Declaring bankruptcy is a big decision, so it’s a good idea to make sure that this is really the right path forward for you. You might have some other options, or this could be the best way for you to reset and rebuild your finances. A Rockland County Chapter 13 bankruptcy lawyer may be able to help you decide, but here are a few things that you should consider before meeting with an attorney.

How Long Would It Take to Pay My Debts Without Declaring Bankruptcy?

You need to take a really close look at your finances here. How much debt do you have? How much do you make? Do you have assets that can be sold off to pay debts? Consider all of this and then figure out how long it might take to repay your debts.

If you do not think that you can repay your debts within three to five years, then declaring bankruptcy might be the smart option.

Can I Negotiate Before Declaring Bankruptcy?

It is important to exhaust all of your options before you decide on bankruptcy though. We recommend talking to creditors and seeing if they can work with you on your debt. Credit card companies and other entities, like the IRS, might be willing to work with you if it means that they can get more of their debt back than they would after your declaration of bankruptcy.

What Kinds of Debts Can Be Erased Through Bankruptcy?

It is also important to remember that not all debts get erased through bankruptcy. Medical bills and credit card bills can be wiped out, but you might still be left with student loans, alimony, and some types of taxes. You need to figure out what kinds of debts you owe and what the bankruptcy process would actually help you discharge. You do not want to declare bankruptcy and realize that you are still going to have significant debts to pay.

Do I Need a Bankruptcy Lawyer?

You can file for bankruptcy on your own, but it’s generally not a good idea. This is a complex process that requires a significant amount of paperwork and documentation. Messing up at any stage of the process can result in a lot of headaches.

An experienced lawyer can walk you through the process and take care of all the paperwork. Whether you go through Chapter 7 or Chapter 13 bankruptcy, your attorney will advocate for you and help you make the best arrangement for discharging your debts.

Talk to a Bankruptcy Attorney Today

So if you are seriously thinking about declaring bankruptcy, contact the Lauterbach Law Firm. We can schedule a consultation and take a closer look at your financial situation. Then we can help you take the steps needed to build a healthier financial future.