What questions to ask when considering Bankruptcy?

Posted by on Jul 22, 2012 in Uncategorized | 0 comments

Deciding whether or not to file for bankruptcy can be a difficult decision to make. A bankruptcy attorney can help with advice and provide all the answers you need about debt relief services; however, bankruptcy help is only useful when you know what to ask. The following questions can help you get the best advice possible and help you through this difficult time.


1. What type of bankruptcy best suits my situation?


There are two common types of bankruptcy: Chapter 7 and Chapter 13. Typically, if you have a few assets and a limited income, Chapter 7 is the better option. Chapter 13 is normally used by those with a steady income. If you are unsure about which applies to you, debt relief services can best advice you.


2. How will filing for bankruptcy help with my debts?


Once you know which type of bankruptcy you should file for, you need to know how this will impact your situation. For example, Chapter 7 bankruptcy may be able to reduce or eliminate your unsecured debts. Chapter 13 bankruptcy, in contrast, helps you to reorganize debts and can prevent home foreclosure.


3. Will filing for bankruptcy remove my problems with creditors?


This is one of the most important features you should be looking to gain through bankruptcy help. Filing for bankruptcy should stop creditors from taking any action against you including, in some cases, phone calls and letters.


4. Can filing for bankruptcy help with my medical or credit card debt?


Both Chapter 7 and Chapter 13 bankruptcy can include medical and credit card debt under the category of unsecured debt.


5. What are my other options?


Filing for bankruptcy is a form of debt relief that takes place in a federal court, but for some people this does not best suit their needs. Other debt relief services may be able to provide you with the help you need, or you may be able to negotiate debt with creditors on your own.

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