Making Sense Of Your Financial Mess
A few years ago, I realized that I had a real problem. I hadn't been able to pay my bills in awhile, and I was left wondering what to do. Bill collectors called me non-stop, and I wasn't sure how to go about making things right. Fortunately, a friend of mine who understood my mess explained that it might be a good idea to meet with a bankruptcy attorney. After I went, I was blown away with the level of care and understanding I was given. This website is all about helping other people to see the light, even when they are in the midst of battling a hectic financial situation.
Bankruptcy is a legal process and once you commit to it putting a halt to proceedings may cause unanticipated events to occur. A chapter 7 bankruptcy is a lot harder to stop due to the relatively short period of time it takes for one to be complete, but chapter 13 bankruptcies can take several years to be complete. A lot can happen during that time, so read on to learn more about getting a dismissal from your chapter 13 bankruptcy.
Declaring bankruptcy costs money. Though you can do it on your own for a few hundred dollars (the filing fee), hiring bankruptcy lawyer services is preferable. A bankruptcy lawyer will make sure you file everything correctly and that you're legally protected on all fronts. Still, if you're declaring bankruptcy, you may be wondering how you can find the money to do so.
Going on a Payment Plan
Many bankruptcy attorneys understand that you're going through a difficult financial time.
From a large accumulation of debt that you are unable to pay for to an actual loss of income due to a medical issue, injury, or unemployment, losing control of your finances can be stressful. Fortunately, options are available if you qualify. Bankruptcy is a common solution for many people struggling to pay debt along with their basic living expenses, such as rent or mortgage, insurance, and utilities. Even though many people are opting to file bankruptcy for relief, most people are not very familiar with their options or the process involved.
When you initially decide to pursue filing for bankruptcy, you will encounter information about the two main branches consumers use when they need debt-relief help. Of the two options, Chapter 7 is often a better choice than Chapter 13, and here are three reasons why this might be true in your situation.
It Offers Debt Forgiveness
As you compare the two options, you will see that Chapter 7 offers forgiveness of debt, while Chapter 13 requires you to repay your debt.
You might be faced with the grim reality of losing the property that you own if you can't make a mortgage payment when it's due. Financial lenders will work with you but only for so long until they are forced to face the fact that you can't afford the payments anymore. The lender might decide to place the property in foreclosure. Foreclosure means that you will no longer be the owner of the the property and you will be forced to leave it.