Hard times can happen for any number of reasons; among other things, credit card debt, high-interest personal loans, and medical bills can all put a strain on your finances until you reach that breaking point where you realize that you have little hope of being able to pay everything off. This is when you need an attorney who is familiar with Bankruptcy Law in Tucson. Bankruptcy laws were put into place to help individuals in your circumstance, but they can be very complex and confusing, so it is always a good idea to get legal assistance when looking into bankruptcy as a possible solution to your financial issues.
During your initial consultation with an attorney who is familiar with Bankruptcy Law in Wellington FL, he will familiarize himself with your situation and current financial status. At that point he will determine if bankruptcy is a good option for you or if you may benefit more from other forms of assistance, such as a debt consolidation plan. If the attorney decides that you are a good candidate for bankruptcy, he will then explain to you what type of bankruptcy will be most appropriate for your specific circumstances. Whichever bankruptcy path is chosen, as soon as it is filed, it will set in motion an “automatic stay” order which will prevent your creditors from making harassing phone calls or sending you letters demanding payment. This is designed to give you time to work through bankruptcy proceedings and put a plan in place.
Under chapter 7 bankruptcies, some of your assets may be sold off to pay your debts, but a number of things remain exempt. The total amount you end up paying your creditors will be less than the outstanding balance, and the amount will be determined through negotiations handled by your attorney.
Chapter 13 bankruptcies are usually for those who can make their day-to-day living expenses, but have nothing left to pay off debts.
