Is it hard for you to save money because you owe so many creditors money? If the situation has gotten to the point of you having a difficult time taking care of your daily living expenses, filing for bankruptcy might be the best way to resolve the problem. However, sometimes there are better ways of resolving debts than filing for bankruptcy, so it is wise to get the opinion of a lawyer first. Take a look at this article to discover some of the ways that a bankruptcy lawyer can be helpful for your situation.
Help You Decide if Bankruptcy is the Best Option
The first thing that will be discussed during your consultation with a lawyer is your debts. You will also have to let the lawyer know how much net income you are bringing home with each paycheck. The main thing that the lawyer will figure out is how much money you are left with after paying creditors, rent, utilities, and any other vital expenses. If he or she determines that you are not that deep into financial bind, debt consolidation might be suggestions. Sometimes getting organized is all that is needed to get out of a financial bind.
Discuss Your Bankruptcy Options
You will have the option of choosing either Chapter 7 or 13 bankruptcy if you move forward with it. A lawyer will help you decide based on your income and your overall credit history. If you don't have a satisfactory income, Chapter 7 is the best option because all or most of your debts will simply be forgiven. However, your credit will be left in a bad condition, which will take time to repair. If you don't mind paying the debts off, Chapter 13 bankruptcy is ideal. You can then take longer to pay off creditors, and your credit will be in better shape.
Try to Help You Avoid Having to Sell Assets
Once your lawyer has filed your bankruptcy case, you will be appointed a trustee to handle how debts should be handled. For instance, the trustee speaks with the creditors and decides which debts should be completely forgiven. He or she can also opt for selling some of your assets in an effort to satisfy all or a portion of the money that is owed to creditors. A lawyer like Gregory J Hermiller can speak on your behalf to help you keep your assets. Tell a lawyer about your desire to file for bankruptcy so the process can begin.