Bankruptcy is never an easy decision.
It comes after many weeks, sometimes months, of deliberation. It involves financial planning that can span back years, all in the hopes of finding another way out. When you have no other choice than to start over from scratch, a bankruptcy attorney can help you through the process. It’s best to have a professional eye on the matter, as you never know what useful details could be just beneath the surface. Even better, you’ll be primed to move forward with confidence instead of doubt.
Before you reach out to a low cost bankruptcy attorney, learn more about the state of bankruptcy today and how it affects millions.
Most Common Reasons For Bankruptcy Today
You likely know someone who has filed for bankruptcy. This is a common story in the American landscape today, due in no small part to rampant debt and shrinking options. Bankruptcies resulting from unpaid medical bills, for starters, affected around two million Americans throughout 2013. Student loan debt, credit card debt, and homeowner debt is also extremely common. While business debt remains the least common form, it still affects thousands each year.
The Future Of Bankruptcy In America
Bankruptcy law firms have their work cut out for them. The year 2013 alone saw a staggering 330,000 Chapter 13 bankruptcies filed, right alongside 9,000 Chapter 11 bankruptcies. Every day people reach out to bankruptcy attorneys and ask for their options concerning mounting debt. If you’re considering talking to a lawyer it’s more than likely you don’t have many options left. What matters now is figuring out the best form of bankruptcy moving forward.
Different Types Of Bankruptcy Filings
Each state will have its own laws concerning bankruptcy. An attorney will make sure you’re caught up on the most relevant details concerning your case. The state of Texas, for example, often costs less than $500 for a Chapter 13 filing. A Chapter 7 bankruptcy will generally take six months to complete, irregardless of your business size or industry. This will also stay on your credit report for a decade after it’s arranged.
Additional Methods To Find Debt Relief
You can always ask a low cost bankrupty attorney about additional methods of debt relief. They can provide you with resources to potentially consolidate your debt and approach it another way. They can also redirect you to debt counselors that can help you avoid these situations in the future. While your options feel like they’re shrinking, you still have a few choices to go through. The goal, after all, is to get you to a better place to move forward.
Filing For Bankruptcy With An Attorney
It’s not easy admitting you have to call it quits and start over. You’ve invested years into your business and had high hopes for your investment. It’s better to get this step over with so you can finally start moving forward again. A bankruptcy attorney will sit down and hash out all the details involving your business, from your assets to your projected earnings. They can help you talk with anyone else involved, including business partners and other companies, to make sure everyone is on the same page.
Bankruptcy isn’t forever. Slowly, but surely, you’ll be put in a better spot to finally proceed with confidence.