Debts are debts, and have to be either paid off or eliminated so that you may live better, fresher and happier. That is why when you are in a puddle with your mortgage payments, credit card debts or medical debts then instead of running away you must face the situation, and try eliminating the debt when you can’t pay off. While there are many ways to eliminate a debt which a good lawyer would be able to suggest, one full proof method is to declare a chapter 13 bankruptcy, which eliminates the debt smartly.
To know more about a chapter 13 bankruptcy benefits you must get in touch with a bankruptcy attorney from one of the best law firms in Los Angeles, the Consumer Action Law Group, as soon as you get a foreclosure notice from your creditor.
Declaring A Bankruptcy Eliminates Debts
When you are unable to pay any installment or portions of a medical debt or credit card debt for sometime, then your creditor often tries colleting it through collection calls and notices. If that fails, then they try the ultimate, which is a foreclosure when they try selling or auctioning your property under the court’s permission to liquefy your assets and make you pay off the debt. However every person loves his assets, and would not like to lose them. Thus declaring a bankruptcy is one of the smart choices in such state.
Benefits Of A Chapter 13 Bankruptcy
A chapter 13 bankruptcy can eliminate your debt and buy you more time to pay off the debt. To qualify for filing a chapter 13, your income should be little. However, whether you qualify or not, and how to file the chapter 13 will be best suggested by aLos Angeles bankruptcy attorney.There are several points to be analyzed before you file a chapter 13, and this is not a one step process. Thus the careful analysis of an experienced attorney is most crucial. Benefits of declaring a chapter 13 are as follows:
- You may choose to pay off the debt slowly as you pay a small amount from your small income once you get back into a financial stability
- You stop receiving any creditor calls
- All foreclosure attempts are stopped instantly as your creditor knows of your bankruptcy
- Your overall debt is eliminated and you may have to pay juts a small portion of the debt for final settlement when you can.
The Consumer Action Law Group has many experiencebankruptcy attorney Los Angeles to tactfully handle such cases, and get to a great solution which eliminates debt as well as saves the reputation of the borrower.