A lot of people tend to be very judgmental of those who have to file bankruptcy. However, this is not necessarily fair because a lot of people have to file bankruptcy due to circumstances that are beyond their control. For example, you might end up in the hospital for several months unexpectedly because of an illness, keeping you out of work and destroying your financial situation. This is something that could happen to anyone, and it is not the person’s fault.
If you have never filed bankruptcy before, you might have many questions on the process. For example, you might wonder, what should I know about bankruptcy chapter 13? Where can I find the best bankruptcy lawyers around me? Can I file chapter 13 online? What are the chapter 7 bankruptcy fees that I would expect to pay if I choose chapter 7 bankruptcy? If I own a business, do I need to work with a commercial bankruptcy lawyer? Most of the time, it would be a good idea to work with an attorney, as these individuals will be able to answer your questions for you. They have the expertise and experience to be able to help you better than you would likely be able to help yourself.
Debt can be very overwhelming and worrisome. When you have large amounts of debt, you often feel like you cannot catch up. You feel like you have your head underwater most of the day. Going to your job can feel draining, because everything that you are working for is to pay off debt. Meanwhile, it is possible that you are contributing more to your debt every day in an attempt to get by.
With too large amounts of debt, you could make payments every month to never fully pay it off. When debt becomes so overwhelming with no payoff in the future, bankruptcy may be an option.
Bankruptcy allows a person with a lot of debt to either consolidate it or to wipe it clean, essentially starting over. Bankruptcy is a way to handle debt and to reduce the overwhelming effects it often causes. It is a great choice for those who have made a financial decision, but do not want it to weigh on them for the rest of their lives.
Bankruptcy can be filed for either person or business finances. 97% of bankruptcies in 2014 were personal and 3% were business. Both types of bankruptcy will take place in a courtroom, but the specific judge and process of filing for the bankruptcy may differ. An attorney is often necessary for properly completing and filing for bankruptcy. An attorney can also offer valuable information into the type of documents to include and when to file the necessary information.
A bankruptcy attorney has handled prior bankruptcy cases, knowing what to expect and which types of cases are granted with bankruptcy. A bankruptcy lawyer is also a great resource for choosing the best type of bankruptcy filing for your specific case. A bankruptcy filing that completely wipes your debt out is often more difficult to be granted and an attorney can assist with that decision.
According to US bankruptcy court statistics, more than 1.5 million people file for bankruptcy in the average year. Some may file for a poor financial decision, such as a failed business. Others might experience unexpected expenses, such as medical debt or debt acquired after medical leave or losing a job. The reason for filing can factor into the type of bankruptcy you file for and it can help or hurt your chances of achieving the bankruptcy. This is one of the reasons it is so important to have bankruptcy lawyers to help with the process.
Those filing for bankruptcy will also have to pay a fee to file. This fee varies, depending on the type of bankruptcy. Bankruptcy filers must pay a filing fee. For a Chapter 7 case, the fee is $335. For a Chapter 13 case, the fee is $310. This is another benefit to hiring an experienced attorney. A bankruptcy lawsuit that is filed incorrectly can lead to a waste of fees. If your bankruptcy filing is thrown out due to lack of information or improper filing, you will have to pay the fee again to refile. An attorney can help with these costs.
You may also have to pay fees to the attorney for their knowledge and representation. This fee should always be disclosed up front. Many bankruptcy attorneys will provide their clients with a package that includes their fees for representation and the filing fees. That way, you only pay the attorney once for their services. It is important to discuss these fees with your bankruptcy attorney.
Many Americans feel overwhelmed with the amount of debt they have. Debt can make life more difficult and it can feel like you will never catch up. For some people, bankruptcy may be an option. Bankruptcy either allows you to completely wipe your debt out, starting over or it allows you to consolidate all of your debt into one affordable, monthly payment. There are many benefits to consulting with and hiring a qualified bankruptcy attorney to handle your case. They will ensure that you are filing for the appropriate type of bankruptcy and that you are submitting the proper forms and documents to be granted your bankruptcy.
