regaining financial stability after divorce

A bankruptcy attorney is one of the most useful resources at your disposal if you are having extreme financial difficulties or have more debt than you can reasonably repay within a realistic timeframe. Listed below are two ways that a bankruptcy attorney can assist you.

Provide You With Various Debt Relief Options

One of the biggest reasons to see a bankruptcy attorney is the fact he or she can offer you a range of different debt relief options. For example, if you have lost your job entirely and are unable to afford to pay for more than your basic living expenses, a bankruptcy attorney may recommend that you file a Chapter 7 bankruptcy that essentially eliminates the vast majority of your debt in exchange for you surrendering certain pieces of property. Some of the property that you may be asked to surrender in this situation would include money in your bank account, some of your investments, and possibly even any extra vehicles that you may own.

On the other hand, if you do still have a job but have more debt than you can repay in a  reasonable amount of time, a bankruptcy attorney may recommend that you consider a Chapter 13 bankruptcy. In this type of bankruptcy, you will still be expected to pay your debt, but the total amount of debt will be lowered in order to facilitate repayment within a certain number of years, which is typically around five years.

Stop Collection Agencies From Harassing You

Another reason to hire a bankruptcy attorney is that they can stop collection agencies from harassing you. In many cases, it is not uncommon for you to run into some especially abrasive, rude, or extremely aggressive collection agencies if you have not been able to pay your creditors for some time due to financial difficulties. In that situation, once you file for bankruptcy protection, the bankruptcy court will send notifications to every single creditor and collection agency that has been in contact with you to immediately cease all contact.

The only contact that the collection agencies and creditors can have when it comes to your debt is through the bankruptcy court or your attorney. Any other attempts to contact you directly is actually illegal and can result in fines or penalties being charged to the creditor or collection agency that defies the order and continues to attempt to collect your debt.

Make an appointment with a local bankruptcy attorney today in order to discuss what options are available to you when it comes to eliminating or alleviating your debt. A bankruptcy attorney is a great resource that can assist you by providing you with various debt relief options and by stopping collection agencies from harassing you.