Say you're in debt over your head, creditors are calling night and day, you fear your home will go into foreclosure, and though you have a job you just don't have the money to pay everything off. This is a problem many people across the country face.
However,many are confused on their options. You do have options in this circumstances. This guide introduces you to bankruptcy, especially Chapter 13 bankruptcy, why you might want to file, the advantages of filing, and how to successfully file.
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How Chapter 7 Works
This form of bankruptcy helps you liquidate your assets to pay back debt. This commonly includes selling assets such as your home, car, and other property. There are some exemptions for what the creditors can take. The good news is, you can cancel some or all of your credit card debt. The bad news is, you might lose your home or car because of the debt.
Why Chapter 13 Can Be Better
With this form, the opening sentence of this article comes into play. You have a lot of debt and assets, but you have a job which pays you enough. Beyond your main expenses, you can afford to pay back creditors just not as fast as they want. You want to keep your home, you want creditors to stop calling, and you want to avoid wage garnishment. This form of bankruptcy can do all these things and more.
Advantages
-Save your home from foreclosure, stop foreclosure proceedings, pay mortgage over extended period
-Extend secured debts, lower monthly payments on debts
-You will have no direct contact with creditors; there is no reason for them to call you anymore
These key advantages can help in the situation we discussed. Chapter 7 bankruptcy is more common, but with new bankruptcy laws you may be forced to file under Chapter 13 if you have enough income.
Choosing an Attorney
Bankruptcy law can be complicated; it changes every year. If you want to clear debt, perhaps Chapter 7 is the right method for you. If you make enough money or want to save your home from foreclosure, Chapter 13 can buy you time and consolidate payments so you can afford them and still live normally.
Since law can be complicated, sometimes you need an expert in your corner.
How do you hire an attorney?
For personal bankruptcy, you need a professional. You can find many good attorneys online, but some who specialize in this form of law. You want a specialist who has years experience and is not overloaded with clients. An attorney should consult with you on a weekly basis, should not overcharge you, and should educate you on how this process works.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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