If you're thinking about filing, you should hire a Chapter 7 bankruptcy lawyer to help you out. Things get very tricky when you're doing it all by yourself, and you want it to be as quick and painless as possible. A qualified legal professional can help you get through it.
The most common type of filing is Chapter 7 bankruptcy. Lawyer services are often required even though it is the simplest types. It is available to individual people, married couples and businesses. For a business, it is basically the end of the road. One feature of this type is that it takes all of your non-exempt assets, sells them off and divides the money between your creditors. For a business, this means selling everything it has and closing up show. Since most things that you own are exempt, individuals can usually get through it unscathed.
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Why Hire A Chapter 7 Bankruptcy Lawyer?
One of the common misconceptions when it comes to the Chapter 7 bankruptcy lawyer is that it's their job to basically fill out the forms for you. However, this is not like applying for a credit card. These forms are extremely complicated and it nearly takes a law degree to make heads or tails of them.
Even more importantly, you should hire this type of professional in order to avoid any mistakes that could really cost you. For example, how do you know which of the things that you own are exempt or not? You could end up losing something you value, or getting into trouble for not listing something that you should have claimed as an asset.
The advice of your Chapter 7 bankruptcy lawyer is also invaluable. They know every detail about this type of filing, so they can let you know exactly what to expect. For example, most people don't realize that alimony payments and some kinds of taxes do not apply to this filing. In other words, you'll be starting debt free unless you carry these debts, in which case you will still have to pay them.
Use It As A Last Resort
Always keep in mind that filing will wipe the slate clean, but it's going to cause serious problems for you down the road. You're probably aware of this and already in a desperate situation if you're considering it, but you should keep in mind that it's going to seriously affect your credit for a long time. It will make it difficult to get loans of any sort, and this includes car loans and home loans.
However, if you hire a good Chapter 7 bankruptcy lawyer to handle the proceedings for you, you'll have immediate relief for your debt problems. They'll give you a record number and the next time creditors call, you can simply give them this number and they'll talk to your attorney from then on. Most people who file to this type do not lose their house or car, and they keep all of their other possessions. No notification is made to your employer or anyone else that you know, so you can rest easy knowing that your financial situation is private.
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