Debt Relief Lawyer Butler PA
Chapter 7 Bankruptcy Lawyer - Why You Should Not File For Chapter Seven Bankruptcy Yourself
What exactly is a Debt Relief Lawyer Butler PA? In the most basic terms, a debt relief lawyer assists people with significant debts to negotiate with their lenders to either settle down those debts or eliminate them altogether. This is usually done by getting your lenders to agree on a lump sum payment or by getting them to eliminate late fees and penalties that may have accumulated over time. The lawyer can also assist you with any state and federal laws that may affect your settlement.
A large number of people who have an amount of unsecured debt - in excess of ten thousand dollars - are qualified for a debt settlement. However, many people who file for bankruptcy do so because they feel that their only way out is in bankruptcy court. While filing for bankruptcy does get you out of financial troubles quickly, it is not without some long-term consequences. Filing for bankruptcy can affect your ability to take out loans, get credit, and even get a job in many states.
So how do debt relief lawyers help you solve your debt problems? They generally represent you when you are negotiating with your creditors. Most often than not, creditors will be willing to lower the amount of money that you owe them because they are at great risk of losing everything. In exchange for letting them off the hook, you will have to pay a significant amount of money to your debt settlement company.
Of course, you should not automatically go to the first debt relief company that you see listed in your telephone book. There are a number of things that you should consider before hiring a professional negotiator. First of all, you should make sure that your creditors will agree to the amount that you are requesting. It would be a bad idea to ask your creditors to settle for half of what you actually owe them if you don't have the means to pay it in full. It is also important that your creditors accept your request for a chapter 13 bankruptcy instead of trying to negotiate something else.
For most people, hiring a debt settlement company to help them file for a chapter seven bankruptcy filing is a good idea. However, there are a few disadvantages associated with filing for this type of bankruptcy. This bankruptcy filing officially makes you responsible for paying back all of your debts including credit card companies, medical bills, student loans, and any other debts that you might have. Many people feel that they are better off financially if they avoid filing for chapter seven bankruptcy.
If you decide to file for chapter seven bankruptcy, then there are some things that you should know. First of all, you will have to wait a minimum of five years after filing before you can apply for credit. You will also have to pay taxes on any income that comes from chapter seven bankruptcy, and you will lose most of your assets, although your debts will not be. The good thing is that many people go through this process and emerge better off than when they started.
However, there are some drawbacks to filing for bankruptcy as well. First of all, it is obvious that you will have to deal with a lot more debt once you file. Your creditors will also generally charge you a higher interest rate because you will not be able to pay them as much money. Some will also not give you as much notice as they would have if you had gone with a debt relief company. These are things that you can easily work around, however, but if you cannot afford an attorney or cannot afford to hire one right away, then you may want to wait.
On the other hand, it is also important to remember that filing chapter seven bankruptcy does not actually solve your debt problems. A good debt relief program will help you out in the long run and reduce your financial problems. However, you will have to make sure that you hire a great attorney so that you get the results that you need. You can find more information about this process and about filing by searching on the Internet.