How A Bankruptcy Lawyer Can Assist You With Your Debt Situation

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Are you confused about how you should go about handling the debts you owe to creditors? You may find the assistance of a bankruptcy lawyer of some value because he or she can assess your situation to come up with a good solution. In this article, learn how a lawyer can help you learn what your debt settlement options are and what you will be charged for the assistance.

How Can a Bankruptcy Lawyer Help with Settling Debts?

When you consult with a lawyer, the first step will be discussing what you owe to creditors and how much income you are bringing in. He or she will look over your debt situation to determine if you are far enough in debt to warrant filing for Chapter 7 bankruptcy. If you have a long list of debts on your credit report and not making a lot of money, Chapter 7 bankruptcy is ideal because you can be forgiven for the debts. However, you may also end up having to sell some of your assets and won't be able to get a home loan if you want one.

Another solution for lawyer may recommend is debt consolidation. If you don't have an extensive amount of debts, you can benefit from debt consolidation because it won't negatively affect your credit. You will keep your assets and simply pay creditor back in one payment each month. Basically, all of your debts will be combined to make it easier for you to manage paying creditors back in an exceptional amount of time.

A bankruptcy lawyer can also assist you with staying out of debt. He or she can recommend a credit counselor in an attempt to help you learn good spending habits. The lawyer can also give you advice without having to refer you to a credit counselor.

Are the Services of a Bankruptcy Lawyer Affordable?

You will pay an estimated up to $300 per hour for the services of a bankruptcy lawyer. The affordability will depend on your budget and the simplicity of your case. The main thing that will be factored into the price is what you decide to do to settle your debts, such as filing for Chapter 7 bankruptcy of not.

You don't have to continue living with the fear of debt collection agencies calling your home to demand a payment. Visit a bankruptcy lawyer (like those at Rafool, Bourne, & Shelby, P.C.) to get assistance with resolving your debt nightmare!