If you are so behind in your bills that you feel as if you are never going to be able to climb out of the financial hole you are in, then you might find bankruptcy to be a viable option. Bankruptcy will take care of most types of debt, getting you out of the financial burden you currently struggle with. Also, once you are in a bankruptcy, then you won't have bill collectors calling you at all hours at home, at work, and even on family member's homes. There are a lot of people who try to go through the process of filing bankruptcy only to find everything quickly gets too confusing for them to handle on their own. You can save yourself plenty of frustration by calling a bankruptcy law firm as soon as you decide to file bankruptcy. Here are things to know about bankruptcy and a lawyer's part in the process.
Choosing the right type of bankruptcy
There are different types of bankruptcy and this means you will need to choose the type that is right for your situation. A lawyer will know which type of bankruptcy it is that you need to file. There is chapter 7 and chapter 13 bankruptcy.
Chapter 7 will help get rid of a lot of your debt quickly, but it isn't going to help you to save your home if you are already facing foreclosure. Chapter 13 may help you to save your home but will require you to come up with a payment plan that helps you pay off your debt in a certain amount of time. There are other rules, requirements, and other factors that come with each type and a lawyer can inform you of important things you need to know.
There is a test that is called the 'means test' and its calculations will help to determine the best option. A lawyer will consider any and all special circumstances that will be involved in your bankruptcy case in order to look at the whole picture to see which type is right.
Knowing and calculating the numbers
A big part of filing for bankruptcy is determining what all of your debt is and how much you owe. Also, you will need to determine the values of all your assets, and this includes everything from your home and vehicle down to your jewelry and home furnishings. This is a tedious and confusing job that can be extremely difficult.
You will have a much easier time finding all of your debt when a bankruptcy law firm is there to help with this. Also, a lawyer will make it much easier on you when it comes to determining the worth of all of your assets. The lawyer will also be able to educate you on the debt you won't be able to have discharged through bankruptcy.
Share31 August 2019
Were you injured at work and fighting to get the workers compensation that you have paid into each year? Sometimes, getting those payments can be very difficult. What do you do when an employer fights the claim? Do you need a lawyer to help you through the process? How will you pay for a lawyer if you cannot even pay your electric bill? You are probably as lost as I was when I went through the process. Fortunately, you can learn from my experience with the system and find the answers to many of the questions that you have about filing a workers comp claim and fighting the system when it is denied.
