Filing for bankruptcy is now quite common. While this way of wiping the financial slate clean used to be rather taboo, this is no longer the case. With credit card bills piling up, the job market looking bleak, and student loans growing more astronomical every day, bankruptcy sounds appealing to many.
Before you decide to file, make sure you know what you are getting into. While bankruptcy may seem entirely straightforward, this assumption couldn't be farther from the truth. Take a look at these things that you didn't know before you call that bankruptcy lawyer.
Bankruptcy Attorney Albuquerque, Bankruptcy Lawyers Seattle, Bankruptcy Attorneys,
1. Can you speak with your creditors? If you've never missed payments before, but you are up against a wall right now, you'd be surprised at how willing your creditors are to negotiate. Most companies would rather work out a payment schedule with you than wait for you to file bankruptcy. Why? When you file for bankruptcy, your creditors don't get paid. Thus, making a deal is within your creditors' best interest.
2. Bankruptcy doesn't erase all of your debt. If you think that filing will simply eliminate all debts, then you may want to think twice. Find out what kinds of debts can actually be erased by bankruptcy, and (more importantly), which debts will stick no matter what you file for.
3. You still have to pay lawyer fees. Sure, you may declare bankruptcy, but you can bet your lawyer will collect all that's owed.
4. Are your debts really that bad? If you are only dealing with $10,000 in debt, you may want to rethink filing for bankruptcy. Experts agree that eligible bankruptcy candidates should hit more than $20,000 in debt prior to filing.
5. Your filing may not be accepted. Just because you want to file for bankruptcy doesn't mean that you will be granted a bankruptcy filing. Even if you don't wind up bankrupt, your credit report will still reflect the fact that you filed at one point.
Did you know all of these things about bankruptcy? Are you starting to rethink filing? Hopefully, you can see that filing for bankruptcy is not as cut and dry as it may seem. If you are desperately looking for a way to pay late bills, seek out a private loan.
Although banks may turn their banks on those considering bankruptcy, private asset-based lenders offer fast, easy loans and because these loans are secured, credit ratings are virtually insignificant. The best part is that paying a private loan back on time will reflect positively on your credit report. If you think that bankruptcy is the only option, it's time to take a good look at the overall picture.
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 Bankruptcy Lawyer In Chicago
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment