All Types of Voluntary Bankruptcy Are Available for Those Whose Finances Are in Dire Shape

by | Jun 9, 2017 | Bankruptcy Law

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When people have finances that are in disarray and they are unable to meet their monthly bills, bankruptcy is often a consideration. Most people don’t choose bankruptcy unless it is the only choice left to make, or in other words, when their finances are so bad they find there is no other solution available to them. This type of voluntary bankruptcy can be declared by individuals, businesses, and even farmers, and it differs from involuntary bankruptcy, which is usually initiated by the creditor.

Different Types of Bankruptcy Exist

Chapter 7 and Chapter 13 bankruptcies are for individuals, while businesses and farmers utilize Chapter 11 and Chapter 12, respectively. One of the best aspects of consulting with a professional bankruptcy attorney is that they will explain everything to you in detail so that you can know what to expect, and they will also help you put together the paperwork so that it can be filed accurately. Voluntary bankruptcy involves the debtor either eliminating all debts or agreeing to a repayment schedule that is convenient to both sides, and firms such as Fred Wehrwein, P.C. can help you decide which option is best for you.

Never Be Embarrassed or Ashamed

Since the law gives you a legal right to file for voluntary bankruptcy, you should never be embarrassed or even apprehensive about the decision you have made. A good attorney is both knowledgeable and sensitive to your situation, which means that you can count on your lawyer to be both competent and compassionate. Even if you are unsure of which type of bankruptcy is right for you, these attorneys can help, because they will go over all the details of your finances and then make a recommendation based on what they find. This and many other reasons are why hiring an attorney is the first thing you should do if you are even considering this option. You can also connect them on Facebook.

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