Filing for bankruptcy in Grandville may be a smart choice if you find yourself in financial hardship, and other methods of debt relief are impossible. Before you file for bankruptcy, it is essential that you consult with a Grandville bankruptcy lawyer to understand your options, including debt negotiation and consolidation.
Should I File for Bankruptcy?
Filing for bankruptcy is a big decision, and before you file, you should consider a number of factors. At the Van Den Heuvel Law Office, our Grandville bankruptcy attorneys can help you to understand when filing for bankruptcy makes sense. If any of the following are true, filing for bankruptcy may be your best options:
- Creditors are constantly contacting you, and you are delinquent on your taxes, student loan payments, or child support payments;
- You cannot pay your mortgage, and your lender has threatened foreclosure;
- Your wages or money in your bank is being garnished;
- The amount of debt you owe is in the tens or hundreds of thousands of dollars;
- You have had lawsuit filed against you;
- Certain assets have been repossessed; or/and
- You have no way of paying back your debt and are accumulating more debt.
What Other Options Are There?
Bankruptcy may not be the only option. Our attorneys will also help you to explore the possibility of debt consolidation or negotiation.
- Debt consolidation. Debt consolidation is the process of taking out one large loan in order to pay off multiple, smaller debts. Debt consolidation can be useful for two primary reasons: First, a loan may be attainable at a lower, or fixed, interest rate; and second, managing one single loan and payment is often much less overwhelming.
- Debt negotiation. Another option for debt management is debt negotiation, where we work with your creditors to come an arrangement whereby:
- You are given more time to pay your debt; or
- You are allowed to pay back your debt at a lower interest rate; or
- Part of your debt is forgiven.
Creditors may agree to debt negotiation as an alternative to you filing for bankruptcy; if you file for bankruptcy, creditors may not see any of the money they’re owed.
If neither of the two options above are viable, we will guide you through the different types of bankruptcy, including Chapter 7 and Chapter 13 bankruptcy, which are the two most common bankruptcy types.
Our Lawyers Are Ready to Work for You
At the Van Den Heuvel Law Office, our knowledgeable Grandville bankruptcy attorneys are ready to get to work for you. We understand what you are going through, and want to help you to improve your financial future.
To schedule your initial consultation with our law firm, please contact us today. We can schedule your consultation in-person in our office, or conduct a Skype consultation if that is more convenient.