For homeowners filing for bankruptcy for the first time, the three biggest fears are the lifestyle changes that will affect their lives, the idea of having wages garnished and the fear of losing their home. The most common reason individuals file for bankruptcy is to keep their home from being foreclosed on or to break even on a business venture gone wrong. If you hope to lessen the debt collected from a bad business venture or save your home from being foreclosed on, you need to hire yourself an attorney.
The Effects of Bankruptcy
Yes, any class of bankruptcy will bring about ramifications, and some will be tiny while others will be a bit more significant for some families, but they are all worth eliminating the stress that comes with debt. For most, small effects will be seen, such as the difficulty encountered in purchasing a car or loan. Other major results caused by bankruptcy will appear when seeking to apply for a federal or private job, as most employers will carry out credit checks.
If your Chapter 13 or Chapter 7 bankruptcy case is discharged, the blemish will pop up on your credit report for only 10 years. However, if your case is dismissed, the mark will stay on your history for seven years for Chapter 13 and 10 years for Chapter 7.
Garnished Wages
When creditors threaten to garnish your wages, they are aiming to collect a percentage of your annual earnings to help repay the money that you owe them. Each bankruptcy lawyer will do his best to prevent your wages from being garnished so that you can live the same lifestyle you always had, no matter if you have a Woodland Hills bankruptcy attorney or a Pico Rivera lawyer. Not all instances will need your wages to be garnished; every individual’s situation is different, but normally low-income families will not have their wages garnished.
Foreclosure
For most middle-class Americans, their mortgage payment is the largest expense each month besides a car payment and utility bills. The downward spiral in the economy has seen a reduction of hours for most people while others have been laid off altogether, making it harder for people to make that monthly mortgage payment. Before the bank decides to foreclose on a residence, most individuals will file for bankruptcy to help keep a roof over their heads and stop any further harassment from creditors. No matter if you talk to a Thousand Oaks bankruptcy attorney or a Seal Beach lawyer, they both will tell you that it is better to file and keep your home than lose it to the bank.
The Effects of Bankruptcy
Yes, any class of bankruptcy will bring about ramifications, and some will be tiny while others will be a bit more significant for some families, but they are all worth eliminating the stress that comes with debt. For most, small effects will be seen, such as the difficulty encountered in purchasing a car or loan. Other major results caused by bankruptcy will appear when seeking to apply for a federal or private job, as most employers will carry out credit checks.
If your Chapter 13 or Chapter 7 bankruptcy case is discharged, the blemish will pop up on your credit report for only 10 years. However, if your case is dismissed, the mark will stay on your history for seven years for Chapter 13 and 10 years for Chapter 7.
Garnished Wages
When creditors threaten to garnish your wages, they are aiming to collect a percentage of your annual earnings to help repay the money that you owe them. Each bankruptcy lawyer will do his best to prevent your wages from being garnished so that you can live the same lifestyle you always had, no matter if you have a Woodland Hills bankruptcy attorney or a Pico Rivera lawyer. Not all instances will need your wages to be garnished; every individual’s situation is different, but normally low-income families will not have their wages garnished.
Foreclosure
For most middle-class Americans, their mortgage payment is the largest expense each month besides a car payment and utility bills. The downward spiral in the economy has seen a reduction of hours for most people while others have been laid off altogether, making it harder for people to make that monthly mortgage payment. Before the bank decides to foreclose on a residence, most individuals will file for bankruptcy to help keep a roof over their heads and stop any further harassment from creditors. No matter if you talk to a Thousand Oaks bankruptcy attorney or a Seal Beach lawyer, they both will tell you that it is better to file and keep your home than lose it to the bank.
Rob R. Nichols is a Woodland Hills bankruptcy attorney serving the San Fernando Valley. Nichols is a great Thousand Oaks bankruptcy attorney with fees as low as $895.00.
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