When you begin to have money problems and they begin to get really bad you will most likely consider filing for bankruptcy. Everyone has problems once in a while, but there is a certain point you may come to where it’s just not possibly to keep going on like you are. That’s when you should call a bankruptcy attorney and see what you can do.
Finding an Attorney
You can find your attorney by either looking in the yellow pages, or on the internet. Don’t settle on the first Sarasota attorney you call though. See what their fees are and if you are able to make payments on the amount. An attorney who works with you for their fees is a nice thing when your having problems paying all your bills. Make sure that the lawyer you pick is easy to talk to and that they return your calls quickly, within 24 hours.
Filing the Petition
The next step is filing the petition; actually your lawyer will do that for you. Most of the time your attorney’s fees will include the filing fee for the court and the administration fee that needs to be paid too.
What needs to be filed?
You will need to provide your lawyer with a listing of your assets and liabilities, paychecks, monthly expenditures, and if you have copies of any of those past due notices you have gotten in the mail. With all this paperwork given to your lawyer it will make their job so much easier.
Is it the Right Choice?
If you are so far behind on your bills that you in no way can catch up it’s probably the best idea for you to do. But you should really talk to a lawyer because they are the experts and know how to set you the right way. When you go to find your attorney this is one of the best reasons to find one you can talk too, one that you trust.
Clearing your Credit
With a Chapter 7 bankruptcy you will need to qualify for it. This is another thing you will be wise to ask an attorney. A Chapter 7 will allow you to clear up your credit and get those bills discharged off your credit. But if you have a house you may lose it, or a vehicle, especially if it’s not claimed as exempt on your petition. These things are liable to be liquidated and help to pay bills that will not be discharged. It’s not something that happens often, but just in case it is something that you should be aware of, but a good lawyer will have told you that already. Now a Chapter 13 you will not have the things that you owe discharged, but you will have to pay about 50% less than what was left to pay. But if you have a house that is in foreclosure this is one way that will allow you to stop the proceedings from going on, and may actually allow you to save the house.
** This is not legal advice. Please consult with a local attorney regarding your specific situation.**
About the Author – This article was provided by Gerrid Smith and sponsored by the Jodat Law Group in Sarasota, FL.
Filed under: Bankruptcy Law |