When to Consider Bankruptcy
The main factor that signals whether or not to consider bankruptcy is insurmountable debt. No matter how people try, when they cannot get out from under debt and their situation keeps worsening, bankruptcy may be the right financial remedy.
Signs that bankruptcy may be the answer
Chapter 7 bankruptcy attorneys in Jacksonville can help people liquidate assets and pay off debts to get a fresh start. Chapter 7 bankruptcy resolves debt rather quickly within a matter of months. Chapter 13 is another bankruptcy option that allows debtors to consolidate debts into a repayment plan where they pay the trustee a monthly amount that goes to creditors. Repayment plans last for a period of three to five years. If experiencing any of the following, consult with an attorney to discuss bankruptcy:
- Job loss
- Chronic illness and medical debt
- Creditors calling or taking legal action
A bankruptcy lawyer’s job is to help people in debt figure out the best way to deal with their financial stress. Depending on the type of debt, available income sources and the individual’s assets, the individual may find that other alternatives to bankruptcy offer a better solution. Attorneys can often negotiate loan modifications with lenders, even when debtors were unable to do so themselves. The important thing to understand is that consulting a lawyer can lead to taking effective action. Filing for bankruptcy without a lawyer can be a huge mistake. The U.S. Courts explain that filing bankruptcy incorrectly can result in case dismissal and individuals can lose protections or their right to file another bankruptcy case.
Rely on experienced bankruptcy lawyers
At the Bankruptcy Law Firm of Lansing J. Roy, bankruptcy is all we do. We focus our entire practice on bankruptcy cases and offer affordable and effective legal help. We serve clients throughout Northeast Florida and offer a free consultation to review your financial situation and discuss options.