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How Long Does it Take to File Bankruptcy?



Every year there are millions of people who find themselves needing to declare bankruptcy. Try as they might fend off this particular financial situation, they find themselves unable to in certain circumstances, and that may mean that they begin to look at information about how long it will take to file a Chapter 7 bankruptcy. The good news on this is that because so many people have gone through this process before, there are fairly established guidelines about how long it can take to get through the process. If you want to know more about it, we urge you to continue reading on it as we cover a variety of topics related to bankruptcy and many other related issues that may be of interest to you.

Understand That Bankruptcy Is A Legal Matter

You cannot get through bankruptcy proceedings unless you have a talented lawyer working on your behalf to make this happen. That means that you need someone who has clearly worked on these matters before, and you need to be able to put your full faith and trust in that individual. If you cannot honestly say that both of those things are true of the person you are looking to hire, then you need to move on to someone else that you are positive you can work with.

A bankruptcy lawyer should be sought after as soon as you decide that you need to file for bankruptcy in your case. You need to look over the large selection of these lawyers to see which ones may sense to help in your situation. Remember, not all of these lawyers are created equal, and it would be a mistake to just take the first lawyer that comes along and assume that he or she is the right fit for your situation. The reality is, you might have to spend a great deal of time looking over your options before you settle on one that makes sense. After all, this is a very serious matter that you are mulling over, and it is wrong not to give it the attention that it deserves. You should understand that the decisions that your lawyer makes for you in court will have a massive impact on your finances going forward.

Bond Services Causing You To Go Bankrupt?

There are some people who find themselves at the mercy of bail bond services when they need to get a loved one out of jail. If the court issues a bond for that individual, then a loved one may borrow money from a local bonding agent to get that person out of jail while they are awaiting a court date. This is something used by people all the time, but it can also lead to financial consequences that they had not expected to have to deal with. It is entirely possible that someone who uses bond services and ends up getting in a financing deal with that bonding agency to pay them back over time could see themselves in some financial trouble before long. This is simply the case because it can get expensive to finance something like this. That being said, a lot of people feel that they have no choice but to finance these charges in order to afford them at the moment.

It is a tough decision to choose between freedom for your loved one in jail and your pocketbook, but that is a choice many people have to make. Obviously, many choose to have the freedom for their loved ones over whatever immediate financial concerns they may have. When they do this, they are taking a chance in that they may not be able to get themselves out of the hole that they have dug themselves into with the bonding service. It might be the case that they end up having to pay a lawyer to help them with bankruptcy services to try to get out from under the financing choices that they have made. Everyone hopes that it doesn’t come to that for them, but it could happen in some circumstances.

Hiring An Attorney To Work Out An Arrangement For You

Before you jump to get a chapter 13 lawyer or someone who you plan on leaning on to help with your potential bankruptcy filing, first consider the possibility that you might just need an attorney who has the knowledge and experience to handle your case from a debt negotiation point of view. It might work out where you just need someone who knows what they are doing when it comes to talking to creditors and getting them to agree to terms that are different from what was originally agreed to.

You might wonder why your creditors would agree to change the terms of the debt they hold with you in a way that benefits you if they don’t have to. The answer there is because they know that if they refuse to work with you, it is possible that you could end up going bankrupt, and that wouldn’t be to their advantage either. In fact, that would make the situation a lot worse for them. Instead, they might prefer to work with your defense lawyer to come up with terms that you both can agree to.

Getting the terms of your debt changed may be all that you really need to get out from under the debts that you have acquired. Sometimes it really is just about giving yourself some breathing room so that you can finally work out specifically how to pay back those who have lent you money before. You can potentially get all of this help from someone like a qualified attorney who has done work in these markets before. He or she will surely understand that there are a lot of ways to work with credits that can help the person who is drowning in debt to come out the other side feeling better and more stable in their situation. If that is the case, then there is not going to be nearly as much to worry about going forward. You just need the assurance that your debts will be taken care of under the new terms that you have agreed to. Remember, you do need to stick to the new terms that you have agreed to in order to prevent even worse things from happening.

