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Filing for bankruptcy can help you start over financially when debt has become overwhelming. The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7 is referred to as a liquidation bankruptcy and wipes out your debts. It’s created for individuals who have been unable to repay debt.
In a Chapter 7 bankruptcy case, the trustee sells your assets for cash and distributes the money to your creditors. You may get to keep some assets like your car or home furnishings. Once your case is completed, you will be free of the debt covered by your bankruptcy case. There are some types of debt that can’t be wiped out like alimony payments.
In a Chapter 13 bankruptcy, you will work on a repayment plan that must be approved by the court. You will have three to five years to pay off your debts. After those debts are paid, you are no longer responsible for them. Some people prefer Chapter 13, because it allows them to keep their assets. However, it only works if you are able to make the payments in your repayment plan.
Bankruptcy does involve legal matters, which can make it challenging to navigate the process without representation. You are able to file a bankruptcy case without a lawyer, called pro se, but experts recommend seeking the help of a bankruptcy lawyer.
A bankruptcy lawyer will provide specialized legal advice to a client about their bankruptcy, prepares all required legal documents, and represents their client in court. Your bankruptcy lawyer can advise you on:
If you complete the form on Need Legal Advice, we will work to match you with a bankruptcy attorney to help advise you. Your bankruptcy attorney will:
If you need legal advice for a bankruptcy case, contact us today. Need Legal Advice will connect you with an experienced bankruptcy attorney to provide you with affordable legal services.