Did you know that according to a recent Associated Press-AOL Health Poll, perhaps 10 million to 16 million people in the US alone is facing problems due to debt? Such surveys have also pointed out that health of people in debt is also likely to be negatively impacted. You should therefore stay away from debt as far as possible. However, if you already are in huge debt, then there are no ways you can ignore the harassing calls of the creditors and the constant pressure to pay off the loans. Will you be able to pay off the huge debt that have piled up in your name? If not, the only person who can help you get out of this situation is an experienced bankruptcy lawyer.
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Bankruptcy attorneys are professionals who will tell you if there are any ways you can get exempted from the financial distress. They are well-versed in the laws of the state related to bankruptcy. They will be able to tell you the right procedure to file a case in the court of law. In addition to this, they will represent you before the court and fight the litigation on your behalf. Did you know that mainly there are two types of bankruptcies that you can file for - under Chapter 7 and under Chapter 13? An experienced lawyer will be able to determine which of the two chapters you should choose in your situation. Here's a short discussion on the situations, which will determine which of the chapters of Bankruptcy law you should choose:
* A bankruptcy lawyer will calculate your income and assets before deciding whether you can file for bankruptcy under Chapter 7. Remember, you have to pass the "mean test" to be considered eligible for filing under this chapter.
* In the process, a lawyer will calculate -
- Your gross income
- Total assets
* Then s/he will deduct your liabilities and your average expense in the last 6 months period. The values obtained thus are compared and decided whether you will be considered fit to file under Chapter 7 or have to opt for Chapter 13. In Chapter 13 case, you will be given a chance to pay off your debts over a flexible time period and installments.
It is better to let an attorney handle all your financial problems related to insolvency. The best steps to be taken can be effectively judged by a bankruptcy lawyer. Kansas City has a couple of good attorneys whom you can contact for necessary help and consultation if you are thinking of declaring bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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