With the economy crashing around us, so many people are struggling to find a way out. Their debts have become overwhelming, and the only option may be to have all their debts removed by the court system through bankruptcy.
Bankruptcy lawyers help you either settle your debts with your creditors, file for Chapter 7 bankruptcy, or Chapter 13 bankruptcy. I will go into detail about each of these below.
If you make the decision not to file for bankruptcy, you are going to have to pay back your creditors. A bankruptcy lawyer can help you negotiate a lower amount due on what you owe. Often times they can get you settlements of 30 to 80 percent off. This can be a huge difference between filing for bankruptcy and getting on with your life.
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Chapter 7 bankruptcy is when all your debts are removed. Simply put, your income and possessions are so minor that you could not in good faith pay back what you owe. The good thing is that this bankruptcy option is in place to protect people like yourself who need the help. The government created this option to allow people to start all over with a fresh start.
I understand it can be difficult for you to accept that this burden can actually go away, but that's what bankruptcy lawyers do. They get you this option so you get a clean break. The problem is that this will remain on your credit report for 7 to 10 years, which is no small obstacle for your credit future.
Chapter 13 bankruptcy is when you end up paying back some of your debts to your creditors. Everything is not wiped away like Chapter 7. Fact is, not everyone gets the benefit of having all their debts removed, so if you get this option, it may be best to try and have a lawyer settle your debts so you don't have to take this bankruptcy route.
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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