The Beginners Guide To Attorneys (Finding The Starting Point)
How a Bankruptcy Lawyer Helps With Overwhelming Debt Cases
If you need help with debt relief, consider engaging a Fresco personal bankruptcy attorney. The purpose of bankruptcy law is to help people drowning in debt not only get financial relief, but also get on the right track toward financial stability. Consult your attorney for help using Chapter 7 or Chapter 13 bankruptcy to find the most viable way to manage your current debts.
Personal bankruptcy declaration can help in a range of debt scenarios, including:
Credit Card Debt
According to Chapter 7 bankruptcy, you can have your credit card debt or late charges fully or partly removed. Still, Chapter 13 bankruptcy may enable you to reorganize the loan, making it easier to pay it off for a longer term. While you’ll be repaying your debt later than initially agreed, late fees may be waived or reduced.
Medical Bill Arrears
Sadly, it’s common for individuals to suffer severe health complications associated with extremely high medical costs. If that’s the case with you, you can count on Chapter 7 bankruptcy, which provides for the elimination or reduction of medical costs that you can’t afford. Chapter 13 bankruptcy also is also useful when you’re able to pay off the medical debt provided that a longer repayment period is allowed.
There are many cases of individuals buying homes through an adjustable rate mortgage (ARM) or sub-prime loans encountering financial difficulty later on. Usually, a lot of ARM consumers can comfortably make early monthly payments , but they end up failing to repay with gradual change of payment conditions, like expiry of the “tease” rate, a sharp increase of interest rates, or balloon payments becoming due. If you’re unable to repay your mortgage, it’s wise that you solve the issue with the help of a bankruptcy lawyer who comprehensively understands applicable laws and viable options.
Be advised that neither Chapter 7 bankruptcy nor Chapter 13 bankruptcy allows mortgage borrowers to get away with their debt and still hold on to their house. Nonetheless, personal bankruptcy can help push back the foreclosure threat, allowing a struggling debtor to get back on their financial feet and attempt to catch up with due mortgage payments. They could also let you sell the house if it yields the most desirable outcome in the circumstances.
Losing your car is not the most desirable outcome, such as when you drive to work daily. As such, you may get the vehicle back with the help of a bankruptcy attorney if you defaulted and your lender repossessed or threatens to repossess the car. If your lender seeks a deficiency judgment against you, declaring bankruptcy might decrease or remove the debt.