Declaring Bankruptcy

Declaring Bankruptcy

Declaring Bankruptcy Law:

Declaring bankruptcy might be a viable option for those that are inundated with debts that they cannot pay off. It can mean wiping debts clean and having them removed completely, comprising on the amount owed, or liquidating assets to cover the debts. Declaring bankruptcy is not as easy as it once was, however, and thus can be complicated, expensive, and time consuming. Declaring bankruptcy also may not help to clear all debts and may be worse for one's financial future in the long run.

Declaring Bankruptcy Legal Issues:

Declaring bankruptcy can negatively impact a person's credit score and will stay on the credit record for seven to ten years. This can hinder one's chance of renting, leasing or getting future loans or lines of credit. It can also mean higher interest rates and may even prevent the person from being hired for new jobs. Declaring bankruptcy may be beneficial for those with high outstanding debts, however it will not help with debts such as child support, alimony, student loans, taxes, or debts attained after filing for bankruptcy.

What a Bankruptcy Law Lawyer can do for you:

Declaring bankruptcy is a major decision with many complex consequences. It should be thought out fully and planned carefully. A bankruptcy attorney can help you assess your situation if you plan to declare bankruptcy. They can help you decide if declaring bankruptcy is really the best option for you and what it will mean if you do decide to move forward with it. Credit counseling will be required if you decide to declare bankruptcy, and an experienced bankruptcy attorney can help you take inventory of all your debts and assets, and then file a claim with the federal court.

Lawyer Referral Service:

If you are thinking about declaring bankruptcy, but don't know where to start, call Attorney Search Network and we will help you find the right bankruptcy attorney in your area that can find the best option to help eliminate your debt.

Attorney Search Network can provide you with an attorney referral you to a pre-screened bankruptcy creditor's rights lawyer in your area today.