Dealing with financial problems is not uncommon. like many people, you may have hit hard times and need help getting free from all of their debts. Luckily, a bankruptcy attorney can be your greatest confidant and protector during troubling financial times. Here are some things you can expect from going through the bankruptcy process with an attorney.
1. First They Will Look At Avoiding Bankruptcy
When you first go into an attorney, they will do everything that they can to see if you can avoid claiming bankruptcy. Although bankruptcy is a great option for many people, it is hard for your future and it is important that the creditors aren't getting shafted in the process. This is why the attorney will first try to negotiate your debts.
For example, with the help of an attorney, you might be able to talk to your creditors about getting on a new payment plan. Perhaps they will extend the terms so that you have more time to pay it off. In some cases the attorney can get the interest removed. If an interest rate is too high, like with a credit card, you may not be able to make any progress on your principle because you are only paying interest. An attorney might be able to help you with that.
Another possible solution is that you can get the actual amount decreased. Say you owe a certain amount to a creditor. They know that if you declare bankruptcy there is a chance that they will get nothing. So instead, they agree to partial payment. Attorneys know what kind of things to do to try and protect your finances before going through the bankruptcy process.
2. An Attorney Will Help To Decide Which Bankruptcy Option Is Best For You
There are a couple different types of bankruptcy. When many people think of bankruptcy they think of chapter 7. This is when the debts are forgiven completely and the person has a fresh start, although their credit will be non-existent, and they will have years with the bankruptcy on their record. However, there are other types such as court structured, chapter 13, and other chapters of bankruptcy that might absolve you from some debts, but not all. The attorney will help you know which option you should apply for with the judge and then go through the entire process with you.
If you think that bankruptcy might be the best option for you, you should talk to an attorney about your options. For more information, contact a firm like Smith & Weer PC.