If you're in a tough financial situation, then you might know that you have to make a lot of decisions and changes so that you can finally get your financial situation in order. You might not be sure about the decisions that you'll need to make or how you can make them, though. Luckily, you don't have to handle all of this decision-making on your own, since your bankruptcy lawyer should be able to help you. These are some of the key decisions that a bankruptcy lawyer should be able to help you make.
Whether or Not You Want to File for Bankruptcy
First of all, you might know that you want to do something about your financial situation, and you might have heard that bankruptcy is a good solution. Bankruptcy is very helpful for many people, but it has its downsides, too. Because of this, this isn't a decision that you should take lightly. You will have the chance to talk to a bankruptcy lawyer about all of the pros and cons of filing. They can help you determine whether or not bankruptcy is right for you and how it might impact your life.
What Type of Bankruptcy Filing You Want to Choose
You might think it's as simple as choosing whether or not you want to file bankruptcy, but this is not the case. You also have to determine which type of bankruptcy filing you want to file for, depending on what you qualify for and how you want to handle your debt. As an individual or couple, for example, you might have the option to file either Chapter 7 or Chapter 13 bankruptcy, depending on your income, assets, and more. If you don't even know about these two different types of bankruptcy filings, then you might have a hard time deciding which one you should file for. A lawyer can give you the right information about all of your options and can help you decide which type of bankruptcy filing is going to be right for you.
When You Want to File Bankruptcy
If you are pretty sure that you do want to file bankruptcy, you will now need to decide when is the right time to do it. If you're in an urgent situation — such as if you're facing foreclosure — then acting quickly might be in your best interest. If you have recently taken on new debt, on the other hand, you might need to wait a little while before you file. Your bankruptcy lawyer can talk to you about your situation and help you determine when you should submit your bankruptcy filing.
For more information, contact a local law firm, like McManus & Associates.