When the harassing phone calls never seem to stop, debtors can feel like they are drowning in their debt. Debt collectors will go to any means possible to get the money they are owed and this can leave a person feeling overly stressed. Thankfully, there is help available through a Debt reduction attorney for bankruptcy. Knowing what to expect from the process is important for allowing a person to make the right decision on whether or not they will seek legal help for bankruptcy.
Options For Bankruptcy
When someone is dealing with more debt than they can handle, it is important they learn about their options for filing for bankruptcy. There are two main options for individuals and couples to file. The following offers a brief explanation of each type so an individual will better understand their options.
Chapter 7 is a type of bankruptcy that is used to help individuals quickly overcome the debts they owe. It is recommended those with primarily secured debts seek this type of bankruptcy. Those with credit card debts and other unsecured debts will find the best results with chapter 7. In as few as six months or less, individuals can overcome their debts and find a brighter financial outlook. The individual filing for chapter 7 will need to have their non-exempt property liquidated to pay off the debts they owe.
Chapter 13 is another option for those who want to file bankruptcy. This option is helpful for those with secured debts, such as a mortgage. Individuals who file chapter 13 bankruptcy are able to avoid foreclosure and be given time to pay off the debts they owe, usually three to five years. A monthly payment is made to the court each month and this amount is dispersed among the creditors so the debts are paid down.
Learn More Today
If you are tired of dealing with excess debt, now is the time to get legal help. Hiring a lawyer can allow you to learn more about your bankruptcy options so you can make a sound decision for your financial needs. Call the office today if you are ready to get started.