A bankruptcy attorney in versailles will not be the answer to all of your debt issues. However, you can count on a bankruptcy lawyer in versailles to provide you with excellent advice on what to do with your debt situation. If you have been in debt for many years, and you are ready to try and establish good credit again, a bankruptcy lawyer in Versailles might be able to help you discharge your debt through bankruptcy. Discharging your debt through bankruptcy does not mean that your debt magically disappears, however. There is a large misconception among most people in America that bankruptcy somehow solves every issue with debt that exists. Not only is this inaccurate due to the fact that bankruptcy takes a serious toll on the credit of the debtor, but there are certain forms of debt that will not be a raised no matter what chapter of personal bankruptcy you file for. If you have a large outstanding student debt, it will not be addressed by bankruptcy. If you have failed to make child support payments or alimony payments, those debts will also continue to exist after filing for bankruptcy.

While these issues may not get cleared up simply because you meet with a bankruptcy lawyer in Versailles, you can trust a bankruptcy lawyer in Versailles to help you understand the options you do have. Restructuring your debt under a Chapter 13 bankruptcy claim, for example, may qualify you to retain certain assets such as a car or a house as you make payments over a plan that lasts for three years or five years. As long as you can prove that you will have future financial solvency, which is usually the case when you are in deep debt but you are able to find a job, you can retain your assets rather than liquidate them. Most people will qualify for Chapter 7 bankruptcy. Chapter 7 bankruptcy usually requires the debtor to sell, or liquidate, their assets. Either chapter of bankruptcy will be determined based on a means test. A bankruptcy lawyer in versailles will probably put you through a means test on your initial visit. Once it is determined by your bankruptcy lawyer in Versailles which chapter you qualify for, you can make the choice to either file for bankruptcy and absorb the damage to your credit history, or you can try to wait a little longer and deal with creditors chasing after you.