Answering Some of Your Bankruptcy Questions

Bankruptcy is often something we don’t want to contemplate, and the more likely it becomes, the less we want to think about it. Still, if it’s necessary, it’s necessary, and knowing more can help make sure the process is as quick, inexpensive, and painless as possible.

With that in mind, I’ve cobbled together some information from the bankruptcy information available from Erin B. Shank Attorney at Law to answer some basic questions you may have in the lead up to filing for bankruptcy. I hope it’s helpful.

Can I Get Relief from Medical Bills?

It’s hardly news to anyone in America that medicine is expensive. Medical bills are the cause of an enormous number of bankruptcy filings each year. So, in short, yes, you can get a better handle on your medical bills by filing bankruptcy.

Will Bankruptcy Help Me with My Lawsuits?

When the bills really start adding up, it isn’t uncommon to end up on the wrong end of one or more lawsuits from your creditors. This can seem very scary and intimidating, and there is often a fear that even after bankruptcy, these expensive and long legal cases may proceed, leaving it even harder to recover financially. Thankfully, most lawsuits end when you file for bankruptcy.

Can I Reduce or Get Rid of My Tax Debt?

This is a tricky issue. Many people think that there’s no relief available from tax debt. This isn’t always the case. Many federal tax bills can be reduced or even discharged, depending on your circumstances. Even when tax debts can’t be discharged, filing for bankruptcy can reduce the other bills you have, so that you are better able to handle your tax obligations.

Do I Have to Take Debt Management and Credit Counseling Courses Before Filing

Yes, but these can be relatively painless. It may even be possible to take them online.

Do I Need a Lawyer?

It isn’t strictly required, but from the sound of things, it’s probably for the best. Bankruptcy is complicated, and when you’re trying to get your finances back on track, you want to make sure you get the best deal that allows you to get back to where you want to be as fast as possible.

This isn’t everything you need to know about bankruptcy, of course. You’ll need to know what chapter of bankruptcy you should file, what property and income will be protected, and how to start the process, just to begin with. But that information is widely available elsewhere online.

I hope that these answers help guide you towards the right decision for your finances. Bankruptcy isn’t right for everyone, but it is a useful tool that can help you a great deal now and down the line. You don’t have to struggle forever under the burden of huge debts. Knowing your options, and knowing what bankruptcy means for you, is a great first step to knowing if bankruptcy is right in your situation.

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