Considering Registering For Bankruptcy: What You Need To Understand [mortgageprotectiontips.blogspot.com]
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Episode # SAVTLTV20100619A Talking Law TV - Savannah, a weekly TV series about the law and how it protects the rights of citizens. Attorney Christie Register discusses preparing for bankruptcy. Every situation is different, consumers should always contact an Attorney for specific concerns or actions which may require in-depth information gathering to render accurateand appropriate legal recommendations and action.
mortgageprotectiontips.blogspot.com TLTV - Christie Register - Bankruptcy Preparation
Your debt problems make it impossible for you to pay off your bills. The large debt has you feeling concerned and you are starting to be bothered by creditors night and day about your bills. You’ve gone online to search for choices, and the options are grim: file for bankruptcy or pay the bills. You may be able to produce the payments on your debt, but if you’re making only the minimum on a huge amount of debt, you may want to speak to a certified bankruptcy attorney.
What to Consider
Before you choose to visit and talk to a lawyer, you will want to do some research to understand what you are in for when you do file for bankruptcy. By researching bankruptcy, you’ll see what types of bankruptcy you can petition for and the consequences for each kind, but please note, only an attorney can say if you should file or not.
If you see that you have no reasonable means to repay your debt, that may be a clear clue that you may need to file for bankruptcy, and this is not just a case of having a reasonable income and being careless with money. A person who has to use credit cards to make payments on their bills while making minimum payments on debt may be a good example of a person who may want to petition for bankruptcy because of the financial hardship they endure.The Benefit of Filing
An advantage of filing for bankruptcy is that you no longer need to worry about harassing phone calls as creditors cannot call you telling you to pay your bills; someone like an Encino bankruptcy attorney can tell you more about this.
With bankruptcy, the court system will grant you a restraining order against your creditors, keeping them from sending you mail or from making bullying phone calls. In some instances, you may be given a fixed payment plan where the courts control the payment plan and you vow to give up a portion of your future income to pay your debt. Users who qualify for Chapter 13 may be able to hold on to their personal belongings, such as home appliances and home.The Downside
A downside to bankruptcy is you may lose all your personal possessions, for example, if you live in the Sherman Oaks area and you talk to a Sherman Oaks bankruptcy attorney, and find out that by filing you will lose your home, car and home appliances. No matter which bankruptcy type you qualify for, you will be forced to attend mandatory credit card counseling and you may see that it is difficult to open up a bank account or take out a loan. Everyone’s financial situation is different, and it is important that you talk to a certified bankruptcy attorney before you go off and file for bankruptcy.
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