Are There Advantages to Filing Bankruptcy?
If you are feeling overwhelmed by debt collectors and other creditors, then you may want to consider bankruptcy. A bankruptcy can provide benefits and give you a fresh start. Whether a bankruptcy should be filed is a major decision, so you should consult with the experienced Brighton Beach bankruptcy lawyers from Ursulova Law Offices to see what advantages there are to filing bankruptcy.
What does a bankruptcy involve?
A bankruptcy is intended to give debtors an opportunity to start over by discharging certain debts. Through a bankruptcy, creditors are identified and the court determines how to divide your assets to satisfy various creditors. When a bankruptcy is finalized, the creditors can no longer pursue collection efforts against you, even if the debt cannot be fully satisfied in the bankruptcy.
During a bankruptcy, any collection efforts from creditors must cease. This will give you respite from the constant phone calls, letters and other activities from debt collectors.
To ensure that you still have sufficient assets to survive, the bankruptcy rules allow you to exempt certain property from consideration in the bankruptcy. This allows you keep certain assets, such as a vehicle and home, to rebuild your financial situation.
To ensure that you receive the full benefit of a bankruptcy and preserve certain assets, it is important that you comply with the rules and procedures. Because these rules and procedures are complex, you should seek the assistance of an attorney.
What will an attorney do in a bankruptcy?
An attorney will help you prepare all of the necessary paperwork to pursue the bankruptcy. This includes the petition, schedules and notices. An attorney will help ensure that your bankruptcy is complete and that you notify all creditors and preserve the applicable assets through exemption claims.