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Can Filing for Bankruptcy Ease My Financial Situation?

It is, sadly, more than incredibly common for the average American to fall into financial crisis in this day and age. After all, with the fluctuating economy as well as the highly competitive job market, it can be difficult to find a point in your life where you can safely say that you are in a state of financial security and stability. It is more than common, for example, for the average American to accumulate thousands of dollars in debt through student loans, housing loans, credit card bills, or otherwise stated. Some people could spend the rest of their lives in destitution trying to pay off their debts and that’s surely no way to live.

One possible solution that can grant you the path to financial freedom could be filing through bankruptcy. A Chapter 7 bankruptcy lawyer in Raleigh might tell you which kind of bankruptcy is most suited for your situation. However, the very first thing to consider when even thinking of applying for bankruptcy is this: is it the right choice to make for you?

For one thing, certain kinds of bankruptcy – or the kind of bankruptcy you may wish to file for – has certain requirements before you are considered eligible to file for it. On the website of the Plano bankruptcy lawyers with Gagnon, Peacock & Vereeke, P.C., it states there are certain bankruptcy chapters that only allow for you to be qualified for it if, and only if, you pass through certain tests. In chapter 7 bankruptcy, which is one of the most popular chapters of bankruptcy, you must pass something called the means test.

Bankruptcy can allow for you to rest easily and comfortably in the knowledge that your creditors will no longer harass you to pay them back and allow for you to even pay back your debts through the liquidation of assets and a more personalized payment plan that is well suited for your lifestyle. It is not however always the best plan to follow for everyone. It is best to get the professional opinion of a lawyer via a consultation with your given circumstances before you pursue your application.