How To Find A High Quality Personal Bankrupcy Lawyer
Posted at by PConran on category BankruptcyThere are many people who are now in debt levels over their heads. They are bothered by collection agencies and creditors and their bills are not being paid down. If this description applies to you, you may wish to think about filing for personal bankruptcy. Read the following paragraphs to decide if this path is one that you should take.
It is simple math; when you owe more than you are able to pay off, a bankruptcy is the likely solution. If this sounds familiar, you should read up on the bankruptcy laws in your state. When it comes to bankruptcy, states have varying laws. Some states protect your home, and others do not. Do not file before learning about the bankruptcy laws in your state.
You can find a wealth of information concerning personal bankruptcy by searching for websites which offer information about it. The United States The Department of Justice is just one resource of information available to you. The greater your body of knowledge, the better prepared you will be to make the decision of whether or not to file and to make certain that if you do file, the process is a smooth one.
When you document your financial records, it is vital that you are 100% truthful in order to have a successful resolution to your bankruptcy process. Not hiding any assets or income is essential for avoiding possible penalties and your ability to re-file at some point in the future.
Don’t ever pay a bankruptcy attorney for a consultation, and ask a lot of questions. Seek free consultations from a handful of lawyers, before deciding which one to hire. Don’t hire an attorney who fails to address all your concerns and questions. It’s isn’t necessary to make a choice right away. This offers you the opportunity to speak with other attorneys.
Think carefully about your different options before filing for bankruptcy. For example, consumer credit counseling services can often help you figure out a workable repayment plan with creditors. It is also possible to do your own debt negotiations; however, be sure to get everything in writing.
Understand the differences between Chapter 7 and Chapter 13 bankruptcy. Learn the benefits and drawbacks of each type before deciding which is right for you. Before making any decisions, discuss the information you have learned with your lawyer.
Consider Chapter 13 bankruptcy. Chapter 13 bankruptcy is a good choice for people whose unsecured debts amount to lower than $250,000 and who receive a regular income. Chapter 13 bankruptcy permits you to remain the owner of your properties, while allowing you to repay your debt using a debt consolidation loan. Lasting anywhere from three to five years, this plan will allow you to be discharged from unsecured debt. Remember that if you even miss one payment that’s due under this plan, the court could dismiss the whole case.
Don’t automatically assume that bankruptcy is your only option. Speak with an attorney who specializes in bankruptcy to find out if alternatives, such as a debt repayment plan or a reduction of your interest rates, might be better for you. If you are facing foreclosure, consider a loan modification plan. Your lender can adjust your loan in many ways including extending the time you have to pay, reducing your interest rate, or canceling some of your late fees. At the end of the day, creditors want to get paid, and sometimes a debt repayment plan is preferable to dealing with a bankrupt debtor.
Take into consideration all the ramifications of a Chapter 7 bankruptcy. Filing for this can impact any co-debtors, such as friends or family. If you choose Chapter 7, you are no longer responsible for joint debts. But, creditors will ask for the money from your co-debtor.
This article should have made it clear that there is plenty of help out there for someone who wants to file for bankruptcy. By approaching bankruptcy proceedings with a clear frame of mind, you can use the process as a valuable tool to help you rid yourself of debt and get on with your life.