If you are experiencing a rough period in your financial life, when things have gone off the rails and you are being hounded by creditors, you will probably appreciate some help. Bankruptcy is something that a lot of folks consider, but there are so many myths surrounding it that some straight answers can sure come in handy.
One of the biggest reasons you are considering bankruptcy is simply to get the creditors off your back. This is what you should do. Call a bankruptcy lawyer, go in for an evaluation of your situation, and start the ball rolling to eliminate debt. You will be issued a phone number to refer any bill collectors the next time they call. Your new legal advisers will deal with them on your behalf.
Michigan Bankruptcy Lawyer, San Francisco Bankruptcy Lawyer, Free Bankruptcy Lawyer,
Another big concern you may have is the sigma attached to bankruptcy. Who will find out? Anyone who wants to know can find out if they take the time to do so because it is public record. However, only the court, the IRS, and your creditors will receive official notification.
The question of whether or not your husband or wife will need to file as well is a little complicated. It has to do with who owes the debts. If one spouse is responsible for the bulk of them, just one needs to file. There are some gray areas in this and the rules vary from state to state, so be sure to ask.
Homeowners should take special note of the following. Your personal residence may be in peril if you are being sued, so consult with a bankruptcy lawyer as soon as this happens. You certainly don't want your creditor slapping a lien on it, or garnishing your income. Bankruptcy can prevent this from happening.
A foreclosure placed on your home, or repossession action on your vehicle due to late payments may be stopped, giving you the opportunity to consolidate those debts with a customized repayment plan. You and your attorney can work these things out by using the avenues of Chapter 13 bankruptcy.
A very real possibility exists that if you don't choose bankruptcy, your creditors could freeze your bank accounts, garnish your wages, and seize your property in payment. If you owe more than you have in the bank and what your possessions are worth, usually you can hang onto your personal effects if you file. Even if your assets are worth more than what is owed they can be protected.
If you are not a homeowner you are probably wondering if you will be able to rent a place to live after the papers are signed. The good news is that most landlords simply renew your lease and will have no idea that you filed for bankruptcy. A new lease may present some problems if your previous bad credit record shows up. Often a bigger deposit may be required, but remember, your new situation of having no debt can open doors for you, literally.
For this same reason, you can start to build good credit right away. In fact, lenders may line up to do business with you, including credit card companies, car dealerships and home loan lending firms. Be extremely cautious of your new situation. You don't want to go through this again.
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.
Rating of Loans After Bankruptcy
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment