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Bankruptcy: Breaking the Misconceptions

Posted by on Jan 8, 2015 in Bankruptcy | 0 comments

There are a lot of misconceptions that surround the idea of filing for bankruptcy. It is most commonly associated with destitution or absolute poverty, marking total financial failure. No one wants that and, more importantly, nobody wants to go on record saying that they are, legally, a failure. This, however, is simply not true. If you are at a point wherein the bills and debt payments are getting too overwhelming and your lifestyle cannot be supported by your income while accommodating these payments, then bankruptcy could very well be the solution you’ve been looking for.

Depending on the kind of bankruptcy you want to file for, there are some types of bankruptcy that you need to be qualified for in order to file for it. Legal assistance comes into play here because every situation is different from the last and each individual case needs to be properly assessed by someone who knows their stuff about bankruptcy law.

According to the website of bankruptcy lawyer Erin B. Shank, P.C., there are four common types of bankruptcy that people apply for. There is Chapter 7, a type best suited for those with unsecure debt; there is Chapter 11, which is mostly favored by business owners; there is Chapter 12, favored by fishermen and farmers due to its more simplistic procedure; and there is Chapter 13, applicable to both individuals and business owners.

What case is better for you is one that can be better explained and assessed by a legal expert, due to the complicated legal nature of this claim. However, you can rest easy knowing that there are actually quite a lot of attorneys, paralegals, and other law practitioners in this field who have had to file for bankruptcy themselves. This gives them the unique perspective from the other side of the door, empowering the legal team you choose into properly representing you, in order to give you the best financial plan that is most suitable for you. The right legal team could set you on the right track to your financial freedom!

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