Bankruptcy?

Question

If you had loans both secured and unsecured, would you get an attorney for bankruptcy or what would you do in this case:

Liabilities and expenses exceed your net income
constantly refinancing to stay above water

Answer 1

Asking a bankruptcy attorney if you should file bankruptcy is like asking an insurance salesperson if you need insurance. The answer is inevitable. Bankruptcy may be your best option, but before consulting an attorney, make an appointment with a credit counselor. It may save you a lot of money in the long run.

Good luck!

Answer 2

Here you can compare different options

RE Bankruptcy?

If you had loans both secured and unsecured, would you get an attorney for bankruptcy or what would you do in this case:

Liabilities and expenses exceed your net income
constantly refinancing to stay above water

Answer 3

I would either speak to a counselor about filing bankruptcy or an attorney or look into loan consolidation. The thing about filing bankruptcy is that you may or may not qualify for chapter 13 under the new rules. You might be put in chapter 11, which does not wipe out your debts entirely. You will still have to pay off the debts. You should take all your debts and draw up a budget, look where you are spending the most money and see if there are areas where you can decrease spending. If all else fails, then seek bankruptcy protection.

Answer 4

Bankruptcy lawyers often are the beneficiaries of a tough economy, but their clients, many of whom know little about the process and have scant time to research it, are usually at a loss when it comes to seeking the help of an expert. Hiring the right attorney can make a big difference in how easy or successful your bankruptcy will be. An attorney who is unfamiliar with bankruptcy laws may not only make the process more difficult but also put your assets at risk.

Answer 5

Debt settlement is far better, if you opt for bankruptcy then it will affect your credit report for years and it should be the last option. Debt consolidation means all your debt from different banks are taken care by a company and you need to pay the company and they will take care of all your loan repayment.

Answer 6

Start with counseling. Your not managing the situation which proves that you can't handle it without proper help. With the counsel ling you may learn how to behave and avoid future 'interest burdens'. I don't know your exact situation, but in most cases one is better off by managing the situation instead of filling bankruptcy. First try to avoid the lawyer...