Using the Chapter 7 Bankruptcy form, your attorney can help you remove debt by selling off non-secured assets. The cash you generate from those sales will be used to pay the creditors you owe money to. Filing this kind of bankruptcy is good if you want a fresh start after ridding yourself of debt.
Another alternative is the Chapter 13 bankruptcy form, this is for people who do not qualify to declare a straight bankruptcy. Your attorney can assess if this is a preferable option based on your circumstances. If you are earning a steady wage and have some assets, you may want to choose this option instead. Filing for this kind of bankruptcy allows you to negotiate the terms of your payment with your creditor. The debtor will be able to adjust circumstances to pay the loan, such as in smaller increments which he can comfortably pay off in time. This form of bankruptcy also allows the debtor to keep his assets as he is paying off his debts.
There are other forms of bankruptcy you can discuss with your attorney as the cases are unique and there may be options you would not be aware of without legal advice. A bankruptcy attorney can help you plan the steadiest way to get out of debt and negotiate the terms of your debt so that you don’t keep building up more loans which you’ll have to pay off at greater interests in the future.
Bankruptcy may comes with all sorts of troubles but having an attorney by your side makes the transition easier. Filing for bankruptcy does not mean the end of your life, but rather a chance to get yourself back in order. Hiring an attorney allows you to stop this vicious cycle and get your life back in order. Discuss your options with them, be open, don’t be afraid to voice your financial concerns. Having an informed debt relief lawyer will also ensure that your creditors don’t try to bully you while you are paying off your debts and won’t take advantage of the situation. They can inform you of your rights and keep pesky collectors away by negotiating the terms of payment and ensuring that both parties are happy with the conditions.