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5 Key Indicators You Need To Hire Bankruptcy Lawyers As Soon As Possible

Filing for bankruptcy is not always pleasant. There are several legal procedures that you must go through, and you have to understand all your options before making a decision. If you don't want to stress yourself with this process, hire bankruptcy lawyers. They'll guide you through every step, ensuring you get the best outcome for your case. Here are five key signs that you need to seek the assistance of these professionals:

Your Debt is Overwhelming

If your debt is so high that you can't imagine ever paying it off, bankruptcy may be the best option. An attorney can find out if you qualify for Chapter 7 or 13. The former enables you to liquidate your assets to pay off creditors, while the latter will allow you to reorganize your debt and set up a repayment plan. Chapter 13 bankruptcy may be a good option if you have a regular income but can't keep up with your debt payments.

You're Falling Behind on Payments

When you're struggling to make minimum payments on your credit cards or other debts, you should seek legal help. A lawyer can negotiate with creditors on your behalf and devise a plan to get you back on track. If you can't agree with your creditors, they'll advise you on the bankruptcy option to file for. 

Your Creditors Are Harassing You

If creditors are calling you constantly or showing up at your home or workplace, you need to hire a bankruptcy attorney. These lawyers will end the intimidation by sending your creditors a cease and desist letter. They'll also negotiate with these individuals and create a repayment plan that favors you.

A Creditor Has Sued You

If a creditor sues you, you need to take action immediately. Otherwise, they may get a judgment against you, which can lead to your wages being garnished or your bank account being frozen. If you have any assets, the creditor may try to take them. Bankruptcy lawyers can help you deal with a lawsuit and protect your assets. With them by your side, you have a better chance of winning your case.

You're Facing Foreclosure

Facing foreclosure and being behind on your mortgage payments isn't a pleasant experience. You may lose the home you've worked so hard for or be forced to sell it at an auction. The good news is that a bankruptcy lawyer can help you keep your home. They'll also tell you your options and work with your lender to find the best solution.

Hiring bankruptcy lawyers is an excellent idea if you have overwhelming debt. They'll protect you from intimidation and harassment and create a manageable payment plan. Contact a law firm such as Knollmeyer Law Office, PA if you're struggling with your finances.