Getting the help of a bankruptcy attorney is absolutely essential if you want to ensure that you get through your bankruptcy process with as little stress as possible. Bankruptcy is an incredibly complicated process that takes you through a series of crucial decisions from when you first apply for bankruptcy right up until the point your bankruptcy case is concluded and your debts are finally discharged. An experienced bankruptcy attorney will guide you through this maze of paperwork, decisions and process that marks a bankruptcy application. While most people who file for bankruptcy protection do so because they have run out of options and no longer have the funds to continue paying their debts, a bankruptcy attorney may suggest other ways to get out of debt that don’t involve bankruptcy protection at all.You may want to check out bankruptcy attorney near me for more.
If you decide to pursue a settlement with your creditors after filing for bankruptcy protection, a bankruptcy attorney will tell you upfront that this option isn’t really a good idea. Creditors are notoriously reluctant to settle, especially in a case where they haven’t even been made whole, so you’re probably going to be making regular monthly payments to them in order to maintain your status. The money that you’re giving them may end up going to another collection agency, which means you’ll have another bill to deal with come tax time! Settling with creditors will almost certainly result in a loss of any assets that you personally own, so keep this in mind when deciding whether or not this route is truly the best one for you. Remember, if you aren’t completely out of debt by the end of the settlement process, your creditors will still be holding on to some of your property as well.
A bankruptcy attorney will also advise you about whether or not it’s a good idea to file chapter 13 bankruptcy. Chapter 13 lets a bankruptcy attorney liquidate some of your private assets (like retirement accounts and insurance policies) so that you can be protected from future creditors. While this will result in a considerable drop in your credit score for a short period of time, it will allow you to begin rebuilding your financial picture, and your credit report will show a successful bankruptcy case instead of a series of missed payments and collections notices. Your bankruptcy attorney will be able to help you weigh the pros and cons of filing chapter 13 as well.
CONTACT INFO :
Attorney Harry C Kaufman
445 Hamilton Ave, Suite 1102, White Plains, NY 10601
Phone No. : 917-985-6294