“Bankruptcy is a serious decision that people have to make.”-Herb Kohl
Declaring bankruptcy could be the last move you’d want to make. It is, indeed, a serious decision that requires careful analysis and cautious assessment of options. If it’s the only way to make things right, then stop wasting your time thinking twice and start looking for a reliable bankruptcy lawyer!
Dealing with Bankruptcy
Declaring bankruptcy, however, requires perfect timing. Although the fact that declaring bankruptcy provides instant relief could seem inviting, you may still need to wait a little before doing it. Consider your current salary. If the amount is higher a few months ago, then you could be disqualified from filing for Chapter 7 bankruptcy.
Waiting a little can once again give you the chance to go back to Chapter 7. This lets you to ask for help from friends or family to repay the money you gave them for the trustee to distribute it to the creditors. The entire process would be a hundred times easier with the help of a bankruptcy lawyer.
The Need for a Bankruptcy Lawyer
A bankruptcy lawyer doesn’t only help you deal with your overwhelming debts. This person also saves you from the financial stress that can adversely affect your health, personal relationships, and efficiency at work. While it results in a poor credit history, declaring bankruptcy provides relief against the stress of dealing with threatening bill collectors and lawsuits.
Modifying a Loan
A bankruptcy lawyer offers loan modification. You may also call this mortgage modification, restructuring, or workout plan. This is offered when the borrower faces severe financial difficulties, such as delayed mortgage payments and possible foreclosure. This works by asking the lender to modify the terms of the mortgage loan to make it possible for the person to pay the dues.
With the help of a loan modification attorney, the work out plan will be changed according to the needs of the lender. Changes on the mortgage rate, monthly loan payment, and past due amount could either be temporary or permanent. After getting rolled into the loan, the new balance now gets re-amortized.
Waste no time thinking twice about declaring bankruptcy and search online for loan modification lawyers. All it takes is positivity that this too shall pass, and all shall be well in due time.