Are you in debt? Is it so bad that you no longer can sleep at night? Do you receive threatening mail from creditors every day? Is the bank sending you foreclosure notices? If so, you are probably so deep in debt that your financial future is at stake. Maybe it is time to hire a bankruptcy attorney in Springfield, and consider an efficient debt-relief solution. There will be many questions if this is the first time ever you are going through a financial hardship. Do not despair. Your lawyer can put your mind at easy by answering questions, such as those listed next.

1. What Happens During the Bankruptcy Process?

This is probably one of the most reccurring questions. Essentially, it is a type of legal procedure in which part or all of your debt will be discharged. That gives you a fresh, new start. You will also be given an opportunity to pay some of your bills. Know that not all types of debt will be forgiven. There are some that will remain on the books, such as child support, alimony, and student loans.  

2. Why Should I Apply for Bankruptcy?

Filing a petition can be beneficial in more than one way. The procedure stops home foreclosure and vehicle repossessions. It will be easier to recover when you are not always worried about crushing medical bills and harassing bill collectors. Credit card debt can also be discharged, and your lawyer can put everything in motion to stop wage garnishment.

3. Will It Solve All My Financial Problems?

It is important that you understand that bankruptcy does not cure all money problems. Some people may not benefit at all from this legal procedure. They are much better off selecting a different type of debt-relief solution. Bankruptcy does not eliminate all types of debt. Criminal fines, certain taxes, and other debts will still need to be paid.

4. Is This a One-Time Deal?

The answer depends on the type of bankruptcy you filed. There will be a waiting period after your debt was discharged. Once that time is over, you could file another petition. An attorney can give you a more specific answer after reviewing your file.

5. What Happens to My Credit Score?

There is no need to panic. Your credit will not be completely ruined when filing a bankruptcy petition. Although there will be a black mark on your report for up to ten years, you can start rebuilding your credit score right away. The sooner you work on this, the quicker your credit will improve. The suggestions a bankruptcy attorney in Springfield will offer include paying bills on time and using secured credit cards.