You need to go see a bankruptcy attorney the minute you decide to take this route of getting rid of your debt. Though many people decide on this option, it is not for everyone, and not even everyone qualifies. This is why you should schedule an initial meeting with a lawyer before you decide on this option.
At the first meeting, you should let the bankruptcy attorney know the situation. Tell him or her how in debt you are, and what results you are hoping for. At that point, the lawyer should be able to give you an idea of the direction you should take for the best outcome. During this consultation, you should be able to find out which chapter would be best for you, such as chapter 7, 13, or some other option. The answer will depend on your current income, your assets, and whether you can afford to pay back some of your creditors. Though a legal expert can recommend a certain chapter for you, you still have to meet the requirements before you can file.
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During this process, you will surely have questions about the assets you can keep. This will vary depending on the chapter you use, as well as which items you have. For example, the court typically allows you to keep a home and at least one car, in addition to some of your money. This is especially true if you are going to pay back your creditors at least some of what you owe. But if you have several houses, expensive cars, and other unnecessary items, you can expect to have to sell them so the trustee can give the profits to your creditors.
You will also likely have some questions regarding your debts. You probably want to know that they are all going to disappear, but in reality, not all of them will be eligible. Your bankruptcy attorney should be able to let you know which debts will be included in the process, and which ones you still have to pay off. This is important to know since you need to stay current on the bills that are not included if you want your credit score to recover.
The good news is that the typical bankruptcy attorney offers a free first meeting to discuss these details. You will probably still have questions throughout the process, which you can ask your lawyer as you go. Just rest assured that you are not the first person to have to navigate through the process, and with a good lawyer, you should be fine in the end.
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