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Bankruptcy Attorney Representation

The laws of bankruptcy were created to provide relief to people who are unable to pay their creditors, get a new start in their lives. The process can be done in either of two ways. The person filing could agree to a repayment plan to repay his debts (Chapter 13), or he may choose the option to liquidate his debts in order to repay his creditors (Chapter7). Businesses can also get protection from these laws, and the processes of liquidation and reorganization will be used to satisfy the business’ creditors as far as possible (Chapter 7 and Chapter11).

If you are in the unfortunate position of being inundated by your debt and unpaid bills, you can legally get relief by filing for bankruptcy. This is not a choice that should be taken lightly, even though the option is available to you. Instead, you would be wise to attempt to work out a payment plan with your creditors to become current with your debt. If it is not possible to do so, and the burden of the mounting debt becomes unbearable, and begins to ruin your health and life, you should then seek relief in the law that will give you a fresh start.

If you decide to file, the process will give you three main advantages. Firstly, it protects you and your family from losing all your possessions. The filing interrupts and stops the financial crisis you find yourself in, and can allow you to keep your possessions and even your family home. You will be protected from a number of escalating hardships you would endure were it not for the filing.

Secondly, the filing will allow you to gain a fresh financial start in your life. A bankruptcy filing is a matter of public record and it will not only reduce your credit score significantly, but it will stay on your credit report for up to 10 years. After repaying your debt or after they have been legally discharged, you will be able to rebuild your credit, increase your credit score and become more credit worthy to potential creditors. In many cases, a mortgage loan could even be negotiated as early as two years following a bankruptcy discharge, and after you show on time payments following the discharge.

Thirdly, the filing will put an end to the harassment of creditors attempting to collect on overdue bills. Bill collectors are known to make very harsh and threatening phone calls to their debtors, at all hours of the day and night, and they put a great deal of stress on individuals. They will follow up their calls with equally threating letters that only add to the stress the individual is already experiencing. This can become a very unhealthy situation for an individual to suffer through, day after day.

It you find yourself in a situation where you are buried under a great deal of debt you cannot repay, you should consider a consultation with a bankruptcy lawyer. Get the information you need to protect yourself