Filing for bankruptcy can lead to many questions and concerns. There are many resources online that can help you learn about the process, but seeking the advice of a bankruptcy attorney can help you find all the answers. Here a few common questions that I have come across.
Who should file for bankruptcy?
Anyone that is in financial distress can consider filing for bankruptcy. If you are behind on payments and only able to pay the minimum or unable to make mortgage or car loan payments, then you can be a candidate for bankruptcy. Frequent calls and threats from bill collectors can create unwanted stress. A bankruptcy attorney can help provide peace of mind.
How do I choose a bankruptcy lawyer?
You should verify that the lawyer belongs to local and national bankruptcy legal associations. It is important for firms to stay current with bankruptcy laws and how they can affect your situation. It is wise to seek out an attorney that has years of experience and a strong track record in bankruptcy law. Even though you may be in financial distress, selecting the least expensive lawyer may hurt you in the long run.
Why should I file?
Once a bankruptcy claim is filed with a court, all the creditors are required to stop attempting to collect the debt. Bankruptcy will not always clear up all of your debt but it may reduce payments, loan amounts, and release from some obligations. It is designed to help place you in a position so you can support yourself and family.
It is important to seek out a professional that offers experience, knowledge, and the appropriate counsel for your special circumstances. Once you have a solid understanding of the options available, you will be able to make a wise decision.
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- Chapter 13 Bankruptcy Requirements
