In today’s world, thousands file for bankruptcy to get out of overwhelming debts. Statistics show that the rate of filing for bankruptcy is rising at an alarming rate for individuals and businesses. If you want to eliminate a large portion of the debt, consult a local law firm for advice. But what causes bankruptcy? Most people get into huge debts due to unavoidable circumstances or the consequences of their actions. Whatever the reason, a person in debt should act quickly to salvage the situation.
One of the major causes of bankruptcy is medical expenses. Health care is expensive, especially without comprehensive health coverage. But even the insured face financial difficulties due to medical-related expenses. If you are in such a dilemma, consult your lawyer for an inquiry. Can I file for chapter 13? Or which is the best option? Lawyers know more about bankruptcy law definition and will guide you correctly.
Another cause of bankruptcy is job loss and reduced income. Many companies are cutting back on employees’ pay and bonuses, resulting in bankruptcy. Emergencies such as a car breakdown or a tree falling on the car or rooftop can drain your savings. Consult a lawyer to check bankruptcy filings and guide you accordingly. As a debtor in a bankruptcy case, it’s best to allow an attorney to push through with the bankruptcy case.
No matter how hard you work, or how much money you make, sometimes it just isn’t enough. This is where filing for bankruptcy comes into play. Unfortunately, filing for bankruptcy has several stigmas attached to it, many of which are completely false.
For example, while many people may assume that bankruptcy filers are filing as a result of poor financial management or financial irresponsibility, more than half of filers — 62% — are doing so as result of medical bills. So whether you’re considering filing due to a divorce, a business venture gone wrong, medical bills, or a combination of reasons, you should make finding a lawyer who specializes in bankruptcy law your top priority.
While it’s possible to file for bankruptcy with the legal representation of a local bankruptcy lawyer, it’s not at all advised. With a local bankruptcy attorney, the success rate for Chapter 7 bankruptcy claims is over 95%. Bankruptcy law is complicated and extremely intricate, which is why so many filers turn to lawyers for bankruptcy for advice and representation.
If you’re wondering how to find a good bankruptcy lawyer, look no further than your state’s bar association. Your state’s bar association will have a catalog of lawyers for bankruptcy in you area, and provide invaluable insight in regards to their educational background, success rate, professional certifications, and more. They’ll even be able to tell you if any actions or complaints have been filed against lawyers for bankruptcy that you’re considering hiring or working with.
While filing for bankruptcy is a personal matter, you can enlist your family members and trusted friends for help with finding an attorney. There’s a good chance they may be able to personally recommend a bankruptcy lawyer they’ve used in the past, or they may know someone who can provide you with a personal referral. You may find that you feel more comfortable and at ease working with a bankruptcy lawyer that someone close to you has personally recommended.