The Questions About Bankruptcy
If you think that being bankrupt is the worst thing that could happen to you than think again! Yes you are right…Worst is yet to come, but of course you can control and eliminate that worst scenario by simply making correct decisions! Hiring a wrong attorney for filing your bankruptcy can be like a nightmare coming true!
So it is better that before hiring you do some research and make sure that you find an attorney who could really show you way attorney who could really show you way out from the bankruptcy mess!
Facts about selecting the Attorneys:
As most of the attorneys are usually overworked, they aren’t able to give ear to full details of your case. You may feel that your attorney isn’t pursuing your case the way you want him to pursue and ultimately you will feel irritated.
Many of the attorneys aren’t qualified enough to lead your bankruptcy case. So such attorneys don’t fulfill your expectations. Certificates are important indicators to judge whether the attorney is qualified enough or not.
Asking from friends won’t take you to any good lawyer, unless your friend has gone through filing for bankruptcy but it may be useful to take advice from legal professionals.
You can even go to a bankruptcy court and observe the attorneys there. Maybe during your observation, you will find some attorneys who are good enough for you.
Once you find the attorney, you can satisfy yourself completely by asking him the right questions. A short conversation can tell you a lot about the attorney you have chosen. You can ask him about his expertise and his working and consultation hours. After conversation, you can evaluate the attorney to see if that attorney is really right for you or not!
Once you select the attorney, you must discuss with him what type of bankruptcy should you file? There are eight different types for filing bankruptcy. You attorney can best point out which type suits you for filing bankruptcy.
Secondly, you need to ask him how you can file for bankruptcy. You have to file for your bankruptcy in the state where you are living. The Attorney can prepare the necessary paperwork that would be needed to present to the courts.
Thirdly, you must know the fees that are involved in the filing for bankruptcy. The total fees will comprise of the attorney’s fees plus the court fees that you need to submit to file for your bankruptcy.
Fourth, you must know where you should file your bankruptcy claim. You need to consult your attorney on how to get there and what documentation is required.
Finally you must know the after effects of filing for bankruptcy. As soon as you file for bankruptcy, creditors will receive notification from the courts and will not be allowed to contact debtor for payments. A hearing in court will be set. The case will proceed depending on type of bankruptcy filed.
Remember that this is your fight, so you have to be really involved in it and follow the case. You just cannot leave everything on the attorney.
The Last Resort
If you have been in debt before, you understand how it feels. Debt can feel like an elephant on your shoulders day in, and day out. Many people feel as if there is no hope when you feel you owe your soul to creditors and collectors. Bankruptcy seems to be the only choice at this point whether for your business or for you personally. Is Bankruptcy the choice you should take?
That question is not so easily answered and there may be many things that the general public does not necessarily understand about bankruptcy. Bankrupcy, for the most part, is a societal and governmental means to finding the right solution for your debts when all else has failed. As it stands now, if you file for bankruptcy and are granted bankruptcy, you most definitely deserve it. The laws that govern the various types of bankruptcy make it almost impossible for someone to claim if they don’t necessarily need to. The amount of paperwork has increased, the court fees have increased, and the overall trouble to file has made it quite a struggle for just anyone to qualify for bankruptcy.
Before such action is taken, there are programs to help you get out of debt such as debt consolidation and consumer credit counseling services. These types of services consolidate your debts in to a small, structured payment plan. These services somewhat mimic the same concepts that bankruptcy to get you out of debt. For example, if you file for chapter 13 bankrupcy, all your debts are to be paid off in a structured payment period of between 3-5 years. Often times, like debt consolidation, the amount you end up paying is less than what you originally owed. You get to keep your possessions and your debt is cleared.
So which method of getting out of debt should you take? It should be situational and based on every individuals specific case. Probably the best method would be to speak with a credit counselor in regards to your personal debts. Understanding your debt and the options to you are usually the primary step in making a wise decision about your credit. If your debt is beyond help and you’ve exhausted all other methods, maybe you should consider bankruptcy.
One major thing to remember is that you should never be ashamed to claim bankruptcy. Individuals get caught in the editorial credit trap and have sales people pushing credit cards in their face every time they shop. We are not taught in school about finances as much as we should be. We are not prepared for the “big business” world when we graduate high school and we definitely know nothing about living on our own. The good part is that there are a number of institutional answers and guidance which are available to every consumer nationwide. The worst thing you can do about your debt is to do nothing at all.