For many people, the idea of having to file for bankruptcy is regrettable. These people typically feel different after the bankruptcy is over, but before they file for bankruptcy and during the process, there can be emotions like frustration, embarrassment and anxiety. Fortunately, the best way to deal with these issues is to seek out the help of a Bankruptcy Attorney in Lancaster County. However, there are many different reasons to hire a bankruptcy attorney and here are a few things to remember.
The first thing a bankruptcy attorney can help you to do is help you to determine whether you actually qualify to file for bankruptcy. Bankruptcy can be a very helpful process, but it should be a last resort option rather than your first choice. If there are alternatives to your financial situation, it’s very likely that a Bankruptcy Attorney at the Law Offices of Going and Plank in Lancaster County is going to be able to help you find a solution rather than going through the time and the expense of filing for bankruptcy.
The second thing a bankruptcy attorney will help you to do is determine what type of bankruptcy is going to be best for you. Contrary to what people believe, there more than one personal bankruptcy process. The first and most widely used is chapter 7. This requires you to liquidate some of your assets, not anything important like your home or your car, but any extra cash that you may have laying around will be used to pay off your creditors. The remaining debt will be discharged by the courts.
The other type of personal bankruptcy is chapter 13. This is basically a court mandated restructuring of debt. This allows you to pay off your debt in a span of 3 to 5 years with court mandated payments being made directly to creditors.
The filing process of bankruptcy and the actual process can be quite complicated as well, so it’s clear to see why hiring a Bankruptcy Attorney in Lancaster County like Law Offices of Going and Plank is a good idea. With everything you’ll have to figure out in terms of if you qualify for bankruptcy and with the lengthy and complicated process of bankruptcy, you don’t want to be without experienced attorneys guiding you every step of the way.
