If you are in debt, you understand the pressure of trying to get ahead. Bankruptcy is typically a desperate, last resort that no one wants to do unless they must. Here are five questions that you need to ask your bankruptcy lawyer before going through with it.
Do I Qualify?
If your income is below the median income in your state, you qualify for a Chapter 7. If the sum of your debt without liens falls below a certain total, and the sum of your debt with liens falls below a certain total, you may qualify for a Chapter 13. Talk with your specific Bankruptcy Lawyer in Des Moines for requirements of the specific state.
What Chapter Will I Need to File?
This will depend on what is better suited to you. In a Chapter 7, some of your nonexempt property, such as any money in your bank accounts, any secondary cars or homes, antiques, and so on, will be sold to pay off creditors. In a Chapter 13, a plan is set up for you to repay your debts over a number of years depending on your income. Your Bankruptcy Lawyer in Des Moines should be well-equipped to answer this.
Can I File Myself?
Typically, bankruptcy cases will have an increased chance of failing if the individual represents his or herself. Speaking with am experienced bankruptcy lawyer in Des Moines will help you better prepared, but it is possible to succeed without a lawyer.
Is This the Best Option?
If you are at the end of your rope with creditors, and not sure how you will ever pay them back, then the answer may be yes. Sit and discuss this with your Bankruptcy Lawyer in Des Moines, as this is a major decision with pitfalls, such as a blow to your credit. Keep in mind that recovery is possible, however, and it is not the end of the world.
These are general answers to the five questions that you should discuss in depth with your bankruptcy lawyer. If you feel that you need the opinions of multiple lawyers, definitely go with it, as this is a life-changing move. Definitely use the above when searching for the best lawyer!
