Discharging Debt with a Gainesville Bankruptcy Lawyer
Times have been tough for a lot of people with the current economy. When emergencies spring up, you may find yourself falling behind on your mortgage, car payments, or perhaps your utility bills. Credit card debt is a huge problem for many people, and a sudden illness or injury can plunge families into debt over medical bills. There are many options available to take care of your debt, but you should also be aware of the complex nature associated with many forms of debt relief. It may be in your best interests to consult an experienced bankruptcy attorney to look over your situation with you, who can come up with the unique solution you need.
Some Alternatives to Bankruptcy
Debt Consolidation
Of course, when it comes to discharging debt, bankruptcy is always an option to consider, but there are alternatives to bankruptcy which you may want to look at first. One such action is debt consolidation. You can take care of numerous debts with one lump payment a month. Debt consolidation does not get put on public record, and instead of a complex legal procedure to follow, you get a straightforward fix. You home or car is usually collateral when you take out a debt consolidation loan, however, so before you put your house at risk, be sure you can make the payments on time. You should also look to see if there any extra costs to this loan, as an extended payment plan can mean you end up paying more than the original debt. Tax season can make the process more complicated, as you may end up with taxes on your debt consolidation. For some people, however, this option can help with getting caught up on debt payments. Have an attorney look over your case to see if this is a good option for you.
Working with Creditors and Collectors
If you plan on repaying all your debts and avoiding bankruptcy, then you will need to stay in contact with your creditors. You need to promptly alert them about any extenuating circumstances that are keeping you from paying. Some creditors will be willing to take into account your situation to modify your payment plan. Not only can legal advice be invaluable as you look at all our choices, but you could have an advocate to help you work with your creditor. A dedicated bankruptcy attorney from our firm can talk with your creditor to rearrange or reduce your monthly payments.
We can also work to consolidate your debt with creditors, or perhaps move the interest rate down. We may also be able to give you more time to pay off your debt by negotiating with creditors. Some creditors will be open to reaching a debt settlement, where you only have to pay off a portion of the debt. A bankruptcy attorney from our firm can guide you through these options and all the technicalities involved, and we can help you determine the ones for which you qualify.
Bankruptcy Can Be a Viable Solution
Millions across the nation find debt relief through bankruptcy. When you are trying to eliminate debt, there are many different benefits to bankruptcy. One prominent benefit is the automatic stay, which goes into effect as soon as you file. The automatic stay will stop creditors in their tracks and put a pause on foreclosure. It can buy you time to get back on your feet. Yes, bankruptcy will hurt your credit (temporarily), but Chapter 7 bankruptcy can discharge most of your debt. Chapter 13 bankruptcy can create the plan you need to pay off the debt yourself, enabling you to keep everything you own. To learn more about whether or not bankruptcy is right for your family, you should seek out the counsel of a trusted bankruptcy attorney.
Retain an Experienced Bankruptcy Attorney
At The Law Offices of Justin McMurray, P.A., we are well-versed in Florida State and federal law concerning bankruptcy. We can inform you on how bankruptcy might work for you, and guide you through the process. If your situation could be better helped through some other course of action, such as a second mortgage or debt consolidation, then we can help get you on the road to financial recovery. We are committed to helping our clients find a way to move forward. Call to schedule your free consultation today. We can provide legal counsel in both Spanish and English. You can also start on your case by filling out a free case evaluation. We are thoroughly equipped to help you with your financial and legal issues. Do not hesitate to call our firm today!