Every year, millions and millions of Americans are filing for bankruptcy. Those who file for bankruptcy are generally owing and obscene amount of debt. This amount of debt often surpasses the amount of money they make or have, which can make it practically impossible for them to pay off the money they owe. Anyone in this position needs to Find Bankruptcy Attorneys in Hattiesburg, MS.
Finding a bankruptcy attorney is one of the first steps you need to make in order to get the bankruptcy process started. Often times people have a misunderstanding of what the bankruptcy process is for. Bankruptcy isn’t something you can use in order to erase the money that you legitimately owe without any consequences. Consulting with an attorney can help you to better understand how bankruptcy can be used in your individual case.
When you Find Bankruptcy Attorneys in Hattiesburg, MS one of the first things they’ll want to address is your financial situation. They need to know exactly the type of debts you’re owing. Most people are unaware of the fact that all debt doesn’t qualify for bankruptcy. For instance, if you’ve received a loan, it’s important to know whether it’s secured or unsecured. Unsecured loans are not protected under law and don’t allow debtors to seize any property that you owe. On the other hand, secure loans are protected and debtors will be legally allowed to seize property in order to receive payment in full. That being said, unsecured loans are the loans that’ll more than likely be eligible for bankruptcy; unfortunately, the same can’t be said for secured loans.
All of those who are attempting to file for bankruptcy should also be aware of the possibility that their efforts could be denied. When you file for bankruptcy a judge must approve of it before the process is complete. In order to complete the process the court will have to contact all of your creditors. If your creditors can make a case against your bankruptcy efforts your attempts might be denied. Out of the millions of people who file for bankruptcy every year only a fraction of them are successful.