Are you ready to break free from the debts you owe to creditors? You may want to consider filing for Chapter 7 bankruptcy, but first you should speak to an attorney to make sure you are making the right decision. Learn out the pros and cons of filing for Chapter 7 bankruptcy, as well as what an attorney may recommend as an alternative if bankruptcy is not for you.
How Can an Attorney Assist When Filing for Chapter 7 Bankruptcy?
The first thing an attorney will do is speak with you to assess the seriousness of your debt situation. For instance, he or she will want to know the total owed to your creditors to determine if they can possibly be settled without filing for bankruptcy. A con about Chapter 7 bankruptcy is that it remains on your credit record for ten years. Another con is it can lead to you being denied financing for a new home if you decide to buy one.
The pro about filing for Chapter 7 bankruptcy is that you will no longer be obligated to pay your debtors. Once the attorney files the bankruptcy documents and they are approved by the court, phone calls from creditors demanding payment will stop. Another pro includes the freedom you will have to start over with rebuilding your credit. You can get your finances in order without the stress of owed debts weighing over your shoulders.
If you don't owe to many debts, an attorney may recommend that you opt for debt consolidation instead of Chapter 7 bankruptcy.
Why Would an Attorney Recommend Debt Consolidation Over Chapter 7 Bankruptcy?
Your attorney will look out for your financial future by making sure you can avoid the cons that come along filing for Chapter 7 bankruptcy. Debt consolidation is a good alternative because it will allow you to combine all of your debts into one monthly payment. If you don't owe a lot of money, your debts can be paid off in no time. You will also be actively rebuilding your credit in the process of paying off the debts.
Don't jump into filing for Chapter 7 bankruptcy without first seeking advice from an attorney, as you may ruin your chance for obtaining credit accounts for a few years. An attorney can look over your financial situation to come up with the ideal solution to your problem. Consult with an attorney so you can put an end to your debt nightmare! Visit websites like www.curtishatfield.net for more information about the services of a bankruptcy attorney.Share