If you are a consumer and have incurred debt overtime or even if you own a home, you need to be equipped with the information necessary if you run into financial hardship. There are many people who are currently unemployed, cannot find work and running into financial difficulty. Some creditors will try to understand your situation and work with you, but there are some that won’t. Before you run into trouble with your creditors, seek the advice of a bankruptcy attorney to see what your options are.
The Advantages
There are several advantages to filing for Bankruptcy in Ventura. One of the reasons for most people is that they get a fresh start to improve their financial future. You can have an attorney file a Chapter 7 for you where your debts will be forgiven and eventually discharged after 10 years after filing bankruptcy for your unsecured debts. If you have a secured debt such as a home mortgage or automobile loan, the creditor has the right to seize and sell your assets, but for your home, the foreclosure process can be stopped by filing a Chapter 11 bankruptcy.
Your lawyer will be able to provide you with information on what assets you can keep. Once a Chapter 7 or Chapter 13 is filed, your creditors are not allowed to contact you by phone or mail. In addition, an employer cannot fire you because of your bankruptcy filing. Although all of your debt is not eliminated during a bankruptcy, a lot of them can be conveniently restructured.
Getting Help
An individual who wants to file bankruptcy must meet with a qualified bankruptcy attorney. Your Bankruptcy in Ventura will help you to get back on your feet so that you can concentrate on other areas of your life. An attorney will advise you of the options that may be available to you. Late payments on your credit card or mortgage can cause your credit scores to drop, but it is not the end of the world. It is better to file bankruptcy than to wrestle with your creditors. Your creditors can garnish your wages, if you fail to pay your financial obligations to them. So find out what other options you have before it is too late.
