You’ll find a dozen or more details to consider when thinking about declaring bankruptcy, but the most important step involves getting in touch with a bankruptcy attorney who has experience in this sector of the legal profession. Any procedure taking your personal affairs through a court process will be complex and the resolution of a bankruptcy file is certainly no different.
Put “attorney” on your to-do list and talk with this legal professional at your first opportunity. They will be able to answer your questions, explain the steps ahead of you, and guide you through what can be a maze for the non-professional. Once you have decided to talk with a bankruptcy attorney, you may want to take some time to learn a bit about the different types of bankruptcy proceedings that apply to individuals.
If you decide to start a bankruptcy file, you will be directed to either chapter 7 or chapter 13. The first basically eliminates most of your debt, with some exceptions. The second results in a plan to repay all or some debts and parts of other debts over a period that usually lasts from three to five years. While this is something that may sound quite attractive when you’re in financial difficulty, it isn’t a decision you should make quickly.
Start by contacting a specialist, such as a bankruptcy attorney in Longview, TX. This professional will explain what the process can do for you, especially in temporarily stopping bill collectors and stalling foreclosure until all the issues are resolved. For example, Chapter 13 may help you keep your home. If making mortgage payments is a major problem, be sure to contact us and tell your attorney about this issue. This may be the best path for you, but you will benefit from learning all you can from your attorney and on your own.