bankruptcy relief
What happens when you declare bankruptcy in this current economy?
My father has lost his job about 6 months ago and was unsuccessful at finding a new one. He had a job that paid very well in tips, but not so well hourly. He get unemployment but it is a fraction of the amount he used to get. He owns a house, 2 cars ,and all of his furniture. He is now seriously considering filing for bankruptcy since he can no longer afford to pay his bills. What is going to happen? What will he lose? What kind of relief will he get that now, that he wouldn’t get if we weren’t in a recession? Any help will be greatly appreciated.
He can contact a local bankruptcy attorney, most will see him free the first consultation. They will review his income for the last 6 months, list of his debts, assets, and either 3 or 4 years of taxes, depending on what they want. Once they review all of his information, they will be able to tell him what he qualifies for. You can review more bankruptcy information at www.usbankruptcy.gov Excellent site for information on each chapter of bankrutpcy, how it works and what is required with the new laws. Good Luck!
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