If you have so much debt and paying it off isn't an option, bankruptcy may be the best way to handle the situation. There are main types of bankruptcies. The most common in Chapter 7, which requires that certain assets are sold to reduce the amount of unsecured debt such as medical bills and credit card balances. Any remaining debts are eliminated.
With Chapter 7, most people will be able to keep their home and car. You will have to prove that you cannot afford to make payments on your debt if you file a Chapter 7 bankruptcy. Chapter 13 is another type of bankruptcy that involves establishing a repayment plan for individuals. Follow these tips if you want to get rid of your debt for good.
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It's highly recommended that you hire an attorney. Find a law firm in your area and meet with a skilled attorney in person. Your attorney can help you decide which bankruptcy option is right for you, based on your financial situation. Make sure you hire an attorney who specializes in bankruptcy cases. Please note that a bankruptcy law firm represents small business and individual debtors in Chapter 7 and Chapter 13 cases.
Find out how much filing for bankruptcy will cost you. Some bankruptcy lawyers will charge you a flat fee and others charge based on the amount of debt that you owe. Some attorneys will ask you to pay up front while others allow their clients to make monthly payments. The average fee is $1,800, but this varies depending on your location and the attorney you hire.
After you hire a bankruptcy law firm, you can refer your creditors to your attorney's office. Your bankruptcy attorney will speak on your behalf, which means that you will not receive any more annoying phone calls. Once your lawyer has filed your case, your creditors will not be allowed to contact you about your debts. A violation of this law can result in damages being assessed against your creditor.
Once your lawyer has submitted your petition, you'll be notified by mail of the date for a brief meeting with your creditors. At the meeting, you'll answer questions that are recorded. The meeting will only last about 10 minutes.
If you're thinking about filing for bankruptcy, don't use any credit cards. If you do that with the intent to file, your creditors can challenge your right to discharge those debts. If you use a credit card knowing that you can't make payments on it, you may not be able to discharge those debts in the future.
The 60th day after your meeting is the deadline for your creditors to challenge the discharge of your debts and file lawsuits. If no lawsuits are filed, you'll be notified of the discharge of debt if you filed Chapter 7. Keep in mind that some debts cannot be discharged in a Chapter 7 or 13 case such as tax debt and student loans. It is worth noting that bankruptcy is a difficult process, both financially and emotionally. However, the attorney you hire will reduce your stress and make the process easier for you.
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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