Bankruptcy is not an easy thing to do. No one relishes the idea of walking away from their legitimate debts or wants to take the credit hit that filing for bankruptcy will cause but sometimes there are no alternative left when a bad situation just doesn't get better. More and more people have been faced with home foreclosures, job losses and the loss of unemployment benefits as the economy lingers in a recession like state. As a result more people than ever before have been forced to make the tough decision to walk away from their debts and try to recoup their lives the best they can, and use a bankruptcy lawyer to do it.
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If you are ready to talk bankruptcy you need to talk to a qualified bankruptcy lawyer about your options. Bankruptcy is a complex topic and there are a lot of rules, regulations and facts that you need to understand before you can even begin the process. For example a lot of people are under the misconception that the term bankruptcy is an umbrella term that means you can wipe out all of your debts and start over again. This is partially true. You can start all over again but you might not be able to wipe out all of your debts. Some things like student loans, IRS debt, alimony and child support won't be erased regardless of your inability to pay. And since anything you don't include in your bankruptcy like long forgotten doctor bills- won't be erased if you don't include them on your court paperwork, you need to make sure you have every debt you want to include on your court papers. This is where your bankruptcy lawyer can be invaluable to help you understand exactly what you can and cannot declare and help you include every debt you need to.
Since bankruptcy is done at the federal level and not the state level it can be a complex process to wade through and it is unadvisable to even attempt to file bankruptcy without the guidance of legal counsel. An attorney can help you prepare for your court paperwork which will include listing your assets and debts and showing proof of your income and inability to pay your bills. Your debtors will have the right to come to court and fight the bankruptcy or ensure that if there are any assets they get a piece of it. So an attorney really is a needed expense at this point of the process and this is not the place to try and save money by going it alone. So make sure you hire an attorney that you are comfortable working with and feel confident in their skills to get you through a tough time and hopefully the only time you declare bankruptcy.
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