If you have been struggling financially, there's a chance that you have at least briefly thought about filing for bankruptcy. But you may not know if you should really schedule an appointment to speak with a lawyer. To help you determine whether your situation might actually warrant a trip to the attorney's office, you will want to read through the following points:
You Can Make Payments But Can't Get Everything Up-To-Date
If you have income and you are able to make some monthly payments, but just do not have enough to bring all of your accounts with all of your creditors up-to-date, you might want to consider chapter 13 bankruptcy. With this type of legal action, you will be given the chance to pay off your debts with a court-approved plan that will span anywhere from a couple of years to as long as five years. You will make one lump sum payment every month and that payment will be divided up among your creditors as the court sees fit.
Your Assets Are Protected
With a chapter 13 bankruptcy, you do not have to worry about losing your business, your home, your car, or even your boat, if you have one. It's not like chapter 7 bankruptcy where you are trying to get all of your debt wiped clean and the courts order the liquidation of all of your assets in order to pay off whatever debt you can first. As long as you continue with the plan set forth by the courts, you will not have to worry about your life changing much. You can continue to enjoy your life as you know it and you won't have to worry about collection calls anymore.
Once you have had a chance to think through the previously mentioned points, you should be much more aware of whether you should seek out assistance from a chapter 13 bankruptcy lawyer. When you are ready to move forward with this, you will want to seek out a reputable bankruptcy attorney in your area that is currently taking on new clients. Call to set up an appointment for a consultation, which is where you get the chance to sit down with an attorney to discuss your financial woes. This is also when you can ask questions about the bankruptcy process, what effect such legal action will have on your credit, and what you need to start the process started.
Contact a local law firm, such as the Law Office of Sandra Lewis, PC, to learn more.