Bankruptcy is the last thing anyone wants because it stays on your credit history for many years and can effect many other aspects of your life, such as buying a new car or home once your finances are in order again. However, sometimes it’s unavoidable. If you’ve lost your job, for instance, you may get too far behind in paying off your debts and may be unable to avoid filing for bankruptcy. When you do have to file it’s best to speak with a lawyer for help figuring out if Chapter 7 Bankruptcy in Greenbelt may be right for you or if you should file for a different type of bankruptcy.
Chapter 7 bankruptcy is for individuals, not for businesses, so it cannot be used if you are in debt because of a business venture. Also, it is generally used when the individual cannot file for Chapter 13 bankruptcy. It is a way to clear your debts and get a fresh start, but it can be detrimental to your credit for 7 years or more so it’s important that you speak to a lawyer before making the final decision on if you should apply for Chapter 7 bankruptcy.
Before speaking with a lawyer make sure that you get everything you need. You will need to have copies of statements for all of your debts whether they’re current or in default at the moment. If you don’t have this information available you can call the person who issued the credit and they should be able to mail or fax a statement to you. You will also need to have the paperwork for any assets that you own such as a car or home. Proof of income and all bank statements are also necessary because the lawyer will need to see how likely you are going to be able to pay down your debts.
Bankruptcy may be the last thing you want to do, but if you’re too far in debt and are having a hard time covering your bills you may want to speak with a lawyer who handles Chapter 7 Bankruptcy in Greenbelt, such as Laura Margulies and Associates, LLC. By speaking with a lawyer you can find out if chapter 7 bankruptcy is right for you and they can help you through the process to make sure the end result is what you are looking for.