Faced with a seemingly never ending pile of debt, you may decide that bankruptcy is the best option left to you – a way to restart your life with a clean slate, financially. While it is possible to file for bankruptcy on your own without retaining the counsel of a Dayton bankruptcy attorney, it is not highly recommended unless you are very familiar yourself with the bankruptcy arena. Bankruptcy is an extremely thorny and complicated process, and bankruptcy attorneys are trained and qualified to guide you through to your best advantage. Before you and your bankruptcy attorney file your Chapter 7 or Chapter 13 bankruptcy, you will have to undergo mandatory credit counseling.
Pre-Filing Credit Counseling
One of the first steps to filing for bankruptcy, whether it’s Chapter 7 or Chapter 13, is mandatory credit counseling. Credit counseling must be undertaken through an accredited company; a list of accredited companies can be found through the courts, and many bankruptcy attorneys maintain such lists as well. Credit counseling is a mandatory step, but it can also be a very useful one; the counseling process is one of education, stressing financial prudence and good money management practices for the future. Counselors can talk with your lenders and in some cases negotiate new terms for paying back loans or restructuring debt.
If filing does become necessary, the fact is that a trained, professional bankruptcy attorney will be best able to negotiate favorable terms and carry the bankruptcy through in the most advantageous way for you, the filer. In nearly all cases, retaining the services of a professional will more than pay for itself in the final terms of the settlement and discharge.