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One of the biggest questions that they face before moving ahead is whether they should consult a chapter 7 bankruptcy attorney.
If you are at the point where you cannot pay all your bills, you may be contemplating this huge step.
Here are some things to consider when contemplating the need for a chapter 7 bankruptcy attorney.
The Cost of Bankruptcy Bankruptcy will stay on your credit report for several years and it can be extremely difficult to be approved for a credit card, car loan or mortgage.
And anyone can potentially find out that you declared bankruptcy as it becomes public knowledge.
That said, bankruptcy can be a chance to make a fresh financial start, especially for something like medical bankruptcy or credit card bankruptcy, and most people who file maintain that it was a good decision.
Most people who file bankruptcy don't lose their house or car.
The Complexity of Bankruptcy Unfortunately, filing for bankruptcy isn't free and can also be quite complicated, depending on your financial and marital situation.
For these reasons, you may need the services of an experienced bankruptcy attorney who can advise on the entire process and even whether you should do it at all.
You may have other options open to you, such as participating in a debt consolidation program, although this will only work with so-called unsecured debt and you still need to pay your car loans and mortgage.
Even those who intend to file a do it yourself bankruptcy must seek advice from an outside party that is impartial and experienced.
Bankruptcy is not fun and it is never a good thing to go through, but it is a chance for you to begin again...
financially.
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