If you have lost your job or endured another personal setback, you might want to contemplate speaking with a bankruptcy lawyer. The possibility to file bankruptcy could there really be for nearly everyone, but most still find great challenge when considering selecting to file.
In reality, it's a decision that was designed to be given great deliberation and thought, rather then acted upon without study of various other alternatives. While there has to be great thought put into the action, there are many very good reasons it's the best decision for some people.
Though there are good reasons to file, there is a good deal of stigma associated with bankruptcy in today's society. Nevertheless, in spite of the fear the stigma often related to bankruptcy causes, there are at least five good reasons to think about filing for bankruptcy.
1. End salary garnishments immediately. If you've lost your normal job and picked up a lesser-paying job, creditors may still come after you for any money to which they have a court order allowing them to collect by garnishing up to a quarter of your salary for creditors except for child support, past-due taxes and a number of other exceptions. Declaring bankruptcy, either Chapter 7 or 13 will right away stop all garnishment routines.
2. End harassing message or calls. Even though you don't have a new job, collectors won't hesitate to call you. Once you seek bankruptcy relief, when a creditor calls, give them the name and contact number of your bankruptcy lawyer and the calls should stop.This tiny act can help you feel 100% better, for your phone won't be buzzing off the hook.
3. Lose most of your debt. Submitting a Chapter 7 bankruptcy primarily wipes your slate clean, eradicating all but some excepted bills. Naturally, unlike the more shielding Chapter 13, you may have to sell your house and car under Chapter 7.
4. Quickly stop all foreclosures or repossessions. If you're now working, you could possibly be able to file for Chapter 13. Any past-due payments on the mortgage and auto loan can be rolled into the Chapter 13 filing, which fundamentally allows you to keep your place of residence and your vehicle.
5. Eliminate most medical bills. With few exceptions, medical bills are thought to be unsecured and if you do have a lot of medical bills they might be eliminated through Chapter 7 bankruptcy.
Whether you are qualified to file for Chapter 7 or Chapter 13 bankruptcy can be established by a personal bankruptcy lawyer. While it is not mandatory that individual bankruptcy is filed by a lawyer, the help they offer insures you are taken care of fairly and that the bankruptcy proceedings are handled efficiently. Your case might even be dismissed without an attorney there to represent your case.