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Financial difficulty, mostly due to unemployment, health failures, or personal lacking leads to bankruptcy. Self-dependent people too fall into this well-laid Federal Law trap of having taken too much debt to repay.
Recovery Law Group from Los Angeles & Dallas, TX is there for assistance. You can contact us at (888-297-6203) for details.
How do you know if it is time to file for Bankruptcy? Let’s see the common signs.
1) Never ending debt
Be it paying monthly for your credit card, or having nothing to pay at all, bankruptcy is the solution for you. Either through Chapter 7 Bankruptcy your debt will be eliminated, or through Chapter 13 Bankruptcy you will get a repayment plan.
2) Too many Creditors taking your sleep off
If life is a mess with too many disturbing calls, letters, or lawsuits, Bankruptcy will give you Protection under the Automatic Stay of Proceedings, which will give you a peaceful sleep at night, and make it stressful for your creditors, as it makes it illegal for them to call or sue you.
3) You are in a bad shape to Repay and on the verge of Foreclosure of your Home or a Sheriff Sale
Chapter 13 Bankruptcy is the best viable solution as it will allow you to keep your house, and stop the sale (if filed before the sale date). It will also allow you a time extension with a three-year or five-year plan to repay the mortgage, along with a “catch up” payment to the Court.
Complete all your payments on your three or five-year mortgage plan, and be free of the same. The best part is, once filed, the mortgage company has to accept all your payments during that span, and Cannot foreclose the agreement.
4) The fear of losing your Car to Someone due to lack of Money
Chapter 13 Bankruptcy is the best solution in such a case, as it will allow you to get your car back if it was recently repossessed. Filing up immediately will help stop any proceedings of repossession, and will also allow you a time extension with a three-year or a five-year plan to repay the mortgage, along with a “catch up” payment to the Court.
Another option that you have, is putting the entire loan on Chapter 13 repayment so that you have to pay only to the Bankruptcy Court for the vehicle. It helps you lower the amount you pay per month, as the loan can stretch over a longer period of time. Also, if the value due on the vehicle is more than the market value, “Cramdown” will help you pay only the market value, plus interest. The money owed above the market value will then be discharged by the bankruptcy court.
Use bankruptcy as a tool if you fall under any of these problems. The federal law is there to assist you, even in your bad times. But yes, don’t just use it to rid yourself of the stress.