Bankruptcy Mistakes To Be Avoided

Statistics disclosed that every second man in United States is troubled with unpaid debts. It is not an uncommon occurrence to see people, debtors and creditors’ alike filing for bankruptcy proceedings. Although many solutions are available, solving debt problems is still a daunting task.

To many financially distressed individuals, taking the bankruptcy option is the most viable solution to debt problems. Bankruptcy is the ideal tool to wipe all debts, to afford the debtor a new lease in life and a chance to start anew. If these are your convictions too, beware! You may be taking the worst decision in life.

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Advice About Bankruptcy in Michigan.

Deciding to file for bankruptcy is never an easy choice to make. You must first weigh the pros and cons, and determine what type of bankruptcy you can file.

There are two major ways to file bankruptcy and you should know that it is not an easy process. You can do it on your own if you understand the laws and the two different types of bankruptcy you can file. First there is chapter 7; chapter 7 bankruptcy is the conversion of assets into money. This allows you to payoff debts quickly. With chapter 7 bankruptcy you sell your assets to pay your creditors and within a few months you have charge offs on your credit. Chapter 13 is the next method used to file bankruptcy in the United States. Chapter 13 is the repayment plan with little or no interest. This means that you file chapter 13 with the courts, then all of your debts are compiled and you are set up on a repayment of those debts to take place each month until it is paid off. This is the advised way to go if you have a steady job but just cannot make all your monthly payments.

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Top 5 Reasons to Hire a Bankruptcy Attorney in Canton Michigan

If you are considering filing for bankruptcy and don’t know which route to take, the following are the top 5 reasons why it’s best to hire a bankruptcy attorney.

1. Bankruptcy Laws are Complicated: The rules on bankruptcy are varied and complex and knowing the filing timeframe, courtroom procedures, and familiarity with the filing process and bankruptcy rules should be handled by a competent bankruptcy attorney.

2. Choosing the Appropriate Bankruptcy Chapter Filing: Depending on the specifics of your case, which bankruptcy filing is best for your case will require an experienced attorney to explain which personal chapter filing is best for your case.

3. Stop Harassing Creditors: Creditors will stop the harassing calls to you once you hire an attorney. Failure to stop the calls once you’ve hired an attorney violates the Fair Debt Collection Practices Act.

4. Mistakes are avoided: A wrong filing can lead to a case being dismissed and risking an opportunity to file for any kind of bankruptcy. Attaining the appropriate bankruptcy attorney can save you time, money, and avoid any issues from harming your case.

5. Protection from the uncertainty of bankruptcy: Firebaugh and Andrews  will inform you which rights you’re entitled to, and help you identify consumer protection claims.