Like many other industries, the commercial legal system has been feeling the negative impact of CO VID-19 courtroom closures and the difficulty of conducting business in person during a recession. You may want to check out Mesa Bankruptcy Lawyers for more. In an effort to conserve cash and stimulate business, many local firms are choosing to file for Chapter 7 bankruptcy instead of going through the cumbersome and expensive trial process. Unfortunately, many of these same companies will be filing for Chapter 13 bankruptcy, a decision that carries just as much risk because it allows credit companies and debt collectors to continue harassing you even after your case has been dismissed. While your initial motivation may be to ease your financial burdens through the filing process of your case, it is imperative to consider the long term consequences of your actions.
If you are facing mounting credit card debt and struggling to meet monthly minimums on your automobile, mortgage, or health insurance policies, a bankruptcy lawyer can help you decide if filing for Chapter 7 is right for you. He or she will also be able to determine if a short sale or repayment plan is a better option for your circumstances. If you fail to acknowledge your debts after you have been discharged from filing bankruptcy, collection agencies and wage garnishments are permitted to continue making harassing phone calls and collection letters in an effort to collect the debt. If you take action to file for bankruptcy protection, you will not only stop the harassment but you can also save your credit rating from lasting effects of your filings.
Finding a bankruptcy lawyer who has experience working with chapter 13 cases is imperative if you are experiencing financial difficulties. The most qualified attorney will know the ins and outs of the complex chapter discharge process and how best to protect your rights while working with their client. Attorneys specializing in chapter 13 cases will also understand the technicalities of the bankruptcy code and how to ensure that the debtor receives all the protection he or she is entitled to. If you are faced with pressing financial issues and feel that chapter 13 is the right choice for you, contact an experienced attorney today to discuss your case and your options.
Everywhere you turn these days, you hear about someone declaring bankruptcy. Most people think of chapter 7 or liquidation when they hear the word bankruptcy. You may want to check out Loveland Chapter 13 Bankruptcy Attorney for more. When it comes to personal bankruptcy, Chapter 7 is arguably the most commonly filed. The discharge without a repayment schedule is the reason why everyone resorts to Chapter 7 for debt relief. The automatic stay is the second most important advantage of Chapter 7 bankruptcy. When a person files for bankruptcy, the automatic stay is activated, which prevents creditors from contacting them. This implies they can no longer phone or harass debtors in an attempt to collect money. When you consider how relieved a debtor feels when they are no longer being insulted by their creditors, this is a strong statement.
Chapter 13 is another chapter of bankruptcy that most people avoid. Most individuals are unaware that Chapter 13 bankruptcy has just as many, if not more, advantages than Chapter 7. However, just like in a Chapter 7 bankruptcy, Chapter 13 bankruptcy benefits from the automatic stay. The area of property protection is where a Chapter 13 bankruptcy really excels. Because of the real estate market’s downward spiral, you can’t turn on the news these days without hearing about foreclosure. This is one instance where a person can use a bankruptcy filing to preserve their assets. One thing to keep in mind is that Chapter 13 filers must be working or have a steady source of income.
After examining the client’s financial position, the bankruptcy attorney will usually send them to this part of the filing process. When filing a Chapter 13 bankruptcy, the individual must devise a reasonable three- to five-year repayment plan. Given this, the debtor will need to maintain a steady source of income in order to stay afloat. If the debtor is unable to continue making payments for any reason, they should contact their bankruptcy counsel to either reduce the payment amount or, if the problem appears to be permanent, convert the bankruptcy to a Chapter 7. Another hidden benefit of Chapter 13 is its flexibility.
A Chapter 13 bankruptcy has numerous advantages. Your bankruptcy attorney may use the word “cramdown” when discussing your choices with you. Most creditors do not want property returned due to the state of the economy.
Holland Law Office
1635 Foxtrail Drive, Loveland, Colorado 80538
Phone no: (970) 232-3097
Bankruptcy is an extremely complicated process that takes you through a series of important decisions from before you even file through to the time of your bankruptcy case ends and when your debts have been completely dismissed. You may want to check out Stroudsburg Bankruptcy Attorney for more. An expert bankruptcy lawyer can guide you though the maze of technical paperwork, financial decision-making and process that mark almost every bankruptcy filing. He can explain to you what bankruptcy means and how it applies to your unique circumstances and help you weigh all options available to you. The law surrounding bankruptcy is very complex and you need an experienced lawyer who has dealt with cases similar to yours many times before. You do not want to take the chance of making a poor financial decision when you could possibly gain relief by using the advice and representation of a bankruptcy attorney.
Your bankruptcy attorney will be there for you during the entire bankruptcy process. This includes the drafting of all the necessary paperwork, negotiating settlements with your creditors and organizing your financial resources to keep them in the forefront of your mind throughout the process. Your bankruptcy attorney may also assist you with filing the paperwork, carrying out research on your behalf or negotiating the terms of your repayment plan with your creditors. They will even work with you to determine which debts will be included in your bankruptcy filing and which will not. They will also help you develop an affordable repayment plan that meets all of your needs while saving you from the stress and worry of dealing with your debts on your own.
A good bankruptcy attorney will represent you in any way they can including negotiating settlements with your creditors and helping you draft an affordable repayment plan that meets all of your needs. They will protect your rights as well as your financial assets during this time so that your creditors do not harass you or take advantage of you. The attorney will also review all of your paperwork and act as your representative with your creditors. They will help you avoid delays in the process and will work with you to settle your debts at the earliest convenience for you. They will make sure that all of your bills and arrears are paid and will prevent creditors from taking advantage of you when you need them the most.
Fisher & Fisher Law Offices
109 N 7th St, Stroudsburg, PA 18360
Phone no: 570-424-1920