Things to know before filing bankruptcy

Bankruptcy is scary. It is the most significant financial decision that one makes when things go out of control. Bankruptcy is the last resort for people and businesses. Though it is the hardest decision to make to file for it, there comes a time when it becomes inevitable, i.e., when financial burden goes way out of control and starts affecting your health and stability.

Hence, it is only at tough times that you can consider filing for bankruptcy. Despite almost ending your borrowing value, it helps you in getting out of that financial stress you have been undergoing for long.

Pros and cons of filing for bankruptcy

Pros-

1. It eliminates your debt from sources, such as credit cards, tax debts, loans, etc.
2. It helps get creditors off your back.
3. It makes you debt-free.
4. You get a fresh start with your work as well as life.

Cons-

1. Sometimes you lose non-exempt assets.
2. You have to undertake monthly payments based on your income.
3. You have to perform specific duties of making managements regarding payments, credit counseling and have to give monthly statements regarding your credit.
4. Not all debts are covered in bankruptcy laws. So certain debts are excluded that would still be a burden on you.

Why should you file for bankruptcy?

Here are some situation where you may have to file for bankruptcy-

1. If you are not paying the debts back, the debt collectors will keep bugging you constantly. You can get rid of this by filing bankruptcy before they sue you for the same.
2. Sometimes your assets are at risk. So before you lose them, you can file for bankruptcy. This will still give you a chance to repay by planning your debt without losing your assets.
3. It is better to pay bills than to take another loan for paying them. The bankruptcy filing is a better option for doing so.
4. Instead of liquidating your assets, you should file for bankruptcy as there is still some chance of protecting them.

Should you hire a bankruptcy lawyer? 

Bankruptcy is a complicated and legal procedure. Its laws are tough to navigate. So it is better to hire a bankruptcy lawyer in Suffolk County rather than doing things all on your own. Hence a big part here becomes finding the right attorney for it. Only a bankruptcy lawyer in Suffolk County can understand the technicalities of the laws. Therefore there are several following reasons to hire one-

1. A bankruptcy lawyer will help you in better understanding of bankruptcy laws. So he can help you in getting rid of all your debt in a better and more straightforward manner.
2. The attorney will provide you with several options or ways in which you can file for bankruptcy. Each of them would have their advantages and disadvantages. Whatever will suit you in wiping out those debts, he will help you to choose the best possible option.
3. There might also be a situation when he suggests you not to file a case at all, and you would get to know the alternatives in front of you.
4. With the hiring of a bankruptcy attorney, your case representation will become stronger. He will stand by you as and represent you strongly to make sure that things go smoothly.
5. You will not have to deal with harassment from the debt collectors, their calls, or anything. All of it will be dealt with by your lawyer.
6. Bankruptcy laws are complicated, so expertise is needed. It is the attorney who knows the laws and regulations regarding bankruptcy, so it is he who will handle things in a better way. 

How to choose a bankruptcy lawyer?

Remember these things when looking for a bankruptcy lawyer in Suffolk County-

1. Keep your options open. Do look for a number of bankruptcy lawyers and meet a few before you select one.
2. Check if the person is certified for bankruptcy laws. Do a background check if the person has worked on bankruptcy cases and has been practicing for long. These credentials will assure you of whether the person can help you out in the best way or not.
3. Do a background check on those whom you have considered. Check the information they have provided through websites, cases, works, finances. You should also check their educational qualification.
4. Apart from these, see if the person you have been thinking of hiring is a professional by nature. He should understand you and your case well.
5. Lastly, do discuss the service charge, i.e., their fee beforehand. An experienced bankruptcy lawyer will help you in making a sound decision.

Conclusion

Bankruptcy is not easy. You have to deal with numerous things, including financial stress compromising your stability. Still, filing for bankruptcy sometimes becomes necessary. However, filing for bankruptcy should be the last option that you should consider, and if you have made up your mind, then go for it and let a bankruptcy lawyer in Suffolk County help you in getting rid of the debt you have been dealing with.