Debts of all kinds can compromise your quality of life. When you owe money to hospitals, doctors’ offices, credit cards, and other creditors, you may find it difficult to make payments on time. You also may risk collective actions that range from garnishments to liens put on your assets.
Rather than allow your finances to be negatively impacted by debt, you could liquidate most or all of it by using legal means available to you. You can find out more by consulting with a debt consolidation agency, a credit rebuilding law firm, or a chapter 7 bankruptcy lawyer in Pittsburgh, PA today.
The Benefits of Liquidating Debt
When you file for this chapter of bankruptcy, you may find out quickly that you might be able to liquidate most or all of your debts. Some debts like student loan obligations, back taxes, or delinquent child support or alimony cannot be forgiven and dismissed in bankruptcy. However, other debts like credit card obligations, payday loans, and medical bills often can be dismissed and forgiven altogether.
Before you file, you and your lawyer will compile a list of your debts and then determine what ones to include with your case. Preparing your case can take a month or two. It then will be scheduled a time on the court’s docket. You have to appear in court on the date that the judge schedules for you.
During the hearing, the mediator working on behalf of the judge will ask you about your income, assets, and other finances. You are expected to answer honestly and to the best of your ability. Your lawyer will be in court with you to assist you in answering the mediator’s questions.
The entire process of filing for bankruptcy might be worth it if you could liquidate debts in your name. You could get a fresh financial start in life. You also could avoid serious collection actions like garnishments and asset seizures. You can get started with this action by going to the lawyer’s website today to set up a free consultation.