Bankruptcy Lawyer | 5 Facts about Bankruptcy

Bankruptcy Lawyer . Many people don’t fully understand what the word bankruptcy really means. When they think of someone who is bankrupt, they imagine someone in a poor house with nothing but the clothes on their back.

But did you know that in many cases, bankrupt individuals go on to live the same lives they were already living?

Do you really know what bankruptcy is all about?

Here are a few facts you may not know about bankruptcy:

There are several forms of bankruptcy. There isn’t just one type of bankruptcy. Bankruptcy could mean that you liquidate your assets — i.e., sell your stuff for cash to pay off your debts (Chapter 7). It could also mean that you come up with a repayment plan where you get to keep much of what you own (Chapter 13).

Bankruptcy and poverty aren’t the same thing. The basic notion behind bankruptcy is that it wipes the slate clean. Bankruptcy is a legal process. Poverty is a state of financial being.

You won’t lose everything. There are exemptions in a bankruptcy. This means that there is property that can be exempt from bankruptcy and kept out of the hands of your creditors. A car that you use to get to work can fall into these exemptions, for example.

Some debts survive bankruptcy. A bankruptcy is supposed to clear your debt. But here’s the thing — not all debt is dischargeable in a bankruptcy. Tax liens and many student loans aren’t.

You might need a bankruptcy lawyer. Chapter 7 bankruptcies are relatively straightforward and can sometimes be done be oneself. There are bankruptcy forms available online for that.  But once you’re talking about a Chapter 13 filing, bankruptcy lawyers become more important.

Bankruptcy isn’t easy, but having a lawyer on your side can be worth it. – findlaw.com
Call attorney David Pinkston, bankruptcy lawyer, for a free consultation today: (904) 389-5880. If you are thinking about #bankruptcy, #chapter13bankruptcy or #foreclosure in the Jacksonville, Florida area, you should call attorney David Pinkston. David is very experienced with all aspects of bankruptcy law yet very personable and easy to talk to. Call Us Today! (904) 389-5880