Bankruptcy Law – Relief To A Debtor
We start the discussion with bankruptcy because it is often the first option that consumers consider. Bankruptcy is expensive and has long-lasting effects. There are pros and cons to bankruptcy. If you pass the means test for Chapter 7, you can wipe out all your unsecured debts. This is the major benefit. The biggest drawback is the effect on your credit. If you are overwhelmed with credit card debt, then there are alternatives that may give you better results than bankruptcy.
The initial meeting, or consultation, with a contacting an attorney free consultation near me will provide you with outstanding information and give you a game plan to follow to get this process over with. Keep in mind that this is a meeting with the lawyer to discuss your case. Unless you plan to file that day, you generally will not pay any fees for this meeting. However, it is one of the best opportunities and methods for gathering information about both the process and the lawyer.
In order to successfully file Chapter 13, you’ll first need to prove you have an income to support a repayment plan, your secured and unsecured debts are not too high, and what debts you can pay in full and what you will pay only a fraction of.
Filing a bankruptcy is a pretty complicated process as it involves many paper-works and presentation of many financial documents. A common man may find it tough to cope up with the complexities of the legal proceedings. Hiring a Bankruptcy lawyer is the best solution. He is the right person to guide you through the process, right from the beginning till the end.
It might seem counterproductive to spend money when you are trying to rid yourself of debt. However, the money you spend could end up saving you a lot more in the future. Utilizing the services of this professional will help you discharge as much debt as possible as well as save your property. If you file on your own and make a mistake, you could be out thousands of dollars.
If you aren’t diligent enough when filing, you might miss out on some debts and they will not be discharged. A bankruptcy lawyer offers a safety net, catching any mistakes you may have missed. They will ensure all of your past debt that can be included in the discharge is accounted for so you don’t end up with any nasty surprises.
Today, more than ever, you’ll need the services of a bankruptcy lawyer if you want to file a Chapter 7 or Chapter 13 bankruptcy soon. First of all, such help will also guide you on your decision whether bankruptcy really is the best way out. A good, honest lawyer can see how you stand in your financial situation and tell you what your alternatives are, as well as answer any of your questions.
