Protect Your Assets by Hiring a Bankruptcy Attorney

It’s not uncommon to find yourself in a financial jam in this economy. People get into debt for a variety of reasons, including loss of income, dropping housing values, excessive debt, company issues, raising a family, and medical costs. If this happens to you, it is not your fault. Consider consulting a Bankruptcy Attorney if your hole is so deep that you can’t get out. If you wish to learn more about this, visit Holland Law Office
Chapter 7 and Chapter 13 are the two kinds of personal bankruptcy. By wiping away your debts such as credit cards, vehicle loans, and mortgages, Chapter 7 provides you with a fresh start. If you want to include your car in your bankruptcy, you must return it. Your debts are restructured under Chapter 13 so that you can pay them off in five years. A bankruptcy cannot include some items. Student loans and federal taxes to the IRS are not allowed. You will not be allowed to keep your home if you want to include it in your bankruptcy.
It is feasible to file for bankruptcy on your own, but it is a difficult process. Hiring an expert Bankruptcy Attorney to preserve your assets is in your best interests. If you plan to maintain paying on your house and car, you can keep them. You are free to maintain your 401(k), IRA, and retirement accounts.
When you file for bankruptcy, your debts are placed under “automatic stay.” Creditors are unable to contact you by phone or in any other manner. They must make touch with your lawyer. You will have a conference with your creditors in bankruptcy court once your attorney files your petition in court. This meeting will be attended by your attorney. The creditors are welcome to attend, and a trustee from the court will be present. They rarely show up. The trustee will swear you in and ask you around ten questions to ensure that you are who you say you are and that your debts are legitimate. In around 60 days, if there is no dispute, you will receive a discharge letter. These debts are forgiven, and you can resume your life.
You’ll need to get your credit back on track as quickly as possible. Of course, you don’t want to go into more debt than you can handle, but you should start working on improving your FICO score. Obtaining a Secured Credit Card is a good place to start. These are credit cards that allow you to deposit funds into an account and use the card in the same way as any other credit card. You will begin to re-establish your credit when you make on-time payments each month. With time, you’ll receive credit card offers with higher interest rates than you’re used to, but if you don’t carry a significant debt or pay off your account in full each month, the interest won’t be a big deal. Another option to re-establish credit is to buy a car and pay it off on time. Because the interest rate will be high, attempt to put as much money down as possible. Depending on your credit utilisation following the bankruptcy, the bankruptcy will not have as much of an impact on your credit after roughly 5 years.
A personal referral is the best method to discover a bankruptcy attorney. Consider scheduling an interview with a bankruptcy attorney if someone you know had a positive experience with one. If you don’t know anyone who has employed a bankruptcy attorney, you can look for recommendations on the internet, through the Bar Association, or through your family attorney. Best wishes on your journey.