If you have lost your job or endured a different personal setback, you may want to think of talking to a bankruptcy lawyer. Despite the fact that almost anyone can try to file bankruptcy, the option to do so can still be extremely challenging.
In fact, it’s a decision that was designed to be given excellent consideration and thought, rather than acted upon without study of various other alternatives. However, there are a lot of reasons bankruptcy is the proper decision for an individual, as well.
Even though there are good reasons to file, there is a lot of stigma associated with bankruptcy in the present society. Nevertheless, in spite of the fear the stigma often connected to bankruptcy causes, you will discover at least 5 good reasons to think about declaring bankruptcy.
1. End pay garnishments. If you have lost your regular job and obtained a lesser-paying job, loan companies may still come after you for any money to which they have a court order letting them collect by garnishing up to 25 percent of your earnings for creditors other than for child support, past-due income taxes and a few other exceptions. Filing for bankruptcy, either Chapter 7 or 13 will instantaneously stop all garnishment pursuits.
2. Put A Stop To Collector’s Calls. Even though you don’t have work, collectors won’t hesitate to call you. Once you file for bankruptcy, when a creditor calls, give them the name and number of your bankruptcy attorney and the calls really should cease.This can decrease great degrees of stress if you’re being overpowered with multiple creditors calling you every single day of the week.
3. Remove most of your debt. Submitting a Chapter 7 bankruptcy basically wipes your slate clean, getting rid of all but some excepted bills. Of course, unlike the more shielding Chapter 13, you may need to sell your property and car under Chapter 7.
4. Instantly stop all foreclosures or repossessions. If you’re already working, you might be able to file for Chapter 13. Any past-due payments for your home mortgage and car loans can be rolled into the Chapter 13 filing, which basically allows you to keep your place of residence and your automobile.
5. Reduce or get rid of most medical bills. With some exceptions, medical bills are thought to be unsecured and if you do have a great deal of medical bills they can be eliminated through Chapter 7 bankruptcy.
You really need to consult with a personal bankruptcy attorney to discover if you can file for Chapter 7 or Chapter 13. While it’s not mandatory that individual bankruptcy is filed by a lawyer, the help they supply insures you are dealt with fairly and that the individual bankruptcy proceedings are handled quickly and easily. Court pleadings are intricate and without a legal professional your case could simply be dismissed.
Learn more about bankruptcy filing in Oregon and Washington from the bankruptcy attorneys of Northwest Debt Relief Law Firm. Whether chapter 7 bankruptcy or Chapter 13 is right for you, Northwest Debt Relief Law Firm can help you get a fresh start and get your personal finances back on track.