Bankruptcy Law Basics
The Law Office of Michael A. Ziegler, has the experience and expertise to help you through your bankruptcy. Bankruptcy lawyers near me understand bankruptcy basics.
Many people have heard the term bankruptcy, but don’t quite understand what it entails.
The idea may seem appealing if you are facing debt, but like any major decision it requires careful consideration.
Before considering declaring bankruptcy, you should have a basic understanding of what it means.
Bankruptcy Lawyers Near Me Know the Facts
If you are considering bankruptcy, the first thing you want to do is consult a professional. A simple search for “bankruptcy lawyers near me” through google will give you a list of local professionals in your area. Make sure you properly research and explore your options before choosing a lawyer to represent you.
Bankruptcy is a solution that allows the creditor to collect the assets that are deemed unnecessary to the client to live, while the client is relieved of additional debts. There are different types of bankruptcy that one can file for, and each has its own set of guidelines.
The bankruptcy that you would file for as an individual would fall under Chapter 7 or Chapter 13, depending on your situation and circumstances.
Many who file for bankruptcy choose Chapter 7. Chapter 7 bankruptcy means that the debtor will sell their assets, excluding exempt assets, in order to liquidate.
A trustee will then distribute the amount received for the assets to the creditors based on their level of priority. This allows the debtor to emerge with a clean slate, and the creditor has no right to future income of the debtor. However, it can negatively affect your credit score.
Chapter 13 is a repayment plan. It is available for those with a regular income, whose debt does not exceed a certain amount. Chapter 13 also can reduce your debt based on the repayment plan and type of debt. Many people choose Chapter 13 because it covers certain types of debts that are not eligible through Chapter 7.
There are a few questions you should ask yourself before considering bankruptcy. Have I done everything I can to discuss payment options with my debt collector? Have I sought legal counsel for a possible settlement or loan modification? What type of debt do I have, and is it eligible to be covered by bankruptcy? Are there bankruptcy lawyers near me who can advise me on the best course of action?
The Law Office of Michael A. Ziegler can help you understand the consequences and benefits of filing for bankruptcy, and advise you on the best course of action. Understanding your rights and the solutions available to you is essential to getting yourself debt free and your life back on track.