Bankruptcy Attorney - Creating the Best Solutions for your Road to Financial Freedom

Some benefits of filing a chapter 7 or 13 case is that as soon as you hire your bankruptcy lawyer and you file a bankruptcy case, all of your creditors must abide by the law and stop sending any letters or phone calls in an attempt to collect on the debt you owe them. This will include repossessions, credit card collections, foreclosures, or pending lawsuits that are now in place. Collection efforts will start back in the future dependent upon the amount of debt you owe and the type of chapter you file. Another benefit of filing bankruptcy is that it gives you the opportunity to start off fresh and may be the best solution for rebuilding your credit after the bankruptcy case is complete.

It is very important to consult with a competent and knowledgeable bankruptcy attorney if you plan to file either a chapter 7 or a chapter 13 case to determine which one will be best for you. If you choose to file chapter 7 bankruptcy, which is also known as liquidation, you will have to qualify by having certain criteria met. You first must complete a means test which states if your yearly income is over a certain amount that you will not be able to file a chapter 7 case. You will also need to be current with your payments secured loans such as a vehicle or home loan if your goal is to keep these items. However, you may be able to file chapter 13 if you do not qualify for chapter 7.

Your bankruptcy attorney will inform you that if your yearly incomes goes over the means test, or if you have secured debts that you are delinquent on but want to still keep those items, filing a chapter 13 bankruptcy case may be a good option for you. With a chapter 13 bankruptcy, you will make payments into a bankruptcy plan with a timetable from 3-5 years. You will make monthly payment which will depend on factors such as the amount of assets you have that is over the exemptions, the type of debt you have, the amount of debt you have, and your monthly income. This and additional information as it relates to filing your bankruptcy case can be discussed with your bankruptcy lawyer through your consultation.

Other advantages that you may benefit from when you file chapter 13 include if you are behind on your vehicle or home payments. This option may give you the advantage of not having to pay the full amount on your debt claim. You should mention to your bankruptcy attorney whether you are behind on a home or vehicle loan when you schedule your initial consultation in order to find out how you can get the best solution for your particular situation.

There are many aspects to take into account before you decide whether filing a bankruptcy case is right for you. For this reason, it is essential that you consult with a knowledgeable and experience bankruptcy lawyer so they could guide you the entire process. Hiring a competent and qualified bankruptcy attorney when you plan to file bankruptcy is the best way to ensure your road to gaining financial freedom is done accurately, quickly, smoothly.