If you think that going bankrupt is the worst thing that could happen to you, then think again. You are close, but the hardest is potentially yet to come, although of course you can watch and eradicate that worst case scenario by simply making right decisions. Getting the inappropriate bankruptcy lawyer for filing your bankruptcy can be akin to a bad dream coming true.
Before you settle on which bankruptcy lawyer you are going to use for your case, let's find out if you should even use a lawyer. After all, there are many web sites out there that claim you can save a bundle by doing it yourself. In the vast majority of cases, this is simply not true. Bankruptcy is a horrendously complex topic, and one wrong move in filing the various documents in the right order will put you right back at square one. Meanwhile, since you have not officially filed yet, your creditors are still hounding you day and night.
The vast majority of people who filed without using a good bankruptcy lawyer have stated that if they had to do it again, they would definitely use a lawyer. And they also stated that using a lawyer saved them much more than the cost of the legal fees in terms of the number of amount of assets they were able to keep after the filing had been completed.
What will a good bankruptcy lawyer do for you? First of all, they will examine your case in detail. None of them can make any qualified generic statements until they understand where you are financially at the present time. Remember, a good bankruptcy lawyer does this all the time and is familiar with the federal laws as well as the laws in your state, so they pretty well know what the courts are looking for and what the likely outcome is going to be.
The lawyer should be able to advise you as to what your options are. Keep in mind that bankruptcy is the most drastic step you can take financially, and as such, it should be considered only as a last resort. The lawyer will be familiar with what options you may have outside of bankruptcy, and be able to present them to you as possible options that you can discuss for viability.
If bankruptcy is your best option, the lawyer will advise you as to which chapter of bankruptcy you can file. For personal bankruptcy, there are typically two chapters or types you can file - chapter 7 and chapter 13. One of those simply reorganizes your debts so that you can have lower payments and afford to make those payments based on your income, but the debts are not wiped out. The other chapter wipes out those debts and you start with a clean slate.
But even with the chapter that wipes out your debts, the lawyer will also advise you that there are certain types of debt that cannot be wiped out through any form of bankruptcy, and if your debts have a large percentage of those types, filing is probably not going to do you any good. Also, if you have delayed this decision until the last possible moment, you need to know that any creditors who have already filed a judgment against you will not be wiped out, because their judgment was filed before your bankruptcy was filed.
Be open and honest with your bankruptcy lawyer because he is on your side. Allow him to do his job and take that advice and consider the options presented. The last thing you need right now is to make yet another bad financial decision.
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