Bankruptcy Help, Advice for Negotiations

When voluntary debt negotiations with creditors reach the point of diminishing return, and settlements are considered unlikely, the federal government provides a comprehensive regulatory act authorizing bankruptcy. Help with bankruptcy and legal advice is best obtained from qualified lawyers and law firms. Nevertheless, a few of the benefits of filing may outweigh all other options and alternatives.

Fast and affordable relief

Anyone can file bankruptcy. However, to maintain a case and prevent dismissal and actually be helpful, careful attention must be paid to qualification and election of remedies. A poorly prepared case provides little help is worse than doing nothing at all. Retaining an attorney for legal advice will prevent dismissals, maximize assets retained, and charge off all unpaid debts. Chapter 7 charges off almost all debts in less than 6 months for as little as $750. Chapter 13 requires payment of debts, to the extent within a debtor's means, for a period of 3 to 5 years. After paying during this period, most remaining debts are discharged.

Filing bankruptcy should be a last resort. Filing creates adverse public records, requires federal court appearances, and opens the potential for fines, penalties and even criminal responsibly for untruthful statements. For legal advice, contact your local attorney.