A Bankruptcy Attorney in Harrisburg Can Help You Find a Solution to Your Financial Problems
Filing for bankruptcy is not a decision that should be made lightly. You need to think carefully about your situation and whether bankruptcy is the solution to your financial problems. For some people with large amounts of debt it’s perfect; while for others bankruptcy is not the answer.
How do you begin filing for bankruptcy protection? There are books and online tools that detail how to file your own bankruptcy. While this way might be the most affordable, it may not be the best. Books and Internet sites can tell you how to file, but an attorney experienced with Bankruptcy Attorney Harrisburg can help you get the most favorable results for your situation. A good lawyer could possibly mean the difference between saving some of your assets or losing everything. The debtor is discharged from paying back his creditors and is allowed to keep his assets, enabling him to get a fresh start financially. This is the ultimate goal of bankruptcy protection.
If you are filing for Bankruptcy Harrisburg, you should see an experienced attorney who specializes in bankruptcy protection. He will need information about the amount of debt you owe and what assets you have. From this information he will be able to advise you on the type of bankruptcy you should file: Chapter 7, Chapter 11, or Chapter 13.
People who file Chapter 7 will have all their debt wiped out; but it’s possible they might lose assets if not able to claim them as exempt. The debtor could be forced to liquidate his assets and use the proceeds to pay some of his creditors. Chapter 11 is for businesses that have fallen into financial difficulties and need a fresh start. This type of bankruptcy emphasizes reorganization. A plan is set up where by the business owner agrees to pay back a percentage of what is owed to his creditors. Any business assets are exempt, so there is no danger of losing money, business equipment, or property. A business can be in Chapter 11 for several years or until the agreement is fulfilled. Chapter 13 works similarly to Chapter 11 except it is a reorganizational plan for personal debt.
Bankruptcy protection may be the answer to your financial woes. It can give you a clean slate and peace of mind from harassment by your creditors. Hopefully this information will help you if you plan on filing for Bankruptcy Attorney Harrisburg.