DEBT RELIEF & BANKRUPTCY CH. 7 & 13
Overview
Bankruptcy is a legal process that provides individuals, businesses, or organizations with the opportunity to obtain debt relief when they are unable to meet their financial obligations. It is often seen as a last resort for those overwhelmed with debt and unable to find any other viable solution. By filing for bankruptcy, individuals can have their debts discharged or restructured, providing them with a fresh start. This process can help relieve the burden of mounting debts, halt creditor harassment, and prevent asset seizures. However, it is essential to note that bankruptcy should not be taken lightly, as it can have long-term consequences on creditworthiness and future financial stability. Seeking professional advice from a bankruptcy attorney is crucial to navigating this complex process and understanding the options available during difficult times. Bankruptcy is a difficult decision and understanding the Bankruptcy Code & Bankruptcy regulations is daunting. Having an experienced Bankruptcy attorney to assist you is important. Call us today for a free and confidential consultation to discuss your options.
FAQs
· Q: Do I need a lawyer to file bankruptcy?
· A: There is no legal requirement that you be represented by a bankruptcy lawyer in bankruptcy court. However, filing bankruptcy is a step which has serious implications. An experienced attorney can help determine if filing bankruptcy is the right course for you and can ensure that your rights are protected. Bankruptcy laws were revised in 2005 and are more complicated than the former Bankruptcy Code; a lawyer experienced with the new Bankruptcy Code can help make sure that Bankruptcy is the right decision and will provide you with a fresh start, save your home and give you peace of mind.
· Q: I feel terrible that by filing bankruptcy I will be reneging on my debt. Isn't there another way?
· A: Prior to filing, you must have an evaluation by an approved non-profit consumer credit counseling agency to see if they can work with your creditors or if there is another alternative to a Bankruptcy filing. Sometimes this is impossible due to the amount of debt or other situations beyond your control, such as injury, job loss, divorce, or illness. No one wants to turn their back on their obligations, but sometimes life does not go as we plan. That is why the Bankruptcy Code was enacted - to give people a fresh start. Contact us for assistance. Consultations are free and confidential. Our Bankruptcy lawyers will always treat you with dignity and can help make your decision as stress free as possible. Contact us for more information and for a free list of approved credit counseling agencies.
· Q: I have heard there are a lot of debt consolidation companies that can help with debt. Shouldn't I try that first?
· A: It is admirable to want to repay your debts, but there are many so-called "non-profit" agencies that prey on folks in financial trouble. You are safer by consulting with an experienced bankruptcy lawyer - at no cost - who can direct you to an agency approved by the U.S. Trustee's office and who can help you understand the effects of filing or not filing for bankruptcy.