There may come a time in your personal or professional life where your financial situation has deteriorated to the point where you find it necessary to file legal bankruptcy. Though taking this step may not be considered an ideal situation, it could be what you need in order to start fresh and take control of your finances. If you do decide to file legal bankruptcy, you will need to look at the different types to determine which one is best for your situation.
Chapter 7 is generally for people with few assets and who lack the ability to repay debt. If you have filed for Chapter 7 you must wait eight years after you were previously discharged from Chapter 7 bankruptcy to file again.
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Chapter 13 is better suited for those who have more assets and who have the means to follow a repayment plan. If you have a previous discharge from bankruptcy, you have to have had at least two years if it was from chapter 13 and four years for chapter 7.
You can file bankruptcy without a lawyer, though it is recommended for more complicated cases to consult an attorney. It is a legal process, so it may be easier and less stressful to have a lawyer doing the paperwork for it. They will also have the experience to make sure you do everything correctly and help the process run more smoothly. If you continue to be harassed by creditors even after filing, a lawyer can help you understand what steps you can take to prevent it or can contact the creditors on your behalf.
Bankruptcy is a last resort for many and it comes about because of a financial situation that has gone bad. Yet there are certain requirements as part of the bankruptcy that can help you as you try to rebuild your credit and your financial situation. Learning from your experience is important to avoiding having to file legal bankruptcy again in the future.
To maximize the benefits of filing bankruptcy, you need to look at it as starting clean, and having the opportunity to do things differently with regards to your finances. The courses that you are required to take and the budget planning can be beneficial if you put it in your mind to take advantage of the help and of the fresh start.
Many, many people go through this process. The economy has created substantial financial issues for a lot of people who have no other recourse but to file for legal bankruptcy. While the process may be confusing at times and people may feel embarrassed by having to admit they need to file for bankruptcy, it can end up being a positive, freeing decision. How filing legal bankruptcy will affect your life is going to depend on how you choose to look at it and whether you decide to take advantage of a fresh start to do things differently.
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