There are plenty of misconceptions relating to the process of filing bankruptcy. You may feel that filing through the online form is an easy process that you should be able to do, without the help of an attorney. While you are allowed to do that, it is not recommended, for many reasons. You should be aware that each step you take, might lead to big problems, if you are not thorough. If you don’t know bankruptcy code and related laws, you should not risk your financial well being, by filing on your own. Because you never know how your mistakes can have an impact on your case, you are better off consulting an attorney before filing for bankruptcy.
Are you even eligible?
That’s the first question you need to ask yourself. Not everybody is qualified to have their debts discharged under the bankruptcy code. What is more, all your debts may not be discharged. There are reasons why filing for bankruptcy makes sense. Then again, you have to remember that this is not meant to be a quick fix or an easy way out of your debts. You have to prove that you are too constrained financially, to be able to repay your debts. Your Chapter 11 bankruptcy attorney should be able to tell you if you are eligible.
Can you manage your assets?
Depending on the outcome of the case, you might be allowed to repay your debts partially. You might have to restructure your finances. You would have to sell some property, or take out a new loan to repay the outstanding loans. If you are not financially acute you might end up repeating your mistakes. You would also be unable to prove in court that you are capable of repaying the loans that need to be paid, and you can manage your finances. That is why you need an attorney to represent you, one who will work with you to create a viable plan to clear your debts, as instructed by the court. A Chapter 13 bankruptcy lawyer Maryland would also be of help, should your business be in difficulty over debts.
Are you even eligible?
That’s the first question you need to ask yourself. Not everybody is qualified to have their debts discharged under the bankruptcy code. What is more, all your debts may not be discharged. There are reasons why filing for bankruptcy makes sense. Then again, you have to remember that this is not meant to be a quick fix or an easy way out of your debts. You have to prove that you are too constrained financially, to be able to repay your debts. Your Chapter 11 bankruptcy attorney should be able to tell you if you are eligible.
Can you manage your assets?
Depending on the outcome of the case, you might be allowed to repay your debts partially. You might have to restructure your finances. You would have to sell some property, or take out a new loan to repay the outstanding loans. If you are not financially acute you might end up repeating your mistakes. You would also be unable to prove in court that you are capable of repaying the loans that need to be paid, and you can manage your finances. That is why you need an attorney to represent you, one who will work with you to create a viable plan to clear your debts, as instructed by the court. A Chapter 13 bankruptcy lawyer Maryland would also be of help, should your business be in difficulty over debts.
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