Chapter 7 bankruptcy

Debt Negotiation Attorneys as an Alternative to Hiring Chapter 7 Bankruptcy Lawyers

UPDATED 8/18/2020

Attorneys are needed for much more than criminal cases, especially in the event that financial challenges fall upon your home, business, or other parts of life. Any number of issues throughout your life may require legal assistance, and the services of a debt negotiation attorney can help avoid one of the stickiest situations of all: bankruptcy.

When to Hire Debt Negotiation Attorneys

As much as you may avoid bankruptcy, sometimes it looks like your only choice. Many additional issues come along with filing for bankruptcy, especially with the overall difficulty that it can cause. Troubles are laid upon your personal or business credit, making so many things even more difficult in the long run, such as buying a car or house, getting a job, and much more. While there are many benefits to having a debt negotiation attorney, one of the most necessary is the search for debt relief. This could be done without filing for bankruptcy at all, and financial attorneys are helpful. This could keep you from needing a bankruptcy lawyer at all. You would be able to recover your credit through the work of a debt negotiation lawyer over a specific period of time without having the bankruptcy reported on your credit for several years.

Other attorneys that may be helpful include debt elimination lawyers or even bankruptcy lawyers if they become completely essential. Low-cost bankruptcy lawyers can be helpful so that you can save money throughout the process and start to pay off those remaining balances earlier on. Considering the fact that the search for a bankruptcy law firm is usually because of certain economic challenges there is no reason to spend more on the bankruptcy attorney than is absolutely necessary.

Filing for Bankruptcy

There are two kinds of bankruptcy you can file for, Chapter 13 and Chapter 7. Often bankruptcy lawyers will be adept at both kinds of bankruptcy filing as they care bankruptcy basics for lawyers. Chapter 13 bankruptcy or a wage earner’s plan, is a plan developed by debtors to pay back creditors over a period of 3-5 years. Creditors cannot pursue collection efforts and a person filing for this kind of bankruptcy can keep their home if they can continue to pay the mortgage during the proceedings. This plan is easier to recover from as well.

Chapter 7 bankruptcy is a very different procedure. This kind of proceeding starts with the gathering and selling of the debtor’s non-exempt assets to pay creditors. Property can and is often sold as well, this includes cars, homes, and other property. Homes may have liens, mortgages, or be pledged to creditors. After you file bankruptcy, Chapter 7 settlements usually takes about six months to complete, and it also stays on your credit for as much as 10 years.

Both kinds of filing however, have extensive fees that need to be paid and you may need to appear in bankruptcy court. For more information check your bankruptcy court website.

Personal Debt Negotiation Attorneys

Alternatives are therefore quite helpful to keep things steadier and more positive over time, and a debt negotiation lawyer can help find ways to help settle some of those outstanding balances. You have the ability to recover from some of your financial troubles without paying the hundreds of dollars needed to begin filing for bankruptcy. Even though about two million Americans are drawn into bankruptcy due to medical bills, there is much more that can be done to help find debt relief.

Even a low-cost bankruptcy attorney may be able to help start the process easier, even better is the alternative of hiring debt negotiation lawyers to avoid the courtroom side of settlements regarding debt. There is much to consider in recovering both credit and financial troubles. With all of the different cases that can be filed, there is much to be considered in finding an alternative, especially with the different services available.