In the past there has been a stigma attached to bankruptcy, but the laws were designed to help individuals who are struggling with debt. A free consultation is usually available with a bankruptcy attorney, and it is during this consultation where the lawyer will help you decide if financial decision is the right one for you and if so, which chapter is most befitting.
Job loss, divorce, medical emergency, and now, economic recession are all things that may lead someone into considering filing bankruptcy. Setting up a free consultation with a lawyer is always advised before taking on the endeavor on your own, and it is during the initial meeting that your bills, debts, liabilities, assets, etc. will be addressed and a suggestion will be made as to whether the decision is the most beneficial for you and for you financial situation.
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There are two types of personal bankruptcy: chapter 7 and chapter 13. Chapter 7 contains laws and rules that allow you a clean slate with creditors and even utility companies. You will typically liquidate your assets, and pay what you can. The companies that you owe will work a deal through your chapter 13 or chapter 7 bankruptcy lawyer under which they will accept a certain percentage or a settlement on the amount owed with the understanding that the debts are then cleared. There will be no more harassing phone calls, no more threatening letters, and your credit can begin to build again. In this type of law, you may need to sell your home, cars, or other assets in order to meet the negotiated deal.
In a chapter 13, which will also be discussed in the free evaluation, all of your debts will be consolidated, and the debtors will again have to settle. Under these laws, however, you will also settle on a consolidation amount on which you will pay a monthly payment. It will not be as overwhelming as all the payments put together prior to filing; it will be an attainable financial obligation.
If you are beginning to think about filing bankruptcy, a consultation with a qualified chapter 13 or chapter 7 bankruptcy lawyer is in order. He will not only advise as to which option is more suitable to your needs, but he will continue to guide you through the process until it is complete. He will become the contact on behalf of your debts, so not only your debts go away, but also so you can begin to regain peace of mind.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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