Many people have come to the realization that they are no longer able to handle their credit card bills. This is when they turn to other means of help such as credit card settlement companies, and when that does not work they begin to research their bankruptcy options.
There is quite a negative stipulation associated with bankruptcy, and this leads many people to avoid it like the plague. They find it extremely intimidating, and will only consider it as a last resort.
The first step in filing for bankruptcy is to employ a bankruptcy lawyer. The lawyer will not only be able to represent you, but will also be able to walk you through the process, advise you, and let you know the positives and negatives associated with filing for bankruptcy. They will be able to let you know how not only your property will be affected, but how it will have a resulting effect on your credit as well.
Chapter 7 Bankruptcy, Bankruptcy Lawyer San Antonio, US Bankruptcy Court,
There are two main chapters that the average person generally files for, Chapter 7 or Chapter 13. They vary greatly depending on the financial standing and how long it will take for them to be free and clear after receiving their judgment.
People generally strive for filing Chapter 13 if at all possible. This will help them to establish a repayment plan that will get free and clear of their debt within the next 5 years. It will also protect their assets and they will be able to keep all or most of their property.
Most people will want to avoid filing Chapter 7 if at all possible. Chapter 7 will require you to liquidate almost all of your assets in order to help pay off your debt. This is usually done when there are no funds available to repay creditors. Once the property has been liquidated and the money has been distributed throughout the creditors the remaining debts will still most likely be forgiven.
Once any type of bankruptcy has been filed then the courts will grant a stay. The Stay will legally require all creditors and debt collectors to stop trying to collect on any types of debts. They will not be allowed to as much as call and cannot continue with any kind of lawsuits that they might have been filed. Many people are scared of bankruptcy for they know that a stigma that comes along with it, but it may be the option that you need in order to get yourself out of debt.
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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