Just because you have a debt situation doesn’t mean you have to think of bankruptcy immediately. There are options to negotiate things with your creditors. However, when bankruptcy is on the horizon, you must consult an attorney. People are often concerned about the social stigma related to the decision but often forget that bankruptcy is also legally complicated and time-consuming. It is wise to seek help from an expert to know the options better. When you meet a Charleston, WV bankruptcy attorney, here are some questions to ask.
“What can you tell me about my situation?”
Credit counseling is a key aspect of filing for bankruptcy. Almost 65% of all bankruptcy cases are Chapter 7 filings, but it doesn’t mean that everyone qualifies for it. Chapter 13 is more of a debt repayment plan and can help some individuals retain their assets. In short, each person’s circumstances are unique in many ways. Do not make a decision until you are sure of the consequences and how bankruptcy will impact your life and finances ahead. An attorney can charge an overview of the situation and facts related to West Virginia state laws.
“What will you do for me?”
The role of a bankruptcy lawyer is often unstated. They are responsible for many things – educating the client, explaining the options and consequences, dealing with creditors, and avoiding common mistakes. The bankruptcy process can take a few months, and if you file for Chapter 13, you need a plan that will extend up to five years. Ask the lawyer about the kind of support they can provide for you.
“What are my legal options?”
You should ask the attorney about your legal options. For instance, to qualify for Chapter 7, your income should be less than the state median income. Similarly, you could be able to retain your home, provided you were paying for the mortgage on time, and can continue to do so. A lawyer’s job is to protect your assets and provide you with the support you need. Also, they can help you evaluate the pros and cons of your decision. For instance, many people believe that they can erase all their debts through Chapter 7 filing, which is not entirely true. Your lawyer should share a realistic overview of the possible outcomes.
Once you have an attorney, they will take care of the bankruptcy process and ensure that you don’t have as much stress to deal with.
