If you're at your wit's end with creditors calling and making threats, including taking you to court, or perhaps you are facing a possible foreclosure on your home, you should not hesitate to call an attorney to discuss filing for bankruptcy. There are benefits to doing this, and the following are just three things a lawyer can do for you.
They can stop or delay a foreclosure
If you believe that your mortgage lender is about to issue a foreclosure notice or you have already received such notice, an attorney can stop the foreclosure process. However, you need to understand that this may only be temporary. If this is the case, you will have some time to plan for your future. An attorney can also make sure you are not on the hook for any fees from the foreclosure process or an outstanding balance on the mortgage after the house is sold. If you can afford to make the mortgage payments but have fallen behind and can't catch up, these overdue payments and late fees can often be tacked onto the end of the mortgage, and you can stay in your home.
They can stop a wage garnishment
When you have unsecured debt, such as credit cards, a lender will only attempt to collect for a certain period of time. Knowing that you are employed, they could take you to court to get a judge to order wage garnishment. Your employer will be forced to take money out of your paycheck. If you have received this type of notice, go directly to a attorney. A lawyer can stop the process as you prepare to file for bankruptcy.
They can stop the harassment
There are many rules regarding what a bill collector can and cannot do when contacting you, but if you have ever experienced getting these phone calls and letters, you might think there are no rules. One of the benefits of having an attorney is that all of the harassment comes to an end. Any inquires that a bill collector has must be done through your attorney. You no longer have to be worried when the phone rings or you get the mail. This will undoubtedly relieve a lot of stress.
Keep in mind that you have to qualify for bankruptcy in regards to your income and the assets that you have. Certain assets are protected under bankruptcy laws, but if you have one or more that are not, you may have to sell them. To make matters more complicated, there is more than one type of bankruptcy. A bankruptcy attorney can look at your finances to let you know what options are open to you.