With the economy yet to fully recover, many people are still facing financial problems. Things can get tight to the point that you have to file for bankruptcy. When this happens, it is advisable to hire the services of a good bankruptcy attorney Northampton to take you through the process. This is because the process is long and you can also get confused. You will have a lot of paperwork to file, court sessions to attend, and you also have to contact your creditors and inform them about the new development. With a good attorney on your side, the process will move smoothly and faster, and you end up avoiding any problems that may be associated with the filing process.
Your bankruptcy attorney will first help you decide on which type of bankruptcy to file. Many people go for chapter 7 bankruptcy, under which most of your debts will be eliminated. For those who want to keep their secured assets, there is the option of chapter 13 bankruptcy. This will allow you to pay back your debt slowly over a period of about three to five years. The terms of payment will form part of the bankruptcy plan; having a good attorney at this stage is crucial to ensure that the plan is suitable to you, and it gets approved by the court. There are cases in which the courts can reject the bankruptcy plan if they feel you will not be able to sustain it.
The introduction of new legislation to regulate the filing of bankruptcies has ended up making the process even more difficult. The intention was to prevent people from abusing the system, but it has made things difficult even for ordinary folk who are honest about their filing. Furthermore, it has driven the costs of filing for bankruptcies even further up. You need a good bankruptcy attorney to take you through this complicated process without missing out on anything. This will also ensure that you have less stress since being in that situation is stressing enough, and it shouldn’t be complicated by an elaborate process.
Bankruptcy puts your assets at risk, and your creditors will push to take possession of these assets to help recover their debts. Having a good bankruptcy attorney Northampton will ensure that all your rights regarding this matter are protected. Your attorney will help determine which of your debts can be discharged and the property that you may keep. The home is one of the most important properties that you own, and you should fight to keep it in any bankruptcy proceedings. Having a good bankruptcy attorney on your side will ensure that you get a bankruptcy plan that allows you to keep your house.