Bankruptcy can be an invaluable tool for those that have found themselves in an untenable financial situation. However, this process can be rather complicated, and it is important for you to have as much information as possible so that you understand what to expect from this type of legal proceeding.
Will You Ever Be Able To Rebuild Your Credit Following A Bankruptcy Filing?
There is a common notion among some individuals that it will essentially be impossible for them to rebuild their credit history following a bankruptcy filing. However, you should be aware that this is not actually the case as items on your credit history will be removed according to a set schedule. Additionally, the more recent portion of your credit history will be considered more heavily when evaluating you.
How Long Will The Bankruptcy Process Take?
Many individuals may feel an intense pressure to have these filings completed as quickly as possible. This should not be surprising given that creditors may be threatening aggressive action against you. Unfortunately, bankruptcy proceedings can be rather lengthy as it will be necessary to contact each creditor that you owe. Additionally, the bankruptcy courts can often have long delays before hearings can be scheduled. Luckily, it is possible for your attorney to file an injunction with the court that will stop all collection action against you while the case works its way through the legal system.
Is There Help For Those Lacking The Money To Pay For A Bankruptcy Attorney?
Those that are considering filing for bankruptcy may be concerned about the need to hire an attorney. If you are worried about having to scrape together the money to pay these professionals, there are numerous bankruptcy attorneys that are willing to work with clients that are facing financial hardship. This may often be done by listing the attorney as a creditor for the bankruptcy filing, accepting a reduced rate for representation or creating a convenient payment plan. By consulting with several bankruptcy lawyers, it will be possible for you to find one that is willing to work with your particular limitations.
When you are facing severe financial problems, it is important to consider the benefits of filing for bankruptcy protection. By understanding that it will still be possible to rebuild your credit following this filing, that it can take many months to resolve the matter and that some attorneys will work with financially strapped clients, it will be easier for you to make wise choices when it comes to your financial and legal needs.
For more information, contact a professional in your area or visit a website like http://shoedartlaw.com/.
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