Find Debt Relief With Bankruptcy
Debt is something that no one wants to acquire, but sometimes it can be inevitable. If you have too much debt, and are desperate for options, it may be time to hit the reset button. While many people try to find debt relief in a myriad of ways, filing for bankruptcy can sometimes be the best option for those who are struggling. We may think of bankruptcy as a bad thing, but when you’re swimming in debt, it may be the best option for you.
What is Bankruptcy?
Bankruptcy can fall into two categories; Chapter 7 and Chapter 13. You’ve probably heard these terms at least once in your lifetime, but never realized the differences between the two.
Chapter 7 is capable of wiping out your acquired debt while allowing a trustee to liquidate some of your assets. These assets are used the then pay down some of the debts; however, exempt property you will be allowed to keep.
Chapter 13 is usually employed by individuals with higher levels of income. With this option you can keep your property; however, it is your duty to pay creditors the value attributed to your assets. (As opposed to selling them, you pay their worth.) This pay back system can be in place 3 to 5 years, and can include additional income as determined at the start.
With both of these options it can be helpful to employ a bankruptcy lawyer to help you understand and navigate the bankruptcy legislation. You can find debt relief via bankruptcy; though, it pays to have someone, who fully understands the ins and outs, on your side.
The Benefits of Using a Bankruptcy Attorney
There are numerous bankruptcy law firms across the United States, and may offer free consultations. Shopping around for a firm that suits you can put you on the right path when filing. Here are some benefits to consider when it comes to hiring a lawyer to handle your bankruptcy and help you find debt relief.
- Assessing Your Options Filing for bankruptcy is not something to be done lightly. It’s a serious matter and it requires serious consideration. An experienced bankruptcy lawyer will be able to look at your case and assess all your options, perhaps an alternative to filing chapter 7 or 13. Even if you end up filing for bankruptcy in the end, it can give you peace of mind to have someone who knows the system on your side. A lawyer will be able to explain everything to you, and file everything correctly.
- Filing The filing process itself can be complicated if you’ve never navigated bankruptcy law before. A bankruptcy application may be denied for, seemingly harmless, mistakes. This can include improper filing procedure, and failure to appear at a creditors meeting. Some clerk’s offices, depending on your state, can even be prohibited from giving filers advice. Having an attorney to help you can be invaluable to making sure everything goes through without a hitch.
- What To Anticipate A lawyer who specializes in bankruptcy will be able to anticipate and prepare for any hiccups that might happen in your case. This not only takes the stress and uncertainty off you, but can help the process be concluded quicker. They will also be able to dispel any misconceptions or concerns you may have.
People looking to find debt relief can certainly benefit from filing for bankruptcy; however, hiring a lawyer will help make the process much smoother. A qualified and experienced lawyer will be able to help you through the process, and get you on the right track to a debt free future.