Filing bankruptcy is one of the many options that you have when it comes to eliminating debt. However, is it really the best option? There are many options to consider when you have become overwhelmed by debt, but bankruptcy should be the very last resort, after you have tried everything else. This article is going to give you the low down on bankruptcy, giving you the opportunity to form your own opinions and decisions.
A few years ago, filing bankruptcy was very easy. In fact, it was something you could do yourself. However, with the new laws involving filing bankruptcy within the United States, it is definitely not something that you could do yourself; now you would need a lawyer. The process is so complex and involved that it could be easy to forget a step. Forgetting a step could set the process back to the very beginning and require starting all over again, potentially delaying your filing by many months or longer.
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At the same time, if you tried to do it yourself when filing bankruptcy, you may not know about some elements of the law that an attorney would know about. Therefore, you might actually put yourself in a worse spot, owing more money, and even losing more property or assets than you should in the first place. An attorney could help you save money, yes even when you have to pay for the attorney fees. Studies have shown that the vast majority of people save much more than they paid out in attorney's fees when it is all done.
There are many new laws that make filing bankruptcy tough and perhaps not for everyone. Before you make a decision as to rather or not this is something that you should do, make sure you talk with a lawyer, explain your situation, meet with them to go over what might happen if you do file for bankruptcy, and then make your decision.
For instance, which chapter will a judge approve you to file. It no longer matters what chapter you want to file, it matters what the judge thinks. You will have to fill out paper work and go through assessments so that the judge can determine which chapter you fit under based on your debt, income, and other elements.
You will also need to make sure that you go through credit counseling before your file for bankruptcy. This is now a legal requirement for anyone who is considering filing bankruptcy, despite the fact that most people who file bankruptcy do not do so because of financial mismanagement. The courts approve specific companies that are suitable for meeting these requirements. However, the only real way to make sure you get to the right people and those that the courts will accept is to talk with your attorney.
A qualified and experienced bankruptcy lawyer knows the process and can help guide you through it easily. He can point you in the right direction for credit counseling, he can help you determine which chapter you will likely have to file under, and he knows just what debts can and which debts cannot be filed under bankruptcy. For example, federal loans, child support, and other government related debts will not be discharged when filing bankruptcy. He can also advise you of options that may exist for your particular circumstances, where personal bankruptcy may not be your best option.
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