Bankruptcy Attorney: What Creditors Won’t Tell You
When you think your creditors have told you everything you need to know about debts, debt collection, and other related matters, you are mistaken. It could be that they also lack knowledge, or it’s just that they don’t want you to know.
There are lots of things they intentionally and unintentionally hide from you. What could it be? Let’s go through some of those. Creditors may not inform you about:
1. Bankruptcy really works in wiping out your debts when it becomes out of hand.
In fact, some of them even join anti-bankruptcy campaigns. It’s a sad fact, but there are creditors who don’t want you out of debt. Mainly because it would mean more benefits or money for them since you need consolidate.
2. That filing bankruptcy allows you to keep a certain property.
There are actually escaping routes to keep all or some of your properties. An experienced and skilled bankruptcy attorney can exactly tell you what are those. Thus, some greedy creditors would not rather tell you that you can protect your car or house from them.
Yes, secured creditors like home mortgage and car loan creditors can possibly foreclose or repossess your property, yet they can’t let hold you liable to pay the remaining payments. You can wipe out unsatisfied debts in a bankruptcy.
3. Debts can’t put you in jail.
This is a common perception among people. But the truth is, your debts can’t put you in jail at all. The only instances that a person can be put in prison because of failed financial obligations are back taxes and back child support.
So, if a creditor is threatening to file a lawsuit against you, don’t panic. The first step you should take is finding a bankruptcy attorney to help you file a bankruptcy petition successfully. Once approved, the bankruptcy court will issue an order refraining creditors from making any collections of your unpaid debts and from abusing you as well.
4. Why creditors collect debts either of these three methods: voluntarily, harassing debtors, or credit consolidation and negotiation.
You may not be aware yet, but creditors would prefer to let you pay voluntarily, by threatening you, or just come up with an agreement. Why so? These allow creditors to manipulate the game for their benefit. Say for example, you got a reminder after years to pay a debt you thought you already paid off through a settlement. This is quite tricky.
Since you already incurred debts in your financial record, the best you can do is seek help from a bankruptcy attorney. A professional help will not only save you from abusive creditors, but from drowning in your debts as well. Therefore, you have to set some standards to find a credible, experienced and skilled bankruptcy attorney richmond va. One who can manage your case efficiently and can help you feel at ease with your current financial situation.
Conway Law Group - Richmond, VA
6802 Paragon Pl, #410 Richmond, VA bankruptcy lawyer 23230
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