What is bankruptcy really? The answer may seem complicated, but essentially it means that you no longer have the money to pay debts and you seek legal relief. It is actually a complicated legal process that should be handled by an attorney. There are many ins and outs, even for the most basic types of bankruptcy for individuals and businesses. The four ‘chapters’ or ‘types’ of bankruptcy includes Chapter 13, Chapter 12, Chapter 11 and Chapter 7.

When it comes to filing for bankruptcy there are many aspects involved. One of the most important aspects is whether you can afford to file for bankruptcy. Is there such a thing as an affordable bankruptcy with a low cost bankruptcy attorney? The answer is yes. It is wise to obtain an attorney when you are considering bankruptcy simply because there are many types with each type having aspects that may better suit your needs. Hundreds of thousands of people try to file for bankruptcy, but which type is right?

Which Type of Bankruptcy Is Right for You?

A bankruptcy law firm can help you decide which type of bankruptcy is better to file. There are two that are the most popular, Chapter 7 and Chapter 13. Chapter 7, known as straight bankruptcy, typically takes 6 months to complete, and stays on a person’s credit history for up to 10 years once it has been arranged. Chapter 13 involves repayment plans. Chapter 11 bankruptcy tends to be for businesses. No matter which type of bankruptcy plan is right for you, you need a low cost bankruptcy attorney to aid you throughout the process.

Is a Bankruptcy Attorney Really Necessary?

You may be thinking you cannot afford an attorney. Do you really need a bankruptcy lawyer in order to file bankruptcy? While the difference may seem clear to you, there are actually many pitfalls when it comes to filing bankruptcy that only an attorney can help you avoid. You also want to be sure you get any benefits that only a low cost bankruptcy attorney will know about. One of the most beneficial elements you will enjoy is the ability to find debt relief.

You may think you re too broke to be able to afford an attorney. There are options including using a low cost bankruptcy attorney that offers strategies including paying for their services. If you try to file for bankruptcy without an attorney you risk losing assets simply because you do not understand bankruptcy law and what it takes to safely file and protect yourself. Even a simple bankruptcy case requires detailed information including every aspect concerning your expenses, income, property, creditors as well as financial transactions over the past few years.

You Need a Low Cost Bankruptcy Attorney

There are basically two types of bankruptcy lawyers, consumer bankruptcy lawyers and commercial or business bankruptcy lawyers. Both types are qualified to file bankruptcy for either business or individual cases, with the focus being different for both. Regardless of which type of bankruptcy lawyer you need, using their legal services ensures that your bankruptcy will be filed properly.

The bottom line is that consulting with a bankruptcy attorney is the best option you have. They can help decide which type of bankruptcy you need to file so you get the relief you need. Suffering from overwhelming debt does not have to be a way of life. There are opportunities available to help you start fresh so you can start living life again. Request a consultation with an affordable bankruptcy attorney that can help relieve overwhelming debt.