While it took some time, you finally decided to contact a bankruptcy attorney and consider the idea of filing for personal bankruptcy protection. During that first meeting, you will learn more about the options and which ones you may be able to select. Determining which approach to bankruptcy is best for you involves a combination of knowing what you qualify for and your personal feelings about what to do. A bankruptcy attorney in Belvidere, IL, will gather data and help you explore all of your options
The first has to do with meeting the court’s requirements for any form of personal bankruptcy. One of the first things that the lawyer will do is apply what’s known as a means test. This determines if you qualify for bankruptcy protection at all. In the best-case scenario, the test will reveal that you might be a candidate for all forms of personal bankruptcy.
Your legal counsel will then look closely at the type of debt that you currently hold. This is important since some forms of debt cannot be dismissed with a Chapter 7 bankruptcy. Other debts may be dismissed, but only under a limited number of circumstances. If you have debt that falls into these categories, a Chapter 13 bankruptcy may be your best choice.
Finally, there are your feelings about bankruptcy. Do you hope to complete the bankruptcy quickly and begin rebuilding your financial life? If so, Chapter 7 is for you. When you want to repay as much debt as possible while remaining under the court’s protection, Chapter 13 is worth considering.
The decision is ultimately yours. The bankruptcy attorney in Belvidere, IL, will provide guidance and then pursue the course that you select. Weigh the options carefully, and you stand a good chance of successfully putting your financial problems in the past.
For more information, please contact the Crosby Law Firm today.
