Whenever someone accrues a lot of debt and can't seem to pay it back, despite their best efforts, bankruptcy can be filed. It can create some challenges though. If your bankruptcy involves the following, then you'll want to get advice from a bankruptcy lawyer as soon as you can.
On the Fence About Bankruptcy
Some people who end up in a lot of debt aren't really sure if bankruptcy is the best financial option for them. They could be on the fence and be hesitant. If you fall into this category of people in debt, you can gain clarity by working with a bankruptcy attorney.
They can explain what bankruptcy would do for your financial situation and then see if you meet the right criteria for bankruptcy, whether it's chapter 7 or 13 bankruptcy. Other financial paths will be discussed too so that you have a complete picture of your financial situation and how to deal with it going forward.
Need Assistance Following the Proper Disclosure Protocols
When you file for bankruptcy, you'll have to disclose certain things like the amount of money you make each month, how much debt you're in, and assets that you're in possession of. You must follow the correct disclosure protocols when documenting and submitting this information.
A bankruptcy attorney can assist with this disclosure process, ensuring you include the right information in a legal manner. This will protect you from perjury and make bankruptcy a smoother process overall.
Creditors Aren't Respecting Your Automatic Stay
If you seek a bankruptcy option that comes with an automatic stay—a provision that states creditors can't attempt to collect debts you owe—then it's important that it's respected. If it isn't and a creditor still attempts to collect, they're in violation and you can hire a bankruptcy attorney to handle this situation.
Your attorney will use the legal system to stop the creditor from doing this. An attorney can escalate the warning to litigation too if the creditor is headstrong and doesn't comply. This way, you're not having to deal with creditor interactions anymore after filing.
Bankruptcy isn't always so black and white. It can bring about issues you never thought you would have to handle. Fortunately, you're not obligated to go at this process alone and can hire a bankruptcy attorney whenever you want. You may need one if you're dealing with some severe or confusing legal issues regarding bankruptcy.
Contact a local bankruptcy attorney to learn more.
