The Worth Of The Means Test When Filing For Bankruptcy

Home / Uncategorized / The Worth Of The Means Test When Filing For Bankruptcy

After your initial consultation, you want to walk away feeling at ease with the attorney you spoke with. If you feel uncomfortable, then keep looking for another lawyer. You really don’t want to employ the services of a lawyer that you do not feel a good vibe with. It is important to remember that you are placing your future in the hands of this person. You want someone who will take the time to listen to your concerns and address them appropriately.

You can find no one more qualified to give you counsel on foreclosure laws and regulations, foreclosure procedures and bankruptcy than the modification lawyers near me himself. Certainly, a bankruptcy will show up in your credit for the next several years – but so will a foreclosure. At least with the bankruptcy you’ll show that you at least took steps to make things right, you didn’t give up on your debts, assuming you file a Chapter 13 and you also get to keep the house.

One of the best reasons to contact a Bankruptcy lawyer is simply peace of mind. Trying to wade through all that goes into filing for financial ruin can really be a tough situation. You’re already stressed out and can only take so much. If you’re constantly hounded by persistent creditors or are afraid to check your mail because of the letters that discuss legal matters such as suing you or garnishing wages, you need an attorney fast. In the end, you can leave the details to him or her so you can rest easy again.

Chapter 13 – This is the most common type of bankruptcy case that most consumers prefer. It is also called ‘wage earner’ as it requires the debtor to assure the court that he is in a position to pay off his debts after a given period of time, usually 3-5 years. Everyone cannot opt for this option as one needs to have a reliable source of income to pay off his creditors.

As a debt management tool, your budget will allow you to look at the bigger picture of your finances. Through your budget, you can identify how much you can spend for your basic necessities. You will be able to look at the details of your expenses to see where your money is really going. This knowledge will allow you to decide if that is where you really want it to go or if it should be diverted into your savings. When you have a budget, any need to cut back on spending will be easily done since you can identify them immediately. By doing so, you can create a bigger debt payment fund or disposable income that will help eliminate your debts faster.

I told him to take a breath and I asked him a few questions. I was able to discern that the last payment he made was in July 2006. That’s pretty old debt. Sounds like zombie debt to me.

Full disclosure. This is the most vital and crucial piece of advice I can give you if you are going to file a bankruptcy. Tell all, and I mean all. Remember your attorney will have seen it all and heard it all before. Nothing you tell them will shock them. That is what they are there for. Your story will not be much different to all the others.

Leave a Reply

Your email address will not be published.

  • Partner links