Halt Those Annoying Calls With A Bankruptcy Lawyer

For many Americans in today's economy, a telephone call is enough to trigger that uncomfortable feeling in the pit of your stomach

. The call is from another creditor looking for payment and perhaps threatening foreclosure and repossession of your car or home. It's a scary and difficult time, but it's also not a time to ignore the phone and your deepening financial difficulties. You probably have bankruptcy questions and that puts you in a similar situation to millions of other Americans.

Whether it's a lost job, unpaid medical bills or simply the worst recession in nearly 70 years that has placed you in an unstable financial footing, it's important to understand that you still have control of the situation. You can stop those harassing phone calls that seem to multiply every single day and take actions to solve your financial crisis. The first step is to contact your bankruptcy lawyer and get some answers to your bankruptcy questions.

Perhaps debt relief can solve your situation. An expert lawyer will contact all of your debtors to negotiate settlements. That way you will pay a reduced or no interest rate on unsecured debt like credit cards and some loans. That will stop the collection calls and you will soon be sending in one monthly payment that is divided among all of your creditors, according to the debt relief negotiations.

However, maybe the situation is so advanced that repossession or foreclosure is imminent on a vehicle or home or other piece of property you own. Or creditors and perhaps even the federal government are threatening to garnish your wages. This is not the time to give up. Instead, this is the time a bankruptcy attorney can help you dig out from even a mountain of debt and lead you to a fresh start, free from the crushing debt that has turned your life into a nightmare.

If a bankruptcy lawyer determines that individual bankruptcy is the best answer for your financial situation, the papers can be filed electronically. That triggers legal protection that blocks any of your creditors from continuing to call or take action to try to collect debts, like garnishment, foreclosure or repossession. Even better, this so-called automatic stay remains in force as long as your case is in bankruptcy court. Your bankruptcy attorney will determine whether to file a Chapter 13 reorganization plan or a Chapter 7 liquidation bankruptcy.

Under Chapter 7, any of your unsecured debts are completely liquidated. You must continue paying on secured debts. Your attorney will determine if your income level fits the strict requirements for Chapter 7. If not, Chapter 13 is the second bankruptcy option.

In Chapter 13, you can save your property by paying off what you owe, including penalties and missed payments, over time. It takes about 5 years for this to happen. The Chapter 13 budget plan also pays any discretionary money to your unsecured creditors. Any unpaid debt for unsecured creditors at the end of the plan is discharged.

by: Nick Messe

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