Professional Legal Network Supporting Individuals Bankruptcy Help

Bankruptcy has some very serious consequences. Until the case is discharged, the petitioners will not be able to take on any major debts without the approval of the administrator. After being the case has been discharged, the person may have difficulty in obtaining credit for vehicles or homes for as long as ten years.

The best way to determine if federal financial relief is the optimal choice for your situation is to consult with a qualified, Chesapeake bankruptcy attorney. A professional and skilled attorney will go over your financial situation very carefully and make recommendations for financial relief that benefits you now and in the long run. They can help you file for Chapter 7 or Chapter 13 bankruptcy, but they may also be able to negotiate debt repayment without filing for bankruptcy and make the transition to your new life after divorce much smoother.

Making the choice to file for bankruptcy can be difficult and potentially life-changing in many ways. You might be worried about whether or not you will lose your house or vehicle, what will happen to your credit, or about the social ramifications of filing. Of course, you may also be thinking about the positive changes that can come along with filing. You may be looking forward to being out from under the weight of your debt, or you might even be looking forward to a time at which you no longer have to decide between making payments to your creditors or buying groceries. Whatever thoughts you may have about bankruptcy, it is important to know what you're about to get into and what to expect from bankruptcy lawyers in Seattle, WA.

After you maintain a positive credit history with your secured credit card for about one or two years, you will likely be eligible for an unsecured credit card. In the meantime, creditors will often increase your credit limit when you regularly make your payments on time.

Add to that the latest trend in Lifelong Mortgages whereby the Lender gives the Borrower up to 57 years to repay the mortgage and will extend up to 5 times the borrowers annual income on a LTV basis then you can see where it would be very easy to over extend oneself.

When someone files for Chapter 7 bankruptcy, their assets are combined and then doled out to the creditors. This form of "instant gratification" is most favored by creditors since they get their money up front. However, when the debtor files for Chapter 13, the creditors are receiving money on a fixed payment schedule. It may take longer to collect what is owed, but they will get the money. In these cases, bankruptcy creditors are almost like loan sharks; they are always trying to get their money. On the other hand, bankruptcy is frowned down upon by creditors because they are afraid they will never get paid.