When you find yourself in need of assistance, you may want to consult with Mike Mcenroe a bankruptcy lawyer. These professionals can give you advice about how to deal with your business debts, as well as the legal options that may be available to you. They also can help you file for Chapter 7 or 13. During a consultation, you will get to know more about the steps you need to take, and you can be prepared for the process.
Prepare for a consultation
If you are in financial distress, you may be thinking about filing for bankruptcy. You may think that your debts are under control, but a consultation with a bankruptcy lawyer can help you understand how to move forward and restore your financial stability. Before you go to a consultation with a bankruptcy attorney, you should take some time to prepare.
The first step is to gather all your pertinent information. This includes details about your assets, your income, your expenses, and your debts. Once you have this information, you can write down questions that you have about the process.
It is also important to find a bankruptcy attorney that can handle your case. You should check with your local bar association or legal directory.
Get advice on dealing with business debts
If you’re looking for a way to make your life and your business easier, consider debt consolidation. This is an inexpensive and effective alternative to a bankruptcy that can save you hundreds of thousands of dollars and improve your credit rating at the same time. Depending on your financial situation, you may be able to take out a loan secured by your business’s assets. Some lenders will even accept a settlement for a smaller sum. To learn more about this gimmick, contact a reputable lender and ask for a free consultation. A good debt consolidation company will also be able to recommend a qualified attorney.
While the most important step is to get a firm handle on your financial situation, a debt consolidation company can help you determine which loans are best suited for your needs. They’ll be able to provide a variety of services from reducing monthly costs to helping you obtain the best rates on a loan that is tailor made for you.
File for Chapter 7 or 13
Chapter 13 or Chapter 7 bankruptcy is a legal process that allows people to eliminate most debt. You must file for a bankruptcy and then submit a repayment plan to the court. The court will then approve your plan. Your debts will be discharged after you have completed your plan.
A court-approved repayment plan will require you to make payments over three to five years. If you do not have sufficient income to make these payments, you may not qualify for bankruptcy. However, if you can afford to repay some or all of your debt, you may be able to get a discharge.
A Chapter 13 bankruptcy is the more common of the two types. It is a good option for people who have an ongoing income but are behind on secured debt. In a Chapter 13, you can keep your property and have more control over your creditors.
Negotiate with creditors
One of the most important things you can do if you are overwhelmed by debt is to negotiate with your creditors. If you can do this, you may be able to avoid bankruptcy. But before you go to the negotiating table, there are some tips you need to keep in mind.
First, it isn’t enough to just write a letter. You should actually send it in certified mail. This will give you the best chance of getting the response you want.
Second, you need to make sure you use the right words. A well-written letter will let your creditors know you are serious. And they will appreciate the effort.
Finally, you need to understand the process. When negotiating with your creditor, you can try to get a new payment plan with a lower interest rate. Other options include filing for bankruptcy or a debt settlement.
