A bankruptcy attorney can be very beneficial when you are trying to decide if filing bankruptcy is the right answer for you. The attorney can help explain to you how the process works and help you to see that it is not a terrible thing to do. There are many reasons that someone may decide to file bankruptcy and no matter what the reason, getting the information that is needed is the first step.
When someone decides to locate a bankruptcy attorney, it is important that they feel comfortable talking to them. They will be divulging very personal information about their finances and if they are not comfortable talking with him then they may not include all of the information that is needed to complete the process.
For many people, when they think about filing bankruptcy, they think it is an embarrassment. They wait as long as they can before they contact the bankruptcy attorney. They will live through the stress of constant harassment from their creditors before they take the first step. This is something that is very unnecessary. The bankruptcy laws were put in place because many people find themselves in a position where they are not able to pay their debts occasionally.
There are a couple different avenues that can be taken when it comes to bankruptcy. Once someone has met with the bankruptcy attorney and has provided them with a list of the creditors that they owe, the bankruptcy attorney can make the decision as to which avenue is the best choice for that person. Chapter 13 bankruptcy allows you to pay a portion of the debt back to the creditors in payments that are agreed upon by the debtor, the attorney, and the courts.
When a payment schedule is created, it takes into account the monthly expenses for the person filing bankruptcy and how much money they are bringing in on a monthly basis. Enough money will be left outside of the payment so that a person can live a reasonable life and the rest of the pay will be taken and distributed to the creditors. The creditors will have a specific amount of time to get their claim included when they are notified that the person is filing bankruptcy. If they do not get their name on the list, the money that is owed is dismissed.
A bankruptcy attorney may recommend that the person files for Chapter 7 bankruptcy. This bankruptcy claim allows the debtor to be cleared of all debt completely and in some cases virtually debt free. This includes mortgages and automobile loans. The debtor does have to surrender the property to the creditors and walk away from them. They will have a clean slate to work from and can begin rebuilding their credit history.
Filing bankruptcy gives someone the ability to begin again. They may have faced a great deal of defeat in their lives to that point but going forward they have a chance to make it right. A bankruptcy attorney is there to guide you through the process and to help you make the best possible decision when it comes with repairing your credit history and moving forward with your life. Filing bankruptcy is the closing of a chapter of life so you can move on to a better chapter down the road to becoming debt free.
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