Being stressed about your finances is never comfortable, but something that most people experience at least a couple of times throughout life. Knowing that you are unable to pay your credit card bills, being harassed by creditors, and the risk of losing your home or having your assets repossessed, though, is a unique situation that demands immediate attention. If this situation sounds like you, you should consider scheduling a free consultation with a bankruptcy attorney near you at your earliest convenience.
Is Filing for Bankruptcy the Right Thing for Me?
Filing for bankruptcy is a huge financial decision, and isn’t for everyone. In fact, filing for bankruptcy is a significant measure that should only be pursued with great caution; while filing for bankruptcy can provide you with financial relief, it also ruins your credit, and may severely limit your ability to borrow in the future.
In most cases, considering alternatives to bankruptcy, such as modifying your existing home loan, is best. If other alternatives are not enough of a solution, then filing bankruptcy may be the answer you are looking for.
Chapter 13 vs. Chapter 7 Bankruptcy
Not all types of bankruptcy are alike, and the type of bankruptcy you file for will have a huge impact on your finances. Chapter 13 bankruptcy is reserved for those debtors who still have some regular income, and would be able to pay back their debts – in part or in full – if the debts were restructured. As such, during chapter 13 bankruptcy, a debtor will enter into a repayment plan that allows them to keep most of their possessions.
In chapter 7 bankruptcy, on the other hand, a debtor has very little income and resources, or none at all. In fact, if you make too much money, you may be forced to file for chapter 13 bankruptcy. In chapter 7 bankruptcy, debts are discharged and some of your assets are liquidated in order to pay creditors.
How to Find an Experienced Bankruptcy Attorney Near Me
If you think that bankruptcy is the right choice for you, you should not approach it on your own; filing for bankruptcy is a technical legal process that should be navigated with the help of a professional. If you are wondering what to look for in a bankruptcy attorney, you should schedule a consultation with an attorney near you. During your consultation, ask about the attorney’s experience, what they do for you during the process, how they charge, and whether or not they can help you with alternatives to bankruptcy too.
Our Lawyers Are Ready to Serve You
At the Van Den Heuvel Law Office, our experienced legal professionals are ready to help you understand your options when you’re drowning in debt. If you are ready to schedule your free consultation about how to get your life and finances back on track, use our online form to get in touch now.