The only resort when people face extreme financial situation is that they have is to file for bankruptcy. But even that seems quite difficult as the lawyer fees were hard to afford. However, there are some free bankruptcy help services are available that can be availed through a telephone call only. It is important that the lawyer has a responsibility towards extending legal services even to people who cannot afford to pay them their fees. These services that are given free of cost is also referred to as pro Bono and the lawyers are supposed to offer at least 50 hours this service every year.

Therefore in case of a genuine financial problem, it may not be extremely the lawyer can extend a bankruptcy help service, One can check with their attorney for the same, if he or she is unavailable then they can get suitable references. One can even contact the local bar associations for references. There are other options too like checking with the attorney if they are willing to break down the payment or take a portion of the refund that you may get (if applicable) or borrow from a friend or relative. Apart from the attorney fees one need to also be prepared for other fees and additional charges that need to be paid when filing for bankruptcy. Depending on the financial condition of a person , some of these may be waived off.

Types of Bankruptcy
Bankruptcy has been defined under various individual chapters that are determined by the circumstances. These chapters are interpreted differently for individuals and businesses. Let us take a closer look at some of them:

Types of Bankruptcy for Individuals
Chapter 7- Is the most common type of bankruptcy for individuals and is also referred to as straight bankruptcy or liquidation as it involves eliminating the debt through asset liquidation of the borrower, though some assets like home is not included. After the 2005 revision an individual needs to qualify for the same which means they need to be earning below an average level for the state. In the chapter & bankruptcy all debts can be eliminated secured and unsecured. This offers maximum financial relief amongst all types of the bankruptcy.

Chapter 13 – This is also referred to as reorganization and a trustee is appointed to work out a repayment plan that is acceptable by all creditors and affordable by the borrower too. The repayment plan is made in such a way that it uses the funds that the borrower has after the essential expenses of everyday living. The borrower has 5 years to make the settlements.

Types of Bankruptcy for Businesses
Chapter 7 – Business houses can file chapter 7 and need to stop trading and sell off assets.
Chapter 11 – This helps the businesses renegotiate and pay off the debt, while continuing with the business
Chapter 13 – Lawyers counsel them and categorize themselves into the type of bankruptcy. For this they need to file Chapter 13 to let the lawyer review the situation.

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