We live in a time where personal finance can be rocky and with an economy that is still struggling to recover and a housing crisis that left many people without the homes that they worked so hard to build. Because of this, personal bankruptcies have hit an all time high and if you feel that this is your one option to get a fresh start, you will need to seek the services of a bankruptcy lawyer in Salisbury. With the services of a highly qualified bankruptcy lawyer in Salisbury, you can once again look towards the future with hope.
What You Need to Understand About Bankruptcy
It is important that you understand that bankruptcy will not dissolve all the debts that you have and that you will need to take on some level of responsibility for this debt. That being said, bankruptcy can certainly be a fresh start and let you build up your life again. It is also important that you know that not everyone will qualify for bankruptcy. So, in order to see if you qualify, you will need to get in contact with a local bankruptcy attorney and meet with them.
Meeting with a Bankruptcy Attorney
Typically one of the first things that you will do when meeting with a bankruptcy attorney is fill out a worksheet listing all of your assets and your debts. You will also need to list out your creditors and the amount of money you owe to them. This will give them a good idea about your current financial situation. This information will also show them what type of bankruptcy protection that you will qualify for and in what way you should proceed. Since there are two main types of personal bankruptcy options, Chapter 7 and Chapter 13, your attorney will need to decide which is best for you.
What Type of Outcome to Expect
Depending on the type of bankruptcy you decide to file, you can see different outcomes. With a Chapter 7 bankruptcy, also known as a liquidation, it is a sell-off of all of your available assets and a total discharge of all of your outstanding debts. It is possible that you can keep some of your assets, but that is determined by the court. With a Chapter 13 bankruptcy, you agree to still pay off your debts, but generally at a rate that is much lower. However, you will need to do this in a set period of time, typically about 5 years.
You cannot declare a bankruptcy on your own, so you will need to make sure that you have a good attorney on your side. This could be the push you need to get back on your feet, but you will need help to get through the confusing process.
