It is not uncommon for individuals and couples to face financial problems. These can be caused my many things. In some cases, the financial issues have been a long time in the making, while in others they come as surprises, such as when someone is injured unexpectedly. Whatever the reasons, if the financial situation is bleak, an individual or couple may have to consider speaking with a chapter 7 bankruptcy law firm about their options when it comes to getting their finances back in order.
What is often stated by a chapter 7 bankruptcy law firm when an individual or couple is consulting with them is that bankruptcy shouldn’t be the first option. In many cases, when an individual or couple hasn’t investigated other avenues, the attorney may be able to suggest different options. In some situations, the lawyer may be able to help the individuals work their way out of debt without the need for filing for bankruptcy.
In situations where an individual or couple has done everything possible to fix their financial situation but these efforts have been less than successful, then filing for bankruptcy is the only option. In these instances, the attorney is obligated to give their potential clients a means test in order to determine what type of bankruptcy can be filed. In most cases, chapter 7 bankruptcy is the preferred method. This is a type of bankruptcy that helps eliminate most or, in some cases, all of a persons existing debt, minus mortgages or tax debt.
This type of bankruptcy usually wipes the slate clean. There are credit repercussions, as a bankruptcy remains on a person’s credit report for up to seven years. This sort of lingering notation can make rebuilding credit a bit more difficult, but not impossible. However, it will take time.
Credit repercussions aside, many people’s most important considerations are their current finances. Most of the time, speaking with a chapter 7 bankruptcy law firm is the only way to get these finances in order. If you’re facing a dire financial landscape and you’re not sure what to do about it, you may want to check out the law services found at Law-margulies.com. This law practice may help you find a solution to your financial problems.
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