8 Top Bankruptcy Questions Answered

8 Top Bankruptcy Questions Answered

If you are considering declaring bankruptcy, there is no question you have many questions concerning the process, how it works, and more. The bankruptcy lawyer can help you with most of the questions but we will help ease some of your worries with the Q&A below. We’ve listed questions and answers to eight of the top bankruptcy questions that might be on your mind.

  1. What is Bankruptcy?

Bankruptcy is basically saying to a federal court that you have more debt that you can ever afford to repay. With bankruptcy protection in place, you enjoy the chance to get a fresh start after accumulating debt.

  1. Do I Need a Lawyer?

Some people think they cannot afford to hire a lawyer when they’re already drowning in debt. But, the truth is, you cannot afford not to hire a Bohemia Bankruptcy Lawyer. This is a far too complex process to attempt to handle yourself.

  1. What are the Benefits of Filing Bankruptcy?

Choosing to file bankruptcy is beneficial in many ways. First, it provides the user a fresh start to keep their credit in good shape. Second, it stops calls and letters from creditors. Third, bankruptcy can stop a foreclosure or repossession. Tons of benefits of bankruptcy are out there for all to enjoy.

  1. How Much Does it Cost to File Bankruptcy?

There are many factors that affect the costs of bankruptcy, including the type of bankruptcy that you wish to file and the lawyer chosen. It is best to compare cross with a few different law firms to get the best price for bankruptcy.

  1. Can I Discharge All of My Debts?

Chapter 7 allows you to discharge most all of your debts while Chapter 13 combines them into a payment you can afford each month. Some debts cannot be discharged, such as child support and student loans.

  1. Which Type of Bankruptcy is Right for Me?

Consider your financial situation to determine which type of bankruptcy protection is best. Each person and situation is different so there is no other way to make this determination. Of course, you can talk to the lawyer who can provide a wealth of beneficial information.

  1. Should I File for Bankruptcy Protection?

Only you know whether you should file for bankruptcy, but there’s one thing for certain stand that is that staying in debt doesn’t make sense. If you cannot get out of debt on your own, it pays to talk to a lawyer to learn more about bankruptcy.

  1. Who Will Know if I File for Bankruptcy?

It is important to know that bankruptcy information is public record. This means anyone can access the information that wants the information. This is one of the biggest downsides to the filing, however, when you are in debt, it is only a small ordeal to overcome.

Life happens and sometimes things occur beyond our control that leaves us in debt and suffering financially. If you’ve experienced this whirlwind in your life, bankruptcy may be able to provide a solution use the information above to your advantage when considering bankruptcy.

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