Fort Lauderdale Bankruptcy Lawyer: How To Decide If Bankruptcy Is Needed
Sometimes in the midst of the struggles of dealing with bankruptcy, it’s easy to jump in and go with the first Fort Lauderdale bankruptcy lawyer you find. However, you want to make sure you select the best lawyer for your situation.
Chapter 13 bankruptcy means you pay off your debt on a type of payment plan that you and your bankruptcy lawyer develop together. If your bankruptcy lawyer has suggested you file for Chapter 13 bankruptcy, this means there’s hope for you to actually pay off your debt obligations and save your credit more than if you filed for Chapter 7 bankruptcy. You and your bankruptcy lawyer will develop a repayment plan to share and discuss with your creditors.
Are you more than a couple of months past due on your mortgage, as well as other debt payments? A good bankruptcy lawyer will ask this question up front. If you’re more than a payment or two behind, and at risk of foreclosure and repossession, then a Fort Lauderdale bankruptcy lawyer may agree that bankruptcy might be the right option for you.
Do you have the possibility of cutting back on current expenditures in your household? When you and your bankruptcy lawyer discuss your situation, you’ll want to consider your current expenditures and look for ways to cut back so you can put more money towards your debts. However, if you’re doing all you can, then you and the bankruptcy lawyer can review additional options listed here to prevent bankruptcy.
Chapter 13 bankruptcy means debt collectors and creditors cannot continue or start any new collection efforts while you’re in your repayment plan period. Your bankruptcy lawyer should be the first person you contact if this doesn’t happen. Chapter 13 bankruptcy doesn’t hurt your credit as bad as Chapter 7 does in most cases, but your credit will still take a hit. Your Fort Lauderdale bankruptcy lawyer should be able to walk you through rebuilding your credit score post bankruptcy.
Have you attempted credit counseling and debt consolidation? Your bankruptcy lawyer will have resources available (or should) for you to go to credit counseling and look into debt consolidation. Credit counseling can help you get a handle on your financial struggles before having to file for bankruptcy. If this is an option, then debt consolidation can allow for lower monthly payments to creditors that are more manageable for you, and thus, can be a great alternative to bankruptcy.
However, if none of these options are feasible for you, then you and your Fort Lauderdale bankruptcy attorney may agree bankruptcy is the best option for you. You want to make sure you’re confident and comfortable with your bankruptcy attorney’s recommendations when it comes to filing for bankruptcy as well. If you’re not, then it might not hurt to get a second or third opinion from other bankruptcy attorneys. After all, this is your credibility and livelihood we’re talking about, so you want to make the right decision for you and your family.
Want to find out more about fort lauderdale bankruptcy, then visit Mike Lewis’s site on how to choose the best fort lauderdale attorney for your needs.