subject: Bankruptcy Consequences [print this page] Bankruptcy Consequences Bankruptcy Consequences
Due to the current recession, record numbers of individuals are filing for personal bankruptcy using the services of Lexington bankruptcy lawyers. Whether your debt crisis is the result of unexpected medical bills, job loss, or simply overspending, it can be very overwhelming. It may be difficult to admit that things have gotten so out of control as to consider personal bankruptcy, but for some individuals it is the best solution to regaining a positive financial status. The decision to file for bankruptcy is an important one, and the consequences of it must be understood before it is taken. It is an extremely difficult decision to make and better left to the expertise of Lexington bankruptcy lawyers who have the knowledge of the current bankruptcy laws in your state. It's important that you are very selective in finding the right personal bankruptcy lawyer. You can obtain referrals for Lexington bankruptcy lawyers from friends and family members as well as checking with your local bar association. You may have to do some research to find a lawyer with experience and dedication to personal bankruptcy law, but it's well worth the effort. Lexington bankruptcy lawyers will help educate you as to the types of personal bankruptcy that are available. There are two types of personal bankruptcy that may be filed with the federal bankruptcy courts; Chapter 7 personal bankruptcy, which erases most of your debts, and Chapter 13 personal bankruptcy, which creates a debt repayment plan. Lexington bankruptcy lawyers can advise you as to which type of personal bankruptcy is right for your particular situation. Filing for personal bankruptcy does not have to be a humiliating experience. Sometimes we find ourselves confronted with situations in life that we cannot handle, and this is one way to try and help yourself get your finances under control. Knowing that those bill collectors will stop bothering you is certainly something to look forward to.
