People nowadays are trying their best to find the most effective debt relief solution for their unsecured debts. Some would just file a bankruptcy case and they thought it will be the fastest way of paying-off their debts. Somehow, it could help you on a massive scale but are you aware of the consequences?. Filing a bankruptcy case enables you to eliminate your payment obligations with your creditors by giving your liquid assests. Liquid assets involve yachts, houses, cars and many more. These valuable things can be taken away from you at the same time it will leave a negative mark on your credit report. Having the negative mark on your credit score will give you a hard time obtaining any kind of loans with the other creditors for a long period of time, approximately about 5 years.
Bankruptcy Lawyer Reviews, San Jose Bankruptcy Lawyer, Bankruptcy Lawyers San Diego,
Even though bankruptcy is available and a legal way of eliminating unsecured debts, there are certain laws that had been implemented by the government. The new law that I am referring to is about the filing procedure of a bankruptcy. The latest modifications to bankruptcy law will make it hard for some people to get a bankruptcy case. It has been implemented that filers with higher incomes are not allowed to file a bankruptcy, instead they are required to pay some of their debts. The new laws also distinguished new standards for upcoming bankruptcy lawyers, in this case it is now hard to find a bankruptcy lawyer.
Under the new regulations of the bankruptcy, you are required to analyze your current financial status with regards to your monthly income versus the household median income in your state. If your monthly income is not more than the median income then you are allowed to file a bankruptcy, but if not then you have to find other debt solutions for your problem.
Now to make a final conclusion, with these certain modifications in bankruptcy laws, it is quite hard to file a case. This condition leads into creation of more opportunities of other debt relief solutions for the the public. One of which is a debt settlement. Debt settlement is currently the best option in order to avoid a bankruptcy. This method allows you to have a negotiation with your creditors as well as reducing your debts to 50%. Sounds great right? but I want to suggest that in order to be eliminate your unsecured debts, figure out what is the best solution for you and you must learn the proper procedure of doing your chosen method.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Personal Bankruptcy
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment