Bankruptcy Can Be the Fresh Start You Seek
Credit-yogi.com understands that though no one wants to have to file bankruptcy, more people are filing bankruptcy now than in any other period in history Our own government refers to bankruptcy as being a fresh start for those who find themselves, for whatever reason, in debt to the point that they cannot feasibly get themselves out again. Many times the reasons for this are circumstances totally beyond the control of the individuals involved.
There are two basic types of bankruptcy, Chapter 13 and Chapter 7. Here are the basic differences in the two types of bankruptcy:
- Chapter 13 requires that you follow a court order to pay back a portion of your debt.
- Chapter 7 has no debt repayment and specifies debts that can be eliminated completely.
- Chapter 13 is a lengthy procedure that usually takes from three to five years to complete.
- Chapter 7 bankruptcy takes only from four to six months from start to completion.
- Chapter 13 provides for your assets to be protected and even saves some assets that are in foreclosure or are being repossessed.
- Chapter 7 provides that assets not protected as an exemption in your state may be liquidated as a part of the proceedings.
- The qualifications for Chapter 7 and Chapter 13 are quite different.
Getting Help From Government Agencies
Though there are government agencies that can help give you information about bankruptcy, most will not even discuss your individual case or situation or give you bankruptcy advice. If you need information feel free to take advantage of credit-yogi.com’s free sponsored phone consultations with a bankruptcy lawyer.
Debt Management Services and Bankruptcy
You may have already been dealing with a debt management company in an attempt to avoid bankruptcy, and you feel comfortable with them and their level of expertise. If that is the case, they can certainly give you some good information and advise you on some of the facts regarding bankruptcy that you need to know, but the most likely advice they would give you would be to consult a bankruptcy attorney.
Should I Hire a Bankruptcy Attorney?
Bankruptcy is not normally something that the average person can handle on their own, and the normal course of action is to hire a competent bankruptcy attorney. If you are considering filing bankruptcy, this is probably the first thing on your to do list. If you are not sure whether you want to hire an attorney to handle your bankruptcy or not, consider that the initial consultation of most bankruptcy attorneys is free. Credit-yogi.com facilitates 100’s of free consultations daily.
How Do I Find A Good Bankruptcy Attorney?
One thing you should always look for if you need a bankruptcy attorney is a certification from the American Bankruptcy Institute. You can also contact the American Bar Association, or ABA in your state or city to verify that there have been no complaints or sanctions against potential attorneys. You can also ask for references, interview attorneys personally, and do your own research to determine the best attorney to handle your bankruptcy. There are many small bankruptcy law firms that offer their services for smaller fees. Many times these attorneys are just as good as those from large firms. You just have to check them out thoroughly before you hire them. Attempt to find an attorney that you are comfortable dealing with personally, as well as one that you can depend on to know the law and be committed to your best interests.
Bankruptcy can be confusingly complex. Most people know very little about it, and when you are faced with a bankruptcy in your life, chances are you are under mountains of stress. By using the resources provided here and the online tools available, you will have all the information you need to make the best choices for your individual situation. The professional assistance you need is certainly a step in the right direction toward getting yourself and your family the fresh start you seek.