Most bankruptcy lawyers offer one free consultation visit to people who need financial relief and are considering bankruptcy as a way out. Attending a meeting like this can help you get the answers you need to make an informed decision about filing. After you attend this appointment, here are three questions to ask yourself before you go through with filing.
Is There Another Way Out?
The first question to thoroughly consider is whether there is another way out of your debt. In other words, is bankruptcy a necessity? A lawyer can help you figure out the answer to this question, but you can also find the answer by completing a credit counseling course. Taking a course before you file the documents is a court-ordered requirement, and the course will teach you about the alternative options. If one of the alternatives sounds like it may work for you, it might be wise to evaluate that option more thoroughly before you proceed.
Are the Potential Results Worth It?
Second, you should consider whether the potential results are worth it if you file. Bankruptcy does not usually eliminate all debts a person owes, but it will offer forgiveness on some. You should find out precisely what debts it would help with and what debts it would not help with. Next, you should think about whether these results are what you are looking for or not.
Do You Understand the Risks and Consequences?
The final question to consider involves the risks and consequences you assume by filing for Chapter 7. You will assume several risks and consequences by filing, including the effects it will have on your credit. Your credit score will instantly drop after you file, and the filing will remain present on the report for ten years. Are you willing to take on this consequence? The main risk you have is losing assets you own. If you have cash in your bank account, you could lose it. If you have a valuable asset that you own free and clear, you could also lose that asset. You should find out exactly what you would lose if you filed and factor this into your decision.
If you need more information to make your decision, meet with an attorney again or for the first time if you have not met with one yet. After that, think through your decision before you make it and consider these three questions as you contemplate your next move. Contact a bankruptcy law firm to learn more.
If you've decided that you want to adopt a child, the first thing you should do is reach out to a family law attorney. While it may not seem logical to get an attorney involved from the start, it's important that you protect yourself legally from the beginning. After making the decision to adopt, I have been through the process several times. I created this site to help other adoptive parents understand what they can expect from the entire process, including the legal support you're likely to need. I hope this information helps you feel more confident in this major life decision.