Bankruptcy filings are up across the United States. Americans have suffered over the past couple years. They are losing their jobs, foreclosing on their homes, building more and more debt and now many of them are searching for the guidance of a bankruptcy attorney in their area.
Without knowing what to expect some people are falling victim to a bankruptcy attorney who pushes bankruptcy even if it isn't the best solution for the individual. Assuming you contact them with some advance notice they should explore all the possible options before concluding that filing bankruptcy is best.
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Chapter 7 and chapter 13 are very mainstream forms of bankruptcy. Chapter 7 will liquidate everything you have to pay off debts. This is often a last resort. Chapter 13 bankruptcy implements a 3-5 year payment plan towards your debts. Once you've successfully completed the payments you are discharged of whatever remains. In order to qualify for chapter 13 you must have a reliable income coming in.
Your situation will drastically affect which type of bankruptcy makes the most sense for you. Someone with significant assets and a dependable job will probably do better with filing chapter 13. If your debt is all unsecured such as credit card debt then chapter 7 is going to be the better choice for you.
There are also some situations where bankruptcy makes no sense at all. When your debt is mostly made up of child support, student loans or taxes owed combined with a trivial amount of credit card debt then bankruptcy probably doesn't make sense at all. This is because some forms of debt such as student loans are not eligible to be discharged through bankruptcy.
A quality attorney wouldn't advise bankruptcy in this situation. They would also suggest alternatives like debt settlement, modifying your loans or negotiating payments on credit card debt. There is a chance that these alternatives could prevent bankruptcy from landing on your credit report.
Many lawyers will offer a free consultation. During this time you can get an idea for how thorough the lawyer is going to be with your case. This is a free way to determine if you have found the best attorney to guard your financial reputation.
Trusting your attorney is important to a good working relationship. Meet with multiple lawyers until you find one that makes you feel comfortable whether you have to file bankruptcy or not.
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