If you are considering filing for bankruptcy, it is important to understand your state and federal laws. If you have been struggling with debt payments for a long time now, then the chances are that this may be the best option available to you right now. If you want more information on personal bankruptcy options, speak with an attorney as soon as possible.
The bankruptcy process is complex and should not be undertaken by someone without the necessary knowledge and experience to deal with it effectively. For example, Roemerman Law is a very reliable place that can offer the help you need.
How Long Is The Procedure?
If you are wondering how long the whole procedure usually takes, then know that this depends on various factors such as your income levels, debt amount etc. It may take anywhere from 90 days to five years.
It would be best to remember that bankruptcy can affect your credit ratings for at least the next ten years. However, if you file under Chapter 13 of the US Bankruptcy Code, it may be possible to protect some assets from liquidation and receive more time on payments. In addition, if your income levels are low enough after filing for bankruptcy, then chances are that you will be able to get your case dismissed.
Now, you may be wondering if it is better to file for bankruptcy rather than sell some of your assets yourself. Well, this largely depends on the value of the investment and where exactly it is located. If similar units are available in the market at a lower price, then selling an asset yourself may be the better option. Of course, you can always sell your property at a lower price when other similar units are available in the market for sale, but you will not get such an advantage if you want to sell it privately.
It is also important that you check with all of your creditors before filing for bankruptcy and make sure that they have been notified. This ensures smooth flow throughout the process without unnecessary delays or legal issues cropping up later on because of a lack of information about your intentions regarding bankruptcy proceedings. If possible, try selling some assets yourself even before filing for personal bankruptcy to avoid paying more money towards attorney fees. If their debt has exceeded $600, they cannot file under Chapter 13.
The Bottom Line
In conclusion, bankruptcy is an important decision that should be taken only if you are sure about it. It can help relieve yourself of a lot of financial stress and give your life back on track again, but only when the time is right for this kind of action.