People who are struggling financially often turn to bankruptcy in order to get a new start. According to the US Courts, nearly 13,000,000 people filed bankruptcy during the 12 year period 2005-2017. Many people struggling to pay bills will consider bankruptcy as an option.
For millions of people, bankruptcy is the only way to get out of debt. People can file for bankruptcy to get a new start and contribute again to society. People who are unable to pay their bills may withdraw from society, get depressed and stop contributing like they used to. Not having enough money to pay bills can make people feel hopeless. People can restore their hope through bankruptcy. Veterans can get bankruptcy assistance to help them out of their financial rut.
What is Bankruptcy?
Most people know how bankruptcy used to work. You would file and then walk away from the majority of your debt. The process was relatively simple. It was so easy that people would file for bankruptcy again and again, erasing their debt, then starting the collection process all over. After the government changed laws, it became more difficult for people to file bankruptcy.
You can now file for Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two different types. You can choose to give back the things you owe so you don’t have to pay for them. For example, a car. This will immediately lower your monthly payments. You can keep your debts, but you will be able to pay them easier. This arrangement will lower your monthly payments to a level you can afford. The lender cannot take back the item while you are making the payment.
Bankruptcy Assistance for Veterans
The majority of people who declare bankruptcy require the help of an attorney. They can help you navigate the process, answer questions and file for bankruptcy. It can be expensive to hire an attorney.
You still have options if you need an attorney but don’t have enough money to hire one. You should be able to find a state bar in your state and a legal assistance center. The first can help you find any pro bono attorneys (free) near you while the second will give you free legal advice.
It is important to consider other options for debt relief when considering bankruptcy. This organization can help you. Online tools are available to help you determine whether it is the right option for your situation. You will be given additional information.
You can file for bankruptcy by yourself or with minimal help from professionals. Legal Zoom provides affordable online assistance that can help you to evaluate your options, guide you through your case and find a lawyer to assist you.