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When To Declare Bankruptcy?

Your credit is bad. Many folks have bad credit. Some have spending habits that can be hazardous. Millions of Americans today experience financial crisis due to credit card debts. It is not unusual to read and see in the news of companies or individuals that have filed for bankruptcy. Remember, it is not just corporate organizations and small businesses enterprises that suffer financial misfortunes.

Moreover, this doesn"t make you a bad person, it just means that you have some issues to your credit. Life happens, life hits us hard, life takes a turn on us, etc., etc., and many times life puts you into situations that are out of your control. Creditors don"t understand that – even though they claim that they do. All they think is that it"s your fault, you"re irresponsible folks, you don"t know how to take care of your spending.

The new laws state that when a bankruptcy is discharged, any existing creditors that you plan on still paying need to have a “reaffirmation" letter sent to them letting them know that you plan on continuing to make your payments. This includes any creditors that were not listed in bankruptcy, including mortgage lenders.

When filing bankruptcy, you have given options. This is sometimes more than you think. Most filers have the right for at least file one form of bankruptcy. They can select either Chapter 7 or Chapter 13 – depending on their debts and income.

You should not be embarrassed about filing bankruptcy. Many people get depressed and as if they have failed when they seek bankruptcy. If you have already done your research about bankruptcy thoroughly and have decided that it is the right thing to do, then take control of your situation and make the most of it. Besides, the fact that you still have unsettled debt would still make your credit report look bad, no matter how many more accounts you try to open. If you want to look better on your report, then start paying down on what you already owe rather than getting yourself into more debt.

The first step when filing for bankruptcy is consulting a bankruptcy attorney in Jacksonville then submit all bank statements, loan documents, credit bills, debt notices, and tax returns to your attorney. The latter will analyze your financial condition and will advise the most suitable type of bankruptcy.  The longer an attorney has been practicing in bankruptcy law, the more skillful he is to handle your case. If an attorney has already more than enough cases in his hands, don"t add yours. If an attorney has too much workload, he would not be able to efficiently handle your case anymore. And don"t forget the attorney"s law firm. A law firm that maintains effectiveness, quality, and perseverance to bankruptcy law in its work is important.

To find a good bankruptcy attorney Jacksonville, you can search the local bar association. You can find them in the phonebook – bar associations have referral panels that can direct you to an excellent bankruptcy attorney. Once you"ve contacted an attorney, you should get as much information as possible about your case. Make sure you understand the extent of services covered in the attorney"s fee. You should ask about lien avoidance issues, trustee disputes, not discharge ability and actions, and more. Be aware that an attorney can"t foresee all the possibilities, and additional fees may be necessary as the case progresses.

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