There may be a Third Lake bankruptcy lawyer out there that is charging for the first consultation. I feel this is inappropriate in that they are not actually providing a service yet. I like to give clients all the information up front and then let them make a decision as to whether or not they want to hire my law firm or not. If they decided to hire my law firm then we will enter into the proper contracts and the representation will begin. In the event that they do not wish to hire my services and they just want to gain information they are free to do that and I wish them the best of luck in the future.
There are options if you want to try avoiding bankruptcy as well. Some people can work out deals with creditors and work into a monthly payment plan and avoid bankruptcy. Other people are basically collection proof where their income is protected and exempt under State law. For those people they may want to file bankruptcy just to eliminate the harassment but in reality they don’t have to because they’re not going to have to pay the debt back.
In other cases it’s better just to let the creditor garnish your wages and take 15 percent of your income. If someone has assets but doesn’t have the ability to reorganize under a Chapter 13 then allowing your creditor to garnish wages and take 15 percent may be the best option.
When you meet with a bankruptcy lawyer, make sure that you explore all of your bankruptcy and non-bankruptcy options. An honest bankruptcy attorney will advise you as to whether or not you really need to file a bankruptcy case or not.
If you are about to lose your home to a Sheriff’s Sale the only way bankruptcy will help save your home is through a Chapter 13 Reorganization. A Chapter 13 Reorganization will allow the homeowner to make the regular mortgage payment once again and pay the mortgage arrearage over the next three to five years. The amount of the monthly payment to the Chapter 13 trustee is determined by the person’s income, expenses, assets and liabilities. The Chapter 13 trustee is going to make sure that the debtor is putting all of his disposable income towards his repayment plan, provided the debtor can repay the mortgage arrears and either all or a portion of the remaining debt over the next three to five years, the case will be recommended for confirmation and will likely succeed, provided the debtor makes all of his payments on time.
Since Chapter 13 is a complicated case I strongly recommend that you hire an experience Chapter 13 bankruptcy lawyer to assist you in the process. If you think that you can file bankruptcy yourself you are likely going to have a problem; you are not familiar with bankruptcy law, you are not familiar with the Chapter 13 trustee, the bankruptcy judge or any of the documents that need to be filed in the case. You might think that you’re saving money by filing a case on your own; in reality the likelihood that your case is going to get dismissed is high and you are probably going to hire an attorney for your second go around; thus, don’t make the mistake of trying to file bankruptcy yourself. Make sure that you hire competent council who can assist you every step of the way in your success of your Chapter 13 bankruptcy case.