One of the types of news stories that we hear about almost daily is related to the high percentage of Americans that have or are projected to declare bankruptcy. Many people with challenging financial situations are turning to bankruptcy attorneys in Oceanside in order to find out more about their options. Some of the actual benefits of bankruptcy include stopping or preventing an imminent home foreclosure, stopping debt collectors from harassing you, and allowing you to start over financially.
You may wonder how the bankruptcy attorneys in Oceanside can actually help residents to keep their homes from getting foreclosed on. By discussing bankruptcy with an experienced attorney, you can understand that certain assets can be protected under certain bankruptcy laws. Depending on whether or not you meet the conditions as laid out by the law, you may be able to keep your home and continue to make payments. With a Chapter 7 bankruptcy, there is a temporary halt to the foreclosure process which may give you a chance to refinance the home or even to sell the property and pay it off. With a chapter 13 option, you may have up to five years to catch up on missed payments and may have time to refinance or sell the property. These are not simple issues, and discussing them with experienced bankruptcy attorneys in Oceanside is definitely the best way to go.
As far as debt collectors go, there are laws that regulate what they can and can’t do, but some debt collectors do not always follow the law. Your bankruptcy attorney can help you decide whether you are being harassed illegally and can help you know what to do about it. Once you tell them to stop contacting you, they must legally stop making contact.
When you have your debts discharged through a bankruptcy, it means that you either no longer owe those debts or you have a specific repayment plan that allows you to pay them in a certain period of time, usually at a lower rate or a lesser amount. This means that the overwhelming burden of debt can be lifted from your shoulders. The whole experience of bankruptcy can be quite stressful, so knowing that you are working with experienced bankruptcy attorneys in can help to give you some peace of mind as you go through this experience and work to get back on solid ground.
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