Bankruptcy is a very valuable and powerful tool that people have a constitutional right to invoke. Some people believe that filing bankruptcy is a bad thing, however, filing bankruptcy may be the exact fresh start that a person needs in order to get out of debt and move on with their life.
Even if you have judgements against you or if your wages are being garnished you still have the right and opportunity to file bankruptcy to stop the bleeding. Additionally, if you got behind on your mortgage payments but things have now improved and you just need time to catch up, bankruptcy may afford you a great guaranteed opportunity to achieve that goal.
As with anything serious, it’s important to understand the different types of bankruptcies and then apply your set of facts and circumstances to decide if bankruptcy is right for you and if so, what type of bankruptcy is right for you. It is possible to do your own bankruptcy however it is likely a very wise idea to consult with an attorney and likely have that attorney walk you through the bankruptcy process.
In bankruptcy you may be able to wipe out all of your debt while keeping certain assets or you may be able to enter into an organized, predictable and fair partial repayment plan that would allow you to get out from underneath your debt and potentially get caught up on your mortgage. The main types of bankruptcies available to the average person are Chapter 7 bankruptcies and Chapter 13 bankruptcies. There is another type of bankruptcy that is available to certain types of individuals called a Chapter 11 bankruptcy. Knowing when to file bankruptcy is also very important as the timing of your bankruptcy could allow you to keep additional assets or maximize the benefits that you might receive from a bankruptcy.
Our Firm will help you understand the different types of bankruptcies, help you make the decision as to whether or not bankruptcy is right for you, and we’ll handle your bankruptcy for you should you decide bankruptcy is your best option. If the idea of being completely debt-free on a clear path to get out of debt sounds good to you please feel free to contact us for a free consultation concerning your financial circumstances.