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How & When to File Bankruptcy

Understand the Pros and Cons of Bankruptcy

The first question to ask when you are thinking of filing for bankruptcy is whether this is the right time for you to file. Bankruptcy is a powerful legal remedy and one that can be incredibly beneficial when used appropriately, but it can also be misused to the detriment of the individual. Declaring bankruptcy is an enormous step that will have major consequences for your future whether positive or negative. Generally, the time to file bankruptcy is when you have become fed up with living your life under the shadow of a mountain of debt and when you have exhausted all other options for getting your money problems under control. You can contact a Gainesville bankruptcy attorney at The Law Offices of Justin McMurray, P.A. for a free consultation to review your circumstances and make an informed decision as to whether or not this is the best option for you at this stage in your life.

Hire a Gainesville Bankruptcy Lawyer

Before you take any further action on declaring bankruptcy, it is in your best interests to hire an experienced attorney who can guide you through the process. Bankruptcy is a complex area of law, and even the U.S. courts recommend that you only attempt to file bankruptcy with the help of a lawyer, saying that it is “extremely difficult” to successfully do so on your own.

Gather Financial Documents

Early in the case, your attorney will need access to a number of different financial documents to assemble an accurate picture of your income, your living expenses, and your assets and liabilities. This is necessary to determine whether you pass the means test for Chapter 7 eligibility, as well as for preparing your petition, and for developing a repayment plan in the event that you are filing under Chapter 13.

Get started today! Contact The Law Offices of Justin McMurray, P.A.

If you hire an attorney to represent your case, you may never have to appear in court. The attorney can bring your petition before the judge, as well as acting on your behalf with the bankruptcy trustee and resolving any complications that might arise along the way. Depending on whether you file under Chapter 7 or Chapter 13, your case may take anywhere from a few months to five years. At the end of the process, the court will discharge all your remaining debts, leaving you free to start your life after bankruptcy.

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