If you’re struggling financially and are uncertain whether you can pay your debts, you may be considering filing for bankruptcy. However, despite what many believe, bankruptcy does not magically wipe away all of your debt. Instead, in most cases, some of the debt is forgiven but the rest is restructured so that you can make lower monthly payments. Different types of bankruptcy, such as Chapter 7 and Chapter 11, differ in a number of key ways. That’s why a visit to a debt relief lawyer is helpful.
Learn About Your Options
If you’re in need of reorganizing your debt via bankruptcy, you’ll need to learn what different options you have. For example, Chapter 12 bankruptcy is reserved for farmers or fishermen only. While it’s similar to Chapter 13, it’s not quite the same, so those who qualify for it would need to know the difference. A debt relief lawyer will explain all of your options and how each one will affect you. This allows you to make an informed decision about your bankruptcy.
Have Representation in Bankruptcy Court
To start the process of bankruptcy, you generally have to file papers with your local bankruptcy court. This paperwork can be complicated depending on your situation and your debts, so it’s always helpful to have experts such as Fred Wehrwein, P.C. on your side to help you fill it out and submit it. Once the paperwork is done, you may need legal counsel to advise you throughout the rest of the process.
Determine Your Future
Most people are uncertain how bankruptcy will affect them financially in the years to come. A debt relief lawyer can help you create both short-term and long-term financial plans that will help you pay off any reorganized debt while working to save money and rebuild your finances and your credit. You can also connect them on Facebook.