Deciding if filing for bankruptcy can be the only way a person can solve their financial issues can be a very serious issue. Many times, the decisions the person makes in this matter can affect their life for many years to come. Since it is a serious matter and because it can be a bit confusing to understand all the various legalities and issues involved, hiring an expert bankruptcy attorney in Cabot Ar to assist a person with the decision can be a very wise decision.
Most attorneys, who routinely deal with issues regarding bankruptcy, will be able to help a client in determining if there are no other options available and if bankruptcy is really the best choice. They attorney will generally spend time going over a person’s financial information, including their debts, assets and potential income. These factors can be beneficial in helping the lawyer to better assess the situation and offer the best advice to the person faced with the financial issues.
Since many people are not always sure if they would be better off filing for chapter 7 or chapter 13 bankruptcy, having an expert bankruptcy attorney in Cabot Ar to assess their information can be of great help in this type of determination.
Many times a person who just needs time to restructure their finances and who is anticipating a future income becoming available to help them in paying off their debt will be better of filing for chapter 13 bankruptcy. This can be a great option, as it will allow the person to retain their assets and will give them up to three years to resolve. Since the effects of this type of bankruptcy will only remain on the person’s credit report for seven years, it can often be a better choice for a person to consider.
Sometimes it may be in a person’s best interests to file for a chapter 7 bankruptcy. When this happens, the attorneys from a firm will go over all the possible scenarios, which could happen during the process. Often a person who files this type of bankruptcy will lose their property and other assets, as they will be sold off to pay their debt. While this can be upsetting to consider, it is often the only way for a person with financial problems to obtain a fresh start.
