Before Filing For Bankruptcy Consider, These Important Reasons To Speak With Bankruptcy Lawyers In Wetumpka AL

by | Aug 10, 2018 | Lawyers

It is not uncommon for a person to fall on hard times financially at some point in their life. For some, it takes just a few months of buckling down to get back in the black. For others, more drastic steps may be necessary. If a person is unable to fix their financial issues on their own, bankruptcy could be their only option. Before a person starts the bankruptcy process, they should hire Bankruptcy Lawyers in Wetumpka AL. There are a few ways that a lawyer can help.

Is Bankruptcy the Best Option?

Before an individual files for bankruptcy, they should first find out if it is their best option. In some cases, the person can sit down with a financial consultant or a debt consolidator. Since bankruptcy can be very damaging to a person’s credit, it should be the last resort.

Which Type of Bankruptcy Is Best?

When filing for bankruptcy, a person has two options. There is chapter 7 and chapter 11. Chapter 11 would give a person additional time to pay off their debt, and chapter 7 would charge off all of the person’s unsecured debt. Different situations would benefit from different types of bankruptcy. When it comes to a person’s credit score, chapter 7 will affect it more negatively than chapter 11. To make the best decision, the individual should hire a bankruptcy lawyer.

Complicated Paperwork

The paperwork necessary to file for bankruptcy can be complicated. If the individual doesn’t fill something out correctly or the forms are not complete, the request could be denied. If the person hires a bankruptcy lawyer, they will have someone to handle the paperwork for them.

Help With the Process

There is a lot that goes filing for bankruptcy. It is more than filling out a form. Along with the application, the individual would need to compile a list of all their creditors. If they leave any of the creditors out, the debt won’t be discharged. Finally, for a judge to sign off on the bankruptcy claim, the individual would need to complete a credit counseling course. If the individual has a lawyer working for them, they will have someone to walk them through the entire process.

If a person is thinking about filing for bankruptcy, they should first speak with Bankruptcy Lawyers in Wetumpka AL. For more information, contact Courtney & Mann LLP.

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