Millions of Americans are turning to bankruptcy to start over and get out of debt. Many of them are people who had good jobs that were lost due to the failing economy. Bankruptcy is sometimes a last resort to debt relief and sometimes it is the only option. There is no shame in filing a bankruptcy. Before you decide about filing bankruptcy for debt relief, it is wise to consult with a lawyer. Bankruptcy Law Firms in St. Petersburg FL can help you determine if this debt relief option is for you and what type of bankruptcy you need to file. The following will cover how a lawyer can help you through the process.
Stop Collection Calls
One of the most annoying things about owing money to a creditor is the calls from the company, and later, the collector when they are charged off and handed over to another company. They can be very persistent and disturb your dinner or family time. You have rights, but somehow in the end you have to handle your creditors. Hiring a lawyer to get the process of bankruptcy started will stop the phone calls and collection letters.
Bankruptcy Type
Your lawyer will help you figure out which form of bankruptcy suited to your situation or if it is an option for you at all. For instance, Chapter 7 is a liquidation and discharge of your debt, while a Chapter 13 is for restructuring your debt to pay it off in three to five years. There are other forms of bankruptcy to consider as well, depending on whether it is for personal or business purposes.
Paperwork and Hearing
Once a chapter of bankruptcy is chosen that meets your needs, you fill out paperwork related to your income, assets, and debt. Your lawyer will help you as needed. After you fill out the paperwork, he or she will file it for you. When your hearing is set to meet with your creditors and the trustee, your lawyer will go with you and finalize the process at your side.
Not all creditors will work with you during a bankruptcy, but bankruptcy law firms in St. Petersburg FL are capable of negotiating with the more challenging creditors. You should not have to handle bankruptcy on your own.
