When the calls from debt collectors get too much, and you know that you need help in overcoming your financial problems, then you need the assistance of a Bankruptcy Law Office in Irvine who can guide you through the process, and make sure that you avoid falling even further into financial misery. By applying for bankruptcy with a lawyer, you protect yourself from the problems of debt, while still making sure that you avoid some of the worst credit risks for this issue.
Bankruptcy and Insolvency
What type of financial plan do you intend to try to deal with? There are, in fact, lots of different types of bankruptcy, including insolvency and chapter 13 bankruptcy. These processes have been reformed recently, and this means that it is more difficult to get insolvency right at the first attempt. In fact, insolvency often results in poorer outcomes than bankruptcy itself, despite the idea among the general public that the former is a much better deal than declaring yourself bankrupt. In fact, you may have less access to credit, and your credit scores will be lower than those who choose to take bankruptcy instead.
The benefits of using a Bankruptcy law office in Irvine
Avoiding the help of lawyers is common for many people applying for bankruptcy, including Chapter 7 and Chapter 13 plans. This is because they are in the worst financial position in their lives, often facing more than just debt, but also losing a house or employment, and putting other elements of their lives at risk. They are reluctant to employ a lawyer, because they believe that they are too expensive. However, evidence shows that “People who hire lawyers” to help them with bankruptcy are more likely to have their debts “Wiped away almost without fail“, while those trying to do it themselves struggle and often suffer worse deals. This means that paying money for a lawyer could benefit you, while other options may cause you to be in a more difficult situation at the end.
Working with your lawyer
If you attempt to file bankruptcy on your own, you may not realize that there are several options available to you when you file for bankruptcy. Most lawyers are able to negotiate either Chapter 7 or Chapter 13 plans, which will allow you to recover some of your financial standing. The lawyer can help you to consider which of these plans is best for you, and how you can recover your debt problems through negotiation and legal planning. Talking to your lawyer will help you to understand which plan is best for you, and give them the information that they need to file paperwork with the courts.
Chapter 13 or Chapter 7
Part of the question of whether to file Chapter 7 or Chapter 13 relates to whether you have had debt problem plans before. If you have, and have had a Chapter 13 plan, then you must wait six years from the time of discharge before you can attempt to file for Chapter 7. If you did not discharge the debt, then you may file for chapter 7 at any time. This is just one example of the type of legal restrictions that you will have to negotiate, and demonstrates exactly why you need a lawyer to help you work out how to apply for your bankruptcy. As a further complication, Chapter 7 bankruptcies are now means tested, and this means that you might not be eligible to apply for this type of debt plan. Having a clear idea of what you want from your bankruptcy, including more time to pay or a discharge of debts, is essential to making sure that you choose the right kind of debt recovery plan. Working out all of these different elements can be very hard for the layperson, and so you will benefit from the advice of a legal team.
Negotiating with the other side
Once you have started the bankruptcy proceedings, it will be necessary to negotiate terms with the other side, your debt collectors. Since you are the one proposing the financial change, you must be prepared to discuss your situation with the debt collectors, and with the courts. To make sure that the process is negotiated effectively, you will have to have the help of a lawyer who understands legal terms, and can assist you with every step of the process.
Find a legal team today
When you need help with bankruptcy, call the Karine Karadjian legal team. We can help you with all bankruptcy plans, finding the right one for you and making sure that you can satisfy the demands of your debtors. Simply reach out to our team today by contacting us online, or by calling 949-565-4707 now.