Bankruptcy Lawyers & Attorneys Nationwide

Don't get down about growing past due balances or creditors calling at all hours, credit card debt or overdue medical bills. If you take immediate action, you can get help before it's too late! You may qualify for protection under the U.S. Bankruptcy Code, and filing bankruptcy may help you regain control of your financial future.

There are two main options offered by the U.S. Bankruptcy Code for people in financial crises. For some, filing Chapter 7 bankruptcy offers the opportunity to discharge unsecured debts and get started on the path back to financial stability. For others, filing Chapter 13 bankruptcy allows the repayment of secured debts like their mortgage debt over time.

You should know that filing bankruptcy is just one among many options for recovering from financial setbacks. In order to make the best decision for your situation and future, you need to educate yourself about all your options for filing bankruptcy and then take action as soon as possible. At DebtRelief.us.com, you will find hundreds of pages of bankruptcy information that you can use as a resource for learning more about the U.S. Bankruptcy Code and your legal options.

Despite our many informational resources on filing bankruptcy, there is no substitute for the advice and guidance of an experienced debt relief professional. We provide a fast and easy way to find a debt relief professional in your area. Our bankruptcy and debt relief partners can help you find an objective point of view on your current financial situation, separate the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, and help you move confidently forward as you make your next move, whether that does or does not include filing bankruptcy.

Though media coverage of debt relief programs tends to lump them all together, there’s actually a great difference between the competing debt relief solutions. The bankruptcy plan is often compared, for example, to debt settlement, and to consumer credit counseling, but much separates the superficially similar methods.

Bankruptcy - Bankruptcy should be considered only as a last resort. The effects of filing for Bankruptcy protection are long-lasting – up to 10 years in certain states. Recently the rules for filing Bankruptcy changed, and it is now harder than ever to “wipe the slate clean”...Bankruptcy continued

Debt Settlement - Debt Settlement is the fastest and least expensive way to get out of debt. Often referred to as Debt Negotiation, Debt Settlement is a direct and ambitious approach to debt reduction and it is best suited for individuals that have considered filing for Bankruptcy protection...Debt Settlement continued

Debt Consolidation - Also called a Consolidation Loan, Debt Consolidation is the replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. Unfortunately the credit markets have tightened in recent months and if your FICO credit score is less than 660 your options for an unsecured Debt Consolidation Loan are going to be severely limited...Debt Consolidation continued

Credit Counseling - Consumer Credit Counseling companies are organizations that operate nonprofit financial counseling programs. Typically they will charge a fee for their services and they attempt to work with your creditors in order to reduce your interest rates and your minimum monthly payments. Recently, many credit counseling organizations have faced scrutiny because of their misuse as a "nonprofit" organization...Credit Counseling continued

Do Nothing - You struggle along while your creditors are turning up the heat. And now you’re at the point where the late fees, penalties and interest expense make it impossible to keep your head above water. That’s why you started looking for help. That’s why you are reading this page. The worst thing you can do at this point is to Do Nothing. You owe it to yourself to speak with a Debt Management professional as soon as possible...Do Nothing continued

The most immediate effect felt by filing bankruptcy is the automatic stay. After filing bankruptcy protection, the automatic stay immediately stops most creditors from contacting you and collecting on debts. And the relief doesn't end there! The automatic stay also prevents garnishment, lawsuits, and repossession (including foreclosure).

Perhaps the most comforting part is, if a creditor should decide to ignore the automatic stay and continue hassling you, he will face serious consequences. For more on how the automatic stay works after filing bankruptcy, continue reading at DebtRelief.us.com or request information from a bankruptcy and debt relief professional.

Recent government legislation intended to protect consumers from unfair harassment (the Fair Debt Collections Practices Act), greatly limits collection agencies’ contact with consumers. Depending upon the state, there are regulations specifying when and how often collection agents can call, and, if the agency’s informed in writing that the borrower no longer wishes to be bothered, they’ll be legally restrained from any attempts. Furthermore, once the borrower begins working with debt relief companies, the debt collector will be forced to submit all correspondence to the settlement professional. FDCPA regulations force collection agencies to speak with whomever holds power of attorney within debt negotiations.

There’s no easy answer, but borrowers with elevated debt-to-income ratios certainly have a greater likelihood of immediate assistance. The probability of successful debt relief negotiations varies dramatically based upon the borrower’s home state, the specific debts accrued, and credit activity within the past year. Also, those debtors who have suffered recent accidents or injuries, underwent medical procedures, faced unexpected and/or lingering unemployment, underwent divorce, or went through any life-altering trauma that forced sudden dependence should expect creditors to look upon their situation with greater understanding.

Every borrower’s situation is different, but there are indications that drive most consumers to consider debt relief: sudden or lingering unemployment; health problems, sleeplessness, or familial conflicts due to mounting bills; inability to start new credit accounts; bounced checks or continually overdrawn bank accounts; regularly withdrawing cash advances from a credit card to pay minimum payments on other cards; all cards are nearing maximum balances; minimal or non-existent savings; utilizing credit for household purchases or utilities. Obviously, accounts sent to collection and harassment from debt collectors should be an immediate signal that there’s a problem. As a rule of thumb, if your debt-to-income or DTI ratio of unsecured debt reaches twenty-five percent, there’s likely a problem, and, if you’ve no idea as to your actual balances because you’ve been avoiding the statements, it’s time to speak with a debt relief company.