Dealing with a lot of debt can be stressful for most people. Collectors will often do all they can to pursue those who owe them money. The constant harassing phone calls and letters can be more than just a simple nuisance. When a person feels they are drowning in debt and unable to rise above it, it can be beneficial to hire a Bankruptcy Attorney. An attorney can review the debts that are owed so the right type of bankruptcy can be filed.
There is a couple of different options consumers have when it comes to filing for bankruptcy. Chapter 7 is typically for consumers who have mostly unsecured debt. This is perfect for those with credit card debt or medical bills.
In chapter 7 bankruptcy, the applicant lists all of their debts. Their income is reviewed to make sure it is not too high to be eligible. With this type of bankruptcy, their assets are also reviewed. Any non-essential assets may be placed for liquidation so the debts owed can be paid down. If no qualifying property is owned, a trustee can absolve the debts in six months or less.
There is also the option of filing for chapter 13. This bankruptcy has no income requirements and does not require the liquidation of property. In this type of bankruptcy, a payment must be paid each month to the court. This amount is dispersed among those who are owed so the amounts can be paid down during the bankruptcy period. Chapter 13 bankruptcy lasts from two to five years, depending on the amount of debt owed and the monthly income amount.
To find out which type will be beneficial for your financial needs, it is a good idea to meet with a Bankruptcy Attorney. An attorney will be happy to go over your finances, income and assets to see which bankruptcy you will qualify for.
Whether you need consumer debt help or business bankruptcy information, a lawyer can help. The sooner you meet with an attorney, the sooner you can be rid of your debts and the annoying calls from creditors. You can also check or their Google+ page for more information.
