You must know the advantages and disadvantages of bankruptcy before filing bankruptcy

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Bankruptcy is a financial condition that a person and organization can declare when they cannot repay their creditors or lenders. Not as simple as it sounds. If announced bankruptcy, it badly affects your credit score, and you cannot get any credit from banks or any financial institution. A lawsuit is filed in court when a person declares bankruptcy. Then there is a legal process where all the entity’s outstanding obligations from the company’s assets are assessed and paid (in whole or part).

As we know, that declaring bankruptcy will affect your future earnings, credibility, and self-image. If a person filing for bankruptcy usually finds it difficult to restore their reputation and stable debts, it can be challenging to adapt to a scaled-down lifestyle. Nevertheless, Tucson Bankruptcy Lawyer often provides considerable relief to those trapped by dangerous debt levels. When bankruptcy is declared, the threatening phone and letters requesting payment will cease.

Tucson Bankruptcy Lawyer will help you evaluate the advantages and drawbacks of declaring bankruptcy so that you can make a choice. You must know the advantages and disadvantages of bankruptcy before filing bankruptcy is given below.

Before filing bankruptcy, you should know it depends on the situation you have; this blog will help you to address the pros and cons of filing bankruptcy to determine that bankruptcy is the right solution for you.

Disadvantages of filing for bankruptcy

As you know that bankruptcy filing can affect your financial status and social image for many years, you should consider all your options carefully before filing. Such drawbacks are:

Your real estate and personal property can confiscate. If you cannot exclude all of your personal property or real estate property from the bankruptcy exemption, the bankruptcy court may seize some of your assets and sell to pay your creditors.

Unable to use the credit card- mostly credit card companies cancel your credit card when you file bankruptcy. After filing, you will likely receive several offers to apply for an “unsecured” credit card. That will help you restore your reputation but usually includes higher interest rates and annual fees.

Getting a loan or credit will be challenging – after filing for bankruptcy, you will not get a loan for your new house, study, and job.

Refusal of a tax refund- Due to bankruptcy, state, local and federal tax refunds can be dismissed.

Non-Refundable debts- Some forms of debt may not discharge bankruptcy. Commonly non-negotiable loans include alimony and child support, student loans, criminal reinstatement, fines, and any loans obtained by fraud.

Bankruptcy holds a strong stigma and personal bankruptcy more. However, to avoid embarrassment, it is necessary to enable oneself to take advantage of bankruptcy (see below)

Advantages of filing for bankruptcy

Issue stay against creditors – The court will immediately approve this stay against any debt collection practices after you file bankruptcy. It does not eliminate your mortgage and liability, but it suspends all debt recovery proceedings until the bankruptcy case completes or the moratorium is lifted.

Discharge your debts- You will be entitled to discharge or cancel the obligation to repay those debts. It is a debt that can be liquidated by bankruptcy. These usually include credit cards, medical and utility bills, and personal loans.

Credit Score- While filing for bankruptcy leads to multiple delays in credit ratings, and bankruptcy filings remain on record for 7-10 years, Tucson Bankruptcy Attorney eventually boosts your credit scores after filing for bankruptcy.

There is no need to worry about property seize – An exemption from bankruptcy may allow you to maintain over your assets after filing bankruptcy. If you file for bankruptcy, it means that you don’t have to worry about property seized in bankruptcy. These provisions play a significant role in both Chapter 7 and 13 bankruptcies.

No more financial burden- You can learn to live within your income without a credit card and avoid potential financial catastrophe.

Conclusion: A Tucson Bankruptcy Lawyer will help you decide whether to file for bankruptcy and what type of bankruptcy you should file according to your financial condition. When you plan to file, a Tucson Bankruptcy Attorney will help ensure that your assets/property are protected. All of your debts, financial obligations that can discharge and your creditors do not violate your rights so that you are on the right path to financial recovery when you do your bankruptcy to complete.

Note: Deciding to file bankruptcy is a challenging process for you because you do not know when and how to file. Therefore, you must consult with a competent Tucson bankruptcy Lawyer to decide whether bankruptcy is the best option for you.

Mike

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.

5 Kinds of Attorneys You Need at Some time in Your Life

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Are you looking for an attorney that can be of great help in solving your legal issues? However, what type of attorney you are searching for. Now, there are several kinds of attorneys. The legal field is really very complex as well as large. You will discover that different attorneys specialize in different areas. That’s the reason why there are different attorneys, and whatever may be your legal issue, there’s an attorney who is an expert in dealing with a particular issue. Read more

John Barrett

John Barret is a blogger with the Elder Law Center of Wisconsin from the past four years. He is a law graduate in the US and enjoys writing about different legal processes, aspects of the laws, and the significance of having an attorney.

What to Do if Your Vehicle is Repossessed

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We all depend on transportation to get us to work, run errands, and more. For most of us, that means having a dependable vehicle that can get us from point A to point B. Unfortunately, vehicle repossession is a real threat for many families.

