Mounting bills and the inability to keep your head above water is a very stressful situation many individuals face throughout their lifetime. When debt is overwhelming, people could lose their home to foreclosure or their car to repossession and find themselves in a very serious situation. A chapter 7/13 bankruptcy law firm can review an individual’s legal options with them to determine if bankruptcy is the solution they need . A law firm understands there are many reasons why an individual could have gotten overwhelmed and never judges them because of it.
How Can Chapter 7 or 13 Help?
Bank account garnishments only reduce a person’s income even further, and the threat of losing a home and having no place to live can all be stopped when they speak with a chapter 7/13 bankruptcy law firm. Creditors will no longer be able to call on the phone during all hours of the day and night once the bankruptcy is filed.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a great option for individuals who have a job with a regular source of income to establish a payment plan. These payments are negotiated mounts with the creditors and will last from three to five years. When the payments are complete, the rest of the debt is forgiven and the individual will not be able to file bankruptcy for several years.
Chapter 7 Bankruptcy
If a person has no source of income and very few assets, a chapter 7/13 bankruptcy law firm will suggest that they use this to discharge their debts. The bankruptcy court assigns a trustee who will sell assets the person didn’t claim as exemptions to pay the creditors.
Can an Individual File for Bankruptcy on Their Own?
Although an individual can file for bankruptcy on their own, this is never recommended. Missing deadlines or failing to submit the proper paperwork will void the proceeding. This could result in terrible financial consequences to the individual.
If you want to be free from the debt that has been holding you back, bankruptcy should be considered. For more information about an experienced lawyer who can help, please visit Law-margulies.com.