Nowadays, more and more people are dealing with large amounts of debt they cannot handle. Whether due to the loss of a job or simply poor financial decisions, many people are getting in over their heads and finding it difficult to get out. When a person is dealing with debt, the worse thing they can do is ignore the creditors, as this will not make them go away and often makes them fight even harder to recover the money owed to them. When debt has become overwhelming, people should consider consulting with a bankruptcy attorney. An attorney can make a big difference in helping a person get out of their debt.
The first meeting with the bankruptcy attorney is the most important. At this meeting, a person brings in their financial records, pay stubs, and information on all of the debts they owe. It also helps to bring in information on any assets owned. All of this information will be used by the attorney to help the person determine whether or not bankruptcy will be a good option for helping them get out of debt.
By reviewing all of the information provided, the attorney can decide which type of bankruptcy will be helpful. There are two main types individuals are allowed to file: those with unsecured debts would benefit more from chapter 7, while those facing foreclosure or the loss of their property would do well to choose chapter 13. Since there are different requirements for each type, the attorney will prove helpful in assisting the client with the filing and approval process.
A bankruptcy must be approved by a judge before it is put in place. It is crucial a person carefully adheres to any payment schedules or responsibilities that are set forth by the judge so their bankruptcy will not be revoked.
If you are in need of help with your overwhelming debt, now is the time to seek it. Visit us so you can learn about the different types of bankruptcy to make a sound decision for your financial needs. With bankruptcy, you can finally be free of your debt.