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How a Bankruptcy Lawyer Helps With Overwhelming Debt Cases

05.06.18 12:31 AM By clairehuffman


  

If you need help with debt relief, consider engaging a Fresco personal bankruptcy attorney. The purpose of bankruptcy law is to help people drowning in debt not only get financial relief, but also get on the right track toward financial stability. Liaising with a lawyer, you may utilize Chapter 7 or Chapter 13 bankruptcy to come up with a reasonable debt repayment plan. 

  

Below are different types of debts you can address by declaring personal bankruptcy:

  

Credit Card Consumer Debt

  

Chapter 7 bankruptcy provides for the writing off or reduction of credit card debts as well as late fees. Still, Chapter 13 bankruptcy may enable you to reorganize the loan, making it easier to pay it off for a longer term. While you'll be repaying your debt later than initially agreed, late fees may be waived or reduced.

  

Medical Bill Arrears

  

 Today, there are many unfortunate situations of persons with serious health conditions being unable to pay their overpoweringly high medical bills. If that's the case with you, you can count on Chapter 7 bankruptcy, which provides for the elimination or reduction of medical costs that you can't afford. But if you can afford paying off a medical debt over a longer period, take advantage of Chapter 13 bankruptcy. Look for bankruptcy lawyer near me here!

  

Mortgage

  

Many people who acquired houses via an adjustable rate mortgage (ARM) or even the sub-prime home loans are likely to end up in financial distress. A significant number of such borrowers start repaying their ARMs without trouble, but as time goes by, they're unable to repay with the expiry of the initial rate, maturity of balloon payments, or the unexpected rise of interest rates. For help managing a home loan you're struggling paying, consult a bankruptcy attorney with extensive experience applying the law and providing the right financial solutions.

  

Be advised that neither Chapter 7 bankruptcy nor Chapter 13 bankruptcy allows mortgage borrowers to get away with their debt and still hold on to their house. However, bankruptcy law provides for a temporary delay of foreclosure, giving a mortgage defaulter time to reorganize their finances and try to keep up the pace with the original repayment plan. You could still work out an arrangement where you sell the home on your own terms.

  

Auto Loan

  

Most people never wish to lose their car, not when it's important to their daily transportation to the office. So, if you're unable to repay your auto loan, and the car has been repossessed or is facing repossession, you need to see a bankruptcy attorney for help getting it back. You could also file for bankruptcy if your financier pursues a deficiency ruling against you in court.  Find bankruptcy attorney near me here!

  

Talk to a bankruptcy lawyer and get legal help without ado!