Creditors often harass debtors. Dealing with constant phone calls, emails, and visits can be overwhelming. You may decide not to take your calls anymore, but you cannot continue to do that forever. Finding a lasting solution to the problem like bankruptcy advice is the way out.
You have two options: pay the debt, or contact a bankruptcy attorney. It is quite obvious that you are not able to pay the debt, hence the harassing calls. Seeing a bankruptcy attorney can bring relief from these worries. A bankruptcy attorney from the Law Offices of Scott R. Schneider is trained to listen to your financial problems and recommend the best course of action.
Your bankruptcy attorney will not recommend filing for bankruptcy in all cases, but they will be in the best position to advise your most favorable course of action.
How a Bankruptcy Filling Can Protect You from Lawsuits
1. Automatic Stays
Filing for bankruptcy has its downsides; however, one of the advantages of taking this step is the automatic stay. Once you have filed for bankruptcy, your creditors are alerted and automatically cease all collection efforts. This means that you can now enjoy peace of mind knowing that your creditors will not harass you or take legal action against you.
With an automatic stay, your creditors can no longer trouble you. With this renewed peace of mind, you can work closely with your bankruptcy attorney to finalize the details of your bankruptcy filing. Note that any lawsuit that has been initiated against you will be put on hold until the completion of the bankruptcy process. If your bankruptcy case fails, any pending lawsuits may resume.
2. Chapter 7 Discharge
There are two types of bankruptcies you can file for. Chapter 7 bankruptcy allows you to discharge all of your unsecured debts. If granted, you can forget about paying back credit card loans, medical bills, and personal loans. This bankruptcy generally covers all of the debts that are not backed by collateral or assets.
If you have problems resolving any unsecured debt, filing Chapter 7 bankruptcy can rescue you from creditors and save you from future legal actions. Speak to your bankruptcy attorney to find out the requirement for this kind of bankruptcy filing.
3. Chapter 13 Restructuring
If you are an income earner with the financial capacity to pay off some of your debts, you may be able to take advantage of Chapter 13 bankruptcy filing. This bankruptcy process assesses the entirety of your debt profile and consolidates your debts.
With Chapter 13 bankruptcy, your debts are restructured, and a flexible repayment plan is set. The repayment plan may take three to five years, depending on the extent of your debt. After the repayment period has elapsed, any of the remaining debts are discharged.
Chapter 13 bankruptcies can help you to keep your car from being repossessed or your home from being foreclosed.
The Law Offices of Scott R. Schneider has helped countless people turn their financial situation around, and they can help you, too. If you are struggling to keep up with your debts, it may be time for bankruptcy protection or foreclosure defense services. Contact them now at +1-516-262-6493 to begin the process of regaining control over your finances and better preparing yourself financially for the future.
The Law Offices of Scott R. Schneider Serves the New York communities of Hicksville, Jericho, New Cassel, Bethpage, Levittown, Plainview, Westbury, East Meadow, Syosset, North Wantagh, North Bellmore, South Farmingdale, North Merrick, North Massapequa, Uniondale, Wantagh.
Better Business Bureau
Bankruptcy Practice Spotlight
If you are facing a possible foreclosure, I can take my two-plus decades of experience to help you save your house.
I understand how stressful the prospect of losing a house can be and am committed to working one-on- one with you to understand all details involved in your financial situation.