Can I File Bankruptcy?
For many people, bankruptcy is a valid and legal option for their financial situation. Certain restrictions can apply, however, such as a time limit between bankruptcy filings. Consult your bankruptcy attorney to be sure of your options.
Should You File Bankruptcy?
This is the big question... Obviously, everyone’s situation is different, so when trying to determining whether or not to file bankruptcy here are some things to consider.
Filing Bankruptcy will:
- allow a debtor can get a clean financial start and have most unsecured debt discharged
- stop foreclosure on your home and may allow you to keep some assets which are exempt
- stop collection efforts immediately after your bankruptcy petition is filed
- a Chapter 7 is usually a quick process, 3 to 6 months in most cases
- a Chapter 13 allows for repaying creditors what you can afford
- make your debt management more controlled and orderly
Filing Bankruptcy will not:
- be inexpensive, while you may discharge your debts - filing fees, counseling fees, attorney fees, and Chapter 13 payments can be expensive
- payoff secured debts, even when filing bankruptcy you must pay for your secured debts to be able to keep your property
- improve your credit in the short term, Bankruptcy will remain on your credit record for up to 10 years
- relieve you of certain financial obligations such as alimony or child support
How To File Bankruptcy
You are not required by law to have a bankruptcy attorney to file, however, filing bankruptcy can be difficult and complicated. A good bankruptcy attorney can prepare all of your documentation, help prepare you for your creditor hearing, help you develop your repayment plan, and negotiate with any creditors who file objections to your repayment schedule. A bankruptcy attorney will also be your advocate if any issues are brought before a court judge.
Bankruptcy can be a complicated and stressful experience. If you are thinking about filing bankruptcy, please fill out the free evaluation to the right and a professional bankruptcy lawyer will help you. With the right bankruptcy information at your fingertips, you both can determine what the best solution is for your financial situation.
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Bankruptcy filings are public information, and it is possible for employers to access this data for a nominal fee.
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