Over the past several years, the economy has been extremely hard for many people and debts that were committed to in better times have become impossible for many to pay off in the current situation. If this describes you, filing for bankruptcy could be an excellent way for you to regain control over your life. A bankruptcy lawyer in paoli can help guide you through the process.
Many people refer to bankruptcy as “filing Chapter 11”, but a bankruptcy attorney in paoli can show you that that is only one of several available pathways through bankruptcy. Each path is designed for people and businesses in different situations. Chapter 11 is a “reorganization” and is commonly used by businesses so that they can stay open and continue to generate revenue while their debts are restructured. Individuals tend to file Chapter 7 or Chapter 13, depending on their financial condition at the time of filing. If you have a job and so still make a regular income, Chapter 13 bankruptcy could be a good option for you. In this form of bankruptcy, your debts are reduced, restructured, and paid off over several years based on your income, preventing the liquidation of your possessions. If you are currently unemployed, a Chapter 7 liquidation could be best for you. In this path, many of a debtor’s possessions are sold to cover his or her debts, but certain things are protected from sale to prevent the debtor from becoming destitute. An experienced bankruptcy attorney in paoli can help you decide which is best for you and to navigate the bankruptcy process.
Bankruptcy can seem daunting or unpleasant, but it does not have to be. A bankruptcy attorney in Paoli can guide you through it and show you how in the long run it can put you in a better, less stressful position. Just because the economy has put you in a tricky financial position does not mean that you have to stay there. A bankruptcy attorney in Paoli can help you get free of it and back on your feet.