Affordable Bankruptcy Available
Your attorney’s goal is to offer you financial relief from debt. By helping you to eliminate the pressures from serious financial problems. This means that the bankruptcy itself should not feel like it is doing more harm to you financial than the good it causes. For example, you wouldn’t want to simply pay the bankruptcy and in so doing, omit paying bills like car or housing or food. But if skipping a payment in order to get your bankruptcy protection in place is what your attorney advises,then you’ll want to keep that option in mind. Mental and financial relief come when your bankruptcy is complete as well as when it is filed, so the attorney wants to give you the best possible relief as quickly and as reasonably as possible. Your bright future could start right away through filing and obtaining bankruptcy relief under the bankruptcy laws.
Stopping lawsuits with bankruptcy
The battle against debt is often a long and arduous one, with a lot of heartache and pain over a period of several months or even years as you do your best to meet up with payments. After a long time struggling, you may come to the conclusion that it is not reasonably possible for you to clear your debts at any time in the foreseeable future. At that point, bankruptcy is the only feasible option.
The laws guiding the bankruptcy process are contained in the federal bankruptcy code and the bankruptcy laws of the states. Being mostly uniform, their purpose is to provide protection for people who have gotten so far in debt that asking them to continue making payments will only be putting them in a position where they will continue making fruitless efforts, while the debt keeps growing.
Once you have come to the conclusion, with the help of a bankruptcy lawyer, that bankruptcy is the only option that is open to you, the next thing is to approach the court in order to file your application for bankruptcy discharge. In order to do this, you will have to come to a conclusion as to exactly the type of bankruptcy that you want to file. The most commonly filed types are Chapter 7 and Chapter 13 bankruptcies.
In Chapter 7 bankruptcies, a bankruptcy trustee will be appointed by the court to oversee the process and make decisions as to the disposal of your debt. These decisions could include selling off some of your property in order to settle as much of the debt as possible. Despite that, there are some exemptions contained in the laws to ensure that you are not left completely without anything. In a Chapter 13 bankruptcy, the purpose is not to completely discharge you from your debts, but rather to restructure your debt in such a way that you will have a feasible chance of paying your creditors off within a period that could range from three years to five years.
With regards to stopping a lawsuit, those two options have different merits: If you know that you are not earning regular income, and have no chance of paying off the debts, then a Chapter 7 is the best for you. Once you file, and even before a decision is made regarding your discharge, an automatic stay is placed on all matters regarding your debts. All calls, lawsuits and other processes by creditors will have to stop. Some debts cannot be discharged, and you will simply have to pay them one way or the other, but most debts will be discharged by the court, and you will have a fresh start. The discharge precludes any chance of you being sued again on the same matter.
A Chapter 13 bankruptcy also has the automatic stay feature, meaning that all proceedings against you based on the debts will be paused, even though the purpose is not to discharge you from the debts. Under this process, there will be a court-supervised renegotiation of your debt with your creditors. In order to maintain the stay against collection processes, the payment plan you design must be adhered to strictly. If at any point in time, you again default on your payments, then the field will be open for your creditors to sue you for fulfillment of your obligations, and this time, the court is unlikely to be lenient toward you.
In any case, it is important that as soon as you receive notice of lawsuit being filed against you by a creditor, you should take action and not remain a sitting duck. Bankruptcy is a very painful option to consider, but if done right, it can be done with a minimal amount of fuss and publicity. You will likely be surprised to find out the people whom you know, but whom you don’t know have filed a bankruptcy in the past.
In these situations, the importance of having a Concord Bankruptcy Lawyer at your side to guide and represent you through the process cannot be overstated. A competent lawyer will be able to handle all the technicalities involved and make sure you do not run afoul of the law in any way.
When choosing a lawyer, you should ensure that he is one who can demonstrate extensive knowledge of the bankruptcy laws and processes, both at the federal level and in your state. He should also have vast experience representing clients in similar matters, with a track record of getting them favorable results at the end of the process.