Financial problems can arise with little warning. When someone loses a job, experiences an illness, or simply makes poor financial decisions, they can find themselves in over their heads with debt. The Bankruptcy Attorneys Near Me can help with financial woes. There are legal options for overcoming debt. Setting up a consultation for bankruptcy can help individuals to learn about their options so they can get started.
How to Get Started
To find out which bankruptcy option will be most beneficial, individuals should meet with a bankruptcy attorney. These attorneys help their clients understand the types of debt they are dealing with so the right bankruptcy is chosen. There are two main types of bankruptcies and understanding them will help individuals to make pragmatic decisions that will benefit their financial outlook.
Chapter 7 is a popular choice among people who want to overcome their debt as quickly as possible. This type of bankruptcy is best for those who have non-secured debts like medical bills and credit card debt. Chapter 7 requires the liquidation of all non-exempt assets so the debts that are owed can be paid off as much as possible. A third-party is placed in charge of accounting for all non-essential debts so they can be sold. This person also has the power to absolve certain types of debt. Typically, the bankruptcy is settled in as few as six months.
There is also Chapter 13 which is a type of bankruptcy that is especially helpful for homeowners who are facing the loss of their home due to foreclosure. Individuals applying for Chapter 13 must have a reliable wage coming in every month so they can start on a payment plan to slowly pay off the debts they owe. Most people are given three to five years, depending on the amount and types of debt they owe.
Schedule a Consultation
If you are interested in learning about which type of bankruptcy is best for your situation, contact the office right away. They will be happy to schedule a consultation appointment so the process can be started. Allow them to help you legally overcome your debts.