Debt Relief Archives - Square One Legal

How can bankruptcy help?

S1L — Thu, 27 Jan 2022 04:09:04 +0000

The word might seem scary, but bankruptcy can be a good thing. Protecting you from creditors can help reduce stress and allow you to make calmer financial decisions, but it can also eliminate debts that feel impossible to pay off. It can be a good place to start rebuilding credit and can protect your living situation by allowing you to keep things you need to survive, like a place to live and income you need to live on! While it may not discharge all your debts, it can negotiate easier terms and make your financial future more manageable.

Talk to a bankruptcy lawyer today to consider if it’s the right action for you.

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Should I talk to a lawyer or a debt relief agency?

S1L — Thu, 27 Jan 2022 04:07:45 +0000

Caution is advised when making big decisions, and while debt relief agencies may appear to have the “quicker and easier” options, these may cost you financially in the future. Financial problems often stem from long-term problems, and short-term solutions can be like putting a band-aid on a broken arm; it looks like you’re doing something, but it’s not actually helping you heal.

Lawyers and bankruptcy attorneys often offer free initial consultations (like us) where you can get a full perspective on your financial options, and what the long-term cost will be. Urgency shouldn’t cost you money, so make sure you weigh your options before making any big decisions.

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I need debt relief advice, where do I start?

S1L — Thu, 27 Jan 2022 04:06:33 +0000

The best place to start is by talking to a professional. It can seem like a good start to search online for answers, but different sources may tell you, or imply several things, and it can make the process more overwhelming. Keep it simple by talking to a professional who will give you the right advice for your circumstances.

We offer free initial consultations by phone wherever you are in Hawaii with no strings attached. You don’t need to be applying for bankruptcy to talk to a bankruptcy lawyer, often they can guide you towards the right steps for you, and help you navigate your own path towards your debt relief goals.

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Do you offer free consultations?

S1L — Thu, 27 Jan 2022 04:05:18 +0000

Yes, we do! Wherever you are in Hawaii, our firm provides free initial consultations regardless of your situation. We know that weighing your options is very important, but big decisions shouldn’t cost you when you need to be tender with your finances. You can’t afford to not take advantage of a free consultation.

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My debt situation doesn’t seem to match with the options available… What should I do?

S1L — Thu, 27 Jan 2022 04:03:41 +0000

The best option is always to talk to a professional. Your situation is unique to you, and online answers aren’t always as helpful as they seem. A bankruptcy lawyer or attorney proficient in the laws of their region will be able to tell you what options are available to you and where the best place is to start.

Take advantage of our offer for free initial consultations in Hawaii with no commitment required. The best place to start is getting answers from the professionals!

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How do I get rid of debt without losing my house?

S1L — Thu, 27 Jan 2022 04:02:10 +0000

Bankruptcy is usually the most effective way to discharge your debt and protect your home, so long as you do it the right way. Do it the wrong way, and you risk losing your home.

First, you need to determine how much equity you have in the property, which is the property’s value minus all the obligations/liens against the property (common obligations are mortgage, HELOC, tax or judgment liens, etc.).

Second, if there’s no equity or minimal equity, Chapter 7 bankruptcy (if you qualify), may be safe to file without the risk of losing your house. If you have a lot of equity, you should consult with your attorney to determine whether you can exempt (protect) the equity in bankruptcy. If the answer is yes, you should discuss the option of filing chapter 7 or 13 with your bankruptcy attorney.

If you can’t protect the equity in your property in bankruptcy, you may be able to file chapter 13 bankruptcy to repay part of your debt at 0% interest or prefer to settle with your creditors outside bankruptcy.

For the best advice on your options in Hawaii, schedule a free consultation with our Honolulu firm in person or over the phone.

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How can I avoid foreclosure?

S1L — Thu, 27 Jan 2022 03:47:23 +0000

You have three ways to deal with foreclosure.

First, catch up on payment in full, which is usually easier said than done.
Second, hire an attorney to defend you in the foreclosure case. That’s a good option if you have a strong case for wrongful foreclosure or wrongdoing on the part of the lender, or when the mortgage balance exceeds the property value and you apply for a loan modification, or if you plan to sell the house within a few months and want to complete a non-distressed sale.
Third, file Chapter 13 bankruptcy that stays the foreclosure proceeding (pauses the proceeding) while you either repay your arrears (back payments) over five years (in addition to your ongoing regular payments, or sell the house, or apply for a loan modification (usually effective for 6-12 months). The bankruptcy option is usually considerably less costly than foreclosure defense. Therefore, it should be the preferred method when there’s a lot of equity in your property and the foreclosure is due to non-payments and not mortgage lender’s fraud or wrongdoing.

There’s no one-size-fits-all solution, and your best option is to talk to a professional who specializes in the laws governing your state. If you live in Hawaii, we offer free consultations in Honolulu, or over the phone if you can’t travel.

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Do I need an Attorney?

S1L — Thu, 27 Jan 2022 03:42:15 +0000

Cheap can be very expensive! The legal system is complicated, and while there is no requirement for a professional to represent you, there can be a lot of potential legal traps that may have long-term consequences for you and your finances. Having an expert on your side to navigate these difficulties can be a massive difference between a successful case and potential further debt or legal trouble. But don’t let doubt rule your decisions.

By scheduling a completely free consultation with one of our bankruptcy attorneys, you have the freedom to weigh your options and decide what’s best for you.

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Is bankruptcy my only option?

S1L — Thu, 27 Jan 2022 03:26:12 +0000

Absolutely not. There are several alternative debt relief options you should consider. You can consider debt settlement with each creditor for a lumpsum payment or installment plan, a global settlement with all your creditors to repay a percentage of your debt (usually between 40%-70%) paid in installments for a monthly fee you can afford. Debt consolidation to reduce your interest rate is also a viable option. While bankruptcy tends to be the fastest and most affordable option, some people prefer to spend more $$ over filing bankruptcy. That is, so long as you take into consideration that you may not qualify for a debt consolidation loan, or some of your creditors will refuse to settle for less than the full balance owed. The key is to figure out what is best for you and actively pursue it.

If you’re in debt, having trouble paying off loans, or just overwhelmed and not sure what to do, book a free consultation with our Honolulu-based bankruptcy attorneys. Their expertise and understanding can help guide you through your options.

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