advised to call or e-mail law firms, before attempting any desperate measures such as raiding one’s retirement plan, transferring property, or transferring credit card balances. One must consult bankruptcy lawyers, before making such hasty decisions.

Make sure that experienced bankruptcy lawyers are contacted if one has been sued or if there remains a pending judgment. Once a judgment has been issued, the underlying debt becomes a secured debt and can be paid off by seizing bank accounts, garnishing wages or seizing property.

Note that bankruptcy is not a good solution if one is elderly and/or has no assets that a creditor could garnish (social security wages, as an example) or seize. Even if one has non-exempt assets and debts such as student loans, an Atlanta bankruptcy attorney always advises not to file for bankruptcy.

It should be known that bankruptcy for individuals if of two types- Chapter 13 and Chapter 7. A Cha

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What Everyone Needs to Know About Hiring a Bankruptcy Attorney?

The foremost responsibility of a bankruptcy attorney is to deal with the bankruptcy proceedings of his / her client. They also have to provide them with legal advice and representation in each step of the way. The bankruptcy attorney has to assist his / her client to pay off their debts once a decision has been reached by the courts on this matter. Before anything happens though, the attorney has to make sure that their client fully understands the process and what it means for their financial future. The attorney has to be able to advise the client, if there are other options available to them.

When faced with bankruptcy one of the most important things that one has to do is look for a reputable bankruptcy attorney. There are many attorneys who are not well-versed in bankruptcy laws. For this reason it is important to select an attorney who has experience in handling bankruptcy cases. Also, their level of experience is very important. The more experienced they are, better th

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Bad News for Bankruptcy Attorneys, Bankruptcy Filing Numbers Down

Recently, the numbers of Americans filing bankruptcy were released by the U.S. Bankruptcy Court and it showed a steady decline in filings. While this sounds good for the economy, it also will affect the career choice of a bankruptcy attorney. Bankruptcy attorneys typically strive in a bad economy as many Americans need to use their services to get out of debt. In 2010, the US had a record 1.6 million Americans filing for bankruptcy because of the financial debacle back in 2007. At the end of fiscal 2012, that number had dropped to 1.3 million bankruptcy filings and we are expected to finish this year off around 1 million. Realistically, this number is still very high if we compare that to the record high back in 2005 when it was about 1 million. Back in 2005, there were a large number of people filing for bankruptcy prior to the bankruptcy code changes because of fear of not being able to qualify. When the dust settled and the bankruptcy code was changed it included a means test tha

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