Why Is Important to Hire a Bankruptcy Lawyer?

by | Nov 26, 2013 | Lawyers


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No one wants to deal with mountains of bills and feel out of control, but sadly, many people experience this every day. Whether you lost your job, racked up mounting credit card bills or have too many medical bills, you can feel completely out of control. If you have tried contacting your creditors and have found no solutions for your debt, there is a way out. Through filing bankruptcy, you can receive relief from your debt, so your finances come under control. To ensure you are able to file successfully, it is imperative to hire a Bankruptcy Lawyer to help you.

How Does a Bankruptcy Lawyer Assist You?

When you make the decision to inquire about bankruptcy, you will need to make an appointment with an attorney. You should plan on bringing in your bills, monthly income information, as well as information on all of your assets. Each of these pieces of information is vital in assisting your attorney to make the decision on whether or not you are a good candidate for filing, as well as what type of bankruptcy will best benefit your financial needs.

There are different types of bankruptcy you can file. One of the most common types is Chapter 13 Bankruptcy. This allows you to keep your assets, but you are required to pay a monthly payment to the courts for the debts you owe. You pay one single payment and the amount is dispersed among the creditors you owe. Many people prefer this option because they are not required to liquidate their property.

If you own a business or have a lot of assets, you may need to file for Chapter 7 Bankruptcy. In this type of bankruptcy, you are required to liquidate all non-essential property and assets. This liquidation provides payment for your debts. A trustee will be placed over your finances, having the power to absolve you of some debts and making sure funds from liquidated properties are given to your creditors.

If you are dealing with too much debt and need a way out, contact Carlton Legal Services P.L.C. They will be glad to meet with you and go over the different options available. Contact them today and find freedom from your debts.