Should I File For Bankruptcy
Deciding to manage your debt is one of the most responsible actions you can take in your lifetime. Whether you manage your debt through a debt settlement process or in filing for bankruptcy, you should feel proud of yourself for acknowledging this difficult situation. If you are unsure of whether you should try to work out agreements with creditors or file for bankruptcy, you can speak with a debt settlement lawyer. A debt settlement lawyer will take you through the process of bankruptcy, and he or she can also explain the time frame to be expected for settling your debts. The United States Courts explain that you are released from liability of specific debts when you decide to file for bankruptcy. This means that creditors can never collect these debts from you again.
Consider Your Current Debts
By meeting with a debt settlement lawyer, you will have a better idea of whether bankruptcy can effectively dissolve your debts. It may be the case that you do not actually have a significant amount in debt to repay to creditors. If this is your situation, then a debt settlement lawyer can contact your creditors to try to negotiate lower minimum monthly payments for you. The ultimate goal of any debt settlement attorney is to decrease the principal debt load that you owe to creditors and other institutions. Here are the other benefits that a debt settlement lawyer can provide for your case:
- Get creditors to stop calling you.
- File lawsuits against creditors.
- Meet with your creditors in person for negotiations.
Meet With A Debt Settlement Lawyer
A debt settlement lawyer helps you get back on track in your financial life. You can schedule an initial consultation to discuss all of the outstanding debts that you have. A debt settlement lawyer will consider your income level. He or she will likely be able to tell you whether you are a good candidate for bankruptcy. If you have a high income level, then the bankruptcy lawyer may recommend that you file for Chapter 13 bankruptcy.