What You Need to Know About How to File Bankruptcy
Understanding how to file bankruptcy is very important for those that may be facing serious financial pressure.
This is because through a bankruptcy filing, an individual or business can engage in an orderly process that will allow them to settle their debts in a manner that is most agreeable to all parties involved.
Additionally, the person who files for such protection will no longer be subject to harassing phone calls related to debt collection.
That alone can be a huge positive.
However, filing for bankruptcy is not always easy.
It involves a legal process that must be followed to the letter in order to be successful.
What does this process entail? Let's take a closer look at it in order to understand it better.
The first step to take is to truly determine whether or not you are a true candidate for bankruptcy.
This means your ability to pay back your debt obligations is virtually impossible and there are no other options available.
It is this latter point that deserves a closer examination.
Often, there are options people can take to avoid bankruptcy such as a debt consolidation program (not a loan!) or a debt settlement program.
That is why it is important to speak with a bankruptcy lawyer and discuss a bankruptcy evaluation.
From this, further directives on how to file for bankruptcy can be discussed.
As the name implies, a bankruptcy evaluation is a free meeting with a lawyer that looks closely at your current income situation and your debt situation.
If it appears your ability to pay back your debts is impossible, then moving forward with bankruptcy proceedings would be the right course of action to take.
There are many options and courses of action one can take when filing for bankruptcy.
A qualified attorney understands how to file for bankruptcy and will take the appropriate steps with your case.
There may be some questions raised regarding whether to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
However, it is important to point out that this is not a decision to be made by the person filing.
It is a determination made by the courts.
Chapter 7 can involve a liquidation of assets whereas Chapter 13 can involve a structured repayment plan.
Clearly, most people would prefer a Chapter 7 process to just rid themselves of their debts and wipe the slate clean.
Of course, there are many more complexities that go into the rules and regulations centering on both Chapter 7 and Chapter 13.
But, these differences are for the attorney to understand since he/she will be the individual litigating your case before the court.
Regardless what the judge's decision may be, it will be a decision based upon the material presented to the court.
This is why it is critical to procure a qualified and experienced bankruptcy attorney when seeking an answer to how to file bankruptcy.
It goes without saying that the person filing for bankruptcy will want to receive the best outcome possible.
This outcome will be based on the preparation that goes into the case and the preparation will only be good as the lawyer that drafts it.
That is why it is absolutely critical to hire an experienced and qualified bankruptcy lawyer who understands the laws and how to best present your case to the courts.
This is because through a bankruptcy filing, an individual or business can engage in an orderly process that will allow them to settle their debts in a manner that is most agreeable to all parties involved.
Additionally, the person who files for such protection will no longer be subject to harassing phone calls related to debt collection.
That alone can be a huge positive.
However, filing for bankruptcy is not always easy.
It involves a legal process that must be followed to the letter in order to be successful.
What does this process entail? Let's take a closer look at it in order to understand it better.
The first step to take is to truly determine whether or not you are a true candidate for bankruptcy.
This means your ability to pay back your debt obligations is virtually impossible and there are no other options available.
It is this latter point that deserves a closer examination.
Often, there are options people can take to avoid bankruptcy such as a debt consolidation program (not a loan!) or a debt settlement program.
That is why it is important to speak with a bankruptcy lawyer and discuss a bankruptcy evaluation.
From this, further directives on how to file for bankruptcy can be discussed.
As the name implies, a bankruptcy evaluation is a free meeting with a lawyer that looks closely at your current income situation and your debt situation.
If it appears your ability to pay back your debts is impossible, then moving forward with bankruptcy proceedings would be the right course of action to take.
There are many options and courses of action one can take when filing for bankruptcy.
A qualified attorney understands how to file for bankruptcy and will take the appropriate steps with your case.
There may be some questions raised regarding whether to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
However, it is important to point out that this is not a decision to be made by the person filing.
It is a determination made by the courts.
Chapter 7 can involve a liquidation of assets whereas Chapter 13 can involve a structured repayment plan.
Clearly, most people would prefer a Chapter 7 process to just rid themselves of their debts and wipe the slate clean.
Of course, there are many more complexities that go into the rules and regulations centering on both Chapter 7 and Chapter 13.
But, these differences are for the attorney to understand since he/she will be the individual litigating your case before the court.
Regardless what the judge's decision may be, it will be a decision based upon the material presented to the court.
This is why it is critical to procure a qualified and experienced bankruptcy attorney when seeking an answer to how to file bankruptcy.
It goes without saying that the person filing for bankruptcy will want to receive the best outcome possible.
This outcome will be based on the preparation that goes into the case and the preparation will only be good as the lawyer that drafts it.
That is why it is absolutely critical to hire an experienced and qualified bankruptcy lawyer who understands the laws and how to best present your case to the courts.
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