No one has ever found it an easy decision to hire a bankruptcy lawyer and move forward with filing. The ramifications of doing so can be long lasting and take a devastating toll on your credit. There is also the ethical hesitancy many have when it comes to "running out" on their debts. Of course, the process is designed to elicit this hesitation. If everyone decided to file for relief when they got in over their heads with debt, the economy would quickly collapse. But this doesn't mean you should avoid it at all costs. Sometimes the ramifications of not filing can be worse than those of moving ahead. When this is the situation, the choice is clear. Here are some of the things you'll need to consider.
Chapter 7 Bankruptcy Lawyer, Good Bankruptcy Lawyer, Bankruptcy Cost,
Debt Evaluation
Before you even begin looking for a bankruptcy lawyer, you should take the time to do a deep evaluation of your debt. If most of your debt comes from government secured loans such as student loans or from back taxes, you will not be able to dismiss it. Filing is not an option, at least where those debts are concerned. However, if you have a great deal of unsecured debt that hasn't gone beyond the statute of limitations, filing may be a very real possibility. There will be many other considerations to determine your eligibility, but those are better looked at with a professional.
Liquidation
Before you and your bankruptcy lawyer move forward with filing, it is wise to take a close look at the property you have that can and cannot be protected from your creditors. If you have property you want to keep that you cannot bear to part with, you may have to consider filing for Chapter 13, which will give you a set amount of time to pay out the value of your property to the creditors. In Chapter 7, they will be entitled to the property itself. You'll need to look at the protection laws in your state and decide for yourself what's important and what isn't.
Income
You must fall below certain standards of income in order to qualify for Chapter 7 filing. If you pass the means test, which takes all income into consideration (including the spouse's, to a degree), you may be allowed to file for Chapter 7. If it is determined that you make too much, you may be pushed into Chapter 13 instead. Don't attempt to play games with your income-- not with your bankruptcy lawyer and not with the government. It does not lead to a happy result. Be honest and forthcoming and you'll find out quickly what you can do.
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.
Rating of Credit Card Bankruptcy
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment