Personal debt can cause a lot of difficulties in an individuals life and they also usually become worse as time passes. For many people, the trouble begins with one late or missed payment and, over time, results in tax liens or wage garnishments. If you are proactive, you may be able to avoid a lot of the problems associated with excessive debt.
Nevertheless, if you’re now dealing with overwhelming consumer debt and you are unable to make an arrangement with your creditors, it’s probably the perfect time to get in touch with a lawyer. There are a number of ways a lawyer can help you with your debt problems. The first thing that happens after your paperwork is submitted to the court is an order for your creditors to stop contacting you regarding the debt. Assuming you are a good candidate for Chapter 7 bankruptcy, you might be able to Stop Tax Collection and even eliminate your outstanding tax debts permanently. Chapter 7 is an excellent choice for anyone with a considerable amount of credit debt with no valuable assets or real estate. Part of the bankruptcy process includes credit counselling to help you avoid making financial mistakes in the future. Bankruptcy can’t eliminate a lot of different types of debts. Should you have old tax debt and you meet the criteria, you’ll have the opportunity to reduce or wipe it out via bankruptcy. Depending on which type of financing you obtained and which school you attended, you may additionally have the opportunity to add your education loans into your Chapter 7 or Chapter 13 bankruptcy case. You can expect your attorney to take a lot of time going over all of your debts to figure out if Chapter 7 or Chapter 13 bankruptcy protection is better within your individual case.
You may have already tried other ways to reduce your debt. Some of the most popular today are debt settlement and credit counselling. You’ll talk about them with your counsellor and decide whether they may be good alternatives for you. If you are at a point where your debts aren’t manageable, chances are that you won’t be able to complete one of these plans. However, your counsellor will provide a lot of valuable information that should help you avoid getting into financial trouble and need to get legal assistance to Stop Tax Collection again.
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