People often need to file for bankruptcy when they are dealing with financial problems. However, some people who file bankruptcy are in a worse situation than others. If your family is really broke, for example, bankruptcy might seem like the obvious choice so that you can try to get your head above water. However, you might need specifically tailored advice for people who have little or no money and who are interested in filing bankruptcy. If you're in this situation, consider these tips.
Consider Chapter 7 Bankruptcy
There are a couple of different types of bankruptcy filings that an individual or couple can file. For those who have a lower income, there is the option to file Chapter 7 bankruptcy. Unlike with Chapter 13 bankruptcy — which requires you to get on a payment plan to repay some of your debts — Chapter 7 bankruptcy will allow you to have some or all of your debts wiped out completely, and you will not have to pay the money back.
In order to qualify to file Chapter 7 bankruptcy, you will need to work with an attorney to prove that your assets and income are below a certain level. If you are a low-income individual, then there is a good chance that you will qualify. Talk to an attorney about this option, since this can be a great way to wipe out your debt so that you can instantly relieve some of the financial pressure and stress that you are under.
Look for An Attorney Who Will Work With You Financially
Although your attorney will expect to be compensated for helping you with your case, many bankruptcy attorneys will allow you to get on a payment plan or will otherwise work with you financially. Therefore, if you aren't able to afford legal fees right now, don't be afraid to talk to an attorney to see how they can help you.
If you're really broke but are hoping that you can make some big financial changes to benefit your family, then filing bankruptcy might just make sense. By following the tips above and working with your attorney so that you can get good advice, you can help make the best of your situation, and you can hopefully have success with filing bankruptcy and turning your financial life around.
If you need the assistance of a chapter 7 bankruptcy attorney, contact a law firm today.