Pursuing a bankruptcy filing can feel like a stressful thing to even think about. It is, however, an opportunity to get a fresh start, and you should approach it with that mind. Here are three items the folks at a bankruptcy law firm will tell you to expect during the process.
Hard Questions About Finances
The two main forms of personal bankruptcy in the U.S., Chapter 7 and Chapter 13, represent different ends of the spectrum in terms of a person's ability to keep paying their creditors.
People hire tax attorneys for a multitude of reasons, but you're apt to seek the services of this legal professional when you're in somewhat of a difficult financial situation. If your business is being audited, you'll definitely want to start working with your bookkeeper or accountant, but this is also the time to seek representation from a tax attorney. This individual has likely helped a long list of former clients successfully navigate audits and will be able to do the same for you.
If you're having trouble keeping up with your bills, you're likely feeling a lot of stress and frustration. It's upsetting when you feel you can't pay for your normal expenses and also pay for all your past debt that just keeps piling on. Some individuals and families turn to bankruptcy as a way to get a fresh start. This may be an option that you want to consider. It's a good idea to always hire a bankruptcy lawyer when considering this financial move.
There are as many motivations for declaring bankruptcy as there are filers, and your unique reasons might dictate your choice in the type of bankruptcy you choose to file. There are two basic types of bankruptcy available and they are both named after the bankruptcy code number. Chapter 7 and chapter 13 bankruptcies are very different in nearly every area and it pays to understand a bit about each before you make your decision.
One of the most difficult times in life may involve not having enough money. You're sure to endure some financial challenges over time, and working to get out of this situation can be tough. However, filing for the legal status of Chapter 7 bankruptcy may be the way to get the best assistance. Doing so may allow many of your debts to be paid off if you qualify. However, it's important to know specific things about this type of legal filing if you wish to have success.