Is filing for individual bankruptcy the right thing for you to do? With so many people finding themselves in financial trouble due to the current economy, it is no wonder that more and more individuals are looking at bankruptcy as being their only way out of what seems to be a hopeless situation.
When it comes to such decisions, it is important to make sure that you truly understand what bankruptcy is and the different forms of it. Having all of the knowledge is the way to make sure that you are going to be able to make the correct educated decision for your personal and specific situation.
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A Chapter 13 individual bankruptcy is where a single person files a claim to the bankruptcy court stating that he or she is unable to pay off their debts in the timely manner that they are required to. The bankruptcy court will make a decision based upon the information you have provided such as your income, the amount of your monthly obligations to your creditors, and the reason you fell behind with your bills. If the court approves the bankruptcy, a repayment plan will be set into place so that you can pay the creditors back without penalties and any legal action being brought against you.
There is also a Chapter 7 individual bankruptcy, which is set aside for those individuals who are completely unable to pay off their debts, even with a repayment plan. The laws surrounding who qualifies for a Chapter 7 and who does not can be tricky and it really is not up to the person filing to make the decision of whether or not this is the best route for them. The bankruptcy court will make the decision based off of all of the information provided to them. It is all about how the lawyer presents your case to the courts so it is important to make sure that you have an attorney that is worth your while.
It is important to stress that the decision about which chapter you file is not your decision, nor is it the decision of your lawyer. Both of you can request, for example, chapter 13 so that your debts are eliminated, but the court must approve that, and could elect to deem that you need to file Chapter 7 instead, not allowing you to file Chapter 13. This again is where it is critically important how your specific information is presented to the court and where an experienced lawyer can help you.
While any lawyer could represent you in your bankruptcy case, it is vital to make sure that you go with someone who specializes in such a field. There are just too many complex laws out there that need to be completely understood in order to provide you with the best situation possible. The best thing to do is to get a free bankruptcy evaluation in order to make sure that you are comfortable going with a particular attorney and understand fully what your options might be. It is also the best way to make sure that bankruptcy is really the best way for you to go.
Make sure that bankruptcy is your last option, as this will be reflected on your credit report for many years. If you are struggling too hard and there is just no other way around it, then bankruptcy may be the way to go so that you can finally live the stress free life that you have wanted for so long. Consult with your local individual bankruptcy attorney today and find out what all of your options are and what you can expect from the process.
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