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Thinking About Filing for Bankruptcy?
Faced with a stack of overdue notices and relentless creditor demands, you may be contemplating whether bankruptcy is the appropriate solution for your financial challenges. Explore the following options to assess if bankruptcy aligns with your financial goals.
What Bankruptcy Options Suit You?
The suitable bankruptcy chapter depends on your debt type, assets, and post-filing goals.
Chapter 7 Bankruptcy
Chapter 7 clears unsecured debts like credit cards and medical bills, but asset liquidation may be required. This option leaves you mostly debt-free but leaves you without assets.
Chapter 13 Bankruptcy
Chapter 13 helps you keep your assets by restructuring debt and paying creditors partially over a few years. Chapter 13 is ideal for those wanting to keep assets while repaying creditors.
Given the complexity of both options, consulting an experienced bankruptcy lawyer is essential. A bankruptcy lawyer can assess your financial situation and align the bankruptcy chapter that suits your financial plans.
How Long Does Bankruptcy Take?
The duration of a bankruptcy filing depends on the bankruptcy chapter, your financial situation, and your debts. Time spent mostly involves gathering documentation and organizing debts, income, and assets. Consult a bankruptcy lawyer for a more accurate timeline estimate.
Cost of Hiring a Bankruptcy Lawyer
On average, fees range from $1500 to $4000, and are contingent on factors like bankruptcy chapter, location, case complexity, filing fees, and attorney experience. A consultation with a bankruptcy lawyer will help to determine costs, potential payment plans, and case intricacies.