When creditors start harassing you, and the financial stress becomes too much to handle, a bankruptcy lawyer can be the ultimate savior. These professionals help countless people re-evaluate their financial standings by declaring temporary bankruptcy. If you file for Chapter seven bankruptcy, you’ll be able to discharge all unsecured debts and end the stream of constant phone calls from the creditors. Professional bankruptcy attorneys also help their clients deal with their financial stress in various other ways –
Protecting any Remaining Property
If your creditor sues a debtor and obtains a judgment, the debtor is almost guaranteed to lose your property. Most creditors execute judgments by forcing personal property sales. They totally drain the bank accounts of the debtor, leaving them with not many options. When a top bankruptcy lawyer Huntsville helps such people file for bankruptcy, they immediately protect the debtors’ property and bank accounts. The debtor may receive a window of time for making loan repayments (depends on the types of exemptions allowed as per the bankruptcy code) or not. The key is that all steps taken by the creditor come to an automatic stop once you introduce a bankruptcy attorney to the mix. No more lawsuits, foreclosures, utility shutdowns, evictions, etc. Debtors finally get the peace and time to rethink their approach.
Helping in the Long-Run
The ultimate goal for every debtor is to one day eliminate all secured debts. In some cases, the debtors aren’t required to repay at all. Under Chapter thirteen bankruptcy, debtors are given a fixed amount of time to repay the loans. However, they won’t have to deal with asset losses like losing their homes or automobiles because of debt-related issues anymore. All of these steps taken by bankruptcy lawyers help financially challenged debtors re-find their feet in the finance game. These professionals facilitate the ideal second chances for financially challenged people!
