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Questions You Should Ask an Attorney When Ready to File Bankruptcy

Posted By Allmand Law Firm, PLLC || 27-Sep-2013

Questions You Should Ask An Attorney When Ready To File Bankruptcy

If you are thinking about contacting a Fort Worth bankruptcy attorney, you probably have concerns about what to ask. You may be considering bankruptcy if you have been struggling to make payments on debt obligations. Talking with a qualified attorney can be a significant step toward gaining financial control, but at the same time, you want to make the best of your time by getting valuable information to make an informed decision.

The following questions are commonly asked by debtors considering bankruptcy. They may help you in forming your own list to present when you're ready to contact an attorney.

  • What types of debt does bankruptcy eliminate? Unsecured debts such as credit card debt and medical debt can be wiped out or discharged in either bankruptcy chapter.

  • Which chapter is best for me to file? This may depend on how you meet qualifications. Chapter 7 bankruptcy is an option for those with limited income and assets. Chapter 13 bankruptcy is a repayment plan that can last from 3 to 5 years. Debtors make payments based on their income.

  • Can filing get creditors to stop contacting me? Yes. When you file bankruptcy an action known as the automatic stay goes into effect. When creditors are notified of your filing they are supposed to cease all collection activity including harassing phone calls, mail correspondences, and garnishments.

  • Can bankruptcy help me organize my debts? You may be able eliminate or wipe out eligible debt or have it restructured (Chapter 13) that can allow you to make payments more efficiently.

Reference: http://www.totalbankruptcy.com/overview/faq/questions-to-ask-filing-bankruptcy.aspx

Categories: Bankruptcy
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