If you have never considered filing bankruptcy for your debt, you could be missing out on an option that would allow life to be much easier for you. Bankruptcy can help you to be free of your debt in as little as six months, depending on the type you file for. Through the legal help of a Consumer Bankruptcy Lawyer, you can learn about your options for filing for bankruptcy so you can make an informed decision on which type will benefit your financial situation.
Many people choose chapter 7 bankruptcy because it is the fastest to be settled. Chapter 7 requires you meet certain qualifications before you can proceed. Your income will be looked at and must meet the median level or be below it. If you meet this requirement, your assets will be surveyed. You are allowed to keep any essential property, like your home and car. Other excess property will be sold to pay off your debts. If you do not have any excess property, your debts may be absolved through the trustee, depending on their type.
If you make too much money to qualify for chapter 7, the Consumer Bankruptcy Lawyer can present you with another option. Chapter 13 bankruptcy has no major restrictions. You simply submit all of your debts to the court. Based on your monthly income, you will be required to pay a monthly payment. This amount is split up among those you owe so they can be paid down over a period of two to five years. You do not have to liquidate your property in this type, which may be preferable for those who own substantial assets.
To learn which type of bankruptcy will benefit your needs, it can be helpful to contact Hitchcock & Associates P.C. They will be happy to meet with you and go over your financial situation. By looking over your debts, income and assets, they can help you make the decision on which you should file. Allow them to help you overcome your debt so you can be free of stress and help to secure a better financial future. For more information Click Here.
