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.
When you are facing mounting debts you cannot pay off, you fear your wages being garnished and your bank accounts being frozen. You want to get out of debt without putting your finances or assets at risk.
Instead of leaving the debts to pile up and threaten your income and financial security, you can take legal action to deal with them effectively. Your first move might be to hire an experienced bankruptcy attorney where you live.
It's common for clients to ask a bankruptcy lawyer, "Will the process take long?" No bankruptcy attorney can guarantee whether the process will be long or short. However, there are a few factors that typically determine how long bankruptcy will take.
For the majority of folks, the type of petition is what most dictates the time of the process. Chapter 7 bankruptcy, the liquidation process, usually moves very quickly. This is especially the case if you don't have a lot of non-exempt assets for the court to place valuations on and sell.
If you are struggling to pay your bills and keep food on the table, you have likely considered filing for bankruptcy as a way to eliminate or reduce the debt you are responsible for paying. The circumstances you are experiencing make a difference in whether this is a wise choice or if you have other options to get bills paid and your creditworthiness back on track. Hiring a bankruptcy law attorney is helpful when going through the process.
Chapter 13 bankruptcy is not exactly debt relief, but it is a way to get creditors off of your back and keep them at bay while you pay back your debts. Chapter 13 bankruptcy is different than Chapter 7, in that you do have to pay back your debts. With a Chapter 7, your debts are all free and clear; you no longer owe these debts and you have wiped your slate clean.
While assets matter in Chapter 13 bankruptcies too, they are a critical part of every Chapter 7 case, and your lawyer will tell you this if you decide to use Chapter 7 bankruptcy. With this branch, you might be required to hand over some of your assets in exchange for the forgiveness of debts offered through Chapter 7. If you are preparing to use this branch, here are three things to understand about your assets.