no debt about it

If you are neck-deep in debt, you may consider filing for bankruptcy. If this is the case, you’ll want someone to look out for your best interests.

Think of bankruptcy in Monopoly terms: You’ve run out of money and can’t pay your loans. It’s the act of legally declaring that you’re unable to pay your outstanding debts. It allows individuals and businesses to have most or all of their debts discharged (wiped clean) or reorganized.

There are multiple types of bankruptcies, with Chapters 7, 11 and 13 being the most common. Individuals usually file for Chapter 7, a process that typically takes four to six months from the time you file until the time most of your debt is completely discharged and does not usually include a repayment plan. Chapters 11 and 13 bankruptcies typically

›

By Melissa Peterson

take longer—a process spanning two to three years. Chapter 11 bankruptcy usually involves a corporation and requires the business repay creditors overtime. Individual debtors who make too much money for a Chapter 7 case must file for a Chapter 13, which reorganizes debt and requires individuals to pay back at least a portion of the debt.

In any instance, patience is key when fi ling for bankruptcy. A bankruptcy attorney can help make the process smoother. Here’s how.

you’ll get lots of advice.

A bankruptcy attorney should provide you with advice on which type of bankruptcy you should file, the details of how the process will work and information on how to make filing for bankruptcy easier and risks to look out for. You’ll be required to sign a contract with the attorney, and all of the services you will receive should be outlined within the contract.

they know their stuff.

Your attorney will know how to proceed in all aspects of the bankruptcy process. You can trust him or her to have the experience necessary to know bankruptcy laws and be able to apply them to your case. There’s a lot of forms to complete when fi ling for bankruptcy. Your attorney is responsible for making sure those forms are

YOU WON’T GO IT ALONE.

Your attorney will represent you in court. He or she will inform you of court dates when you need to appear or will represent the case on your behalf in instances when you do not need to physically attend. You can rest assured that you will not have to go into any intimidating meetings without representation.

completed properly and fi led on time. You can trust that your attorney will have your back and not let details fall through the cracks.

For more information on bankruptcy and laws specific to your chapter, visit uscourts.gov.

Source: debt.org, thebalance.com, uscourts.gov, nolo.com

Piccin & Glynn is a personal injury and wrongful death law firm with roots in Ocala since 1974. It is recognized as a Preeminent Law Firm with the highest rating for legal abilities, conduct, ethics, reliability and diligence.

John Piccin graduated from Villanova University and The University of Michigan Law School. His daughter, Katherine (Katie) Glynn, graduated from Eckerd College and St. Thomas University School of Law.

John and Katie handle all types of crashes— motor vehicle, trucking, motorcycle, bicycle, boating and aircraft. Other practice areas include medical and professional malpractice, product and premises liability and insurance disputes, particularly insurance company “bad faith.”