When it comes to bankruptcy services it can honestly be said that no one in the country ever plans or hopes to find themselves in a situation where they have to use them. Tran Bankruptcy Law can help you to navigate through bankruptcy which hits the reset button on your finances. There are also consequences that must be considered which lead many people to avoid this drastic step. However, if your debts have gotten so high that you find yourself drowning in an attempt to pay them perhaps the time has come proactively to consider the option of going bankrupt.
There are some important things to understand about bankruptcy and consider when planning or thinking about filing. First there are two different types of bankruptcy filings. The first is a Chapter 7 which allows you to walk away from your debts. Naturally you have to qualify for this one based on income and the level of your debt. The second is a Chapter 13 which allows you to come up with a plan to repay some or all of the debts over the course of three to five years.
The type of bankruptcy services you require will be determined by where you live as each state has different criteria and laws that govern what assets you can keep, required income, and expense limits. Since each state is different, and there are two distinct types of bankruptcy filings possible, it is a good idea to get the counsel of a seasoned bankruptcy attorney prior to deciding to file.
It is a popular misconception that when you file for bankruptcy you are required to give up all of your possessions. You get to keep all your personal possessions like clothes, household items, electronics, and exempt assets. Depending on your state laws and your income you may even be able to keep larger assets like cars and the family home. A skilled bankruptcy attorney can help negotiate for these items.
When considering bankruptcy it is important to note that it is not cheap to file. Many attorneys do offer less expensive or reduced rates for bankruptcy, but you can expect to spend between $1,500 and $2,500 for a Chapter 7 filing and between $2,000 and $4,000 for a Chapter 13 filing. If you file a Chapter 13 bankruptcy, you can include the legal fees in the three to five-year plan. Tran Bankruptcy Law will work with you to determine a payment plan for the bankruptcy services they provide.
It goes without saying the bankruptcy goes on your credit score and will remain there for around ten years. The older the bankruptcy, the less likely it is to scare lenders, and gradually your credit score will increase. For people who are already in a bad situation, unable to pay their bills and having serious delinquencies on their credit score the effect will be limited. Some consumers have even been able to apply for an FHA loan about a year after filing bankruptcy.
Whatever options you think you need, access the bankruptcy services provided by Tran Bankruptcy Law to go over all the pros and cons with an attorney before taking this serious and life changing step.