Claiming Bankruptcy
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Claiming Bankruptcy

Even though more than a million Americans are claiming bankruptcy each year, the bankruptcy process is still surrounded by a thick fog of mystery. There are many elements of bankruptcy that raise questions:

  • How could bankruptcy help?
  • Is bankruptcy right for me?
  • How do I claim bankruptcy?

Claiming bankruptcy and filing a petition with the court can be a painless process for those deeply in need of debt relief, but determining if bankruptcy is the right path can involve a complex look at your finances.

To learn if bankruptcy is the right solution for you, and how the bankruptcy laws in your state may impact your case, fill out the form below for a free consultation with a local attorney.

Free Case Evaluation

Bankruptcy Claims

The bankruptcy system is a very complex and constantly changing area of law. In fact, recent legislation changed the face of American bankruptcy, and more changes to the laws are likely on the way.

In order to stay on top of the various obstacles to claiming bankruptcy, many filers have sought the aid of a bankruptcy lawyer. When deciding to work with bankruptcy attorney, keep these things in mind:

  • Bankruptcy law is a nuanced, complex field. An attorney can help you navigate these laws, including whether you may qualify for Chapter 7 or Chapter 13 bankruptcy.
  • Laws can vary widely state by state. Each state has unique property exemptions in bankruptcy that can protect what you own, and these may influence which chapter you decide to file.
  • Bankruptcy is not right for everyone. A bankruptcy attorney can help you evaluate your other debt-relief options and decide if bankruptcy is in fact the best fit in your situation.

To learn more about the bankruptcy process, contact a local attorney today.

Reasons Why People Claim Bankruptcy

No two bankruptcy cases are the same, but there are some common themes that run through personal bankruptcies.

Listed below are some common reasons why you might consider claiming bankruptcy:

  • If you have property and don't want to lose it. Chapter 7 bankruptcy may allow you to keep exempt property, including household belongings. Chapter 13 may allow you to keep your home or your car.
  • If you have fallen behind on loan payments. Through Chapter 13 bankruptcy, a court may help you construct a more lenient payment schedule. By allowing you more time to pay your loans, Chapter 13 might help you save valued assets.
  • If you are constantly being hounded by creditors. Bankruptcy may help you keep the creditors at bay.
  • If you have lost your job or have experienced a recent drop in income.
  • If you have suffered from a medical emergency and are afraid you won't be able to pay off your medical debt.

While bankruptcy may offer real financial help, some people are reluctant to claim bankruptcy because of a perceived social stigma about the process.

Fortunately, the stigma sometimes associated with bankruptcy is mostly a myth. With more than a million Americans filing each year, claiming bankruptcy is now viewed by many as a perfectly reasonable financial tool to get out of debt and rebuild credit.

If you'd like to learn more about your legal options through personal bankruptcy, connect with a local bankruptcy attorney today. Simply fill out the free case review form below to arrange a free, no-obligation consultation with an attorney near you.

Free Case Evaluation

Tap to Call - (877) 250-8242

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