With the new year here, it may be time to review your finances and decide what you can do to improve your situation.
It can be difficult to admit, but bankruptcy could be the best decision you make in 2016. Once everything is said and done, you may look back and realize that this was the best way to finally put all your trouble in the past.
It is one thing to say you are interested in filing for bankruptcy. It is another thing entirely to make this decision and go through with it.
Getting started means one of two things:
- Learning about the finer details of bankruptcy and filing on your own.
- Hiring a bankruptcy lawyer to help you with the process.
While it may sound like a good idea to file on your own, there are many issues associated with this. First and foremost, you are required to do all the work yourself. This means completing the paperwork, answering questions from the court, and dealing with the bankruptcy trustee one on one.
With so many challenges of a “do it yourself filing,” most people realize that consulting with a bankruptcy lawyer would be in their best interest.
If the time has come to consult with a bankruptcy lawyer, you need to make a list of questions that are important to you. Here are five that can put you on the right path in 2016:
- What type of bankruptcy is best for somebody in my situation? Remember, there is more than one type of bankruptcy. You may think that Chapter 7 is right for you, but your attorney could soon show you that this is not the case. Instead, Chapter 13 makes more sense at the present time.
Let your bankruptcy lawyer explain the pros and cons of each type of bankruptcy. This will give you a clear understanding of your options, while also allowing you to make an informed and confident decision.
- How long does the process take? Nobody wants the bankruptcy process to drag on for many months or years, but this could be the final result depending on your situation and the type of bankruptcy you choose.
Chapter 7 bankruptcy is the faster of the two options, typically coming to a close within a few months. Chapter 13, on the other hand, can last as long as five years. The reason for this is that you will repay some or all of your debts through a repayment plan.
- How much does it cost? Even though bankruptcy may be the best way to solve many of your financial problems, you don’t want to decide in favor of this until you are comfortable with the cost.
There are court fees to be aware of, as well as the cost of hiring a bankruptcy lawyer. Be sure to review all the expenses of bankruptcy before you get started. The last thing you want is to be surprised.
- What are your other options? When you consult with a reliable and experienced bankruptcy attorney, you can expect this person to provide you with information on all your options.
For example, debt consolidation may make more sense than bankruptcy at this point. Let your lawyer explain all your options to you. This is the only way you can make the right decision.
- What does it take to get started? If you have already come to the conclusion that filing for bankruptcy is what you want to do, it is important to get a clear understanding of the process. Ask your lawyer what it takes to get started. This will help you get on track without any further delay.
If you have any questions for a bankruptcy lawyer, you have come to the right place. You can contact us online or via phone at 410-324-2116 to discuss your finances and to get a better understanding of what you should and should not be doing.
It is never easy to decide for or against bankruptcy, but we are here to help you make an informed decision. Once you know what you are doing, everything will begin to fall into its rightful place.