Many people struggle financially because they turn to credit cards and other lines of credit to make ends meet. Consumers often become distraught when they cannot afford to pay back the outstanding balances that they owe to their creditors. When this happens, it is time to call a bankruptcy attorney for help.
The word bankruptcy often makes people feel ashamed. However, being declared legally bankruptcy can improve a person’s life as it can give them a second chance at being able to manage debt effectively. Unsecured debts such as credit cards have high interest rates and fees. This is why many people get into debt quickly but cannot dig themselves out again in a timely fashion.
A Dallas bankruptcy attorney will sit down with people to discuss what is going on so that they can find out if bankruptcy is the right step to take. The court will discharge the unsecured debts if the burden to repay them is too substantial. The attorney can help people prove that they need this legal procedure performed for them.
The attorney will want to get a snapshot of the current financial situation. The court is going to want to see that there is a qualifying financial hardship in place and that discharging the debt is the best way to alleviate the burden. The bankruptcy attorney will help with the preparation of the legal documents that are needed to file the forms with the court.
A person who visits a bankruptcy attorney, needs to come with their financial documents. The attorney can help to stop any collection calls as well. Registered letters can be written to help to stall any further attempts to collect the debts as bankruptcy proceedings will commence.
The forms have a lot of legal terminology on them. This means that having assistance with filling them out can help to increase one’s ability to get everything discharged by the court. People who will file for chapter 7 bankruptcy can only do so once. There is a ten year waiting period to do it again so people have one shot to be able to do things right.
With the help from a bankruptcy attorney, the forms can get submitted. The court then begins notifying people of their further responsibilities such as debt counseling and a hearing that must be completed prior to the completion of the process. People need to have as much help as they can because the work can be quite difficult.