It is an unfortunate truth that financial troubles can happen to anyone. Whether due to unexpected life events such as medical emergencies or job loss or simply due to poor financial decisions, finding yourself in debt can be a stressful and overwhelming experience. However, there is a solution that can provide a fresh start and relief from the burden of debt: filing for bankruptcy. While it may seem intimidating and confusing, a bankruptcy attorney can guide you through the process and ensure that you have the best possible outcome.
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The Pros And Cons Of Five Year Chapter 13 Repayment Plans
When you file for Chapter 13 bankruptcy relief, you generally choose either a three-year repayment of qualified debts or a five-year term. Both options have their pros and cons. To help you decide if the five-year term is right for you, here are a few of the most important pros and cons of this longer commitment.
The Pros of Five-Year Plans
The primary reason most people choose the longer payment plan is to reduce monthly payments.
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Bankruptcy: Don't Go Through It Alone
For those considering filing for bankruptcy, this is not the time to turn your back on legal help. Bankruptcy is not a simple process, and it's easy to accidentally make mistakes that could cost you far more money than you might save. Still unsure about the need for a lawyer? Read below and find out more.
Can You File Now?
One of the most surprising aspects of Chapter 7 bankruptcy is that filers must pay attention to what they have been doing for several months before they file.
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What Does It Mean To File For Bankruptcy
Bankruptcy has had a bad rap for way too long. It's often been looked at in a negative way, and those that have filed have had a red mark on their back for years because of it. Bankruptcy is not a bad thing, it should be looked at as a way to start over again and a way to learn from the mistakes you made in the past. Bankruptcy may have had to be filed for a number of reasons, some of them being out of your control, including the loss of a job, a divorce, or an unexpected medical issue.
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