If you are affected by wage garnishment, foreclosure, repossession or debt collection harassment, meeting with a bankruptcy attorney can free you from debt. Bankruptcy attorneys not only provide you helpful information about which chapter to file, they can also assist you with monetary planning to regain management over your debts. If you have big debts, bankruptcy is usually an option.
There are different strategies for debt relief that do not involve bankruptcy such as credit counseling, cost plans by way of your creditor or expense reduction. An attorney will evaluate your financial state of affairs and will then help you select the best path to resolve your debt problems. If you have no other option than bankruptcy, then an attorney will help you with the filing of your claim. Depending on your scenario the types of filing will vary. If you do not have funds to repay your debts you can file chapter 7. To discharge the money you owed, your assets can be sold and will serve as payment for your debts. If you have the power to make payments filing chapter 13 could also be appropriate.
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The court will create a transaction plan of who will likely be paid, the amount and the time frame to repay your money owed in full or in part as a percentage. After the bankruptcy plan is paid in full over 3 to 5 years, your debts will be discharged and your payment plan complete.
A legal professional can guide you with the most effective strategy for your financial situation. Filing bankruptcy is finished in federal courts which means that it doesn't matter what state you live in the policy is relatively the same. The most common chapter filings that were finished in the US over the last several years were chapter 13. This chapter permits consolidation and payment plan a reduced amount of your debts.
This means that there is no more money owed after bankruptcy. Whenever you file chapter 13, you will have to pay your debts within 3-5 years without incurring any further charges. With the case of chapter 7, it is much different and more desirable but only available for lower-income families. As a result of chapter 7, you will be freed from your debts if you had your assets sold for the owed money.
What we can advise is that you consult a local attorney before trying to file anything. Credit counseling can help you assist to resolve financial problems without considering bankruptcy as an option if you can make some payments. An excellent lawyer will know when bankruptcy is the best option. Filing chapter 13 is highly recommended since this will be easier to address with collectors in cases you can pay the debt.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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