When is the best time to consult an experienced bankruptcy lawyer? One of the most common mistakes is waiting too long to get professional legal advice once financial difficulties start. Bankruptcy is not just an option for consumers who are completely broke or who are facing seemingly insurmountable debts. Many individuals who want to pay off their debts may file for chapter 13 bankruptcy protection, because this chapter allows a repayment plan to be used so that you pay at least some of your debts off.
Chapter 7 bankruptcy can eliminate most if not all of the debts that you owe, but there are certain exceptions and every bankruptcy case is different and unique. Chapter 13 bankruptcy can give you some breathing room and force many creditors to accept payments that you can afford, even lowering or eliminating interest in most cases. After the payment schedule period is finished a chapter 13 bankruptcy can lead to some debts being discharged.
If you have debt and you are facing any financial difficulties it may be a good idea to consult with a qualified bankruptcy attorney as soon as possible. A debt management specialist and experienced bankruptcy lawyer is the best choice, because these professionals will provide all of your debt relief options. An attorney that only offers bankruptcy representation may recommend this step even if another option may be a better choice in some cases.
The bankruptcy lawyer that you choose will offer advice and guidance to help you get the debt relief that you need. There are many situations that may be a signal that debt relief is needed and a bankruptcy attorney should be consulted.
If you have been receiving numerous communications from creditors then you may need debt relief. These communications may occur by mail or through phone calls. If you are behind on your mortgage payments and concerned about foreclosure a bankruptcy lawyer may be able to help. Another reason to seek this type of professional legal advice is if you can not make it financially without using at least one credit card to help stretch your budget each month, or if you are only making the minimum payment each month and then using any available credit that results from this payment.
If you receive a notice or summons from the court showing that you are being sued or that a judgment has been issued against you then an experienced bankruptcy lawyer should be contacted immediately. This is also true if you have seen your wages garnished or financial account balances seized by creditors through a court order.
Just because you consult a bankruptcy attorney this does not mean that you have to file for bankruptcy protection. If you choose an attorney who is also a debt specialist then you will find out exactly what your options are, and whether bankruptcy is the right choice in your specific case. Filing for bankruptcy can help protect you against creditors, and may even help you keep most or all of your personal property at the same time.