A lot of people don't know there are laws in every state and around the nation to help people manage medical debt, and instead of getting on a plan or getting help, they start to accumulate more debt than they can pay. If an accident or serious illness has taken over your life and your finances and you now can't afford to pay to live, it's time to talk with a bankruptcy attorney.
A bankruptcy attorney will quickly assess your bills, income, and living situation, and figure out if it's worth the time to try to win a bankruptcy claim. Here are some of the things to consider when hiring a lawyer.
Your Application Must Be Flawless
There are tens of thousands of bankruptcy applications submitted to the government every year. Your application needs to be flawless so that it is considered and doesn't get denied or sent back for inaccuracies or poor quality. You want a bankruptcy lawyer doing all the paperwork for you.
The Debt Must Be Detrimental
The bankruptcy lawyer will use different tactics to determine if the debt that you've accumulated is unmanageable. This means:
- You can't pay living expenses or survive and pay the debts
- There is no way to get out of debt with your income
- The debts can't be settled and erased
- You will struggle without bankruptcy help
After the bankruptcy lawyer looks your finances and debts, they will be able to fill out the application and make your case.
You Have to Pick the Right Bankruptcy
Your lawyer will most likely choose to file for a Chapter 7 or Chapter 13 bankruptcy. Chapter 7 will indicate that there is no way for you to settle or pay the debts, even if on a government-mandated plan, and you will be forgiven of the amounts that you owe.
Chapter 13 will be for those that can pay the debts if they are managed, negotiated, and lowered or consolidated. After the financial evaluation, your lawyer will let you know what you qualify for.
If you are drowning in debt from an unexpected event, you now find it hard to pay all of your bills and the bills are growing because of late fees and interest rates, find a bankruptcy lawyer to help you out. You want to know if you should file, what to file for, and how to go from there. Get help from an attorney to begin resolving your debts.
