If you own property, the prospect of bankruptcy becomes even more serious. You may have people who rely on you for a place to live or for a place to work. If you are under the pressure of having to consider bankruptcy, you need to be aware of all of your options before you make a move with your creditors. After all, you are responsible for much more than just yourself.
– Protecting your Property First and Foremost
Your first concern should be protecting the ownership of your property throughout the bankruptcy process. First of all, you should congratulate yourself on taking the legal step to assume ownership of a piece of property. Simply assuming this responsibility gives you a great deal of leverage over someone who does not own any property; bankruptcy law is written to preserve ownership of property in most cases. Do not believe that you have to give up any of your land or assets just because you are getting pressure from your creditors. They understand that putting this pressure on you may provoke an emotional response that will encourage you to sell your property to them at a huge discount. This is one of the oldest business tactics in the book; however, you do have rights as a borrower that can help you to preserve anything that you have assumed responsibility for.
The law for bankruptcy, especially the law as pertains to property rights, is changing all the time. If you are trying to protect your assets, you likely do not have the time to look up all of the relevant laws and deal with the day to day pressure of keeping creditors out of your pockets and away from your assets. This is something that you should outsource as soon as possible.
You can rest assured that your opposition will definitely have some sort of legal assistance on the case if you have any property of value. The sharks smell blood in the water, and they are trying to capitalize on you in a moment of weakness. You need the same kind of legal assistance that they have on your side so that you can fight their legal moves with a proper and swift legal defense.
– Facing the Problem
Your opposition is going to try everything in order to create an emotional and financial burden that is simply too difficult to withstand. They are looking for you to disconnect rather than to take on your problems headfirst. If you do this with the proper legal defense on your side, the odds are that you will be able to keep most of your property. Even if you end up with a higher interest rate on your payments to your creditors, they have lost if they were not able to obtain what they really wanted in your bankruptcy – your property.
If you have a good legal defense, you also have more time to make things right with your creditors. A great deal of success in the court system is all about having your administration properly managed – there are ways to freeze the process so that you have your time to get together money to pay down some of your debts. This may also be a good way for you to reserve your property if it is being attacked by your creditors in a bankruptcy case. There are no guarantees, but you will never know unless you have someone on your side who knows the process from beginning to end.
– Your Legal Defense
Do not talk to your creditors again without the proper legal defense by your side. Give us a call when you are ready to protect yourself legally and give yourself advantages that you simply will not have without an experienced law firm. We pride ourselves on giving you the upper hand in all negotiations so that you can decide on your best strategy without the emotional and financial pressure of your creditors on your back.