Maine Bankruptcy Lawyer
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In the state of Maine, nearly 4,000 bankruptcy filings occur each year as businesses and individuals regularly find themselves in inescapable financial situation's. In the U.S. overall, bankruptcy is a common occurrence and for some, bankruptcy protection may be the answer that individuals or businesses are looking for to get debt relief -- but is it the best answer?
Bankruptcy can be defined as the legal inability to pay debts or the state of having been legally declared insolvent. Obtaining bankruptcy protection can be a grueling process and because bankruptcy laws can be complicated, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case. This is especially important if you own a business and have valuable assets.
Making the decision to file for bankruptcy can be a life altering decision. It is crucial that you completely research the bankruptcy process, including the alternatives for bankruptcy before you make the decision to proceed with this process. However, if you do decide that bankruptcy is the option for you, it could be the first step on the road to financial recovery. By spending time thoroughly researching the bankruptcy laws in your state, you can ensure that your path to recovery will be a smooth one. Hiring a Maine bankruptcy lawyer can further extend your research on this subject and provide you with vital information.
A Maine bankruptcy lawyer or attorney is an expert in, and therefore able to explain bankruptcy statutes, codes, and exemption laws. They will discuss the different types of bankruptcy with you and advise you on which one is best for your situation. These include: Chapters 7, 11 and 13 (the most common types), and Chapters 9, 12 and 15 (less common).
Chapter 7, which is known as "liquidation bankruptcy," is a good choice for those who have no real assets to protect. Under Chapter 7, people are only required to liquidate assets that are not exempt by law, such as vehicles that are under $2,775. Items that are not exempt will be sold in order to pay off a portion of the debt, and the rest will be permanently discharged.
Chapter 13 is commonly referred to as a "wage earner's plan." This allows you to pay off debt over 36-60 months, according to a court-approved repayment plan. You may catch up on your mortgage, and it does not require you to sell your home to pay your creditors. If housing foreclosure and overwhelming credit card debt is a daily stress, Chapter 13 could be your solution. This allows you for a repayment plan over 3-5 years all while letting you catch up on your mortgage and keep your home. You can stop the harassing phone calls, collection letters and wage garnishments. This is a great option for people with a steady income that have been financially crippled due to unforeseen circumstances. These people just need a chance to catch up.
Once a Maine bankruptcy lawyer or attorney has explained your options, they will ensure that you will not have to face a difficult decision alone. In some situations, the individual or business will go before a Maine judge and negotiate a payment plan. They may be able to obtain a grant of partial or full discharge of the debt.
If you file for bankruptcy in the state of Maine, your debts will be eliminated, but you will be left with poor credit for up to ten years. A bankruptcy lawyer or attorney will explain the risks as well as offer other possible alternatives to bankruptcy. Keep in mind that a Maine bankruptcy lawyer or attorney will have extensive knowledge about debt management.
The American Bar Association website provides information regarding Maine bankruptcy lawyers or attorneys, it also provides information on exploring your options for debt relief. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Maine for at no charge.
Legal•Info State Bankruptcy Information
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