Whenever someone finds himself in a financial crisis, the most common thing to do is to file for bankruptcy. However, before filing for bankruptcy it is always best that you consider its short term and long term consequences. The disadvantage of a bankruptcy is that it can stay on your file up to ten years. At this time it would be difficult to obtain a loan or even obtain any financial assistance.
There are several types of bankruptcy that you can file for depending on how bad your situation is. There is the chapter 7 and chapter 13 bankruptcy that you can file for. The most common type is the chapter 7 which is usually liquidation and also referred to as straight bankruptcy. In chapter 13, instead of liquidation of assets, a repayment plan is set. However, you will be required to undergo a test before deciding on what chapter of bankruptcy to file for.
In other cases, some people may choose to file for bankruptcy without the assistance of a lawyer. Although it is accepted, it is not advisable. If you hire a legal advisor in Framingham MA, he will ensure that the whole bankruptcy process is carried out smoothly. When filing for bankruptcy with large firms you are usually assigned with a paralegal to aid you on the whole process.
A legal advisor will look at all the options and see the best way to handle your cases. If you cannot afford to hire a lawyer, you might actually qualify for free legal services that are usually offered by law schools and legal clinics. All you will need to do is to contact your local bar association and enquire about their ‘pro bono’.
For individuals filing for bankruptcy without an attorney, the process can prove to be difficult and complicated. However, partnerships and corporations have to file for a bankruptcy case with the help of an attorney. There are some rules and technical procedures that have to be followed which in most cases can be difficult for anyone without legal knowledge to understand. In case you decide to file for bankruptcy and fail to present some documents or even miss out on some steps, you stand the chance to lose protection or, even worse, the chance to file for another case in the future. Legal advisor in Framingham MA will file your case following the legal requirements and following the states laws.
Always ensure that you get the best services for the best prices. Visit some of the reputed lawyers in the area to ensure that you get the best. Get an attorney who will have your best interest at heart to help you out of your financial situation.