Harrisonburg Bankruptcy Lawyer
You’ve probably heard of bankruptcy, and you may already be searching for the best Harrisonburg bankruptcy lawyer. It’s an overwhelming situation, and it’s easy to search for more shortcuts when you’re already desperate for a way out of a desperate financial situation. But are you fully aware of what bankruptcy entails?
Many people jump for bankruptcy because they see it as a way out of their financial troubles. In many ways this is true – but bankruptcy isn’t always the answer. Fortunately, a qualified bankruptcy lawyer from MartinWren, P.C. can help you decide whether it’s the best option for you, and our brief Q&A can address any questions you may have before reaching out to a legal professional.
What is the Downside to Bankruptcy?
Bankruptcy is an enticing option when your money situation becomes untenable. You need to find a way out, and bankruptcy looks like a ticket to freedom. Unfortunately, there’s a host of problems that can stick around for a long time after you declare bankruptcy.
First (and most obviously) your credit score takes a huge hit. This makes it harder for you to apply for loans, apply for housing, and even apply for jobs. Some types of bankruptcy can stay on your record for up to ten years, leading to a very difficult future for yourself as you try to navigate all the new red tape.
What are the Types of Bankruptcy?
If you read the news, chances are you’ve seen Chapter 11 bankruptcies mentioned. These are typically for corporate restructurings. Other types of bankruptcy are reserved for certain industries, such as fisheries or farms. When it comes to personal bankruptcy, you’ll most likely be caught between two options: Chapter 13 and Chapter 7.
Chapter 7 bankruptcy involves selling off all of your assets. It’s also known as a liquidation bankruptcy, and for good reason. Most of your belongings will be sold off to satisfy your creditors, and while there are some exemptions (such as wedding rings and your primary residence) you’ll have to cope with the loss of a lot of your possessions.
On the other hand, Chapter 13 bankruptcy can help you hold on to a lot of your possessions. When you file Chapter 13 bankruptcy, you’re establishing a firm financial plan that you’ll use to get out from under debt, all while paying off your creditors. It takes a lot longer to work through than Chapter 7, but it doesn’t require liquidating most of your assets.
What Can a Bankruptcy Lawyer Do for Me?
Bankruptcy is a frustrating and overwhelming experience, and nobody wants to be stuck in the kind of financial situation that calls for declaring either Chapter 7 or Chapter 13 bankruptcy. Fortunately, you can count on a qualified bankruptcy lawyer to walk you through the whole process and make the whole nightmare a little bit easier for you.
Bankruptcy isn’t the easy ticket many people think. But with the help of a bankruptcy lawyer from MartinWren, P.C., you can finally get out from under some of that crushing debt. Reach out to us today.