How Is A Bankruptcy Attorney Different From A Family Lawyer?

Some people might have gone to family lawyers before when they needed to work on some matter related to their relationships and money. Most people have interactions with family law lawyers when they go through something like a divorce. They may wonder what the difference is between a bankruptcy attorney and a family lawyer when it comes to how they operate and who they serve. The main difference to note is that a family lawyer tends to deal with things such as divorce, child custody, and the like. A bankruptcy lawyer is going to specifically deal with financial matters related to your bankruptcy. There are some cases when a single lawyer specializes in both things, but these are not all that common. You will want to look for the type of lawyer that you need for the specific issue that you are dealing with. Do not assume that your family lawyer can also help deal with your bankruptcy issues, or vice-versa. Always look for someone who specifically works on the issue that you are taking to the court.

How Long Does It Take To File Bankruptcy?

It is typical for a bankruptcy case to take anywhere from four to six months to completely process through depending on a variety of factors that are specific to your case. If you have some extra special circumstances that the court needs to look at more closely, then it could take a while longer. That said, most people are able to get to the point where they can successfully have their debt wiped out by the court within six months as long as they check all of the boxes that are relevant in these cases. That is a fairly short period of time when you think about it, but of course, the pressure to get the bankruptcy finalized always weighs heavily on those who are trying to get themselves out of these situations.

All of this is to say that you should expect the process to move through fairly swiftly as long as you have good lawyers who know how to help in your circumstances. You definitely want to work with people who know what they are doing with these matters specifically, and you never want to take your chances with someone who has shown a total lack of understanding of the legal system. That should be fairly obvious, but some people still try to rush things so much that they end up hiring someone who doesn’t specialize in bankruptcy law. You don’t hire someone without expert knowledge on something when you are going through a process that requires expert knowledge. It is as simple as that, and you should try to make sure that you keep moving things in the right direction by only working with someone who can both get your case moved through rapidly for you, but also someone who truly cares about the outcome. You need both.

Is Bankruptcy All Bad?

There are plenty of people who will try to scare you about bankruptcy if you let them. They will tell you that there is a lot at risk when you file for bankruptcy and that you are a bad person if you file for bankruptcy. Of course, neither of these things is really true. You are not a bad person if you have to file for bankruptcy, and there are a lot of reasons why it may be the best of options for you depending on your circumstances. Yes, it can be something that harms your credit score for a period of time, but there is also evidence that you can actually start to function in society again once you have a bankruptcy put behind you. Perhaps getting a little boost in the form of getting a bankruptcy filed and out of the way is actually exactly what you need to make great strides in your financial life once again. If that is the case, then why are people always talking negatively about bankruptcy so much?

It seems that there is still a strong stigma in our society about people who declare bankruptcy. Some insist that people who do this are deadbeats on their debt and that they are morally corrupt for needing assistance like this. The reality is that people who file for bankruptcy come from all walks of life, and their problems are myriad. Many people file because they are overwhelmed by necessary medical expenses. Others file because they know that they cannot honestly meet their obligations. Whatever their reasons may be, it is not a crime to file for bankruptcy, and it is not necessarily a bad idea for all people if that is what they need to do. If you have been made to believe that there is a moral failing associated with filing for bankruptcy, then you have been given false beliefs. There are many other things in this world that you could call a moral failing, but the idea that filing for bankruptcy is bad is wrong. It always boils down to a case-by-case basis.

Make sure you understand your options when it comes to bankruptcy and what it could mean for you. You might ultimately decide that you need to take this option, but you should try to be clear about what your objectives are and what avenues are open to you. Listen to the advice that your lawyers provide, and try to take their advice understanding that they have worked on many of these cases before. They know what it takes to file for bankruptcy, and they know how serious of a matter it is.

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