If you are facing a mountain of debt and don’t see how you are going to pay your bills, filing for bankruptcy may be able to provide you with some relief. Bankruptcy is a debt relief solution that can help to reduce the stress and anxiety that comes with facing debt. Filing for bankruptcy is a big decision and is not something that should be entered into lightly. Bankruptcy can have both positive and negative effects. Consider and weigh all your options prior to filing.
There are many circumstances that can lead to filing for bankruptcy. Don’t let shame or worry about what others may think keep you from filing. You might be able to file bankruptcy on your own, but know that bankruptcy laws are incredibly complex. Stricter eligibility requirements than those in previous years have been put in place. It is usually best to retain an experienced bankruptcy attorney to ensure that your rights are protected and you are filing correctly. Many Bankruptcy Attorneys in Staunton, VA provide free initial consultations that allow you to discuss the options for your case without the stress of having to pay a hefty consultation fee. Use free consultations as an opportunity to meet with as many Bankruptcy Attorneys in Staunton, VA that you need in order to feel comfortable. Bankruptcy is a specialized area of the law. Some attorneys focus solely on providing bankruptcy related services only. Consider the attorney’s experience and skill level with bankruptcy filings when making your decision.
The most commonly filed types of consumer bankruptcies are Chapter 7 & Chapter 13. Each chapter has specific requirements that you must meet in order to file. Your attorney will advise you on which chapter is most appropriate for your situation. Generally, Chapter 7 filers have limited high value assets. Filing for Chapter 7 allows eligible filers to eliminate their debt and start anew. In comparison, Chapter 13 bankruptcy acts as a debt reorganization plan. Debt reorganization adjusts debts according to the filers ability to pay. Chapter 13 repayment plans usually last anywhere between three to five years before the debts are paid.