If you are on the verge of bankruptcy the first step is to consider all your options. Filing for bankruptcy is not always the easiest step. Consider that for the next ten years, the record will be up in your credit records. If you are planning to get a loan at anytime in this period, the record would affect your future credit. Are you in a position where filing for bankruptcy is the best possible solution? How long do you want to give yourself to pay back your creditors? A careful analysis of all these questions is necessary before you take that critical step to declare yourself bankrupt. Your best resort in such a situation is to get in touch with a lawyer who has experience in dealing with similar cases.

The advantage of opting for legal help for bankruptcy is that in many cases, the initial consultation is free. Choose a reliable bankruptcy lawyer, schedule an appointment, and drop in for a consultation. Take advantage of this free session to discuss your options, and let the lawyer know about where you stand, financially.

The US Bankruptcy Code has different Chapters under which you may make your filings. Your bankruptcy lawyer helps to protect your interest, while devising the least disruptive way to repay your debts. Do you want to pay back your creditors at once and resolve all your debts? An appropriate way is to file under Chapter 7. According to this Chapter, all your non-exempt property would be handed over to your bankruptcy trustee for distribution among your creditors. A lawyer can help you determine if this is an appropriate solution, based on the state of your assets. If you have little or no assets, Chapter 7 bankruptcy gives you a quick way to start from scratch, without much of a wait period.

If you can to wait to pay back your creditors, your bankruptcy lawyer may advise you to file under Chapter 13. Under this Chapter, you pay back your debts over a period, usually three to five years. Your lawyer helps determine if this is a good course of action, depending on the state of your finances. If you have any non-exempt property you want to hold on to, this Chapter allows you do so and gradually become debt-free.

If you are looking for a bankruptcy lawyer, Lafayette IN residents recommend those with a good track record.