Many people have issues with debt so they often have to file for bankruptcy protection. This is when the court system discharges the consumer debts that are unsecured. People who think that they may need to file bankruptcy papers should consider speaking with a New Orleans bankruptcy attorney first.
This type of court proceeding does have a few drawbacks for consumers. The first is that there will be a public record created. This means that people can pull up the information when they run a person’s credit file. The filing will bring down a person’s credit score which can impact them for ten years after the date of discharge.
The seizure of assets is often one source of concern with people who want to take legal action. With the help of a New Orleans bankruptcy attorney, individuals can work to protect their personal assets. It is important for consumers to have their financial information readily available so that the consultation can be as successful as possible.
All of the information will need to be reviewed so that people can find out if they can qualify for the discharge of debts. Bankruptcies do not absolve people of the responsibility for their student loan debt. Some people will face a payment arrangement from the court if the bankruptcy is not approved. The filing forms need to be reviewed and submitted to the court so that they can see the entire picture.
The courts do not take this type of legal proceeding lightly. This means that people have to have all of the information correctly filled out on the paperwork. If people neglect to be careful with the paperwork, then this can compromise the integrity of the proceeding. A New Orleans bankruptcy attorney can help people to avoid the pitfalls that many people encounter along the way.
Many people do not know about how the law works in regards to dealing with debts that cannot be paid back. Because people can only file for bankruptcy once each decade, they need to do things properly which is why hiring legal help can be a lifesaver. Most of the time, people are charged a small fee for this type of service. It can be a great financial investment as it can help to ensure a fruitful outcome during the hearing phase.