For someone who is in a really bad financial situation -- such as if they have a ton of debt that they can't afford to repay -- bankruptcy is sometimes a good option to consider. It's not really something you should try to do on your own, however. Instead, you will likely want to hire a bankruptcy attorney if you are interested in taking this path. You might be surprised by the many things that a bankruptcy lawyer can help you with. These are a few examples of the different things your lawyer should assist you with while you're on this journey.
Helping You Decide if It's Right for You
First of all, even though some people find that their lives are improved in a major way by filing for bankruptcy, it doesn't come without consequences. For some, it's a good idea. For others, it's not ideal. Your bankruptcy lawyer will sit down and talk to you about the pros and cons of bankruptcy, and they will talk to you about your financial situation. This can help them decide if filing for bankruptcy is the right option for you. If you're married, they can also help you determine if just you or both you and your spouse should file.
Explaining Different Types of Bankruptcy
Most individuals and couples file either Chapter 7 or Chapter 13 bankruptcy, and there are some pretty significant differences between the two. Choosing the right type of bankruptcy filing is important if you want to have the best experience, and it can be a tough decision to make without the help of a lawyer.
Assisting You With Gathering Information
You will need to gather up all sorts of information and documentation when filing bankruptcy, including tax returns, bank statements, bills from creditors, and much more. This can be an overwhelming job, but your attorney can help by both talking to you about the information that you need to gather and assisting you with gathering everything you need.
Filling Out Relevant Paperwork
There is a lot of paperwork that has to be filled out when you file for bankruptcy. You will likely need help with filling out this paperwork, but the good news is that your attorney and their team should be able to fill out the paperwork for you. This helps you ensure that it's done properly, and it takes a lot of pressure and stress off of you during an already stressful time.
Reach out to a bankruptcy lawyer near you to learn more.
