When you have amassed a large sum of debt and are now unable to pay your creditors, one available legal option for you is to apply for bankruptcy protection. The process of declaring bankruptcy can protect you from your creditors by canceling your existing debts and liquidating your assets as payment, so you can start afresh.
The dedicated law team from Drew Briney explains how you can take advantage of bankruptcy protection. Read on to learn more.
Declaring Bankruptcy
It is important to note that declaring bankruptcy is a personal decision on your part. While it stops debt collectors from aggressively trying to collect the money you owe them, it does not free you from the consequences of your actions.
When it comes to bankruptcy protection laws, there are a couple of choices that are available to you. They are Chapter 7 and Chapter 13. The former forgives most debts owed, while the latter lowers some debt like those owed from credit cards through a court sanctioned restructuring plan.
Unless you are an expert on bankruptcy and its consequences on your personal and financial reputation, you will need the services of a bankruptcy attorney.
Legal Protection
This is the most basic and most important reason to get a bankruptcy lawyer. Bankruptcy is a complicated process and there are court dates, appearances, and important documents to be filed. The lawyer can help you with all of these to make sure you are afforded full protection from your creditors. Moreover, dealing with the specter of bankruptcy is hard enough, which is why you need a lawyer to do all the work for you.
Protection from Mistakes
There are a couple of bankruptcy protection laws that you can take advantage of. It is important to file the right one that fits your financial situation. The attorney can guide you by doing a personal assessment of your liabilities and remaining assets to make sure you file the right protection you need.
