If you think there are more people filing for Chapter 7 bankruptcy this year than in the past you are correct. This is the type of financial repayment plan where all assets possible are used to repay debts, from checking and savings accounts to proceeds from the sale of inventory or personal possessions. Depending on the state, as a Chapter 7 filer you are allowed to keep a vehicle, your primary residence and a reasonably long list of personal items. The rules are slightly different from state to state, so be sure to check with your court or a local bankruptcy attorney to see how it works in your state.
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Most bankruptcy attorneys encourage people to take a good hard look at their finances before considering bankruptcy. Although many of your immediate financial problems will be wiped clean, your credit score will be damaged and this may make it harder to get credit for a period of time. So at what point should you go ahead and file for bankruptcy?
If you are overwhelmed with debt and have failed in negotiating with your creditors, you might be a candidate for bankruptcy. When you do a tally of your assets and liabilities and you find that your liabilities are significantly more than your assets, it is probably time to take action. If your ability to save for your retirement or plan for the future has been put in jeopardy by the mountain of debt facing you, bankruptcy may be the answer.
Going through a bankruptcy proceeding doesn't carry the same stigma it used to and has become almost common these days. If you have more debt than you can handle, it's not necessarily your fault. Letting it ruin your life, however, would be a poor decision. Chapter 7 could be a tool to restart your life without debt. Just remember not to do the same things you did before that got you into this mess in the first place.
Finding a bankruptcy attorney to help you regain control of your finances could be the best decision you've ever made. Debt can become unmanageable for several reasons, most of which are beyond your control. The state of the economy has caught millions of people in the same predicament and there is nothing in it for anyone to insist that having impossible debt hanging over a person's head for the rest of their life is any kind of solution to the problem.
Many bankruptcy lawyers offer free consultation before it is necessary to choose who you want to use. This is a good way to ascertain whether you and the attorney are on the same page. It is also a good time to become clear on the costs involved in retaining a specific legal firm as well as what he or she expects of you as a client.
Interview several attorneys. Consider their background, their reputation, how comfortable you feel with them, and of course consider the price they charge. You may even want to check with the state bar association to find out if an attorney you're considering is in good standing and has no complaints filed against them. Choosing an attorney to advise you and represent you is an important decision that should not be taken without proper consideration.
It is not easy to make the decision to proceed with bankruptcy. But the fact is, bankruptcy can put an end to an uncomfortable chapter of your life and give you a fresh start. Hopefully you will come out of it with a better understanding of the dangers of credit, and a commitment to avoid letting it happen 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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