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Things To Consider Before Filing for Bankruptcy

Things To Consider Before Filing for Bankruptcy

: Richard West Law Office

considerationsBankruptcy is something that a lot of people don’t want to even think about. Having to do so means they are in great financial difficulty. At the same time it gives them some sense of relief knowing that it may be there for them as a last resource. The biggest factor to keep in mind is that it is not an easy process, and you will want to use a qualified bankruptcy attorney in Cincinnati if you come to the decision this is the best option for resolving your debt issues.

You need to know there are two types of bankruptcy that can be filed, and which one you are allowed to file under will depend on eligibility. For this and many other reasons, filing for bankruptcy should  be done under the care and guidance of your attorney.

Chapter 7 is often called the fresh start bankruptcy because it deals with the majority if not all of your unsecured debts. These are normally the types that have caused your debt to soar in the first place. These are items such as credit card debt, and perhaps medical bills. Sometimes the chapter 13 bankruptcy is called a wage earner’s plan, because it deals with bankruptcy differently. In this case you will have to pay your debt but you won’t lose all your assets.

Going through a bankruptcy is stressful, but at least when you have a bankruptcy attorney on your side you have some support. Being in debt is stressful as well and chances are you are facing this alone with no support.