Bankruptcy Attorney
There are advantages and disadvantages to both debt settlement and bankruptcy depending on each individuals set of circumstances. A bankruptcy attorney that exclusively works on debt relief for families is likely the best person to confer with if you are in trouble financially or trying to stop foreclosure of your home. A bankruptcy lawyer can perform a “means test” and determine if you qualify for chapter 7 or chapter 13 based on your income, dependants and house payments. If you qualify for a chapter 7 you may be better off filing bankruptcy rather than debt settlement. Bankruptcy chapter 7 might allow you to completely wipe clean all your unsecured debt and keep your automobiles and your home, while chapter 13 would be a repayment plan of typically pennies on the dollar. It’s important to consult a bankruptcy attorney that has expertise with both chapter 13 and chapter 7, as well as debt settlement. Most bankruptcy lawyers only file bankruptcy and do not particularize in debt settlement so they are more apt to push you towards bankruptcy chapter 7 or chapter 13. Filing bankruptcy rather than debt settlement for person?s with a minimum amount of credit card debt might or might not be a wise option based on several factors. Meeting with a bankruptcy attorney that has the ability to file bankruptcy as well as debt settlement will offer you your best options and help you decide to either file bankruptcy or go into a debt settlement program. Most debt settlement companies tell you what you want to hear and do not properly disclose the under belly of debt settlement or the benefits of chapter 7 bankruptcy. When you file bankruptcy chapter 7 you can eliminate your debt completely and void judgments and liens. If you opt to engage in a debt settlement program instead of opting to file bankruptcy you should make sure to use a bankruptcy firm for the best results. A bankruptcy attorney can often guard you from your creditors, who are less likely to sue you if they are aware that you will file bankruptcy and they’ll recieve nothing. In a debt settlement program you will typically pay 50%of what you are indebted to your creditors rather than 3% to 10%in a chapter 13. At the time of your passing the means test, you can opt to file chapter 7 bankruptcy and typically pay nothing other than your fee for filing bankruptcy and your bankruptcy lawyer fee.
One problem with debt settlement companies is that they usually take the fee for the debt settlement before the work starts and guaranty nothing. A bankruptcy lawyer providing debt settlement are a much more reliable route and are held to a more rigid criterion than a debt settlement company. Also, a bankruptcy attorney can offer you legal representation and creditor defense from harassing creditors. While filing bankruptcy may be the final straw for most, the truth is that bankruptcy is an easier option than people may think. If you would like more bankruptcy information or would like to see if debt settlement is a better plan of attack, the bankruptcy attorneys at Zhou & Chini offer free consultations. To find a bankruptcy lawyer in California that also provides debt settlement plans go to: www.BankruptcyAttorneyinCalifornia.com.
