Making the decision to pursue bankruptcy protection can be a monumental decision in your life. However, it can be difficult to effectively determine whether or not this particular type of protection can be right for your situation. Dispelling some of the notions and myths that surround bankruptcy can be essential in enabling you to come to the decision to seek this protection.
Myth: Bankruptcy Only Involves Completing A Basic Set Of Forms
It is often assumed that filing for bankruptcy will entail little more than completing a set of forms. However, this is far from the case, as there are likely to be a series of important negotiations, court proceedings and other steps in the process. Furthermore, there are many different types of bankruptcy protection, and it can be difficult to know which one will be right for you. By hiring a bankruptcy attorney from a place like Todaro David M Co LPA, you should find that you will have the guidance and support you need to successfully navigate the complex legal proceedings that will surround this type of protection.
Myth: All Debt Will Be Forgiven Through Bankruptcy
While bankruptcy can be essential for allowing individuals to have much of their crushing debt eliminated, there are some types of debt that can be extremely difficult or impossible to have discharged through bankruptcy. Examples of these debts will be student loans and backed taxes. Additionally, debts that are secured by collateral can be difficult to discharge without losing the collateral that secured the debt. At the start of this process, you will need to meet with your attorney to discuss the debts that you have so that you will know the amount of relief that you can expect from filing for this protection.
Myth: It Will Be Impossible To Pay For A Bankruptcy Attorney
It should not be surprising that those considering filing for bankruptcy will likely have very limited financial resources available. This can lead to them assuming that they will be unable to afford the type of legal representation that can be called for by these proceedings. Luckily, there are attorneys that will work out payment plans with their clients to make it easier to afford these fees. Furthermore, some attorneys will also be willing to be listed as a creditor on the bankruptcy applicant, which can allow them to recover their fees at the end of the filing. Due to these reasons, individuals should always retain legal counsel before starting these proceedings to ensure they have the best chances of getting the results they need from these proceedings.Share
18 April 2018
Too many single people assume they don't need to plan their estate. My brother fell into this category, and his unexpected passing left our entire family struggling to deal with his home, belongings, and financial accounts. It took nearly three years for the courts to set up a deal because he left no paperwork detailing how he wanted his estate divided. The situation immediately convinced me to work on my own estate, even though I'm still in my early 30's and don't have children or a spouse to worry about. Since it's a little harder to pick beneficiaries and estate managers when you're single, I collected the resources I used for making my own decisions and decided to publish them here on my blog. Use these resources before talking to an estate planning attorney so you're prepared for making hard decisions.