Running into debt is extremely easy nowadays considering the lifestyle we maintain. After all, who does not want to live in luxury by dining at expensive restaurants, driving a swanky car, living in a chic apartment, and so on? We don’t take notice of the fact that we are actually spending more than we are earning, till we find ourselves neck deep in debt.
If you are facing a similar situation as mentioned above, then it is time for you to consider filing for bankruptcy. Regardless of what others might feel, this is usually the safest option for you if you want your creditors to stop hounding you for money. This is a traumatic phase for you and it is natural to be panicked, but even then you must take the right decision.
There are usually two types of bankruptcy claims that you can file: chapter 7 and chapter 13. In the former, you need to file for a claim that you are unable to pay the amount of the debt. Any assets that can be liquidated will be sold by a trustee and the money will be paid to the creditor. In chapter 13, the debtor requests for some time to pay up the cash. The time granted can be anywhere between 3-5 years. The time period depends on the person’s income and expenses. The debtor needs to pay a certain sum each month to the creditor till the debt is cleared.
However, it is not as easy as it sounds because in most cases, bankruptcy claims are discarded and looked upon as a ploy to escape from paying up the creditor’s money. That is why you should look for bankruptcy attorneys to take up your case. Rest assured that hiring one is not a waste of time or money. Bankruptcy attorneys are well-versed with all aspects of the law in this field and thus they can help you to file claims using the correct method. He will also ensure that your creditors don’t pester you with demands of returning their money.
Looking for bankruptcy attorneys? Phoenix has some prestigious firms that have efficient and capable lawyers on board. You need to communicate all the details of the case and not keep back any fact, even if it seems trivial or unimportant to you. Under no circumstances should you hide anything from your attorney as the only person to suffer will be you.
Bankruptcy attorneys Phoenix - Ronald V. Thomas is whom you should be approaching if you are on the lookout for bankruptcy attorneys. Visit his webpage for more details.