Many people will start to consider a bankruptcy attorney if they find themselves in a difficult financial situation. They will often consider one after a job loss or an expensive medical bill. While all of these reasons are valid reasons to consider a bankruptcy attorney, you need to be in a lot of debt with no way to pay that debt off to consider filing for bankruptcy. Before you can file for bankruptcy, you must be able to pass a means test to determine if you are elidable to be a bankruptcy candidate.
That stated, many bankruptcy attorneys are will to help you overcome debt problems if that is in the situation you find yourself in. Many of them will be able to talk to your creditors and negotiate debt deals that will allow you to make lower payments until you are better positioned to pay off your debts.
What To Look For In A Bankruptcy Attorney?
Before you hire a bankruptcy attorney, you need to research to hire the best attorney. Because we live in the internet age, research is fairly easy to do. You want to look for an attorney that has been around a while and has a solid reputation. Using Google and Google maps is one of the best ways to do this. You want to look for an attorney that has the most and best feedback in your local area.
How Can I Afford a Bankruptcy Attorney?
When you face bankruptcy, the question often comes up as to how you can afford the attorney’s fees if you cannot afford to pay your basic bills. Most bankruptcy attorneys will be willing to work out a payment plan with you so that you can afford their services. This is how most people can afford bankruptcy attorneys who are in difficult financial situations. Some people facing bankruptcy also get financial support from their friends and family.
How Long Does A Bankruptcy Take?
The answer to this question is largely contingent on the size of the bankruptcy. If you are filing for bankruptcy on your own behalf and are filing because you could not pay your medical bills, this bankruptcy could be over in weeks.
If, however, you are filing on behalf of your business that has a net worth of a few million dollars and there are many assets involved, then this type of bankruptcy could take many months to complete.
The amount of time it will take to complete will largely depend on how complex your bankruptcy is.
Will I Lose My Property If I File For Bankruptcy?
While it is unlikely that you would lose your car, as you will need it to continue to make money, it is possible you could lose your home. However, this would all depend on many different factors beyond the scope of this article. If it would lose your home if you filed for Chapter 7 bankruptcy, you might not lose your home if you filed for Chapter 13 bankruptcy. That would also depend on how much you owe on your home and various other factors. If losing your home would keep you from filing for bankruptcy, you need to speak to an attorney who can better understand your situation who can help you move toward saving your home.
Does Filing For Bankruptcy Eliminate All Debts?
In most cases, it does not. Filing for bankruptcy will not eliminate tax debt or student loans. While filing for bankruptcy does not eliminate this type of debt, there are still ways to negotiate this type of debt that could get your payments lowered. If you are filing for bankruptcy because of tax or student loan debt, you likely will not be able to succeed. Talking to a bankruptcy attorney about this type of debt could still work in your favor as they would be able to talk to your debtors.
Will Filing For Bankruptcy Hurt My Credit Score?
The short answer to that is yes, it will. After filing for bankruptcy, you can build your credit score back up by using credit to buy some of the things you need and then paying your credit debt off quickly. You should build your credit score back up in two or three years if you are handling your debt responsibly.
If you are seeking a bankruptcy attorney, please contact the Hanson & Hanson Law firm at (918) 409-0634.