Questions to Ask a Bankruptcy Lawyer
If you’re thinking about filing for bankruptcy, you probably have a million questions. But which are the right ones to ask? And who are the right people to ask? Here are 4 questions to ask a bankruptcy lawyer before deciding.
Fortunately, law firms like ours specialize in helping people understand how bankruptcy works before moving forward. We’ll walk you through what information you need to gather, what will happen when and the way cases normally proceed. You’ll likely still have questions, though, and we have the answers to four of the most common questions to ask a bankruptcy lawyer!
What is Debt Settlement or Debt Resolution?
Based on my situation, should I declare bankruptcy?
You have probably been concerned about your situation for some time, and now you can finally get some answers. In the end, the decision will be completely yours, but an experienced bankruptcy attorney will be able to provide advice. Has your debt situation left you no other choice? Is there another way? Your attorney will help you figure it out.
What are the benefits if I declare bankruptcy?
You are considering bankruptcy for a reason—so you can put your creditors on hold and recover from your financial situation. As soon as you file, you’ll have a chance to breathe after all the struggle and, in the end, you’ll have a fresh start. But it’s a good idea to speak with your bankruptcy lawyer about the specifics of your case, and don’t forget to ask:
What is the downside of declaring bankruptcy?
The downside may not be as bad as you think. The bankruptcy will show on your credit report for either 7 or 10 years depending on which type your file. You may not be able to get loans or credit cards. It may also be hard for you to buy a house or a car. A different question to ask is: will I be better off if I declare bankruptcy? Again, your bankruptcy lawyer can help you figure this out based on the facts in your case.
What is the bankruptcy process, and how involved will my attorney be?
TYPES OF BANKRUPTCY
Chapter 13 Bankruptcy
For High Income and Asset Owners
Chapter 11 Bankruptcy
For Businesses and Corporations
For Struggling Homeowners