Filing for Bankruptcy when Burdened with Debt

Filing for Bankruptcy when Burdened with Debt

People worry about bankruptcy due to fears of ruined credit, not being able to secure loans in the future, and of falling back into old habits and returning to a life of debt. However, bankruptcy can be a positive thing in certain situations. A bankruptcy attorney in Richmond, VA can do more than just help you file for bankruptcy. He or she can assist you with credit counseling, financial education, and debt repayment plans. They can also outline both the advantages and disadvantages of filing for bankruptcy.

Often, people’s fears are misguided, and a lawyer with bankruptcy experience can help you see that it is possible to file bankruptcy and still have a positive financial future.

What Happens After Filing Bankruptcy?
Once your lawyer files, the court will set up a date to meet with you and your creditors. The bankruptcy trustee will also attend the meeting. In many cases, representatives from the crediting agencies decline to appear unless they want to contest your bankruptcy.

Depending on the type of bankruptcy you’re claiming, the court will decide which assets to liquidate or review and approve the repayment plan set up by your attorney. Eventually, your bankruptcy attorney in Richmond, VA will let you know that your debts are discharged.

Life after Bankruptcy
Consider bankruptcy as a second chance. Although it will take time to rebuild your credit and overcome the emotional stress that often accompanies bankruptcy, now is the time to practice managing your finances and learning how to stay out of debt. Once your case is over, find out about credit counseling through your bankruptcy attorney. Richmond, VA consumers must learn how to live below their means after bankruptcy in order to prevent getting back into debt. This is made easier with the right financial knowledge and a good support system.

What’s the best way to find out about debt options? Talk to a bankruptcy attorney in Richmond, VA. Visit Bankruptcylawva.net for more info.

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