If your decision is to file for bankruptcy in order to get out from under individual debt, there are certain considerations to make as they will be necessary if you do file. For instance, filing for a Chapter 7 individual bankruptcy does not get you out all of all your debt. In this instance most of your debt will be absolved but that also means most of your property, except for what the court deems necessary, will be liquidated to pay off outstanding bills. For some, Chapter 7 Bankruptcy is a necessary means to an ends, but it is not ideal.
Other stipulations are required when you file for this type of bankruptcy. You will need to attend credit counseling by a federally recognized program and that usually has to occur before your file will be accepted. In addition, you will have to appear in court at least one time. Regardless of what a lawyer will tell you, the court wants to see you in person so that they are sure you understand the severity of the action being requested.
With that being said, hiring a lawyer or consulting with someone from carltonlegalservices.com about Chapter 7 Bankruptcy is highly recommended. Other people in the law field such as those in the administrative field are capable of filing the paperwork for you at a discount from a lawyer but they are not educated or legally able to give you advice on your position. As a matter of fact, a lawyer will be able to look at your entire portfolio and verify if you are even to file for this type of bankruptcy. There are other forms such as 13 which help you in paying back your bills instead of liquidating assets to pay your fees.
Lastly, don’t despair if this is the route you have chosen to move forward with your financial situation. The economy has been bad for some time and a cloud over your credit for a few years does not mean you are bad with money, it means you may have come across hard times. Take the credit counseling seriously so that you can choose a different path for your financial future.
