Looking For A Bankruptcy Attorney
Posted on: 31 January 2014
Going through a bankruptcy can be very scary, especially when people don't know what to expect. It isn't something that everyone can figure out. It is important to find someone who knows all the laws concerning a bankruptcy and knowing about the different types that are available. Each type of bankruptcy is for a specific kind of debt that someone is trying to erase. Most people don't look into these options until they get into a place where they feel stuck or trapped. That is why people should get advice from a bankruptcy attorney in Littleton CO.
Many different attorneys will at least give potential clients a free evaluation so they know what their options are for their specific needs and how much it would cost. An attorney would also tell you that there is a fee just for filing for Chapter 7 and Chapter 13 Bankruptcy. This does not include the attorney fees. The attorney fees could range anywhere from under $1000 to over $5000. It all depends on the client's case and the complexity of it.
Even though a client could do some research, an attorney could give a more insightful look into which type of bankruptcy to file. Essentially, a Chapter 7 bankruptcy is about liquidating all assets. This is best used when the client doesn't have much property, except basic things like furniture and clothing. It is also ideal for those who don't have much money left each month after paying for basic expenses. Many people look at this option when they don't have enough funds to even pay for those basic expenses. A Chapter 13 Bankruptcy is more ideal for people who have regular income but need to make adjustments for their debts. This is for people who have property with a large amount of equity and want to keep it. These clients are able to pay their living expenses but can't keep up with their debt payments.
Many people consider talking to a bankruptcy attorney when they have an outrageous amount of medical bills. There are so many people that have health insurance but still have a lot of medical debt. Some people end up out of work because of their illness or injury that makes it near impossible to keep up with the payments. As discussed earlier, there are two different options. Chapter 7 Bankruptcy makes it possible to completely eliminate the debt. Chapter 13 Bankruptcy makes it possible to repay debts and stop foreclosures so people can stay in their homes. These options should be considered with an attorney present so people know what option works best in their situation.
When someone is constantly being harassed by bill collectors and are not able to pay those obligations, it might be time for them to consider talking to a bankruptcy attorney. A bankruptcy can also stop wage garnishments from debt collectors. This can be extremely helpful when someone is already on a very tight budget. But a bankruptcy can also create more freedom because there will no longer be phone calls from creditors wanting money.
A bankruptcy will stay with a person for up to 10 years. It might make it difficult to get loans or credit cards with low interest rates after bankruptcy has been filed. But as long as the household bills are being paid on time each month, it will help strengthen credit scores. People just have to remember to use their credit wisely. Credit scores generally rise after the first couple of years when other obligations are being paid on time. It will take time for the credit score to get back to what it was, but at least it helped someone out during a difficult time.
For more on a bankruptcy attorney in Littleton, CO, visit http://www.wagnerlawofficepc.com
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