Inability to pay bills or keep a business afloat is one of the scariest places to be. It usually comes with chaos, which includes creditors knocking at your door, lawsuits, and other disruptive complications. However, it is possible to end the stressful experiences by filing for bankruptcy. When you file, you buy yourself time to put your finances in order and get back on your feet. Here are some of the commonly asked questions about filing.
When you file for bankruptcy, you likely believe that will be the only time you will need to do it. Unfortunately, life is unpredictable and you may encounter the need to file again. This could be due to medical reasons or business issues that lead to loss of income. Regardless of the situation, you will need to know the different key points regarding multiple bankruptcy filings. Here are a few that deal with eligibility and other key aspects of the process.
If you plan on filing for bankruptcy, it is a very good idea for you to begin working with a bankruptcy attorney right from the start. You can learn more about some of the things a bankruptcy attorney will be able to help you with and why you should have one working with you early on by reading more on the subject in this article.
A bankruptcy attorney will answer all of your questions
If you are in financial distress and have racked up a lot of debt, filing for bankruptcy may be the right option. It will get rid of most of your unsecured debts and help you start over financially. However, bankruptcy is a complex process and you shouldn't go through it alone. Here are a few good reasons to hire a bankruptcy lawyer.
Assist with the Paperwork
Filing for bankruptcy requires you to fill out a lot of paperwork.
Chapter 13 bankruptcy is a part of the system that's designed to allow folks to restructure their personal debts. You may be wondering, though, what it means to restructure your debts under Chapter 13 bankruptcy law. Here is a breakdown of the different parts of the process and the implications that it may have for you.
Setting Up a Payment Plan
You will be asked by the court to set up a plan to pay your creditors.