We all make unwise financial decisions from time to time, and in many cases, we can dig ourselves out of debt. Sadly, some people are carrying far more debt than they can handle because the lost their job, got a serious illness or had to close a business. A business or personal bankruptcy may be the best solution to the unending calls from creditors and dread you feel when opening your mail. USAttoneys would like to discuss some of the basics of filing for bankruptcy and how you might benefit.
Advantages and Disadvantages of Bankruptcy in Montana
Generally, when a person is considering bankruptcy, they want to know how it will benefit them and how it might hurt them. If you are not confident that Chapter 7, Chapter 11 or Chapter 13 bankruptcy is right, understanding the process and knowing the pros and cons will help you make your decision.
If you decide to file for bankruptcy, USAttorneys recommends you meet with a lawyer who concentrates on bankruptcy laws and debt relief. We have a team of honest, trustworthy and hardworking lawyers who want to help you get out of your financial predicament. Get the advice of a professional and then make your decision about bankruptcy.
Advantages of Bankruptcy
Creditors can no longer call demanding payment
Letters from collection agencies will stop
Some debts are dismissed
Debts are paid off over several years
Stops interest from accumulating on some debts
You get a fresh financial start
Disadvantages of Bankruptcy
Some debts are excluded such as child support, alimony, student loans and past taxes
You may have to sell off valuable items
Your credit rating will take a major hit
Meet with a Bankruptcy Lawyer in Montana
You can get the information you need to decide if you should file for bankruptcy in Montana by meeting with a bankruptcy lawyer nearby. During your free initial consultation, you can learn if a
Our team bankruptcy lawyers in Montana will discuss the basics of the following debt relief plans including:
Each of the structures above differs in how your debts are paid off, which ones are dismissed, what property is exempt and how long process takes. For instance, you can have debts dismissed in Chapter 7 bankruptcy, but not in Chapter 13 which requires you to pay off your debts between three and five years. If you file for Chapter 7 bankruptcy, you may need to sell off property to pay creditors while Chapter 13 won’t require you to liquidate, you can rely on your income instead.
Don’t make any legal decision without speaking with one of our attorneys first. You need all the information you can get to decide if filing for bankruptcy will help you improve your economic situation.