Bankruptcy can be a tedious process because certain laws and rules are involved in this. Moreover, you may not be aware of the legal aspects of Bankruptcy. Therefore, it is highly recommended to get Help from a bankruptcy attorney, who can assist you in the entire process. This way, it will be easier for you to deal with it. If you have been thinking of filing for bankruptcy, you need to make yourself familiar with certain things. Some of them have been discussed as follows:
Don’t expect results too soon
Many people may think that filing for bankruptcy is as simple as filing any form and waiting for the court’s decision. However, it is much more than that and you will need to wait a bit longer than expected. If you believe that you will start rebuilding your finances after a certain time, you may need to wait for the procedure to complete much later than that time. For instance, Chapter 7 may take about 4 to 6 months.
They are a part of public records
Since bankruptcy cases are a part of public records, anyone can access the information. If you believe that no one will know about your financial condition, you might be mistaken. Therefore, you need to make the decision by taking this into account. Many people believe that no one has this much time to search for these records. Hence, they are least bothered about it. If you want to keep your financial condition confidential, you have to be careful about it.
You will stop receiving calls from debt collectors
One of the biggest advantages of bankruptcy is that you don’t need to worry about debt collectors calling you. As soon as you file for bankruptcy, the court will issue the stay immediately. No lending company or debt collector can call you and if they do, the court will take action against them. It may take for your debts to get discharged but you will stop getting calls from lending companies.
A bankruptcy lawyer can expedite the case
Since a lawyer is well-versed in all the laws and procedures involved in the bankruptcy case, he can make things faster by filing and submitting accurate information or details. That’s why, it is a good idea to get in touch with him as soon as you make up your mind.
Bankruptcy is the last resort from where you can restart your financial journey.
