Basic Business Resources

If you are located in the US and are looking for an international bankruptcy lawyer, there are a few ways you can do that. Some of the common ways to find a lawyer include: phone book, internet, referrals from friends (these are a great way), Avvo and the National Association of Bankruptcy Attorneys.

The phone book will have a lot of listings for your local area, it wouldn’t hurt to contact local lawyers to see if they handle bankruptcies in other countries. Often they may specialize in another country or may know a good contact that can help you out.

Google search is another great resource for finding an international lawyer. If you were looking for a German Lawyer – try typing that into Google and see what comes back. There are bankrutpcy lawyer directories that are useful for quickly searching for a local bankrupty attorney, you can contact a lawyer that way and see what you can find.

If you have a friend that has recently used a lawyer, ask them for advice. A personal referral is a great way to get feedback on an attorney before you give them a go yourself.

Avvo’s mission is to help people navigate the complex and confusing legal industry. They have customer generated reviews of lawyers and a rating scale from 1-10 that is useful for evaluating a potential lawyer.

It’s also a good idea to check out the NACBA and find out if your lawyer is listed as a member. The NACBA offers a complete list of all their participating members and is a great resource for finding a skilled international bankruptcy lawyer.

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If you are made bankrupt then you can expect that day to receive a telephone call from your local Official Receiver, who will introduce himself and confirm that he will be writing to you to fix an interview date.

The Official Receiver is a government official who is responsible for looking after and investigating your affairs as a bankrupt.

If you have assets at the time of your bankrupty for instance an interest in property, that interest will vest in him or her.

The Official Receiver will write to you very soon after you have been made bankrupt and ask you to come and see him for an interview, or to set out a time when he will call you. In the vast majority of cases that I see at present, clients are called by the OR in a basic interview that lasts between 30 and 45 minutes.

In the interview with the OR you will be taken through your statement of affairs. In all probability the length of the interview will in a large part be determined on two aspects:-
a) the quality of the statement of affairs that is completed… the better and fuller the statement, the shorter the interview that will be required;
b) the complexity of your affairs.. so if you have no available assets or income, you will be dealt with very speedily.

Your statement of affairs is about 35 pages long and from this the Official Receiver will be looking to confirm al your creditors and the amounts that you owe. If you have filled this in fully, then little time will need to be spent on this. It follows that it pays to get a professional to complete this form with you to ensure that it is as complete as possible.

In addition to the above, your income and expenditure will be analysed so that the OR can determine whether or not you have surplus income that you can contribute to him for 36 months via what is known as a Income Payments Agreement. Make sure that you utilise all your allowable allowances. If you cannot find out what these are, please seek expert help as it could save you thousands of pounds in contributions, if you get this right first time.

Your assets will be dealt with such as a house and a car. Again, in the statement of these are explained properly they can be easily dealt with by the OR. If you have a house with equity now is the time to ask what the OR’s attitude is to selling it back to you if you so wish, or if not how he intends to realise it as an asset.

The OR will also briefly go over the reasons for your bankruptcy and this will determine his attitude to any possible bankruptcy restriction order that he may seek to agree or impose.

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Individuals interested in purchasing their own home strive to maintain a positive credit rating. This is achieved by paying bills on time, having a low debt to income ratio, and so forth. Nevertheless, several lenders are eager to offer home mortgages to individuals with bad credit. These mortgages have a higher interest rate, which increases the monthly payment. Although a mortgage may be attained with bad credit, the course of action is slightly different for individuals who have filed bankruptcy.

Two Types of Bankruptcies

There are two types of bankruptcies. A chapter 7 bankruptcy involves complete liquidation in which debts do not have to be re-paid. On the other hand, a chapter 13 bankruptcy entails repaying a portion of the debt over a fixed period. For the most part, a bankruptcy should be the last alternative, and not a quick fix to credit problems. Many explanations cause a person to file bankruptcy. These include excess credit card and consumer debt, high medical bills, etc. Lenders determine credit worthiness based on information provided in credit reports. A bankruptcy is a negative remark that remains on credit reports for ten years. Throughout this 10-year period, individuals who filed bankruptcy can expect to pay higher interest rates on automobile loans, mortgages, and credit cards.

How Long Should You Wait Before Buying a Home

Obtaining a home after filing for bankruptcy is feasible; nonetheless, individuals who have filed must adhere to specific stipulations. To obtain a mortgage after filing a chapter 7 or chapter 13, you must wait at least two years after the bankruptcy is discharged. Moreover, individuals who have had a bankruptcy case dismissed must also wait two years before applying for a mortgage. During this 24-month period, it is recommended that person’s re-establish their credit history. If possible, acquire a line of credit from at least three to four creditors. Immediately following a bankruptcy, a secured credit card, or a high interest credit card is your best option. However, once a good payment history is established with these creditors, you may be able to obtain credit card offers with reasonable rates.

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