Facing extreme financial troubles and difficulties is difficult for anyone, but for those who face insurmountable financial debt and troubles, sometimes declaring bankruptcy is the only way to walk away from that debt and burden. There are bankruptcy options for businesses and for individuals as well so it is an option for many different situations.
The two types are known as bankruptcy chapter 13 and chapter 7 bankruptcy. While they can help make the financial burden lighter there are repercussions and there are long-term effects that have to be dealt with. They are not to be used as a get-out-of-jail-free card as the active bankruptcies often require a court hearing and appearance and a ruling from a judge to work out the final terms and details. Having legal counsel to work with you can help make the entire process easier and less stressful to some extent.
They can also help you understand the drawbacks and the advantages of chapter 13 over chapter 7 and can help you determine which option is right for your unique situation and needs. The best bankruptcy attorneys are those who are skilled and experienced with all types of bankruptcies!
If you have gone through some rough financial times after losing your job that have caused you to accumulate massive amounts of debt and while you are in a better position now, you will never be able to climb out of the hole you are in; a bankruptcy attorney in Salem will make sure that you get the second chance you were hoping for anyway. A bankruptcy attorney in Salem will find candidates like yourself ideal for chapter seven because your credit and debt history was good up until your recent unfortunate situation and since you do not have a long history of these issues piling up, they will have a much greater likelihood of getting every ounce of your debt wiped away clean. Because you are normally responsible about paying your bills, a bankruptcy attorney in Salem can give you the chance to meet them again without pulling your hair out.
A bankruptcy attorney in Salem can examine all of your current and past debts in order to come up with a figure regarding what you actually owe in order to be completely debt free. In addition to doing this, a bankruptcy attorney in Salem can have you take the means test in order to get a clearer idea of whether you are eligible for chapter seven based on the relationship between your debt owed, your current regular bills, and what kind of income you make each week. After the preliminaries are out of the way, a bankruptcy attorney in Salem will build your case to take to court.
As the declaration process moves forward, a bankruptcy attorney in salem can make all of those obnoxious creditor calls go away. They can do this by having them forwarded to their office. Once they tell the bill collectors you are declaring bankruptcy, the calls will cease.
Technically, the courts have the power to take anything of value from you in order to cover the costs of your bankruptcy including your house and your car. However, a bankruptcy attorney in Salem can argue against this. Their efforts will help you to come through your situation still owning what is most precious to you.
If you know that under normal circumstances that you never would have wound up in this situation, a lawyer can give you the fresh start you need. Then, you can maintain your bills on your own. This can help you lead a normal life again.