MUST know before you file for Bankruptcy

Transcription

1 7things you MUST know before you file for Bankruptcy

2 While many people know something about bankruptcy, they do not quite understand it. This guide will help you understand the impacts that bankruptcy can have on your life, both good and bad. With a better understanding 1of what bankruptcy is, how it can help, how it can hurt and how to go about it, you will be able to make a decision that will benefit your financial situation in the best possible way. What is Bankruptcy? Bankruptcy is a process whereby consumers can either eliminate or repay debts while being protected under the Federal Bankruptcy court. There is nothing to be ashamed of let us help you get your life back on track. Call today for a free consultation with our experienced attorneys.

3 2 What Are Your Filing Options? to repay the debt. When you consider filing bankruptcy, there are many options to consider. You will need to consider if you are planning on keeping any of your assets such as your car or your home. You also have to consider if you are planning on eliminating your debt or if you plan Below are the two most common types of bankruptcy and some information about each type. You should consult with one of our attorneys to determine what type is best for your situation. Chapter 7 bankruptcy is designed for those who have no means to repay their debts. You are able to eliminate most of your unsecured debts such as credit cards, some tax debts, medical bills, and other debts. The process moves quickly and in most cases your debts will be discharged in just a few months and you can begin rebuilding your credit. Some unsecured debts cannot be discharged. When you come in for a free consultation your attorney will notify you if this is the case. Chapter 13 bankruptcy is designed for those who earn enough money to pay back their debts and wish to keep their assets. For those who have fallen behind on payments and just need a fresh start, Chapter 13 will allow a person to reduce his debt payments while still paying it back over time. In some cases your payments could be lowered by 90%. Chapter 13 bankruptcy can help you keep your home, even if you are already in foreclosure. We can help you keep your home!

4 3 What Bankruptcy Means To Your Credit rebuilding sooner. Many people believe that bankruptcy will destroy their credit forever, but this is not the case. In many cases filing bankruptcy will actually help your credit score and allow you to begin Look at it this way; if you are already falling behind on your payments and have bad debt on your credit file, your credit is already destroyed. You can leave it as delinquent and never get a chance to rebuild, you can begin paying it back slowly and take years to recover from the financial ruin or file bankruptcy and clear it immediately and begin rebuilding your credit in just a few short months.

5 4 How to Rebuild Your Credit after Bankruptcy Once you file for bankruptcy your debts are either reduced to make it easy to pay off or eliminated entirely. With a clean slate you are then able to begin rebuilding your credit file. Often you can obtain a loan for a new car or some other small consumer loan after you have filed in the courts. Be sure to pay back your loans on time and never miss a payment in order to begin seeing positive results on your credit file. It won t happen overnight, but over time your credit will improve dramatically. If your vehicle has been repossessed we may be able to help you get it back, but you must act right away. Call us today to see if we can help.

6 5 Why You Need a Bankruptcy Attorney The legal nature of the bankruptcy process can make it very difficult if not impossible for someone to do it without proper legal representation. Depending on what type of Bankruptcy you file, once you file you may not be able to change your mind and unfile. And it can be very costly to go back and make changes if you made an error or forgot to include something. So it is important to have an expert look at your financial portfolio and ensure that everything is included correct before filing. Your initial consultation is free. Let an expert look through your file and help you determine what the best method of action would be to get you back on track. Your attorney will walk you through the entire bankruptcy process, explaining the options for filing as well as helping you determine what type is right for you. You will be given expert advice on how to handle your case, what to include, and what not to and given opportunities to keep all of your assets.

7 How to Choose the Right Attorney When you are ready to file bankruptcy, having the right attorney can mean everything. You want someone you can trust, someone who will speak honestly to you and not fill you with empty promises that will never be delivered. There are some key points 6to consider when hiring a bankruptcy attorney: Does the attorney have bankruptcy experience? How many years experience does the firm have in the bankruptcy courts? What will be the final cost to you for the bankruptcy? How long will the entire process take? Will the attorney be there throughout the entire bankruptcy process? Do they offer a free consultation available to discuss your filing options? It is a good idea to bring a list of questions that you want answered to the initial consultation. Your attorney should be able to answer any of your concerns and give you an honest answer about your financial situation and how the bankruptcy will affect it.

8 7 You re Future after Bankruptcy After completing bankruptcy you will be ready to begin rebuilding your credit and getting your life back on track. You have a chance at a fresh start and how you decide to use that fresh start is totally up to you. The bankruptcy process is designed to help you, so if you plan wisely you will be on solid financial ground in no time. Call us today to schedule a free consultation. Let us help you back to financial prosperity.