Filing bankruptcy will be a last ditch alternative for most individuals who cannot afford to pay off their financial obligations and many will use a professional Chapter 7 bankruptcy attorney. Generally the cause is a result of job loss or unforeseen medical expenses, which could be financially damaging to any family. In case you have exhausted your options and want to know whether or not a bankruptcy would be the right solution for you, the following are several things to take into consideration.
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First of all, a bankruptcy proceeding will be filed in a federal court, never at the state level, so it's not a matter that you can accomplish without the help of a attorney.
Besides the amount of paperwork involved, there are lots of regulations that will make the filing process really difficult. For instance the court will need to review a list of all you assets, financial debts and current living expenses in order to determine if you are eligible to file chapter 7 bankruptcy attorney proceedings.
An additional aspect to take into account would be the fact not every of bankruptcy will be equal. In the event that you file for a chapter 13, this will essentially get you a court authorized repayment plan in order to maintain your assets and debts, It is going to enable you to walk away from the majority of your financial obligations based on what they might be. A number of debts can't be discharged which includes student loans, alimony, child support and money owed to the Internal revenue service.
The third aspect to take into consideration would be the type of debts that can be discharged and the ones that you cannot. In case your main debt will not be discharged in the bankruptcy, then the attorney is going to advise you about this during the preliminary consultation and provide guidance for you to find additional resources which might be more valuable to your situation.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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