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Top Questions to Ask Your Attorney During the Initial Consultation

If you have fallen on hard financial times, you're not alone. You can always get legal consultation, especially when handling your home or whether bankruptcy is right for you. Is it time to talk to a foreclosure attorney? Here are questions to ask during a consultation.

How Long Is the Bankruptcy Process?

Whether you file Chapter 13 or 7, it's not an overnight process. According to Nolo, a legal site dedicated to helping small businesses and everyday people get answers to their legal questions, most Chapter 7 cases can take around six months to complete. On the other hand, Chapter 13 may be a three to five-year process. Unfortunately, many attorneys don't file Chapter 7 for their clients, even when they should. The client may be dealing with this situation a lot longer than they should.

Which Bankruptcy Options Protects My Home the Best?

When you file Chapter 7 bankruptcy, it creates a delay in the foreclosure process. A process known as automatic stay is triggered, and it can hold off collection by your creditors, including foreclosure. If your home hasn't been sold by way of foreclosure yet, the filing can at least stop it in the meantime, so you can make plans with your foreclosure attorney. Chapter 13 stops your home from foreclosure, but you pay the court large installments since the payback time is only five years or less.

Why Do People Not File a Chapter 7?

In between the two bankruptcy types, you can get Chapter 7 in a much faster time than your Chapter 13. However, people may avoid filing Chapter 7 due to how many assets they have, especially if they have a great deal of equity built. Plus, your Chapter 7 eligibility depends on your income. Therefore, if you make more than a certain level, you may have no choice but to file a chapter 13. Most people don’t want to lose property such as their home and other assets, which they would have to liquidate under Chapter 7. According to our experts, a Chapter 7 filing doesn't help protect the cosigners listed on your debts.

Being in a position where you must call upon a foreclosure attorney can be stressful for anyone. After all, you don't want to lose your home or other assets. However, filing for one type of bankruptcy may be the only solution. Contact Wiley & Jowers today for a free consultation.

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