Pros of Filing under Chapter 7 Bankruptcy

People who have huge debts today would surely find it hard to handle their debts due to the tough economy. It would certainly be hard for you to live a good life with all these debts. To free yourself from this financial dilemma, you could file for bankruptcy. This could provide you with a fresh start financially.

Two Kinds of Bankruptcy

It is important that you know the two options when filing for bankruptcy, chapter 7 and chapter 13. Prior to filing, you need to determine which one is right for you.

In chapter 7 bankruptcy, all your assets are liquidated and the money will be paid to your creditors. This could discharge all your debts for good.

When you go for chapter 13, there is a good chance that you could keep your assets but you need to ensure that you follow the terms and payment conditions with your creditors in a certain period of time.

Since deciding to go for bankruptcy is not that easy and filing it if needed is another difficulty, it is a must that you seek the advice of a bankruptcy lawyer. With the help of an expert everything with your filing could go smoothly. Plus, you will also be enlightened if you need to file or not.

Chapter 7 Bankruptcy

This type of bankruptcy filing entails a quick process. The whole process would only take about 4-6 months. After this, you will be discharged with most of your debts.

In this filing, all your non-exempt assets will be given to the trustee appointed by the court. This will be liquidated and the money raised will be paid to your creditors.

An experienced bankruptcy lawyer could help you save some of your important assets and at the same time do their best to eliminate most of your unsecured debts.

When you file for Chapter 7, you will immediately be protected by law. This means that your creditors could not anymore bother you when it comes to different payments. It would now be illegal for them to force you to pay in any means since the law prohibits them to do so.

If ever you do not quality to file for chapter 7, you still have another option with Chapter 13 bankruptcy. With the aid of a reliable lawyer, you will be able to file your petition on court and convert your filing from Chapter 7 to Chapter 13.

Since you have less knowledge about the law and most of the content of Chapter 7 Bankruptcy, it is best that you are aided by a lawyer when it comes to filing. If you need legal aid service, we at Riverside Bankruptcy is ready to help. We already have aided a lot of people in filing for bankruptcy and starting a new life.

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Should You File for Bankruptcy?

People who are currently facing troubles in dealing with their debts are wondering if bankruptcy is an option for them. Deciding about filing for bankruptcy or not could be very difficult and frustrating. People are divided when it comes to how they see bankruptcy.

Among the concerns of people when filing for bankruptcy are their assets and credit score. There is a type of bankruptcy where you could still keep your assets. When it comes to the credit score, it would surely go down but it is better compared to facing sleepless night thinking about how to deal all your current debts.

Filing for Bankruptcy

It is good to know that most of the people who have filed for Chapter 7 or Chapter 13 bankruptcy were able to still keep their property. They were also successful when it comes to eliminating most of their unsecured debts.

Do not forget that it is your right to file for bankruptcy. This is the option provided by the government to help people who into a big financial problem. This bankruptcy option seeks to give these people relief. Do not think that it is the end of the world for you when you file for bankruptcy. It is better to view it as a new start for your finances.

Seek Help with Bankruptcy

If you are having problems with making the ends meet when it comes to your debts, bankruptcy could be a big help. When you file for Chapter 7 bankruptcy, there is a good chance that most of your unsecured debts will be cleared. With this, you will be able to start a new.

Building your credit score again might be hard but it is certainly not impossible to improve it. On your fresh start, see to it that you do payments in a timely manner to slowly establish your credit worth slowly.

It is certainly not true that you could not access credit after bankruptcy. There will always be a company who would see you still as a possible client. Even though the odds are against you, just make sure that you will perform better in your payments this time and slowly your credit score would improve.

Actually there are now a lot of people who are filing for bankruptcy to free themselves from their debt and start over again. You might be getting some loan offers after filing for bankruptcy. Do not be overwhelmed with this. It is better to keep away from credit card offers and loans for now. It is best to concentrate more on your earning capacity.

If you need help in filing for bankruptcy, we at Riverside Bankruptcy could help. We have professional and well-experienced Bankruptcy Attorneys who are always ready to help you.

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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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