Everyone at one point or the other has gone through financial difficulties. But what is worse is facing bankruptcy as a last resort.
Why bankruptcy may help in relieving you of your debts might still have a great after effect impact on you such as problems with credit scores, getting a personal and those requirements filing for bankruptcy involved. See here for debt consolidation in Chattanooga.
Involving the service of a competent bankruptcy lawyer is a must as this will help you with relevant options you may want to explore and also aid your representation in court.
Below are the things you need to discuss with your bankruptcy lawyer. Is bankruptcy the way for me?
Ask your lawyer if bankruptcy is the best shot for you. Most people make the mistake of assuming filing for bankruptcy is the best thing for them to do. Involving your lawyer in the decision will open for you other relevant options that are fit for you to explore. A good competent bankruptcy lawyer will painstakingly go over your situation and weigh with you what other choices you may have.
What Type Of Bankruptcy is Available For Me?
There are two types of bankruptcy to wit: chapter 7 and chapter 13.
Chapter 7 deals with getting rid of unsecured debts through a process known as discharge. While Chapter 13 opens up affordable means of payment for your debt over three to five years.
A bankruptcy lawyer will explain the two to you and advise you on what steps to take and the requirements both involve, thereby weighing your chances of success before even getting at filing.
How much will a bankruptcy cost you?
Filling for bankruptcy means you are at the lowest ebb of your finance and shouldn’t incur unnecessary costs. You need to understand the expenses that come with the bankruptcy process such as filing fees, court costs, administration fees (if any), and lawyer’s fees.
You should also understand that the court may choose to sell any of your property to offset your debts. This will enable you to make the right possible choice.
How Long Does It Take?
It is paramount you should understand how long it will take to completely get rid of your debts. Taking to Chapter 7 bankruptcy means a shorter timeline. While Chapter 13 may take up to five years because it involves a payment plan.
Understanding all these will ensure you understand when and how to start rebuilding any damage incurred to your credit.
Are There Any Problems With My Case?
One thing you need to understand is that all cases may be similar but will necessarily not have the same factors. Asking your bankruptcy lawyer for the success rate of your case will ensure you take proactive steps.
There are some red flags that a bankruptcy court will consider that you may not even think of but will surely not escape the notice of your bankruptcy lawyer.
Lastly, make sure you understand all you discussed with your lawyer and are satisfied with the strategy they put in place before choosing to file for bankruptcy. Also, you must feel at ease with the lawyer and believe they have your good interest at heart before allowing them to handle your case.
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