According to statistics, chapter 7 bankruptcies are the most common ever since it’s passing in 2005. When your business empire starts groaning under the weight of debts that you cannot pay, the first thing that comes to your mind is liquidation. At this point, you start considering the assets you have against the debts. This is a precarious situation that needs some expert advice as well as some caution.
There is no better person to give guidance on such matters other than an Allentown bankruptcy attorney with vast experience. The greatest challenge for anyone is to accept that you have reached your limit with debts and you no longer have a way out. It is interesting though to note that sometimes people have misunderstood their situation simply because of the harassment from financial institutions trying to collect their money.
When you start feeling too caged and overwhelmed with debts, it is advisable to get the opinion of an experienced Allentown bankruptcy attorney before taking any drastic steps. When a problem has been building up gradually, there reaches a point where you can no longer think straight. That is why a neutral opinion from an expert can change your fate completely.
It is also good to understand the privileges if any; that chapter 7 bankruptcy could extend to you before you start the liquidation process. Although many people think a fresh start could turn things in their favor, it is always a daunting task. It is also important to understand that there are debts that may fall under secured creditors. This may include mortgage loans among others.
With the above in mind, you must be careful when you decide to liquidate anything. With the guidance of a professional who understand the finer details of chapter 7 bankruptcy, you may be lucky enough to keep your home. Taking time to discus the situation with a good lawyer can open up avenues that you may have simply ignored or overlooked because of inexperience in such matters.
A having an Allentown bankruptcy attorney on your case could help you get some reprieve because they also understand any legal rights that you may have even though you may be heavily in debt. Most important of all is that they can help you eradicate unnecessary harassment by debt collectors who occasionally take undue advantage of ignorant victims.