A Chapter 7 bankruptcy attorney can help an individual or couple who is drowning in debt to start over in their life. This type of legal proceeding entails liquidating all of a debtor's assets and distributing the proceeds to pay off his or her creditors. This means that all property would be sold to pay off piles of debt that has become overwhelming for a person. In most cases, the citizen decides to declare himself or herself bankrupt, but sometimes the action is forced upon him or her by the lenders. This enforced legal action is known as an involuntary bankruptcy.
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There are many reasons that responsible people may find themselves in this unfortunate predicament. They may have lost their job, gotten a divorce, had an unexpected illness or health problem, or they may have just gotten buried under accumulated interest on various credit cards. They may have purchased a home that was too costly for their budget. Although many people are hesitant to seek legal advice, here are 7 reasons why it may be wise to do so:
1) Do-it-yourself bankruptcies aren't a good idea: Many people who are already pinched financially may want to save money by representing themselves in this process. This is an unwise step as the average citizen is most likely very inexperienced with the laws. A savvy lawyer will know how to maneuver through the court system.
2) Family under stress: A family whose breadwinners are stressed to the max due to an overload of debts will most likely be suffering as well. When there's tension in the home, the kids can feel it whether they know exactly what's going on or not. Kids may worry about the strife and begin acting out or failing in school. Wiping away the burden may ease the strain all of the family members have been under.
3) Marital relationship souring: Money problems are a major source of marital strife and arguments between a husband and wife. Ending up in divorce will cause even more financial problems. It's far better to sweeten the relationship by getting rid of the debt.
4) Health suffering: Stress hampers the immune system and the individuals in red ink may begin to have health maladies. This is one more layer of potential cash loss due to medical bills.
5) Job performance decline: A worker who isn't sleeping or who is being harassed by bill collectors will likely begin to slip in job performance. This would be detrimental to all concerned.
6) Time to re-evaluate life choices: When a person hits rock bottom financially, he or she may take a hard look at life choices and decide to make some different ones. Is their home too pricey? Have they been using the credit cards too much? Time to make some changes.
7) Clean slate offers fresh start: Liquidating all assets may be difficult in that a person has to give up material goods. But getting rid of "stuff" for a chance to start over again will likely be well worth it.
A Chapter 7 bankruptcy attorney will be helpful in navigating this course in life. There are multiple reasons to call one for a consultation.
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