There is a stigma around debt, but we can get past that right now. Being in debt does not automatically mean you're living beyond your means or that you didn't plan properly. Very few people can afford to buy a home, an education, or even a car without taking on some level of debt.
Most people would argue this is good debt, because these things are investments in your future. But when you carry a baseline of debt, what happens when something unexpected occurs — a lost job, or a medical bill you can't afford? The cost of living is also rising faster than the average household income.
Why you need an attorney
Filing for Chapter 7 or Chapter 13 bankruptcy is a process you likely have no experience with. By letting an attorney guide you, you ensure you're taking advantage of every opportunity the law affords — for instance, some of your assets and property are exempt and cannot be taken. Chapter 13 requires a repayment plan lasting several years; an attorney can explain how one works and draft it properly for you.
Do you have any loans?
This heavily influences whether to pursue counsel. If you rent, own your car outright (or don't have one), and live with basic everyday things, perhaps you can proceed alone — though the risk to your future is great enough that you should still seek legal advice. Most people, however, live under some level of debt: home loans, car loans, and student loans are exactly the burdens that drive people toward bankruptcy, when you have to choose between financing living expenses and repaying loans.
Living under debt you cannot repay is a heavy burden, with constant worry about losing your home or having assets repossessed. If you're considering filing for Chapter 7 or 13, let the attorneys at Maxwell Dunn PLC guide you through it. We'll learn about your specific situation and decide the best course of action for you and your future. Contact us online today.
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