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Deciding to File
Filing for bankruptcy can be a tough decision to make for any individual or organization. Before you move on to decide whether bankruptcy is the right solution for you, it is important that you have a thorough understanding of what it means. Bankruptcy can be defined as having all your debt eliminated under the protection of the federal law. In bankruptcy cases, an individual property, assets, and other credit listings are liquidated to cover all the debt. The federal government aims at restructuring a person’s financial situation and helping them recover from a financial crisis.
However, there are certain eligibility criteria that you must fulfill in order to file for bankruptcy. These requirements are designed under the bankruptcy chapters 7, 12, and 13. To find out what bankruptcy chapter best suits your financial situation, hire a specialized bankruptcy lawyer. These are legal experts who work solely for bankruptcy clients and have complete legal knowledge of this field. There are a certain number of factors that must be taken into account before filing such as cash flow, debts, liabilities, credit score, tax, and number of dependents. A bankruptcy lawyer can help you evaluate each of these factors and determine the best legal solution for your case. Bankruptcy cases can only be filed in a bankruptcy court, therefore you need to have assistance from a legal expert who can manage all your documentation and legal formalities. Many firms in the United States provide information on deciding to file lawyers and aim at helping clients.