The Benefits of Filing For Bankruptcy in Columbus

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There are both pros and cons of filing for bankruptcy in Columbus, and you need to compare the list to ensure that you are making a solid decision

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  • 1.THE BENEFITS OF FILING FOR BANKRUPTCY IN COLUMBUS SCOTT R. NEEDLEMAN COLUMBUS BANKRUPTCY AND FORECLOSURE DEFENSE ATTORNEY There are Both Pros and Cons of Filing for Bankruptcy in Columbus, and You Need to Compare the List to Ensure that You are Making a Solid Decision

2. The Benefits of Filing for Bankruptcy in Columbus thecolumbusbankruptcylawyer.com 2 As an individual with severe financial concerns, there may come a time when you begin to consider bankruptcy. While this is something that others have used to their advantage, you dont necessarily want to follow down the same path. There are both pros and cons of filing for bankruptcy, and you need to compare the list to ensure that you are making a solid decision. Note: with the help of a bankruptcy attorney it becomes much easier to decide if this is right for you. An experienced attorney can review your situation, help you understand the pros and cons, and provide you with an idea of whether or not this is the right choice for you at the present time. Most people look at bankruptcy and believe it to be the easiest way out of their financial trouble. This may be the right choice for you, but there is also a chance that it could cause more harm than good. HERE ARE SEVERAL OF THE BENEFITS ASSOCIATED WITH FILING FOR BANKRUPTCY: 1. The automatic stay. If you dont know what this is, you are going to be excited to find out. In short, this prohibits creditors from persisting with collection efforts. In other words, all of those phone calls are going to stop for the time being. If you need time to figure things out, without creditors beating you up, this is by far one of the biggest benefits of filing for any type of bankruptcy. 3. The Benefits of Filing for Bankruptcy in Columbus thecolumbusbankruptcylawyer.com 3 2. A fresh start. Lets face it: some people get to the point where they are no longer comfortable with their financial situation. They believe that the only way out is bankruptcy, and they may be right. If you have made poor financial decisions in the past and dont have the ability to dig out of the hole, bankruptcy can provide a fresh start. Tip: just because you are getting a fresh start doesnt mean things are going to necessarily work out better in the future. You need to put plenty of time and effort into ensuring that the choices you make down the road are better the ones that led to trouble in the past. 3. Depending on the type of bankruptcy, some property is exempt. It is a myth that you are going to lose all your property when you file bankruptcy. Despite the fact that you may lose some, especially in the event of a Chapter 7 filing, this does not mean that everything will be taken from you. It can be difficult to understand what is exempt with each type of bankruptcy, so you should discuss this with your attorney. CHAPTER 7 OR CHAPTER 13? Once the decision has been made to pursue bankruptcy the next step should be to choose an attorney. Technically, there is no legal requirement that a debtor be represented by an attorney when filing for bankruptcy; however, given the complexity of the subject matter, the importance of the outcome, and the sheer volume of paperwork involved it is a wise decision to retain the services of an experienced bankruptcy attorney. 4. The Benefits of Filing for Bankruptcy in Columbus thecolumbusbankruptcylawyer.com 4 CHOOSING A CHAPTER For an individual, these are the two most common types of bankruptcy. With many differences between the two, as well as a different set of eligibility requirements, you should focus on both the benefits and drawbacks. You will never know which type you qualify for until you speak with a bankruptcy attorney who can review your entire case. HIRING A BANKRUPTCY ATTORNEY Now that you understand some of the benefits of bankruptcy, you can decide if contacting an attorney is right for you. If you are ready to hire a bankruptcy attorney, ask the following questions as you compare local professionals: How long have you been working as a bankruptcy attorney? Are you familiar with the bankruptcy laws in my state? Can you explain the pros and cons of both Chapter 7 and Chapter 13 bankruptcy? Are you available to help me with the filing process as soon as I am ready to move forward? What is the cost of filing each type of bankruptcy, including court and attorney fees? What type of information will be required of me? How long will the entire process take? 5. The Benefits of Filing for Bankruptcy in Columbus thecolumbusbankruptcylawyer.com 5 These are just some of the many questions you can ask a bankruptcy attorney as you attempt to decide if they are the right professional for you. There is no denying the fact that there are a variety of benefits associated with all types of bankruptcy. At the same time, you need to be aware of the many drawbacks as well. Once you compare the pros and cons, with the assistance of an attorney, making a final choice on what to do next should be easy enough. The benefits of bankruptcy may have you excited about this, but dont move forward until you are 100 percent sure that doing so would be in your best interest. Only then should you get started. 6. The Benefits of Filing for Bankruptcy in Columbus thecolumbusbankruptcylawyer.com 6 About the Author Scott R. Needleman Every associate at The Needleman Law Office is committed to handling your case in both a personal fashion and in a professional manner. In other words, we treat you the way we would want to be treated. We will take a personal interest in your situation, making sure you understand exactly what is happening and what options you may have. Then well fight to ensure the best possible outcome for your situation. The Needleman Law Office 5300 E. Main, Suite 109 Columbus, OH 43213 614-575-1188 http://thecolumbusbankruptcylawyer.com/