If you are in over your head with debt, a bankruptcy attorney can help. When financial circumstances become overwhelming, there are ways you can address them in order to get back on your feet. While bankruptcy used to have negative associations, the down economy has led many people to consider it as an option. One thing you should evaluate is the level of stress your current debt load and financial situation is creating in your household. Is that stress worth continuing the struggle and dealing with non-stop debt collection calls? Many people find a huge sense of relief when the calls and letters finally stop.
Before you hire a lawyer, there are certain things you need to know.
Bankruptcy Law is a Specialty
Just because someone is a lawyer does not mean that they know how to handle bankruptcy cases. Yes, they can research it but that time will be added to your bill. Why spend more money than you have to when you can work with an expert that can complete the paperwork and proceedings with efficiency? Working with an expert attorney will also give you the advantage of learning about certain areas of the law that others may be unaware of.
There Are Several Types of Bankruptcy
There is no one size fits all bankruptcy solution. There are several chapters within the bankruptcy code that you can file yours under. A skilled bankruptcy attorney will be able to discuss your current financial situation with you and make a recommendation for what is likely the best way to file. For example, there are liquidation bankruptcies where assets are sold in order to pay creditors and bankruptcies that are designed to pay creditors back over time with a set payment plan. The type that you file should be based on your current financial capabilities and your goals.
You Can Typically Keep Your Home
Unless you have a staggering amount of equity in your home, you can typically maintain ownership of it even when filing bankruptcy. If this is your goal, let your attorney know right away so that they can create a legal strategy in order to accomplish it. Even if you are facing foreclosure a bankruptcy may be able to stop the proceedings and allow you to continue living there.
Share the Details
When speaking with your bankruptcy attorney, be sure to provide any and every detail about your financial situation and your goals. This way they can create a legal strategy that will be successful. If the hearing officer or judge feels that you are untruthful about your financial situation they may not approve the bankruptcy in the first place. Transparency matters in this situation.
Ask About Fees
Any time you hire a lawyer you should ask what they will charge and how they will bill you. It is important to enter a relationship with a mutual understanding. This will also help you to budget for anything that you need to spend.
If you are considering filing bankruptcy, The Travis Law Firm can help. Schedule your consultation by calling (951) 274-9501.
