Many people fall on hard times through no real fault of their own. There could be many reasons for a sudden, sharp drop in income. Loss of a job due to your employer going out of business, sickness or injury preventing you from working (particularly touch if you are self-employed), or any one of a thousand other reasons could cause your income to suddenly fall.
If things get particularly bad, then one of the options you may have to consider is filing for bankruptcy. This might seem like a pretty drastic option, but sometimes it is the only option.
So what are some of the things to be aware of when filing for bankruptcy? Well, first of all, try to take solace in the fact that you are not alone. There are many good people who have filed for bankruptcy before you and there will be many coming after you too. It's not the end of the world. Just because you are declared bankrupt, it does not mean that you have no life ahead of you. You will be able to recover from this.
Many people in this situation seek the services of a bankruptcy attorney. What can a bankruptcy attorney do for you? Well, on e of the most important things is that such an attorney will have a much better understanding of bankruptcy than you, so will be able to advise you on the various actions you should be taking. The attorney will also be able to field all those harassing phone calls from creditors.
Another benefit of having a bankruptcy attorney is that he or she will be able to advise you on the key differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, look at your own situation and guide you through the laws and filing processes for one or the other. Without an expert beside you, trying to understand all the legal jargon around this is a nightmare.
The attorney should also be able to help you put a clear plan together and advise you on what assets you should be aiming to keep.
Above all, don't panic! Going through bankruptcy is difficult, but it is not the end of the world. Take advice from the experts, keep things in perspective and you will get through it.
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