Bankruptcy is a complex legal process that can discharge you from debt. Sometimes, bankruptcy is not your fault. It can come as a result of job loss which creates big expenses you cannot pay. Debtors commonly choose this route when they do not foresee other options. If you are considering bankruptcy,one of the first things you should do is find a bankruptcy attorney in Carbondale IL. Attorneys can help you navigate this complicated process. Before you hire an attorney, you should learn about the process of bankruptcy.
Types of Bankruptcy
A common type of bankruptcy is Chapter 7. Chapter 7 essentially erases your responsibility to pay creditors. However, not all debtors will qualify for it. Your disposable income has to meet your state’s guidelines for a household your size. You are likewise required to liquidate some assets which are sold by a trustee to pay creditors. Chapter 13 bankruptcy is known as reconstruction. Debtors with enough disposable income to pay creditors qualify for Chapter 13. The courts will set up a revised payment plan according to your income. It is ideal if you desire to pay your creditors without losing assets. Al debtors filing bankruptcy are required to take credit counseling under new laws. You can only take these courses through a government approved agency.
Hiring a bankruptcy attorney in Carbondale IL
There are many ways you can get referrals for attorneys. The best ways to find an attorney are through your local lawyer directory and word of mouth. However, never just settle for the first name. You will need to interview several lawyers. Many lawyers are happy to offer a free consultation. Since you will be visiting with them often, your attorney should make you feel comfortable. Find out how they bill fees. Some attorneys charge by the hour and others accept a lump sum for their work. Ask how many personal bankruptcy cases they handle each month. This is because personal bankruptcy is different than corporate bankruptcy.
Do not make the mistake of many debtors and avoid hiring an attorney because you fear the cost. It is better paying someone who knows what they are doing than risk having your case dismissed. You need a strong support system to guide you through.
