It used to be that the mere mention of the word “bankruptcy” was scandalous. It was a sign of shame and a label for anyone who couldn’t manage their financial obligations. Fortunately, these days bankruptcy is looked on as a legitimate financial tool for dealing with overwhelming indebtedness. This is exactly the reason that the bankruptcy laws were enacted in the first place; to assist those who have accumulated a financial burden to the degree that they no longer have any reasonable expectation of paying it all off, based on their current financial situation. In the recent economic climate there are a large number of individuals and even businesses that have had to take advantage of these laws.
If you are in a circumstance where you are considering bankruptcy as an option, the first thing you need to do is to consult with experienced Bankruptcy Attorneys in Lexington. The bankruptcy laws can be very detailed and convoluted and they call for someone who has had a great deal of experience in this area of the law. Many law firms will offer a free initial consultation where an attorney will speak with you in order to gather the necessary information to determine if bankruptcy is the best path for you. If he feels that you can benefit from a bankruptcy proceeding he will then decide which type of bankruptcy is most appropriate for your circumstances. Whether you decide to file under Chapter 7 or Chapter 13, as soon as the papers are filed with the court, an “automatic stay” is issued which will stop the harassing phone calls, e-mails, and letters from your creditors.
Once your attorney has begun the proceedings he will use all of his experience and resources in order to make certain that your rights are protected and that you receive the debt relief you are seeking. He will also try to do this while helping you to retain as much of your personal property as is possible. Bankruptcy is no longer the financial kiss of death and, with assistance from your attorney, you can have your credit rebuilt in as little as three years.