However, there are numerous aspects of bankruptcy that you must consider before deciding to declare bankruptcy. You could easily wind up in a situation much worse than the one you're currently in if you proceed. Especially as a result of the comprehensive changes to the bankruptcy laws, the current state of affairs is very different from that of just a few years ago.
Did you know that there are numerous bankruptcy filing options or chapters? Yes, and the chapter you file will determine how your obligations are handled and which of your assets must be liquidated to pay off a portion of your debt. Filing the incorrect chapter can cause you to lose significantly more than you should, both financially and in terms of assets.
Did you know that certain types of debt cannot be discharged through any form of bankruptcy? If the majority of your financial obligations consist of specific types of debt, declaring bankruptcy will do nothing to assist you out of your financial situation.
Did you know that the federal bankruptcy court must authorize your bankruptcy filing? Since everyone has different types of income and sources of income, as well as various types of debt, each case is evaluated on an individual basis, and there is no ""cookie-cutter"" approach. Even if YOU believe bankruptcy is your best option, there is a possibility the judge will disagree, and you will be unable to file.
Did you realize that bankruptcy is not your only option? No, I'm not referring to taking out yet another loan, which only serves to pay Paul with money borrowed from Peter in the long run. You have several options that can be as effective as bankruptcy in providing you with financial breathing room, WITHOUT the long-term negative consequences of filing for bankruptcy.
If you learned something about bankruptcy from the preceding """"did you know"""" sections, you are a prime candidate for a bankruptcy evaluation so that someone can examine your situation and make intelligent and informed recommendations as to which direction you should go, along with an explanation of why that recommendation is your best course of action. Filing without an evaluation is like attempting to hit a target in complete darkness - it will take a minor miracle and a stroke of luck to hit the mark.
Studies indicate that the majority of people who have successfully filed for bankruptcy with a result they can live with did so with the assistance of a qualified attorney. A counsel is familiar with both federal law and the laws of your state, and can advise you on the best course of action. Almost always, the fees you would pay an attorney are more than offset by the time, money, and assets you will save once the process is completed.""
" - https://www.affordablecebu.com/
