Have you recently found that your spouse has been spending on credit cards or other accounts that you didn't know about? If the two of you are now so far in debt that you don't know how you will get out or what you can do to try to turn things around, you may want to see a bankruptcy lawyer.
If the bills are so high that you don't think you will ever be able to pay them off and you are afraid that now you are going to lose your home or other assets that you have, you shouldn't wait to the appointment for consultation. Here are some of the things to know.
There May Be Many Options
There are different types of bankruptcy, and the lawyer will be able to do a good evaluation of your finances to see what the potential are that you will qualify for. Your lawyer may think that you could settle the debts and avoid filing or that you could get a loan to consolidate before putting in a bankruptcy application.
If bankruptcy is the only choice, be sure that you know the difference between chapter 7 and chapter 13. From there, your lawyer will decide what is the best.
You Might Not Lose Everything
With consolidation or settlement, you may be able to keep everything that you have, and you won't have to risk your assets. A chapter 13 bankruptcy can be something that you work through as you agree to back the debts that you have over time, through the courts, without losing your property or other things. If you are in a chapter 7 case, you may have to sell your home and start returning items that have loans or selling assets.
Be Prepared for Change
There will be a lot of change when you are settling debts, consolidating your bills, or filing for bankruptcy. With debt settlement, you need to have the cash to pay off the debts or you're going to be using a loan to pay these debts off. A consolidation loan or settlement loan will mean you have to monitor your finances and be ready to pay it off as soon as possible.
If you are filing for bankruptcy, the government will be examining your finances closely, and your spending will have to change. You will be required to work with a bankruptcy professional through the judicial system, and you will go on a budget and may have to take finance classes.
Discovering your spouse has racked up debt you weren't aware of can be a problem. The first thing you need to do is deal with your finances and get a lawyer. Find a bankruptcy lawyer and start exploring options so you can take actions fast.
Find a bankruptcy law firm near you for more information.