When you are seriously considering whether you must file for bankruptcy in order to get rid of debt, you may want to speak with a skilled and competent lawyer that you can trust to guide you in the right direction. They will be able to help you navigate the complex process and make sure that you are making the right choice. Bankruptcy is a permanent decision and it has its pros and cons, so be sure to have an in-depth consultation with a lawyer who specializes in bankruptcy laws so that you can understand how to make the best decisions for your case. Here are some things that you should consider before making the decision to file for bankruptcy.
Think Of Your Assets
Whether you file for bankruptcy is dependent on a number of factors, and the type of assets that you have is one of them. If you have a home or property that you would like to keep for instance, certain types of bankruptcy like Chapter 13 will enable you to deter foreclosure temporarily. It is important to consider your assets and exactly what you are trying to preserve so that you can find out what kind of bankruptcy will apply to you. You can ask a seasoned bankruptcy lawyer about the different types of bankruptcy and which ones you qualify for.
Consider Debt Relief Alternatives
Bankruptcy brings major financial consequences, not just on your credit score, but on your lifestyle and affects your ability to make future financial decisions. Sometimes you may not even need to file for bankruptcy. As a bankruptcy lawyer like one at The Law Offices of Neil Crane can educate you about, can inform you about alternatives such as credit counseling, debt consolidation, and debt management.
Find Out What Kind Of Debt That You Have
If you have a large amount of debt that you need to pay off, you should find out what kind of debt you have to make sure that it can be discharged. Not all types of debt can be discharged through bankruptcy. For example, student loan debt, child support, and unpaid taxes are not eligible to be eliminated by filing for bankruptcy. However, if you have unsecured debt such as credit card debt and utility bills you can wipe out your debt by filing for Chapter 7 bankruptcy. Consult with a lawyer who specializes in debt relief so that they can inform you of other ways to get rid of or better manage your debt.
Talk To A Lawyer
Before you decide to file for bankruptcy, getting the professional opinion of a lawyer is a good idea. They can review your case entirely and answer any specific questions that you may have. The bankruptcy process is quite complex and there are several steps that you should take in order to file. You must also complete specific requirements so you should make sure that you can be eligible to file for bankruptcy. To find out more about legal services you can get to navigate bankruptcy, schedule a risk-free consultation and talk to a trusted bankruptcy lawyer.