There is nothing worse than needing a loan or wanting a credit card and being denied because you have bad credit. What makes the situation worse is when the bad credit is not even really your fault. People get sick or lose their job and become unable to pay certain bills which eventually turn into a black mark on their credit history. For some people their luck is so bad that it is a cycle that repeats itself until they are drowning in more debt than anyone can realistically handle. When you come to the conclusion that it is not possible for you to pay off your debts, your next step would be to File For Bankruptcy.
The first step in filing for bankruptcy is going to be hiring a lawyer. While you are not legally required to have a lawyer to file bankruptcy you are going to find it beneficial to have one. Filing bankruptcy is a long and drawn out process. There is also a lot of complicated paperwork that a lawyer from a law firm such as Chris Carouthers & Associates, LLC would be able to simplify in a way that you can understand.
Once you have decided that you want to File For Bankruptcy you have to figure out what kind of bankruptcy you are filing for. Basically, this means that you need to decide if you are filing Chapter 7 or Chapter 13. If you can meet with a lawyer and figure out whether or not you qualify for Chapter 7 you are going to save yourself a lot of time and grief. This is because if you file for Chapter 7 and find out you do not qualify for it you are just going to have to start all over again and file for Chapter 13. Any bankruptcy lawyer should be able to help you look over your credit history and determine if Chapter 7 or Chapter 13 would be a better fit for you.
You also need to look at what kind of debts you have. This is because bankruptcy is only going to wipe out unsecured debts. If you have student loans, unpaid child support, mortgages, or car payments those will not be removed from your credit history. This just means you want to make sure that you have debts on your credit history that are going to get removed before you go through the hassle of bankruptcy.
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