Eliminate Debt and Stop Collections: Get Help from an ExperiencedAustinBankruptcyLawyer
If you are buried with debt and are wondering, "How do I get out of debt?," you can turn to a debt settlement company or a bankruptcy lawyer for help. A debt settlement company won't tell you a lot of things, such as the possibility that the creditors won't accept the settlement offer or even wish to cooperate with the company. As it negotiates with creditors, the debt settlement company may ask you to stop making payments. If the creditor rejects this, your debt could go up. Late payments will also have a negative effect on your score.
Despite your best efforts, there are many situations where declaring bankruptcy is your only option for getting out of debt. Yet, declaring bankruptcy is a very emotional process, and you must be familiar with the steps. The Recovery Law Group's skilled bankruptcy attorneys can assist you in this situation. When you hire bankruptcy attorney in Austin from Recovery Law Group, they will inform the court that you are unable to pay your bills. Your assets and liabilities will be examined by a court-appointed trustee to determine whether debts are dischargeable. You can file for bankruptcy after proving to the court that you are unable to pay your debts.
Chapter 7 or Chapter 13 bankruptcy filing
When you hire a bankruptcy lawyer in Austin and file for bankruptcy, the creditors are required to stop all collection attempts, including wage
garnishment, repossession, and foreclosure. However, some debts—like governmental fines, child support and alimony obligations, as well as student loan debt are not forgiven in bankruptcy.
Your Austin bankruptcy lawyer can file under Chapter 7 or Chapter 13 bankruptcy to allay your concerns about how do I get out of debt.
All non-exempt property will be sold by the court to pay off your creditors under Chapter 7 bankruptcy, and any outstanding debt will be dismissed. Although Chapter 7 bankruptcy is discharged in 3 to 6 months, the drawback is that if your home and automobile are not exempt, you may have to forfeit them.
You can return all or a portion of your debt through Chapter 13 bankruptcy over a period of three to five years. Your home and automobile can be safeguarded when you engage a bankruptcy lawyer in Austin and they file under Chapter 13, and you might be able to make up even past-due mortgage payments under the repayment plan.
Which bankruptcy should I declare?
So, Chapter 13 bankruptcy is the best option if you want to repay your obligations in a structured manner; but, if you want to completely eliminate your debts, your Austin bankruptcy lawyer may advise you to file under Chapter 7.
Preventing you from being abused by creditors
Also, Recovery Law Group will make sure that there is no debtor harassment in the form of phone calls, evictions, judgements, foreclosure, etc. when you hire a bankruptcy attorney Austin through their firm. Recovery Law Group will take action against any harassing creditors on your behalf if they do so. In the event that the creditor breaks the law while trying to collect a debt, damages may be collected.