Bankruptcy is not a pleasant experience, as it brings stigma and embarrassment. However, it is sometimes necessary because it is a better alternative for settling your debt and does not leave a permanent mark on your credit score.
You need to understand how to file for Chapter 7 bankruptcy to be in a better situation for the years to come. However, navigating through this process can be difficult, especially if you are unfamiliar with the law, so you can consider choosing a Chapter 7 lawyer from the Law Offices of Scott R. Schneider.
When Is The Right Time To File For Chapter 7 Bankruptcy?
If you are financially stricken, filing for chapter 7 can be your best option to help you navigate through different scenarios. It will help you get rid of your unpaid medical bills, deficiency for the repossessed car, and even get rid of back taxes.
In most cases, people undergo a test to analyze their income, assets, and expenses. If you pass the test, only then can you be allowed to do the filing.
Challenges That Chapter 7 Bankruptcy Filing Covers
1. Credit Card Debt
When you start missing your credit card payments, a credit card company is legally allowed to file a lawsuit against you so that they can collect their money. With sound legal advice and a solid strategy, you should be able to get your credit card forgiven.
2. Foreclosure
Foreclosure happens even if you have genuine reasons for being unable to pay your mortgage. However, we have ways of fighting foreclosure. Bringing on board legal experts to handle your case can make a big difference. Through judicial and non-judicial options, an attorney can help stop foreclosure. They can prevent foreclosure by negotiating a loan modification with your lenders.
3. Medical Expenses
Medical bills can put you and your family in an awkward financial situation. Many people usually use their credit cards to settle these bills. The right attorney can help you navigate the legal process to get out of this mountain of debt.
When you file for Chapter 7 bankruptcy, a court may appoint a trustee to sell your assets to recover the debt. However, an experienced attorney will provide all of the tools necessary to shield you from ever having to sell your assets. That is why it is best to hire an experienced bankruptcy attorney who can protect your assets.
4. Tax Forgiveness
Paying back taxes can be a headache because it includes harsh measures like wage garnishment and asset seizure. However, there are ways of circumventing the process when you happen to miss tax payments. The right attorney can help you have your taxes forgiven by navigating through the system.
When discharging debt through Chapter 7 bankruptcy filing, you may be faced with the decision to surrender some non-exempt assets and property to recover the money you owe. However, an experienced bankruptcy will be able to protect your assets from being sold to cover debts.
Your financial future is worth the time and energy it takes to find a solution. That’s why the Law Office of Scott R. Schneider at +1-516-262-6493 offers free consultations with no strings attached, so you can see if their law firm is right for you.
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.
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