Is Filing for Bankruptcy Necessary?

The decision to file for bankruptcy depends on you. It is definitely a personal resolution. In order to make the right choice, be sure that you know enough about this option. Since your decision could affect your life significantly, make sure that you are knowledgeable enough with your decision. This is why most people ask the advice of a professional bankruptcy attorney prior to making their decision. If you decide to go for it, they could also help you go through the whole process.

Have tried negotiation?

Do not try to run away from your creditors for it will not do you any good. A negotiation for a better payment scheme would be a more appropriate alternative. In time, you still have to face your creditors when legal means are applied so there is really no escaping them aside from paying. You could offer them a payment method that is just.

Expect that on your first try you would be denied, but at least you show persistency. Try to talk to another person until you find one that would somehow agree with you. When you are persistent enough, you surely would find a person who is eager enough to discuss your plea.

Often times, when the debtor and creditor would find time to think about the problem and its possible solution, a simple negotiation deal could be implemented. You have to remember, that these creditors simply want their money back. In simple terms they wanted payment. They certainly would be willing to agree to any good terms that you propose especially when your account is long due.

How is your liabilities compared to asset?

You need to know how to compute your non-exempt assets. If you have more assets compared to your accumulated debts, most likely you don’t have to file for bankruptcy.

In a chapter 7 bankruptcy, the court will assign a trustee. The role of this person is to check the debtor’s non-exempt assets and have it liquidated. The money that will be collected from these assets would be paid to the creditors.

Determine the nature of your debts

It is necessary that you have an idea on the nature of your debt to act appropriately. This is one of the reasons why you need the help of a bankruptcy attorney since most likely you don’t have enough knowledge regarding this matter.

If you seek the service of an attorney that is an expert in bankruptcy, call Riverside Bankruptcy. We have been in the business for a long time. Our experience in the field could help you a lot in making sure that you are properly guided when you decide to file for bankruptcy.

 

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