How Consulting a Bankruptcy Attorney can save your Home

Many families just like yours are facing tremendous debt burdens in the present economic scenario that is impacting the world. You can fall behind in your bills by a job loss, divorce, injury, illness or some unexpected expenditure. If you fall behind in your mortgage payments, your home could face foreclosure. In these circumstances the smart thing to do would be to consult a bankruptcy attorney and consider filing for bankruptcy.

One of the most harrowing experiences of a debtor is facing harassment from creditors. Some creditors are alarmingly aggressive when it comes to seeking ways to realize their debts. Once you file for bankruptcy, your creditors can no longer harass you or take any type of action against you. A bankruptcy filing puts an immediate stay on all the action that you might be facing including wage garnishments. All law suits against you would immediately be suspended.

A bankruptcy attorney can help you take the right decision on whether to file. This decision should never be taken casually, as its full implications must be understood before making the final decision.  The bankruptcy attorney would require a number of necessary documents. The absence of specific documentation may result in serious consequences such as the loss of your property or other significant rights. An experienced bankruptcy attorney is a person with all the relevant skill and knowledge of this procedure. Without the aid of an experienced professional at your side, you might face great difficulty. Although filing may be stressful and embarrassing for some, it can lead to a fresh new start for you and your family where you can begin your life debt-free.

New bankruptcy laws have come into effect from October 17, 2005, that requires a debtor to go through credit counseling before filing. Only a bankruptcy attorney would know all the changes in laws, so legal advice at this stage is necessary and vital. Usually individuals file under Chapter 7 or Chapter 13. Chapter 7 is for liquidation. BAPCA has ruled for changes in existing laws so that debtors now require qualifying for filing a Chapter 7 bankruptcy. It is preferable to file under this chapter, if the debtor has a large number of unsecured debts like medical bills and credit card payments, but has no arrears in secured payments like mortgage payments etc. Chapter 13 is about debt reorganization where the debtor has to work out a plan and is given a specified time in which he or she can rectify their financial problems. For informed advice, a debtor should consult a qualified bankruptcy attorney. Lancaster, PA residents can avail the services of a number of experienced professionals in the area.

Bankruptcy Attorney Lancaster, PA – If you are looking for an experienced bankruptcy attorney, Lancaster, PA based Mitchell A. Sommers offers hard hitting representation to protect your assets. Call 717-299-6266.

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