Almost everyone we know has some kind of debt. It can be anything from a mortgage, a bank loan or student loans. Ideally, you should pay off these debts within a specified period of time, to prevent being hassled by the creditors, or even having to pay extra because of the accumulated interest. Sometimes, you might find that you cannot raise the money to pay your creditors and in this case, you will need to hire a good bankruptcy lawyer Grand Rapids MI.
You are allowed to file for bankruptcy under chapter 13 or chapter 7. The type of debts you owe people, the outcome you expect, and even the amount of money you are currently making, will help determine which option you choose. Under chapter 7, most of your debts will be wiped out within six months, but this can only be done once every six years. Under chapter 13, the debts are put on hold allowing you to rearrange your finances. This option, however, can be invoked severally.
One thing you will discover is that even if the courts declare you bankrupt, there are some financial obligations you will still be stuck with. These include alimony, family support, as well as student loans. You, however, find that even if these ones still need to be paid, but it will be easier because the burden of paying most of the other debts you had, will have been taken off your shoulders.
When you keep evading your creditors, they will file a lawsuit against you. In this case, you will not only have to pay the debt, you might also end up facing jail time, or hefty fines. This is one situation in which being declared bankrupt will help you. An automatic stay will come into play, overruling the lawsuit and either eliminating the debt or giving you more time to pay it.
This is not a decision that should be made lightly because it will definitely affect your financial security and credit report in the future. There might be other solutions to deal with your debts which may suit you better. This is especially relevant if you own a lot of unsecured assets. Unless you feel like you have been pushed into a corner, avoid taking this option.
In case you just have bad spending habits, then filing for bankruptcy might not be the best thing for you. You need to carefully think about why you are doing this, and what you plan to achieve. For most people, this is done as a last resort and therefore, should be well thought out.
On a personal level, declaring that you are bankrupt might look embarrassing, because you are practically declaring that you cannot pay your debts. Apart from having certain items repossessed, your credit score will also be affected. However, in the long run, you will see that you can improve your quality of life because you have a clean slate to start. It will also be less stressful that running from creditors.
If you decide to proceed with this matter, then you need a good attorney within Grand Rapids, Michigan. This should be someone with experience and who specializes in this. You can locate this person by getting referrals from people who have been in this situation before. You can also check online for recommendations.
You are allowed to file for bankruptcy under chapter 13 or chapter 7. The type of debts you owe people, the outcome you expect, and even the amount of money you are currently making, will help determine which option you choose. Under chapter 7, most of your debts will be wiped out within six months, but this can only be done once every six years. Under chapter 13, the debts are put on hold allowing you to rearrange your finances. This option, however, can be invoked severally.
One thing you will discover is that even if the courts declare you bankrupt, there are some financial obligations you will still be stuck with. These include alimony, family support, as well as student loans. You, however, find that even if these ones still need to be paid, but it will be easier because the burden of paying most of the other debts you had, will have been taken off your shoulders.
When you keep evading your creditors, they will file a lawsuit against you. In this case, you will not only have to pay the debt, you might also end up facing jail time, or hefty fines. This is one situation in which being declared bankrupt will help you. An automatic stay will come into play, overruling the lawsuit and either eliminating the debt or giving you more time to pay it.
This is not a decision that should be made lightly because it will definitely affect your financial security and credit report in the future. There might be other solutions to deal with your debts which may suit you better. This is especially relevant if you own a lot of unsecured assets. Unless you feel like you have been pushed into a corner, avoid taking this option.
In case you just have bad spending habits, then filing for bankruptcy might not be the best thing for you. You need to carefully think about why you are doing this, and what you plan to achieve. For most people, this is done as a last resort and therefore, should be well thought out.
On a personal level, declaring that you are bankrupt might look embarrassing, because you are practically declaring that you cannot pay your debts. Apart from having certain items repossessed, your credit score will also be affected. However, in the long run, you will see that you can improve your quality of life because you have a clean slate to start. It will also be less stressful that running from creditors.
If you decide to proceed with this matter, then you need a good attorney within Grand Rapids, Michigan. This should be someone with experience and who specializes in this. You can locate this person by getting referrals from people who have been in this situation before. You can also check online for recommendations.
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