If you wake up to discover that your vehicle has been repossessed, there are some steps you should take, according to a repossession lawyer in Ohio.

Know why your vehicle was repossessed

First, you have to know why your vehicle was repossessed. The most likely reason is that you defaulted on your loan. If you do not make timely payments, if you don’t make full payments, or if you’ve stopped making payments altogether, your creditor has the right to take your vehicle and recoup the losses it has incurred.

However, there are other reasons why your vehicle might be repossessed. For example, it may be a case of not stipulating the terms of vehicle insurance on the loan contract, or not making insurance payments. If there is any confusion as to why your vehicle was repossessed, you should definitely give your creditor a call.

Understand your rights

It’s easy to feel a bit helpless if your car is repossessed. Because it has been repossessed due to a breach of contract that was caused by you, you may feel like there isn’t anything you can do, but it is important to know that you still have rights.

Although your vehicle can be repossessed, the items inside cannot. If you left something in your car, you have every right to reclaim those items. However, alterations you made to the vehicle aren’t likely to apply. If you just installed a high-quality speaker system, it will most likely have to stay with the car.

Determine the best way to get your vehicle back

You will likely want to get your vehicle back after it has been repossessed, but there are a few different ways you can go about it.

If you have the money to pay off the loan and pay the repossession fees, that is definitely the best course of action. The key is speaking with your lender and buying it before it goes to auction, otherwise, you’ll have to buy your own car back when it goes up on the auction block.

If you don’t have the money to buy it back, you can try and work out new payment terms with your lender. However, if you’re struggling financially, it’s a good idea to speak with a bankruptcy attorney. In some cases, you may discover that filing for Chapter 13 bankruptcy is the best course of action. It can allow you to regain possession of your vehicle while the terms of the loan are negotiated.

What to do if you allow your car to be sold at auction

If you can’t afford to purchase your vehicle in full, if your lender refuses to alter the terms of your loan, or if Chapter 13 bankruptcy isn’t an option, you may have to allow your car to be sold at auction.

However, keep in mind that you may still owe your creditor money. For example, if you had $10,000 left on your loan, but the car only sold for $7,000, then you still owe $3,000.

With so many things to consider, it’s always a good idea to enlist the help of a repossession lawyer in Ohio who can help you figure out the best course of action.

Mike

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.

Know Your Rights if Your Wages are Garnished

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Wage garnishments are no laughing matter. They can reduce your paychecks by hundreds of dollars each month, severely compromising your ability to pay rent, stay on top of other bills, and keep food on the table.

You don’t have to accept a low quality of life just because a creditor has started garnishing your wages. There are a few things you can do, according to a Columbus wage garnishment attorney, to stop your wages from being garnished.

Take a close look at the details of your garnishment judgment

Even if you owe creditors money, it is important that every T is crossed and every I is dotted. Without adhering to the proper process, creditors can garnish your wages unfairly, stomping on your rights in the process. The trick is to take a close look at the judgment in your wage garnishment case.

Is the address on the judgment correct? Something this simple may be grounds for stopping or postponing garnishments. In addition, only up to 25 percent of your income can be garnished. If more than that is being taken from your paycheck, you have grounds to stop the process and possibly eliminate the garnishments. Digging into the details of the account you have with the creditor who is garnishing your wages is a good idea as well.

Because there are a lot of details to comb through, it’s a good idea to enlist the help of a professional attorney. They know where to look and what to look for, identifying potential problems much more quickly and accurately than you can on your own.

Consider filing for bankruptcy

If there are no discrepancies in your garnishment judgment, but you’re really struggling financially, bankruptcy may be a viable option.

Both Chapter 7 and Chapter 13 may be able to eliminate or reduce your garnishments. With Chapter 7, any garnishments being taken from a credit card provider will be eliminated, while Chapter 13 will include garnishment payments in a repayment plan.

Unfortunately, there are payments, such as alimony and child support, that can continue to be garnished even if you have filed for bankruptcy. In addition, filing for bankruptcy won’t stop the garnishments immediately. To make sure bankruptcy is in your best interest, and if so, that it actually stops your garnishments, you should consult with a professional attorney.

Professional help from a wage garnishment lawyer is a must

The bottom line is that you still have rights, no matter what your financial situation and you deserve to be protected from unfair or detrimental wage garnishments. Unfortunately, figuring out those rights is extremely difficult because the legal system is so complex. Every case is different, and every state does things a little differently.

If you’re putting up with wage garnishments that are severely affecting your quality of life, schedule an appointment with our Columbus wage garnishment attorney. We can dig through the details of your case, providing you with options and solutions that will help you get your life back on the right track.

Mike

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.

Life after Bankruptcy: How to Recover

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A lot of time, thought, and attention goes into deciding if filing for bankruptcy is right for you and your family. When you feel confident that you’ve made the right decision with the help of a bankruptcy attorney in Columbus, Ohio, a weight is taken off of your shoulders and you likely feel like you can finally move on with your life. Read more

Mike

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.