People often worry about how risky it may be to file for bankruptcy. Fortunately, every bankruptcy attorney in America will tell you that the risks are low as long as you're not engaged in willful fraud. Still, it's a good idea to understand what you might be up against. A bankruptcy lawyer will tell their clients to be aware of the following four potential risks.
This is by far the worst risk in terms of consequences, even though the probability of a fraud allegation is close to zero as long as a petitioner plays it straight.
Were you recently injured in an auto accident by a driver that did not have auto insurance, and now wondering how you are going to get your compensation? If so, it helps to know the following things.
Don't Believe The Responsible Driver
The way that most auto accidents work is that the injured person will use the responsible person's insurance policy to receive money to cover the medical bills and other expenses.
When people file bankruptcy petitions, they often focus on what it takes to achieve acceptance. However, there is an argument for assessing your case based on why a judge might reject it under bankruptcy law. While not bankruptcy attorney services provider can guarantee a petition won't be rejected, you should pay attention to these four common areas of concern.
1. Financial Ineligibility
When someone submits a bankruptcy filing, they have to include proof that their circumstances justify it.
Chapter 7 bankruptcy is a process that involves the liquidation of the debtor's disposable assets. This means selling off a lot of what you might own to pay back a portion of what is owed to your creditors. Unsurprisingly, some folks may feel like they just need some time and want to try to restructure their debts.
There is a way, however, that you might be forced to pursue Chapter 7.
Bankruptcy is an option for those that aren't able to keep up with paying their bills, or can hardly pay their bills and survive after making those payments. If you have a lot of debt, but aren't able to keep up with the payments, or aren't able to pay for other monthly bills such as utilities or groceries, there are options for you. Read on for information that may help you get out of debt.