Useful Information on Bankruptcy

When you continue to see the bills come in along with the demand for payment of your debts, the punishing interest and fines, the situation can seem hopeless. Going on and on struggling to make ends meet and the constant stress over your financial situation is no way to live your life. Without taking decisive action, however, the situation is not likely to improve and often gets worse. If you are facing such circumstances, talk to an attorney about the many financial solutions available. Your legal counsel can review the specifics of your case and help to determine the best course of action for your unique situation.

Areas of Practice

With 20 years in practice and having helped over 100,000 people to successfully resolve their debt, the firm can offer skillful assistance in any of the following subjects:

Chapter 7
Chapter 7 is often referred to as a "fresh start bankruptcy" as it allows you to fully eliminate all of your qualifying debts. These include personal loans, credit cards, medical bills, repossession deficiencies and more. Some taxes, alimony and support payments, fines and student loans cannot be discharged, but the majority of your debt will be completely gone.

Chapter 13
A Chapter 13 bankruptcy places you on payment plan based on what you can actually afford rather than the full amount of the obligation. This allows you to get back on top of your debts over a period of usually 3-5 years. In most cases, the remaining balance is cancelled at that time.

Credit Repair
The state of your credit is not so much dependent on your level of income or particular incidents that have occurred in the past, but more on how you have been addressing your money in more recent periods. Planning and discipline can allow you to rebuild your credit even after an action such as bankruptcy.

Foreclosure Defense
Foreclosure defense can involve a variety of actions, depending on the specifics of your situation. Your legal counsel may suggest loan modification, debt settlement, debt consolidation or any form of debt relief. In some circumstances, you may prefer to give up your property but avoid foreclosure with a short sale or a deed in lieu.

Loan Modification
A loan modification can help you establish lower interest rates as well as lower minimum payments. This can help make your debt manageable and allow you to actually make progress in gradually paying it down. Negotiating more favorable terms on your loans can place you in a position whereby you are not at risk of losing your assets.

Short Sale Negotiation
When a homeowner and a lender agree to sell a property for less than the amount still owing on the loan, this is termed a short sale. The proceeds go to the lender and if this process is correctly addressed, the homeowner should not be liable for the deficiency remaining after the sale.

Debt Settlement
Debt settlement involves negotiating with creditors to pay only a proportion of the amount still owing and have the debt considered settled. It is imperative this process be addressed correctly in order to protect you from any adverse consequences and obtain the most favorable possible outcome.

Creditor Abuse
If you are being victimized by creditors or debt collectors using unfair or abusive treatment when contacting you regarding your debt, speak to an attorney. You do have recourse to the law, as this type of behavior is strictly prohibited. Don't suffer alone - get legal help to protect your rights.

Insurance Settlement
When you pay in good faith for an insurance policy to protect you from unexpected and disastrous events, you deserve to be covered should those possibilities eventuate. Unfortunately, insurance companies can make it incredibly hard for you to obtain a fair settlement and employ many tactics to keep your payout as low as possible. An attorney can help.

Tax Resolution
If you are facing stressful tax issues such as overdue returns or unpaid tax bills, a legal professional can help to determine the best course of action for safely resolving the situation. This not only involves identifying financial solutions but also protecting you from penalties as skillfully as possible.

Do I Qualify for Bankruptcy?
Determining whether or not you qualify for a Chapter 7 involves applying a means test as prescribed by the government. If you are not eligible for this type of bankruptcy, in most cases you will qualify to file for a Chapter 13. Eligibility depends on the specifics of your financial situation.

How Much Does Bankruptcy Cost?
The cost of bankruptcy varies from one case to another, as different bankruptcies involve varying factors and levels of complexity. The type of bankruptcy and amount of debt are two major factors in determining what it will cost you. In any case, the value to your overall financial health far exceeds any initial cost.

How Can I Save my Home?
There are several options you may be able to employ to save your home from foreclosure. These include loan modification, debt settlement, debt consolidation or any form of debt relief. A legal professional can help you determine the best option.

What is FDCPA?
FDCPA stands for the Fair Debt Collection Practices Act, which was adopted to protect the rights of debtors in the face of creditors' and debt collectors' efforts to recover monies owed. The Act prohibits unfair and abusive treatment of debtors and specifically outlines behavior which is unacceptable.

Wage Garnishment
Wage garnishment can leave you without a significant portion of your paycheck and quickly result in you being unable to pay the rent or afford other basic necessities of living. If you wage is being garnished or you are being sued regarding a debt, talk to an attorney immediately about protecting your income.

Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act, or FDCPA, is designed to protect you as the consumer from abusive treatment by creditors or harassment in relation to your debts. Debt collectors are specifically prohibited in engaging in certain actions, such as contacting you incessantly or at odd hours or using abusive or insulting language.

Bankruptcy Exemptions
Certain bankruptcy exemptions protect your assets and allow you to retain them even after filing for bankruptcy. Careful planning and a skillful address of each step involved in the bankruptcy process are vital if you are to come through a bankruptcy successfully so the help of a legal professional is imperative.

The Bankruptcy Process
The bankruptcy process is relatively simple overall but involves a great many complex details which must be tended to correctly in order to achieve a successful resolution to your case. The help of a legal professional is invaluable in protecting your rights and assets throughout this action.

Myths About Bankruptcy
It is not uncommon for many people to believe things about bankruptcy that are entirely invalid and irrational. We have revealed a few of these misconceptions for you to mull over and decipher for yourself. Of course, we highly recommend that you speak with an attorney before coming to a final decision about bankruptcy.

Repossessions
If your car has been repossessed or you are being threatened with repossession, contact an attorney immediately. You must take prompt action to protect your rights and property and with the help of a lawyer have the opportunity to resolve the situation and turn your financial situation around.

Legal Help Finding Financial Solutions

An attorney from Price Law Group is standing by to help you take the needed actions to improve your financial situation and start on the path to a brighter future. As the largest consumer bankruptcy firm in the southwest, they have earned the respect of the bankruptcy courts and have the skill and resources to provide effective, personalized service. They are members of the National Association of Bankruptcy Attorneys, have attained an A rating with the Better Business Bureau and offer a free consultation so you may get the help you need.