A mountain of debt can cause a person to feel like they are drowning, and often it can lead to extreme stress and is the cause of many divorces and other familial issues. Rather than living with the debt and feeling like there is no way out, it may best to consider filing for bankruptcy so a family can get a clean start. The process of bankruptcy can become overwhelming, but a professional attorney can provide Bankruptcy help and allow a person to get relief from debt and regain control over their life.
How To File
One of the first steps is to determine the most appropriate route when filling for bankruptcy. Chapter 7 cases eliminate all of a person’s debt, and they do not have to repay it, which is a good option for individuals that don’t possess assets or property that they want to retain ownership of. Chapter 13 bankruptcy is different and is designed to compile all of a person’s debt into one sum and create affordable payments that will allow them to pay it off over time, without accruing interest.
If a person has assets that are greater than the amount of debt that they are trying to file bankruptcy against, it will be flagged by the court and can cause a case to be thrown out. An attorney will know what assets have to be disclosed to prevent a fraud issue and can work with a court system to develop a case that allows a person to retain ownership of a portion of their assets.
Individuals are not required to have an attorney to file for bankruptcy, but it is a process that should not be handled lightly. Before a person thinks they can do it on their own, they should make sure they either possess or can acquire the knowledge needed to complete forms and appeal to a judicial system properly. Most attorneys charge a nominal amount and can help make the process easier and ensure a case ends with the most positive outcome.
Bankruptcy can be the perfect way for a family to regain control of their financial future. Contact an attorney today and learn more about the process and how they can make it as stress-free as possible. There is nothing to lose and only financial freedom to gain.