What You Need to Know About Filing for Bankruptcy

If you find yourself in debt, you know it’s exhausting. If you’re thinking about filing for bankruptcy, you’ll want to work with a bankruptcy attorney who can help you take the best steps forward so you can get back on the right financial footing. Here are some things the Jamieson Law Firm wants you to know.

Are there different types of bankruptcy?

Yes. In most cases, individuals will end up filing for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 allows you to liquidate most, if not all, of your debts. However, you might also have to discard nonexempt assets as well. Filing under Chapter 13 allows you to create a payment plan for your creditors. These payment plans require some time to complete (typically between three and five years) and are best suited for people with a regular income.

Will my debt disappear after filing?

It depends. Some of your debts may be dismissed. However, your creditors will be given one last chance to counter your discharged debts. If they win their argument, expect to still be in their debt.

Should I seek out professional guidance?

Absolutely. Filing for bankruptcy is an intricate process. That’s why we highly recommend that you work with a bankruptcy lawyer from day one.

Would you like to meet with a bankruptcy attorney to discuss your situation? Contact the Jamieson Law Firm to see how we can help you.

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