The financial crisis may have you running for bankruptcy advice because there are so many things to consider when you are in financial duress. Current economic conditions are affecting almost everyone in the United States. You may need to make some serious financial changes in your life, and some of these may include looking at filing for bankruptcy.
Filing for bankruptcy has its advantages. After filing, your creditors cannot repossess your property. They cannot even contact you via phone or e-mail, and they must leave you alone while your case is worked out. If your home is in foreclosure, that too is halted. If you have any legal actions currently against you, those are put on hold. Such litigations include wages garnished for child support and paternity suits. Only some good bankruptcy advice can tell you if filing for bankruptcy is the right solution for you.
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But what are some other options besides bankruptcy? Bankruptcy is not the first option you should consider, and in fact, it should be your option of last resort, if for no other reason than the fact that it has long-term negative effects on you.
There are many options available when you cannot pay your debt. If you are in good standing with your bank, you could speak to them about taking out a low interest consolidation loan. This usually means having a second mortgage. While this isn't an ideal situation, it will give you a far lower interest rate than the average rate for all of your credit cards. Sometimes this can mean paying 9% interest as opposed to 25% and can knock off hundreds of dollars in monthly payments. Another great thing about this is that you can deduct the interest you paid from your taxes.
One big watch out in this is that you have to make sure to cut up your credit cards so that you don't go out and use them again!
Sometimes your creditors will settle for a smaller sum payout if you haven't made your payments in a long time. They may also be willing to change the conditions of your credit so that you can pay smaller amounts over a longer period of time, although this is rare for creditors to do.
Regardless of which path to take, you will want some good bankruptcy advice from a lawyer who focuses on bankruptcy law. A good attorney will help you make the best decision regarding your financial future. They can look over your income to debt ratio and tell you if you should file bankruptcy. And if bankruptcy is your only best choice, then they can help you get that process started. There is a lot to consider when filing for bankruptcy, such as the effect on your credit rating and assets.
A bankruptcy lawyer can look at your specific financial situation and advise you as to what your best options are, which may not include bankruptcy. They can also advise you as to which chapter of bankruptcy you can file, where the chapter that totally eliminates your debts may not even be an option for you. Also, there are many types of debt that cannot be wiped out by filing for bankruptcy, so if your debts are made up by many of these types of debts, bankruptcy may not be the magic bullet you thought it was.
Because you are putting so much at stake, it is important to get bankruptcy advice from a lawyer you can trust. You don't want to end up in a worse situation than where you started.
In your quest for financial freedom, don't automatically assume you should file for bankruptcy. Take your time, assess your situation, and seek the best bankruptcy advice you can from trusted sources. Make a plan and stick to it!
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.
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