When you want to resolve your debts legally, you need to know what options are available to you. You also need to follow a precise legal process to get rid of most or all of the debts that you owe.
Instead of trying to file a case on your own, you can benefit more by hiring a bankruptcy attorney to represent you. You can file the right kind of legal action by retaining a knowledgeable bankruptcy attorney to take your case.
Choosing the Right Filing
When you hire a bankruptcy attorney to represent you, you can determine what kind of legal case to file to resolve your debts. Depending on how much money that you earn and what kinds of debts that you owe, you may be eligible to take out a Chapter 7. This kind of case effectively liquidates most or all of your debts and leaves with you little to nothing to pay once it is discharged.
However, to qualify for this kind of filing, your bankruptcy attorney must find out how much money that you earn. If you make above a certain income limit, you may not be eligible to file for total liquidation of your debts. You may instead have to file for a reorganization of them.
A reorganization of your debts is called a Chapter 13 filing. Your bankruptcy attorney effectively combines all of your debts into one lump sum with the federal court. You then make a monthly payment over the course of three to six years to pay off as much of this lump sum as possible. Depending on what kinds of debts are left over at the end of that term, they might be entirely or partially discharged or liquidated.
Your bankruptcy attorney can tell you what kind of filing would best suit your particular debt situation and income level. Your attonry can then file the case for you once you decide what kind of bankruptcy that you want to use to resolve as much of your debt as possible.
An experienced bankruptcy attorney can be a valuable ally to have on retainer when you want to resolve as many of your debts as possible. They can find out if you are eligible to file for a Chapter 7 bankruptcy, which essentially liquidates many debts. Your bankruptcy attorney can also file a Chapter 13 bankruptcy, in order to consolidate all your debts.
Share22 June 2021
Over the years, I have learned several lessons the most difficult ways possible. One lesson that I have learned is to never try to handle legal issues without legal representation working with you. I have faced fines and penalties that could have been greatly reduced had I hired an attorney to represent me in court. This blog will show you several ways you could benefit from paying for the legal fees associated with hiring an attorney anytime a legal issue may arise. You will also find examples of how things can go terribly wrong if you don't hire an attorney.
