Are you getting constant calls from debt collectors? Do you have tons of credit card debt? Have you lost income because of unemployment or an illness? Maybe you got sick and you can’t afford to pay your medical bills. Or you can’t afford your mortgage payment placing your home in foreclosure.
In our sluggish economy, many people are struggling to pay for their everyday expenses and are burdened with a mountain of debt. When you can’t keep your head above water bankruptcy can offer you relief and keep you from losing your car or home. A bankruptcy attorney can help.
Declaring bankruptcy is not an easy decision for a person to make, but some have no alternative. The bankruptcy process was developed to allow people to shed debt and get a fresh financial start. It can also put an end to all the harassing phone calls from creditors.
Individuals have two bankruptcy structures to choose from; Chapter 7 or Chapter 13. Both of these debt relief structures have the same end goal, to eliminate your debt, but they differ in how that goal is achieved.
Chapter 7 is also referred to as liquidation and is the best structure for individuals who don’t have a regular source of income. This structure can delay foreclosure and allow you to keep your primary car, but you may have to sell off other assets or items of value with the proceeds going to your creditors. Once creditors are paid, your remaining debt will be eliminated, giving you a clean slate.
If you have regular income, but just need more time, Chapter 13 may be the best structure for you. Under this debt relief plan, the filer will be given the chance pay their creditors over a period of time dictated by your income. This plan gives you 3 to five years to pay your creditors and erase excessive debt.
All the stress stemming from your debt can be erased with the right bankruptcy foundation, all you need to do is contact a and find out how they can help.
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