Bankruptcy means something different for everyone. For some people, it is a horrible experience to go through, while for others it is necessary in order to start over, such as after a complicated divorce. Unfortunately, those who look at bankruptcy negatively have an inaccurate understanding of what it is and how it works for consumers.
If you are thinking about filing for bankruptcy, you really need to understand the process. That is why you should speak to a bankruptcy attorney – even if you have doubts. Also, understand these three facts.
Poverty is Not Bankruptcy
You don’t have to be at poverty level to file for bankruptcy, nor does filing make you poor. These two terms are entirely different from each other and shouldn’t be used together. Poverty is a financial state – and state of life. On the other hand, bankruptcy is a legal procedure that helps relieve a consumer from certain debts.
You Can’t Erase 100% of Your Debts
Not all of your debts are magically erased from bankruptcy. Bankruptcy does wipe away debts that you owe, but it doesn’t wipe away 100 percent of them. If you owe child support, your back owed support is not cleared in bankruptcy. The same goes for student loans and tax debts; these debts you will still be responsible for even after your bankruptcy is approved. So, if you are filing for bankruptcy, you will need to create a plan for how you will pay off the debts not covered by your bankruptcy.
You Need Professional Help
While online form services and DIY books are helpful, they are far from legal advice. Bankruptcy is highly complicated and therefore, you should consult an experienced bankruptcy attorney to help you through the process. An attorney can help you decide which type of bankruptcy is right for you, file the necessary paperwork, and represent you in court against your creditors.
Contact a Skilled Bankruptcy Attorney Today
If you have overwhelming debts, creditors knocking at your door or you need to get out from under them, contact the Law Office of Kelley & Fulton, P.L. at (561) 491-1200. We can assist you with your consumer bankruptcy case, and even provide a free evaluation to let you know if you qualify for bankruptcy. Our bankruptcy attorneys in Florida understand the facts regarding bankruptcy and we strive to educate our clients so that they go into bankruptcy knowing all the facts.