It is advisable to seek advice before deciding to file for bankruptcy; getting out of debt is not easy. However, experienced Bankruptcy Attorneys can get one out of debt very fast. You can talk to them on the various options you have. The bankruptcy attorney is the right person to look into the issue.
If an individual is at the point where they feel their debt is too much to handle, they should contact a lawyer before declaring bankruptcy. It is necessary to ensure he or she has every record of their financial position. It is critical to get all the facts right. The bankruptcy attorney will advise on the best type of bankruptcy to declare depending on the circumstances at hand. The most declared bankruptcy is chapter seven where all non-exempt assets are sold and money is given to the creditors. At this point, the debtor can start over again with no debt; this is called liquidation. It is done quickly and allows the debtor to get their credit back sooner.
The debtor may feel that there is no need to sell everything, but instead prefer restructuring their debts. The attorney will help in coming up with a plan to pay creditors. While one is allowed to keep their assets, the lawyer will sit down with the person and come up with a repayment plan that is viable for the debtor and the creditor. Though it will take some time, at least one is allowed to keep their assets. Click here to know more.
In the worst case scenario, these two plans may not work. At this point, one needs to furnish their lawyer with all the information that will help in creating a plan. Remember that the lawyer will have to get everything so that the plan is accepted by creditors. If the debtor really wants to improve their credit score and avoid those harassing phone calls from creditors, they should consider seeking counsel from Courtney & Mann LLP. They will go a long way in understanding the issue and will work hard to make sure that all is sorted out. The company never gives a quote before understanding all issue involved.