When you happen to be in a financial brink, the last thing you want to hear is the word bankruptcy. You are probably in the most difficult time in your life but as they always say, for every problem, there's always a solution. Understanding bankruptcy may help you go through everything more easily or perhaps it will help you decide whether or not you have the need to file one. Like many other things, filing bankruptcy has its own disadvantages as well as advantages. The number one disadvantage of filing bankruptcy is its effect on your credit rating and it can remain on your credit report for 10 years. In some cases, you will still be allowed to obtain some credits but be prepared for ridiculous interest rates. Another thing you have to deal with is the cost for filing bankruptcy, talk about expensive attorney fees. You're looking into $1,000 to $2,000 just for a regular Chapter 7 case. The last disadvantage and usually the most painful one is the loss of property. Have your lawyer assess all of your assets to check which ones can be exempted.
General Motors Bankruptcy, Bankruptcy Lawyer Denver, Declaring Bankruptcy,
We talked about the disadvantages now let's take a look at some of the benefits you will acquire from filing bankruptcy. Your main goal when filing Chapter 7 is to obtain a discharge of all unsecured debts. This means creditor harassment will cease. Also for Chapter 7, any unpaid balances due after your assets have been sold and distributed are fulfilled. Another advantage will be your ability to keep all or most of your property through federal or state exemptions. Some involuntary transfers may also be avoided if you take actions on time. Weigh the pros and cons before you jump right away into filing bankruptcy. It's always better to seek the advice of an attorney who specializes in these kinds of cases.
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.
Rating of Bankruptcy Attorney Detroit
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment