If you are one among the 1.5 million Americans with unmanageable debt, you may have difficulty with meeting your living expenses and paying off your creditors. Having the threat of foreclosure or repossession of your car hovering over your head is not a comfortable feeling and this situation can affect your health as it causes a lot of stress-related problems.
You cannot afford to fall ill as the loss of income and medical expenses would just compound your problems. The prospect of declaring yourself bankrupt may be dominant in your mind as the best solution for the debt trap that you find yourself in. The question that you need to ask yourself is this - Is declaring bankruptcy the only way out?
Chapter 7 Bankruptcy Attorney, San Antonio Bankruptcy Lawyer, Corporate Bankruptcy Attorney,
Sure, declaring bankruptcy would provide you a measure of relief from your debts - if you filed for bankruptcy under chapter 7, you would not be liable to pay any creditors once you have got a discharge from the courts.
If you file for bankruptcy under chapter 13, you could negotiate with your creditors to get a discount on your debts and easier interest rates and pay off your debts according to a payment plan. But declaring yourself bankrupt is a big step that can have far-reaching effects on your finances and you may want to think it through before you take the decision. The bankruptcy is going to appear on your credit record for 10 years and you will have to pay higher interest for any loans that you make qualify for in the future.
Rather than declaring yourself bankrupt, it may be better to search for alternatives. For example, you could try transferring all high interest unsecured debt such as credit cards to lower rates. Most companies throw in a 6-month to one year period of zero or low interest for new card holders and you could try to repay your unsecured debt at lower rates within this period.
Another option is to negotiate with your creditors for easier terms or try both options. When you want to reduce your debt burden, an experienced bankruptcy attorney could be your best option as they will be able to get you the best possible terms.
There are alternatives available for you - declaring yourself bankrupt is not the only choice. Whether you choose to file for bankruptcy or bankruptcy alternatives, a bankruptcy lawyer can ease your way. You need to make sure you don't get into unmanageable debt again, though.
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 Mortgage After Bankruptcy
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment