With over a million people filing for bankruptcy annually, it shows that more people are becoming aware of their legal rights regarding financial problems. Filing for bankruptcy is not necessarily intended as an escape from monetary debts, but rather a way to enable you to gain back control of your financial life for a fresh start.
A bankruptcy attorney usually understands the unbearable pressure that often accompanies increasing, unmanageable debts. He or she also knows that this is almost always followed by agents or creditors hounding you for your debt’s payment, mortgage foreclosure, or repossession of your vehicle.
A bankruptcy attorney can help you find a workable solution, though. Through his or her training and expertise in bankruptcy , many individuals, families, and business owners have been able to settle debts in ways that were best for them. With his or her help, you too can improve your finances. By helping you assess your real financial status, a legal professional can help you understand which particular bankruptcy structure is best for you:
Chapter 7 is a personal bankruptcy usually invoked by those with overwhelming debts and a low enough income to help them save their assets and get rid of certain debts. Chapter 13 will keep you from being hounded by creditors and give you a certain amount of time and structured plan to pay off your debts. Chapter 12 on the other hand, is very similar to Chapter 13 but offers certain benefits and special support to fisherman and farmers who are seeking financial assistance through bankruptcy. Chapter 11 allows businesses to restructure and pay off certain debts while still remaining in operation. Depending on your situation, you may qualify for multiple types of bankruptcy; however, one type is likely to be the most beneficial for you.