So you have finally made a decision regarding your financial affairs, and you believe that bankruptcy is a necessary step for your future. Do you really need a bankruptcy lawyer to help you figure things out?

Yes, now more than ever, a bankruptcy lawyer is a must if you plan on filing Chapter 7 or Chapter 13 in the near future. First of all, this professional assistance can help you decide whether bankruptcy is in your best interest to begin with. An honest and capable lawyer can examine your situation and answer specific questions that you may have regarding your own circumstances.

After all, every person is different, and you need to have a lawyer who cares specifically about your own set of circumstances. Once you have made a decision that bankruptcy is right for you, you still need a professional to help you along the way. You should not count on a paralegal or on a document preparation service at a time like this.

Why is a bankruptcy lawyer so crucial nowadays? Because Congress remade the bankruptcy code into something much more complex. Some bankruptcy attorneys refer to it as barf (the bankruptcy abuse reform fiasco). According to some experts, the law is such a mess that many lawyers and judges are still having trouble trying to figure out exactly what Congress meant when it passed a law. (This should come as no surprise, because Congress itself often doesn’t know what it’s doing. I imagine most of the members of Congress don’t even read the bills that they’re passing.)

You may have a buddy who tells you that declaring bankruptcy by yourself is a piece of cake. Chances are, however, that your friend declared bankruptcy before the recent changes in statutes. Take a prudent approach and get help from a professional who can help you navigate the maze known as the bankruptcy law. Meanwhile, continue to learn as much as possible through more articles like these.

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There are two types of foreclosures – judicial and non-judicial. It depends on the laws of the state in which the property is located. The foreclosure is a process by which the lender realizes unpaid dues from the borrower. The property that has been kept mortgaged is foreclosed upon.

The judicial foreclosure starts with the lender filing a complaint with the court seeking permission to go ahead. A notice of Lis Pendens is noted with the court. Lis Pendens is a public notification stating that the property under dispute is under litigation and thus it would not be safe to purchase such a unit until the court has resolved the matter.

After the complaint has been filed in court by the lender, the borrower or respondent will be served with a notice of the said complaint. It may be either directly served or through mail. If the borrower cannot be traced then the notice is made public. The serving of the notice is pivotal to the running of the foreclosure process since on its receipt depends the issue of the borrower carrying on with his or her legal defense.

A date is set for hearing in the court. At the hearing both the plaintiff and defendant get a chance to present their stand on the matter. If the court finds the lender is right then it allows an auction of the property to be held to realize the dues together with relevant fees and penalties.

Judicial foreclosure is the norm in many sates. It takes time in comparison to non-judicial foreclosure process. In some states there are special laws wherein the borrower has to prove that the loan is not defaulting. But in other states the process of judicial foreclosure is the same as other lawsuits.

In judicial foreclosure the borrower often has the right to cure the fault or “redeem” the property. There are certain deadlines during which time the borrower is allowed to become current on the loan. If the deadline is missed then the judge orders the property to be auctioned off.

By the process of judicial foreclosure the lender take over the title of the property and also get a judgment against the borrower for any pending amounts that may be due even after the auction sale. With prices being at an all time low, the sale proceeds of the house does not often cover the full amount of the loan.

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With this current economic crisis, it is unfortunate that the real estate market is loaded with foreclosure properties. However this also presents an incredible opportunity for home buyers and investors. Foreclosure properties cost the banks up to hundreds of thousands of dollars. For that reason, when a home goes into foreclosure the bank wants to sell it as fast as possible. Therefore they sell these properties for up to 50% of current market value. Foreclosed properties are a steal, if you know where to look.

There are literally thousands of sites that offer foreclosure listings and many claim they are free. Many of these sites may be reputable, but you need to do your research and know how to spot a good site from a scam. There really is no such thing as a free foreclosure site. There may be free foreclosure lists out there, but they are very hard to come by. Plus those free foreclosure lists typically move extremely fast, therefore any property you become interested in will probably be sold by the time you inquire on it.

That’s not to say there is no way of obtaining a list of foreclosed properties for free. There are many paid membership sites that offer their services for free on a trial basis. Reputable companies will offer a seven day free trial. Seven days is more than enough time to research these properties. Plus most foreclosed homes move so quickly that they may not even be available after the seven days. If you don’t find any listings during your free trial you can always cancel the membership before your card is charged.

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For more information please visit: http://www.floridalawattorney.com