Is Bankruptcy Right For You?

When you feel like you have so much debt that you do not know where to turn, you might want to turn to a law firm that offers bankruptcy services. Meeting with a bankruptcy attorney is a great way to discover more about bankruptcy and other options. It also offers a way to find out if bankruptcy is right for you. Here are several things your lawyer will discuss with you to determine if bankruptcy is the best choice for your situation.

Which Branch You Qualify to Use

The lawyer you meet with will look at several things to see which branch of bankruptcy you can use. You can only use the branches you qualify for, which means you can use Chapter 7 or Chapter 13. If one branch is better for your situation than the other, the lawyer might recommend using it if you qualify. If you do not qualify for the branch that is best for you, filing for bankruptcy might not be the best way to handle your debt problems.

The Effects that Bankruptcy Would Have on Your Finances

The main thing an attorney can help you understand is the effects that bankruptcy would have on your finances. The goal of bankruptcy is to provide debt relief to you. Will filing the branch you qualify for provide the relief you need? If so, choosing bankruptcy might be your best option.

The Consequences You Face from Using Bankruptcy

Lawyers also help people realize that filing for bankruptcy has rewards, but it also has consequences. What are the consequences? You can talk to your lawyer about them to learn more. One of the more common ones is the effects filing for bankruptcy has on your credit. The bankruptcy posting will remain on your credit report for seven to ten years.

The Alternatives and the Effects They Have

You might also want to discuss the alternative options for debt relief while you are visiting a bankruptcy attorney. Bankruptcy attorneys do not always suggest using bankruptcy, as it is not the only option. There are times when they might suggest other forms of debt relief programs, but it depends on your situation. If bankruptcy is the best option, your attorney will recommend it.

These are the things that a bankruptcy lawyer will discuss with you during an initial consultation visit. If you would like to learn more about bankruptcy services, schedule an appointment with an attorney today.

For more information on bankruptcy services, contact a professional near you.