Check out these facts about bankruptcy if you want to get rid of your debts. A bankruptcy attorney can help you clear your debts.
Do you have too many bills? Are you afraid that you might lose your home or car? Are your creditors constantly calling and bothering you? Are your credit card bills out of control? Are your interest rates too high? If you answered 'yes' to these questions,
you may want to consider filing for bankruptcy. By filing for bankruptcy, you will resolve your financial troubles and get a fresh start. If you file for bankruptcy, most or all of your debts will be eliminated such as medical bills, credit card bills, bank loans, and overdraft fees. There are certain debts that cannot be discharged such as tax debts and child support.
Types of Bankruptcies
An attorney can help you decide which bankruptcy option is right for you. Chapter 7 bankruptcy involves liquidating non-exempt assets and distributing the proceeds to a debtor's creditors. If the court decides that you qualify for Chapter 7 and you don't have any assets, your unsecured debts will be discharged. You will be able to keep your vehicle if you file for Chapter 7. If you own a home, you may be able to keep that too depending on how much equity you have. Chapter 13 bankruptcy is ideal for you if you are employed and make more than the median income. If you file for Chapter 13, you will have to make weekly or monthly payments to a court-appointed trustee. Your trustee will distribute the payments to your creditors. Chapter 13 bankruptcy will help you get rid of most of your debts, stop foreclosures, stop wage garnishments and repossession. There are a few other types of bankruptcies such as Chapter 11 and 12, which are suitable for businesses. These types of bankruptcies are typically long-term agreements that must be crafted by experienced attorneys.
Find an Expert Attorney!
If you want to eliminate your debts, your best bet is to find a qualified bankruptcy attorney. It is vital that you accurately report your assets, income, and debts to your attorney. Many bankruptcies are denied because of inaccurate client reporting. Failure to report assets can result in serious consequences by the court. If you fail to report your debts, they may not be discharged in the future. Make sure your financial information is up-to-date and share any concerns with your bankruptcy attorney. An experienced attorney will help you deal with your financial problems, answer your questions, give you proper advice, and make sure you get the best results possible.
Stop Those Annoying Phone Calls!
If you file for bankruptcy, your creditors will not be able to keep harassing you with telephone calls. After your attorney files a petition, the 'automatic stay' protection kicks in and it prohibits your creditors from calling, threatening, and billing you. Your creditors will not be able to sue you, garnish your wages, take your house, or take money out of your bank accounts. They won't be able to take any measures to collect money from you.
Rebuild Your Credit!
You will be able to rebuild your credit after you file for bankruptcy. While a bankruptcy will stay on your credit report for about 7 to 10 years, high debt levels can be just as bad for your FICO score. Once you file for bankruptcy, you will find that rebuilding your credit is easier than you expected. In fact, it is not uncommon for people who have been through a bankruptcy to get approved for auto loans and new credit cards within a year or two. Whether you're thinking about filing for a Chapter 7 or Chapter 13 bankruptcy, contact an expert bankruptcy attorney today!
