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Bankruptcy Basics

Consumers have several options when their debt becomes overwhelming and stressful. They can opt to enter a program that consolidates their accounts into one account. Specialists refer to that program as a debt consolidation.

Another tactic a consumer may use to eliminate debt is bankruptcy. Bankruptcy has advantages over other types of debt relief. Bankruptcy is a special legal classification that relieves a person who is unable to pay his or her creditors. Some chapters of bankruptcy excuse the debtor from almost all debt. However, to qualify for bankruptcy, a consumer must meet certain criteria.

The Bankruptcy Basics

A debtor can file for bankruptcy with the county court or attempt to file for it alone. The consumer must file a petition with the courts, and the courts will assess a fee for filing the petition. Hiring a lawyer, like Melwani Law, P.C., to file for bankruptcy is more stable because the lawyer has been trained to complete the paperwork properly. The courts will dismiss any bankruptcy request that does not contain the appropriate information. Therefore, it may be best for a consumer to hire one for something this important.

Qualifications for Bankruptcy

The most important part of bankruptcy basics is the qualifications. To qualify for bankruptcy, the consumer must have an income that is equal to or less than the state median. If the person does not meet that requirement, then he or she may still qualify for a different chapter of bankruptcy. The person must also have a disposable income amount that is small enough to qualify. If the courts can see that a consumer is capable of repaying some debts, it may only allow a petition for Chapter 13 bankruptcy. Visiting an attorney for clarification is necessary for optimal results.

Bankruptcy Immediately Stops Creditor Harassment

One of the many things that people enjoy about bankruptcy hearings is that creditor harassment stops immediately. Once a debtor files for bankruptcy, creditors may not call, harass or demand. Instead, they must wait until the creditor hearing, during which they will all have an opportunity to dispute the debtor’s request. If the creditors do not dispute the debtor’s request, then the courts may grant the debtor a bankruptcy status.

Asbesto Mesothelioma bankruptcy may be the right choice for you. If you have found yourself unable to recover from your debts, then a specialized law firm can help. You can speak to professionals at Clinesmith Wooten Smith that have a wealth of experience in the field.