The word ‘bankruptcy’ has gotten a pretty bad reputation over the years. A lot of people perceive it as synonymous to total, utter failure or destitution. Various platforms of media have depicted it a negative light, so much so that people have believed it to be true. Little do they know that it can actually be filing for bankruptcy that saves them from their current financial status!
The website of the Bradford Law Offices, PLLC says that Chapter 7 Bankruptcy is the most commonly filed type of bankruptcy. However, filing for this type of bankruptcy can be more difficult that can be initially presumed. There is a means test that then determines if you are qualified to file for this kind of bankruptcy.
It is often recommended that if you or someone you know is in horrible, debilitating debt that they cannot pay that a bankruptcy lawyer is called in. This is in order to assess the situation and advise the persons involved on what is the best path to take, with regard to their financial circumstance. When everything else has painted bankruptcy to be the bad guy, it can actually serve as the saving grace that could help raise you up from the burdens that you currently bear.
Legal aid of this manner extends to far more than just sheer paperwork and reminding you of deadlines. A bankruptcy lawyer assists in every way he or she can, ensuring that you are no longer hounded by creditors and that the financial plan laid out for you is one that is beneficial, sustainable, and one that can get you in a state of financial freedom from debt.
For all its bad reputation, bankruptcy cases can do a lot more good that people give it credit for.