Understand the Options for Your Financial Situation

by | Nov 3, 2014 | law

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Many people who find themselves in financial trouble feel a lot of shame about it, even if they didn’t do anything wrong to create the situation. Most individuals who end up becoming eligible to file for bankruptcy don’t get into that situation because they are irresponsible or they didn’t handle their money properly. Instead, they’re hit by life events that are completely out of their control, such as a serious injury that makes it impossible to continue working. Whatever your reason for being in financial difficulty, you should consult with Bankruptcy Attorneys Lawrence KS to make sure that you fully understand the options available.

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The bankruptcy process isn’t available to everyone. There are set criteria that determine whether you qualify at all, and which form is available. The underlying idea is to attempt to measure whether someone has a realistic ability to repay the debts that are owed. If a court concludes that you would not have the ability to pay your debts at all, or that you couldn’t repay them without some help with restructuring the payments and making the arrangements more reasonable, the system includes options to help you get back on your feet.

Actually gauging your own eligibility, however, is extremely difficult. It’s not a matter of simply adding up your assets and subtracting your liabilities. Some types of assets aren’t counted for the purpose of this system. Retirement accounts are the most common example of money that is exempted from being considered as part of your ability to pay. This additional complexity means that it’s much better to consult with the best Bankruptcy Attorneys Lawrence KS than to try to sort through all of the information on your own, and potentially come to incorrect conclusions about whether there is help available for you.

Hooge John R Attorney At Law PA works hard to help people who are in financial trouble and need a chance to get their lives back on track. Whatever the reason you found yourself having difficulty paying your bills, you should seek help getting accurate and useful information about what options are out there to help you repair the situation.

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