When Do I Need a Bankruptcy Attorney
Today's economy is hard for millions of Americans and many others around the world. The rise in bankruptcies is a good indicator of the hard financial times of today. There are many reasons that someone may wonder "when do I need a bankruptcy attorney?" For whatever reason, there are thousands of qualified and experienced attorneys who can help you through the bankruptcy process.
More Debt than Income
The main reason that people need to retain a bankruptcy attorney is simply because they have more debt to pay out than they have money coming in. This is true of consumer and business bankruptcies alike. Many feel that the ability to have their debts discharged is the only option available to them. Thousands of consumers have filed over the past few years due to overspending. Between credit cards and other debts, these consumers simply got buried in a mountain of bills that they could no longer afford to pay. If you have more debt than you have income then it may be time to think about speaking with a qualified and experienced bankruptcy attorney who can better inform you of your options.
Job Loss
Many wondering "when do I need a bankruptcy attorney" are doing so because they have been laid off from a job and their unemployment is too low to support them or will soon be running out. Going from a full time income to little or no income at all is very difficult and has put many consumers into bankruptcies over the past couple of years. Job loss can also be the result of an unforeseen medical condition that causes instant and prolonged disability. While government disability is available, this can take up to three or more years to begin paying. During this waiting time many consumers may find that they simply cannot keep up with their monthly debt responsibilities. If you do not have adequate insurance coverage and have accumulated several high medical bills then you may need to speak with a bankruptcy attorney.
Choosing the Right Attorney
There are very valid reasons that you may need a bankruptcy attorney but whatever the reason, choosing wisely is crucial. There are major differences between various types of bankruptcies. A Chapter 7 for instance will completely eliminate and discharge debt but if you own a home then you could potentially lose this home during a Chapter 7 filing. A Chapter 13 bankruptcy is a good choice but only for those who can readily make the monthly payment requirements. Understanding the bankruptcy process as well as which specific bankruptcy chapter is best for your needs is very important. This is why a qualified, experienced bankruptcy attorney is essential. If you have asked yourself "when do I need a bankruptcy attorney" then you may already need one. Look around in your local area and check out some online resources for more information on finding and retaining a qualified attorney who can help you to determine if bankruptcy is the right choice for your needs.