Even if your financial issues seem too big to handle, they don?t have to be the end of your world. Professionals can help you figure out the best plan of action and set your finances straight again.
Perhaps you have seen ads for debt settlement negotiators or a bankruptcy attorney on television and wonder if these professionals can help you. Chances are they can, but one may be more beneficial to you than the other, depending on your financial status.
Need a primer on debt settlement and bankruptcy? Read on for our quick guide to help you understand the concepts and the implications of choosing a bankruptcy lawyer or debt negotiator.
What is Bankruptcy?
Bankruptcy is a court ruling that eliminates your debt by determining you are unable to repay it. Businesses and consumers alike have the right to file for bankruptcy.
Chapter 7 bankruptcy is most common; individuals, corporations and partnerships are often eligible to file for this sort of bankruptcy.
Benefits of Bankruptcy:
?????????? Typically, you must relinquish any nonexempt property to the trustee, who then uses the money from this property to pay your creditors.
?????????? After this occurs, you are usually absolved of any qualifying debts via a bankruptcy ruling.
Pitfalls of Bankruptcy:
?????????? Your credit can be permanently marred by a declaration of bankruptcy, which can affect your financial future negatively.
What is Debt Settlement?
Debt settlement is different from bankruptcy in that you strike an agreement with creditors to pay a portion of your debt back.
Benefits of Debt Settlement:
?????????? One good thing about debt settlement is? If you can use some means of income to pay off the agreed percentage of the debt, you probably won?t have to give up any of your personal property.
?????????? It may be possible to have your debts greatly reduced ? sometimes by as much as half. However, keep in mind that you typically have to repay your debt within two or fewer years under this sort of plan.
Pitfalls of Debt Settlement:
?????????? If you don?t have cash on hand (or a steady income) to pay off debts, debt settlements may not be negotiable.
Which is Right for You?
Before making any final decisions about whether or not you should file for bankruptcy or apply for debt settlement, it?s wise to meet with a lawyer specializing in these types of financial issues for advice.
Our team of reputable San Diego bankruptcy lawyers can be found at http://www.DoanLaw.com Check out the firm?s website to learn more about how they can help.
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