Individual bankruptcy can be very simple or it can be very complex. It depends largely on the complexity of an individualís person finances. Someone who does not have extensive assets will find that chapter 7 and the chapter 7 bankruptcy court proceedings can be very simple. Sometimes to the point of barely realizing you have had to do anything. However as you personal finances get more complicated thereís a good chance you will need to take advantage of the protected offered in a chapter 13 bankruptcy and develops a chapter 13 bankruptcy plan for payment to your creditors of a court determined amount over a period of years. While this can be very favorable to your overall finances, you definitely need professional advice to make this work out well and to your benefit.
So, when you consider that there may be a need to file for bankruptcy, lawyers should be something you are ready to deal with. One way of finding a good bankruptcy lawyer is on the internet. They are many networks of competent bankruptcy attorneys. While they are on the web, they also will have an office close by to you giving you the ability to interact with them personally and very importantly, they will understand your state laws and any local issues that are important.
Individual bankruptcy is an important financial tool and nothing to be ashamed of. The bankruptcy laws were created for exactly the type of situation that you are finding yourself a part of. They are an honorable and ethical way to address large and serious personal debt issues. If your finances are not very complex you will find using the chapter 7 bankruptcy court not nearly as intimidating as you may have thought. Itís set up to process youíre filing quickly and with a minimum of hassle. Chapter 13 is for those with more assets and generally involves a chapter 13 bankruptcy plan but these too are designed to allow you to address your debt in a way that is affordable and leaves you with your assets in tact to start a new financial day.
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