When faced with foreclosure or repossession of your family car, you should consult with bankruptcy lawyers immediately. Preliminary legal advice is available online. Some bankruptcy lawyers will offer initial free consultation that can assess whether you should consider filing for bankruptcy or seek other remedies.
When you are knee deep in debt and need relief from your outstanding bills, you need legal advice to get your finances back on track. Often negotiating with your lenders can buy you some time to repay your outstanding mortgage payments and auto loan dues. Lenders will often consider your situation if you are in dire straits for some unforeseeable circumstances. Financial difficulty can hit anyone at anytime. A sudden job loss, divorce or medical illness can result in a major financial setback for any family or individual.
Bankruptcy should be considered as the last resort and should not be taken lightly. Do not make any decisions without consulting with experienced and dedicated lawyers who handle such cases on a daily basis. Legal professionals will inform you of the pitfalls of filing a bankruptcy petition. It can damage your credit report and stay on your credit report for 10 years. You can be refused credit to buy a home or any other major purchase. Your professional life can be affected as many employers review credit reports before hiring their employees.
Bankruptcy lawyers are best qualified to guide you in the right direction. Chapter 7 bankruptcy involves the liquidation of your assets aside from those that are exempted by laws in your state. Remaining assets are liquidated and the proceeds given to creditors to pay off your secured loans. The balance unsecured loans can be discharged or canceled, leaving the debtor clear of all debts.
Chapter 13 is another form of bankruptcy that is commonly sought for debt relief where your debts are reorganized. When the individual with accumulated debt has a regular income then lawyers would advise that their client should opt for a court ordered repayment plan via a Chapter 13 filing. Filing under Chapter 13 can stop your home undergoing foreclosure.
If you are seriously considering filing for bankruptcy, you should be ready to disclose all your financial details, assets and debts to your attorney. Concealing assets can be extremely detrimental to your case. The court can make you undergo grueling means tests to assess if you qualify for Chapter 7 liquidation. Bankruptcy Lawyers can be held liable if information about a case is found to be invalid or inaccurate. As they are required to work harder and verify all the client details, some attorneys will charge more.