In some cases, you may be able to extend the repayment term on your vehicle when filing a Chapter 13 bankruptcy. If this happens, then your monthly payments will be reduced. This isn’t always the optimal solution, because unless you lower your interest rate you’ll end up paying more for your vehicle in the long run. However, if you want to keep your property but can’t make the payments because they’re simply too high, than a Chapter 13 could provide some relief.
I asked them to send me a letter verifying this debt and stating when the statute of limitations ends. She said «sure» and took down my address and phone number. We haven’t heard from her since, and probably never will.
Think about taking an item to the cashier to pay for it and you are told that the price is 10% higher than what is on the tag. You would not be happy and most likely would not purchase the item. However, each time that you purchase something on credit you have increased the price of that item by the amount of interest you will pay. If the interest rate is high and you make minimum payments, you could even double the cost of your purchase. Ask yourself when you make a purchase on credit if you would pay ten or even twenty percent more for that item.
They make it easy for you and tell you not to pay on your debts anymore and instead use the money to pay them off because the debts will disappear when you file for bankruptcy anyway. This is a bad idea because you will completely ruin your credit doing this and that is not good when you are about to top it off with a bankruptcy as well. You might never recover from all of that.
Though you may have been told in the past that bankruptcy isn’t something you would want to do, its time to start looking at your situation and your alternatives with a fresh set of eyes. Put aside all of the stereotypes, rumors and bad advice. Examine the current circumstances. Do you aspire to keep your house? Are you able to afford the payments now, if you were caught up? Are you able to afford a repayment plan but just not one that the mortgage company is going to approve for you? If you are answering yes to those questions, then you’re going to want to talk with a top rated estate attorneys near me.
The only way to judge whether a Bankruptcy lawyer is good or not is to look at the cases that they have handled in the past. Find out what proportion of those cases have been successful. Also, having a high success rate is not a good enough determinant. You have to determine whether or not that lawyer has been successful with cases that are similar to yours. If you are filing as an individual there is no point hiring a business bankruptcy lawyer as the types of bankruptcy and the procedures are not the same. Similarly, it is not advisable to hire a divorce lawyer to help you with your bankruptcy case.
Picking a reputable bankruptcy lawyer is crucial to the outcome of your case. Therefore, you do not want to choose a lawyer at random. Picking a lawyer blindly out of the phone book could have a negative impact on the overall outcome. When choosing a lawyer, ask family and friends for recommendations. Although they may not have personally filed bankruptcy, they may have another friend who can recommend someone. So be sure to ask around. If you cannot find a personal recommendation, you can check with the Better Business Bureau to see if they have had any negative feedback on a lawyer you are considering.
There are a lot of scammers out there just waiting for you to fall into their trap. In order to avoid making the scenario worse, for every bankruptcy attorney on your list ask them to present their credentials to you. Accreditation’s, extra training sessions completed, papers, and other legal documents must be shown to you first hand. Also, make sure that the lawyer is certified by the American Bankruptcy Institute. Verify with the board or with the company he works for to check if all the information given is correct and valid.
