Bankruptcy Frequently Asked Questions

FAQ | Bankruptcy

Often folks struggle with the ethical issues involved with bankruptcy. Some people believe that it is unethical not pay off their debts, but on the other hand, realize that filing for bankruptcy is the only way they can gain peace of mind. If you have questions like these, get answers to them by speaking to the Buffalo NY Bankruptcy Attorney Stephen K. Underwood. The truth is that many people face a financial crisis at some point in their lives, and the financial crises usually has nothing to do with personal spending habits or financial irresponsibility. The most common reason for filing personal bankruptcy in the United States is medical debt. More people are pushed into bankruptcy every year because they’re unable to afford to pay medical bills. Even if you don't have medical bills, it is generally not irresponsible spending, but loss of income for a period of time causing you to get behind in your bills.

Few terms have more stigma attached than Bankruptcy. This is why people hesitate to file for Bankruptcy, even when it is in their best interest. The following are the most common misconceptions about bankruptcy. To understand how bankruptcy can help you to get rid of debt, and resolve your financial problems, speak to Buffalo NY Bankruptcy Attorney Stephen K. Underwood.

Sometimes it makes it easier to settle your divorce case when there is a lot of marital debt because it removes the issue of who will be responsible for paying those debts after the divorce is final. Keep in mind that if you agree to pay for a joint debt in a divorce agreement, you can't discharge it in bankruptcy later.

There are people who file bankruptcies without an attorney, but it is not recommend because it is important to have a firm grasp on bankruptcy law and know what you are doing because the Trustee can take your assets if the bankruptcy is not prepared correctly. Assets at risk may include your home, vehicles, household goods, and some retirement accounts. Do yourself a favor and hire a lawyer because many times a lawyer can find the money you need in your budget to pay for it.

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