In tough economic climes, talking with a bankruptcy lawyer can prove to be an investment that averts future disaster. The recession has left its mark on most Americans. People who went into the recession with good paying jobs and owned their own homes with good credit have found themselves coming out on the other side of the recession jobless, their homes foreclosed on and their credit destroyed. The biggest impact from the recession can perhaps be seen by the increase in people who have filed for bankruptcy who would never have dreamed they would be drowning in debt.
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It's a hard realization for many people to come to when they realize that despite their past ability to pay their debts and their good intentions to continue doing so- reality often has other plans. For some people walking away from debt is the only way to rebuild their credit.
Many people however are unsure about the need to have an attorney help them through the process. The process seems simple enough on the surface and a bankruptcy lawyer is after all another expense you may not be able to afford. Is it really necessary to have a lawyer? The answer is yes. Bankruptcy is filed in a federal court- not a state court and that in its self makes the matter more complex. Federal statues are very complicated, and it is very unusual for the average person to be able to navigate them on their own. It is far better to leave it up to a professional, who can make sure that vital documentation is received and important papers filed on time in order to give your case the best chance of succeeding. If you forget a debt or leave it off the filing and remember it later- well it's too late, and you wont be able to declare it.
A trained attorney is skilled at ferreting out all of your debt to make sure everything goes in the filing. And you will also need your attorney to help guide you through the extensive amount of paperwork required to show both your debt and your assets. If you have enough assists that can be tapped you may be forced to sell them off to pay off your debts. What can and can not be tapped into as well as what can and can not be written off is complex, and a financial attorney is trained and up to date on what qualifies.
Some debts-- child support, alimony, IRS debt and student loans for example-- may be a large part of your debt burden but they are also untouchable to write off. These debts will follow you to the grave and won't be discharged when you file. However your lawyer may be able to find other debt that can be discharged and often they can work out a debt repayment settlement with your creditors for these types of debt to make your ability to pay more feasible.
The process requires a qualified bankruptcy lawyer to ensure the process goes smoothly and in the end it is well worth the expense to ensure you are able to rebuild your credit and have a fresh start to begin again.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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