There are many people who file for bankruptcies every year. The process of filing for bankruptcy can be very long and intimidating. There are some many things involved like paperwork to file, court dates to attend and creditors to contact. This is on top of the stress of being in that bad financial situation that is forcing you to file for bankruptcy in the first place. This is why is advisable to hire a bankruptcy attorney Springfield to help you with the process. A good bankruptcy attorney knows all the procedures involved and will help you go through them quickly. He may also help you save some money in the long run.
To begin with, the bankruptcy attorney will advice you on which type of bankruptcy to file based on your situation. The most common type of bankruptcy that is filed by many individuals is the chapter 7 type. This type of bankruptcy allows you to eliminate most of your debt as long as you can pass a means test. There is also the option of chapter 13 bankruptcy that you can also take. This type of bankruptcy allows you to pay back a small portion of your debt within a given time frame, usually three to five years. Your attorney will help you determine the better option after a careful review of your financial situation.
There have been some new regulations that have been passed in relation to filing for bankruptcy. These include, The Bankruptcy Abuse Prevention Act of 2005 and the Consumer Protection Act of 2005. These are some of the measures taken to prevent filers from abusing the system, but they have made the process more difficult and confusing for honest filers. The new laws have made filing more expensive and there is more paperwork involved. You, therefore, need a good bankruptcy attorney to help you navigate the process from the beginning to the end without any mistakes so that you can quickly get your fresh start that the bankruptcy is supposed to offer.
Filing for bankruptcy can put your assets at risk. The best way to protect yourself and your assets is to get a good bankruptcy attorney Springfield to handle your case. Your attorney will keep you protected throughout the whole process; and will help determine which of your debts can be discharged and the property you are meant to keep. Some of the properties you can keep usually include vehicles, jewelry and a certain level of equity in your home. Your home is very important, yet it is not always safe during a bankruptcy filing. So, you need to have a good bankruptcy attorney to find ways of ensuring that you get to keep your house in the end.
If you are looking into filing bankruptcy you should seriously consider all of the options available. For a highly qualified bankruptcy attorney Springfield, visit Naatzlaw.com.