With the economy in a downturn and many individuals without work, more and more people are turning to bankruptcy. Bankruptcy may be the only option for someone who’s credit card, or medical bills have gotten completely out of control. There are many things to decide when thinking about claiming bankruptcy. The first is to find out which bankruptcy is right for you. Most people who claim bankruptcy claim a chapter 7 bankruptcy. This is an absolute bankruptcy. A chapter 7 bankruptcy means that your debts are cleared without any option of repayment.
The second type of bankruptcy is called a chapter 13 bankruptcy. This option is not an absolute option. A chapter 13 bankruptcy is sometimes referred to as a reorganizational bankruptcy. With this type of bankruptcy, you make arrangements to pay back some or all of your debts within five years or less. Choosing which bankruptcy is more appropriate for the current situation that a person is facing can be quite difficult. It is a good idea to consult a good local lawyer that specializes in bankruptcy. You can look up a lawyer in the yellow pages or online using a search such as Bankruptcy Lawyer Knoxville. A search will give you a large selection of lawyers in Knoxville. In order to find a good lawyer, the next step would be to search out reviews or references on these lawyers. A lot of lawyers can file bankruptcy but finding a lawyer that specializes in it can be a very crucial step.
The lawyer can suggest which bankruptcy is correct for the situation at hand. An individual may feel that they want to file a chapter 13, but after speaking to an experienced bankruptcy lawyer, they may find that a chapter 7 is better for them. Once you do a search for Bankruptcy Lawyer Knoxville and do your research on them you can be sure that you are hiring a good lawyer. Once you hire your lawyer you can get started on your journey to being debt free. You may find that you are in a better situation financially than you originally thought.
