In these troubling times, as more and more consumers struggle to get out of debt and unemployment mounts, it is not uncommon for consumers to turn to the idea of bankruptcy. This is aimed at getting some relief from their financial burden. If you are considering filing for bankruptcy, you are not alone, but it is advised to do so with the help of a Fort Lauderdale bankruptcy lawyer.

Attorneys specializing in these proceedings are well-versed in all of the paperwork, seminars, and legal proceedings that the law requires. Many times they can assist you in acquiring all the paperwork the courts will require you to present. They can also assist you in deciding which type of filing is right for you, and any tax ramifications that may come out of the proceedings.

You need to be aware of the fact that filing for such a financial hardship will not erase all of your debt. Some conditions cannot be eradicated by the courts including past due child support, alimony, student financial aid debt and IRS debt to name just a few. Additionally, even with the current economic situation, bankruptcy will affect your credit for the next seven years as it is reported to all three of the national credit bureaus.

For those couples who have certain unsettled debts, it is more beneficial to do the filing separately as opposed to doing it together. In cases where a certain individual has accrued more debt in comparison to the other, elimination of such kinds of debts is possible minus risking the liability of the other party in the entire situation. For those who happen to have debts that are shared, filing the case together is more advantageous as it makes them to be well protected when compared to when each couple files it separately.

Most consumers refer to some parts of law that essentially states your debts are greater than your assets. It means that whatever assets you do own will be liquidated and the money will be used to pay off as much of your debts as possible. This usually means pennies on the dollar to settle debts and the debts are then discharged.

You should feel comfortable speaking with your lawyer about any questions you have that may come up in the proceedings. It is typically required that you give your attorney all of your personal information, and he can help you collect your creditor information. Every step in the process can affect your financial well-being, and you should be well-informed by your attorney of the potential ramifications of every decision.

The down side to this type of the aforementioned state is you cannot miss a payment. If you start to miss payments, you are back to being forced to sell assets as the law states. The courts in fact will not even agree to this type of bankruptcy unless you can show that whatever forces that were in play before that made you miss payments and fall behind on your debt have been resolved such as getting a new job to make up for a lost job.

Filing for bankruptcy does not have to be overwhelming. A Fort Lauderdale bankruptcy attorney can help you through the process from beginning to end, and relieve the stresses of the process. In many cases, he can also assist you, after the proceedings have concluded, in getting your financial life back on track. With a little diligence, a great attorney can be found to help even the most difficult case.

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