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Is a bankruptcy filing the only tactic against pushy creditors?

A bankruptcy attorney can do more than just help an individual file for a Chapter 7 or Chapter 13. Since an attorney in this practice area generally has experience in dealing with creditors, an attorney may be able to negotiate for bankruptcy alternatives that will make debts more manageable.

For example, a catastrophic event may have resulted in the accumulation of debts, such as losing one’s job or a developing a serious illness with expensive medical bills. Many creditors might prefer to work with a struggling consumer, rather than see their unsecured debts liquidated by a Chapter 7 or relegated to small monthly payments in a Chapter 13. 

Some creditors may require proof that an individual is struggling or other assurances of good intent. An attorney who has been through the whole process of a bankruptcy, from filing to discharge and/or closing, will understand exactly what might be a creditor’s bottom line. Such an attorney will be able to provide strong advocacy with creditors. 

An attorney can also provide perspective to struggling consumers. As we discussed in last week’s post, a bankruptcy filing may temporarily impact an individual’s credit score rating. However, when debts and other liabilities greatly overshadow an individual’s equity and/or assets, a bankruptcy filing may be the only realistic option. Besides, some assets may be exempt and provide an individual with some continuity as he or she transitions into a fresh start. 

Our law firm focuses on bankruptcy and discusses these and other bankruptcy and debt management issues in greater detail on our website. 

Related Post: “Are some assets exempt in a Chapter 7 bankruptcy filing?” Nov. 13, 2015

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  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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