We all try to make our best effort to stay out of debt. We work hard to make a good living and save money to have the lifestyle we want in retirement. But sometimes we get behind, and we need help. This can happen to the best of us, and there is nothing to be ashamed of when it does.
Bankruptcy law is a well-known legal area that provides relief for people who cannot pay back the money they owe creditors. Filing for this type of relief can be a good option for people who have piles of debt and very little or no income for repayment. However, anyone in this situation should know that bankruptcy is not an easy decision; it can have long-lasting effects on your credit.
Getting a fresh start on your finances can be difficult, but it does not have to be impossible. If you are considering bankruptcy, it is vital that you first speak with a Granbury bankruptcy lawyer. A bankruptcy attorney can help ease the burden of debt and guide you through this challenging process so that your future will be brighter. Having the support of an attorney can be critical to your success.
If you are facing bankruptcy, make sure that you have someone on your side who is experienced and knowledgeable about this process. At Steele Law Firm, we have been helping debtors in the Granbury area for many years. We can help you file bankruptcy petitions that will allow you to receive a fresh start and get back on the right path with your credit. We specialize in helping our clients resolve debt issues through the bankruptcy process, providing them with the legal relief they need. We will work hard to help you receive the best possible outcome from your filing so that you can get back to your life without the stress of debt.
One of the most frequent misconceptions about bankruptcy is that it will ruin your credit forever. This can be true in varying scenarios, but only if you do not file the correct type of bankruptcy petition. For example, if you file for Chapter 13 bankruptcy, rebuilding your credit after completing the process is possible. You will be given a repayment plan that requires you to pay off as much of your debt as possible. In many cases, this process takes three years or less to complete. However, in the end, you will be able to maintain your credit and even rebuild after that time has passed.
However, if you decide to file for Chapter 11 bankruptcy, your credit could be affected differently. This is a more involved, complex process and requires you to pay off some of the debt you owe as part of the process. However, it does provide you with more protection than Chapter 13 bankruptcy and can be a good option for some people. If you are considering bankruptcy, you must speak with an attorney about which type of filing may best suit your situation.
Overall, bankruptcy should not be taken lightly, but it can provide you with the relief you need. If you are struggling to pay off debt and are considering filing bankruptcy, it is best to speak with a Granbury bankruptcy lawyer today and learn how declaring bankruptcy affects your credit and debt.
When you file for bankruptcy, different types of debt can be included. The first is a secured debt, which means the creditor holds some collateral against the debt. This can include your home, car, or other property that you own and used to secure the loan.
Another type of debt that can be included within bankruptcy is unsecured debt, which means there is no collateral attached to the money you owe. This is the most common type of debt included within a bankruptcy claim and can include credit cards, medical bills, and personal loans.
You must review your debts before filing for bankruptcy to make sure they are included within the claim. This can be done with the assistance of a Granbury bankruptcy lawyer who will guide you through this process and provide expert legal advice.
When you file for bankruptcy, the goal is to resolve your debt so that it does not continue negatively impacting your life. This can be done in one of two ways: complete or partial discharge.
If you receive a complete discharge, then all your unsecured debts are canceled and will no longer impact how much money you owe on these items. However, if you receive a partial discharge, only certain types of debt will be canceled. This usually occurs when the creditor objects to your bankruptcy claim or if there is not enough income available for all the debts included in this filing type.
The legal process associated with filing for bankruptcy can be overwhelming and stressful, which is why it is crucial to hire an experienced Granbury bankruptcy lawyer to guide you through the process.
You need to hire a bankruptcy lawyer if you want protection from creditors. This is important because, without legal advice, lenders and other individuals who carry good credit standing might take advantage of you. An experienced attorney knows how to protect your rights and stand for what’s right and fair. You can hire a lawyer to represent you in front of the court, even before any petition is filed regarding your financial status and other related issues. By hiring a bankruptcy lawyer, you can also protect your assets and property from being seized.
If you are seeking an experienced attorney to handle your bankruptcy filing, contact Steele Law Firm today. Our legal team is dedicated to helping our clients navigate through the process of debt relief and providing them with expert advice regarding their best course of action.