If you ever find yourself in a situation in which you have to file for bankruptcy, you will come to realize that the process itself can be long and frustrating. There is a lot of paperwork to file, you are required to contact creditors and you will also be needed to attend court several times. This can be very stressing especially bearing in mind that you will be feeling the stress of ending up in such a financial mess. For you to successfully file for bankruptcy and avoid more stress, you need to find yourself a good bankruptcy lawyer in Springfield to handle your case. Your bankruptcy lawyer will help you through the whole process of filing for bankruptcy so that everything sails smoothly.
There are different types of bankruptcies that you can file, and they have different outcomes. Your bankruptcy lawyer will advise you accordingly on which type to file depending on your situation. The most common type that many people file is the chapter 7 bankruptcy. With this type of bankruptcy, most of your debt will be eliminated as long as you can pass a means test. Another type of bankruptcy is Chapter 13. Under this one, you will be allowed to pay back a small portion of your debt over a period of time, like 3 to 5 years. With a good attorney, you will be able to go through these options and pick the best for your situation.
Filing for bankruptcy has become even more complicated after the passing of new legislation regarding the same. The new legislation was meant to prevent filers from abusing the system, but it has ended up making the process even more difficult for honest filers. The cost of filing for bankruptcy has also gone up since the new legislation was passed, and there is more paperwork involved. It is, therefore, even more important to have a good bankruptcy lawyer to help you through the whole process so that everything is concluded quickly and you get a favorable outcome.
You should be informed that filing for bankruptcy puts your assets at risk. If you want to protect your assets when filing for bankruptcy, you should get a good bankruptcy lawyer in Springfield. With a good lawyer on your side, your interests will be protected throughout the whole process. A good attorney will determine which of your debts are to be discharged; and which properties you get to keep. You are entitled to keep things like jewelry, vehicles and a certain level of equity in your home. There are many people who lose their homes while filing for bankruptcy. So, it is good to have a bankruptcy lawyer on your side to prevent this from happening.
If you need more information on the different types of bankruptcies, or you need a highly qualified bankruptcy lawyer in Springfield, you should visit Naatzlaw.com.
