Eliminate Threats By Calling A Bankruptcy Lawyer

With the economy and housing industry at such a low point

, the threat of foreclosure, repossession, and wage garnishment are looming over the heads of millions of Americans. The unsettling fear of losing a home and possessions has the capacity to shake even the strongest person to their very core. Constant phone calls from debt collectors along with endless letters and notices from collection agencies can be so overwhelming that you may not know where to turn. There is an answer to these troubling times.

Don't Let the threat of losing your home, vehicle, or wages drive you to the brink of insanity. Help is available from someone who has assisted others just like you in their financial desperation, and that is a bankruptcy lawyer. The very first tool a bankruptcy lawyer will afford to you is the knowledge of your rights. Yes, consumers do have rights regarding fair business practices.

Once you are armed with the knowledge you need to begin your ascent out of debt, your bankruptcy attorney will explain the process of filing for bankruptcy, as well as dispell any misinformation you may have regarding it. The initial fear that many people share is the thought of personal credit being destroyed after filing for bankruptcy. In more than half of bankruptcy cases, filing actually improved the overall credit worthiness of individuals.

You'll probably have many questions pertaining to the process of bankruptcy such as what type of bankruptcy should I file? Will I lose my possessions and assets, such as my car? What categories of debt can be settled through bankruptcy? How long will my credit be affect following bankruptcy?

Chapter 7 bankruptcy allows the debtor to discharge balances owed to creditors of unsecured assets. With a Chapter 13 bankruptcy, the debtor's assets and personal debt responsibility are reorganized so that only certain debt will be discharged and any remaining debt will be the responsibility of the debtor to repay. Both types of bankruptcy chapters have positive and negative attributes. Therefore, a good bankruptcy lawyer is necessary in order to guide you in the most beneficial direction.

Once a decision to file bankruptcy has occurred, the number one worry is how long will it take until good credit is restored? On average, seven years after bankruptcy discharge has been the standard time frame. However, most attorneys will be reassuring as far as credit is concerned. Often times, individuals will receive many offers to re-establish credit immediately following bankruptcy.

It is worth a note of caution however, in that many of the extended credit offers do come with hefty interest rates and low available balances. Overall, contacting a bankruptcy atttorney is one of the smartest things a person facing mounting debt can do for re-establishing a secure financial future.

by: Nick Messe

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