Debt Relief - Things A Bankrupt Must Know About It
Debt reliefs are meant to ease the financial burdens of bankrupts like creditor and bill payments
. These do not get you rid of debts but proves beneficial in living a loan free life. Debt relief prevents you from filing bankruptcy. Debt relief Los Angeles offers many benefits like:
* Uses immovable assets for settlement of debts
* Put an end to phone calls and collection letters from creditors
* Complete debt repayment
* Gets the finances back on track
As debt relief cases are not frequently filed, individuals tend to have many questions about it. Here are few myths and facts about debt relief:
Myth 1 - You lose all your assets
Fact - There are bankruptcy laws that exempts your assets and do not sell them for payment. Debt consolidation laws like chapter 13 allows you to keep the assets you choose.
Myth 2 - You cannot file for debt relief more than once
Fact - One cannot file bankruptcy frequently, but yes, there is certain period decided by these laws after which debt relief can be filed. You can file for it after a decided time period if it was discharged earlier.
Myth 3 - Savings in bank account are not affected
Fact - Banks freeze your accounts after filing debt relief. It is preferred to move your account to the bank to which you do not owe anything.
Myth 4 - The proceedings are long and time consuming
Fact - These proceedings are short and quick. Only one trustee is required in court after 30 to 45 days of filing. The hearings are immediate if the creditors and others parties are present in the court.
Myth 4 - Debt relief does not provide instant relief
Fact - Debt relief provides instant relief in cases like - stopping lawsuits and judgments and auto repossessions.
Filing debt relief in Los Angeles is quicker process that reduces your liabilities, organizes your finances and positively changes your credit ratings.