Bankruptcy law has changed tremendously in recent years and it is no longer the simple do-it-yourself process that it once was. In fact, these days you need the approval of the federal Bankruptcy judge in order to be approved to file. That's right, just because YOU think it is the answer does not mean you will be able to file just because you want to.
One of the big reasons for this is that people were filing for Bankruptcy left and right, simply because it was the first thought that popped into their heads when they get into deep financial sneakers. The problem with that, outside of clogging up a legal system that is already overloaded to the breaking point, is that these people did not take the time to thoroughly investigate other financial options that were open to them, and indeed may have been much better for them overall, without all the long term negative effects that Bankruptcy brings to you as a consumer.
In addition, there are multiple chapters and you need to be able to determine, based on a mountain of criteria, which one is best for you and which chapter the judge will approve you for. If your financial situation is not presented to the judge in such a way that the approval process is almost guaranteed, again you run the risk of not being approved to file, forgetting to include some information that may have been pertinent, and having wasted several weeks worth of your time, all the while your financial situation is going from bad to worse.
For personal Bankruptcy, you have two basic options, which is either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. These chapters or sections of Bankruptcy law have entirely different outcomes and vastly different meanings for you, so in addition to determining which one you should file, you should also consider which one you are likely to be APPROVED to file and how to present your case in that light to the judge.
Also be very aware of the types of financial obligations that make up your overall debt load. Are they loan payments, Credit Cards, or other things, or even a combination of all of those? The reason for knowing what types of debt make up your overloaded financial picture is because there are certain kinds of debt that cannot be eliminated by ANY chapter or form of Bankruptcy, so if that is the case with you, then even after you complete your filing, those debts will still be like a noose around your neck because they will not have been erased.
Most people do not want to get a Bankruptcy lawyer involved. For one thing, being in this type of financial situation is embarrassing and humiliating, and people see it as a sign of personal failure. You cannot allow your emotions to get involved at this time, you have much bigger fish to fry. A qualified Bankruptcy lawyer knows the laws, both at the federal level as well as how they apply in your state, and can make recommendations and provide Bankruptcy advice as you sort through this. Most importantly, they can let you know what other options you may have and how those are a benefit. People who have used a Bankruptcy lawyer said that the time and money they saved as a result were an order of magnitude more money than they would have wasted if they had done it themselves.
The bottom line is to know what your options are, and to do that, you need a Bankruptcy evaluation from a qualified Bankruptcy attorney. If you need a plumber, you don't call an electrician. If you need landscaping, you don't call a roofer. By the same token, get the expert involved who can provide the Bankruptcy advice you need.
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