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Intelligent spenders might always be the ones who might have faced a tough situation financially or else might have struggled a lot in their early years. Still, financial crunch might come to anyone at any time of his life and even if a person is a smart spender, if he has something on credit, and he unexpectedly finds him a jobless, then hell breaks loose.
The emotional turmoil that a person suddenly finds himself is immense, and it is not a pleasant time for him to think of anything but finding a well-paying job. This financial crunch could be due to loss of a job or due to any medical problem that might suddenly cause a person to leave his job or add on huge medical bills in his name.
If a person has dependents in his family, he might rather wish to do something to get back his home, his car and other assets before the creditors come calling. A person who is so concerned about this problem might consult the best of bankruptcy attorneys in town who would be knowledgeable about the steps to take.
Why does legal consultation help in this regard?
The attorneys would be people who know the kind of turmoil, a bankrupt or a heavy-in-debt person would be going through and hence, handle his case delicately. He would also be aware of the best professional way to manage the expenses, and he would be able to give consulting at the right time to save a person from facing litigations or cases from the creditors.
The bankruptcy attorneys might not often ask for a huge fee in the first round of consulting, and this is something that every debtor should clarify before approaching the lawyer. Then on meeting the lawyer, the debtor should come clean about all the taxes he has dues, all the unpaid bills, and all the loans he has taken. Each dollar count and each day is important, so, do not delay in approaching the lawyer.
The lawyers are experts in handling such a case and litigations every day in courts. Therefore, they would also like to know about the income, and the asset that the debtor has just so that they have something to fall back on and pay the creditors slowly.
Types of Bankruptcy that lawyers shall recommend:
The lawyers would then recommend the debtors to opt for either of the two types of bankruptcy- the Chapter 13 and the Chapter 7 type. Often in many cases the Chapter 7 type of bankruptcy, one may have to forgo his home. However, if the terms do not cover the home, then one might still be able to retain his home.
Chapter 13 is a more flexible type of bankruptcy, and it shall allow a repayment policy to the debtor. The debtors shall get a chance to pay back in 36 or 60 months. Only the experienced bankruptcy attorneys shall be able to communicate with the clients, help his cause, and enable him to get out of this messy financial condition soon.