When it comes to filing for bankruptcy, there is more than one option. Many people are not aware of the differences in the two bankruptcy options so it is important they seek help from the bankruptcy lawyers so they can better understand what they need to do to file. Getting legal assistance from the lawyer will make a big difference in how the process proceeds.
Why Seek Legal Help?
A person has the right to file bankruptcy without the aid of a lawyer, but this is not an easy process and is often frowned upon by judges. The average person is rather ignorant of the law and does not understand the steps involved in filing for bankruptcy. Without a full understanding of the law and the steps, a person can make small mistakes that end up causing delays or even causing them to have their case denied.
Working with a lawyer takes away much of the stress involved in the process. The lawyer takes over filling out the paperwork and helps their client make important decisions. Going through a bankruptcy hearing without the help of a lawyer can be extremely stressful.
Types of Bankruptcy
When a person meets with their lawyer, they will discover information on the two types of bankruptcy that are available to them. The following offers some basic information on the two types so individuals will know what they can expect when they begin to go through the process.
- Chapter 7 is the fastest option for bankruptcy and it involves a person surrendering some of their assets to pay off the debts they owe. Many types of property and assets are exempt so a person may simply have their debts absolved.
- Chapter 13 is the option for those who make too much income and are in debt to their home. This type of bankruptcy can stop the foreclosure process and give a person time to pay off the debts they owe.
Do not try to go through the process of filing for bankruptcy alone. Get the legal help you need right away by calling the attorney’s office. They will be happy to answer any questions you might have.