Unfortunately, in these days of economic crisis, many people will find themselves in financial difficulties and may consider giving up when things get too complicated. However, when this happens, a bankruptcy attorney may be able to find a way out of this situation. When filing for bankruptcy, places all over the country have professionals who can assist. The legal professionals are experienced in helping businesses or individuals with creditor problems.
What a lot of people do not know is that there are rules and regulations that stop some creditors from taking all the belongings of the debtor. All the debtor has to do is to get the professional to file for Chapter 7.
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What happens here is that once the case is filed, the court will then stop anyone from harassing the debtor until the case is sorted out. The debtor will be means tested to find out the expenses of the family and any assets that they may have. If it is seen that they are living a modest lifestyle, and that there is no way that they can repay the debt, credit card debts for example, the court will literally wipe out that debt as if it never happened.
On the other hand, for those who do have some surplus to spare, again after the means test has been applied, then the court will work out a plan for the debtor to repay the outstanding debt, but without penalties and credit charges being added. This gives them the opportunity to pay what they owe but without accumulating more debt on the way. This is very often what gets people into trouble in the first place since they can never catch up with themselves.
People do not realize that when they take up these offers from credit card companies, that the rate of interest charged is absolutely phenomenal. All they see is that they can spend without worrying about it. Then at the end of the month, they pay back the minimum payment to keep the creditors at bay. If they do this for a year or two, they pay very little from the initial sum that was used. Most of the monthly payment is eaten by the credit charges.
Add several cards together and anyone can see how people get into a deep hole that they cannot get out of very easily. The temptation to just keep on spending with no limitations is often too tempting for most and this is how the downward spiral begins.
The filing for Chapter 7 or 13 may look like it is letting off people very easily from the debt that they have accumulated. However, anyone partaking of this service can only avail themselves of this service every eight years or so.
At least with a professional working for the debtor, all avenues will be investigated to get the family out of debt, and back on the road to a comfortable, secure and happier lifestyle. As long as the lesson is learned, it must surely be worth it in the end.
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