As the economy continues to deteriorate, many Americans fear that they will be forced to file for bankruptcy in the near future. None of the economic news in the media seems to be really encouraging. The perfect storm is forming because the government continues to print and borrow more currency, causing the US dollar to depreciate. Americans are now fearful of having to file for bankruptcy if things do not improve. The average American’s credit card debt is now eight times higher than it was 30 years ago. With so many people living solely on credit cards, it doesn’t take a rocket scientist to predict that many of them will eventually file for bankruptcy.
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The prospect of declaring bankruptcy sends shivers down most people’s spines. It’s not nearly as bad as most people believe, particularly if the debtor has the assistance of an accomplished bankruptcy attorney. How can you locate a competent bankruptcy lawyer? Most people don’t want to accept the possibility of filing for bankruptcy, so it’s not a popular subject at the dinner table. There’s also the issue of pride. Many people who are struggling to make ends meet are too afraid to ask for support because they are embarrassed about their impending financial failure. People seldom want to tell their friends and family that they have filed for bankruptcy.
When searching for a bankruptcy attorney, the most important factor to consider is experience. Finding a successful surgeon is similar in that the more operations they perform, the better they become. The more experience a bankruptcy attorney has, the more likely they are to encounter a variety of situations, allowing them to gain a better understanding of all aspects of the bankruptcy code. Most lawyers try to focus their practise on one field of law in which they excel. Many deal with families and individuals and specialise in Chapter 7 bankruptcy. Others specialise in Chapter 13 bankruptcy, which is more concerned with preserving real estate and land.