Living with debt can be crushing. When will the calls from creditors end? When will you be able to pay off your debts? Will you ever be out from under your credit card debt or medical debt? If you are struggling, it is crucial to seek the advice of an experienced bankruptcy lawyer and learn more about your options.
Bankruptcy: The Fresh Start You Deserve
There are many misconceptions about bankruptcy. Here are some important facts about bankruptcy:
• Due to its automatic stay, bankruptcy will put a stop to creditor harassment, wage garnishment and many repossessions.
• While there will be an effect on your credit rating, bankruptcy provides consumers with a chance to rebuild their credit. Most consumers already have severe damage or even irreparable credit at the time they consider filing for bankruptcy.
• Most people who file bankruptcy are able to purchase homes and vehicles again eventually after the bankruptcy discharge.
• Almost all filers to keep their home, car and some other possessions through the Bankruptcy Code's exemptions.
• If you are going through a divorce and need to file for bankruptcy, you have a wide range of options to customize your bankruptcy to fit your goals. You can choose to file jointly or individually, and you can also choose whether to file before or after your divorce.
Types Of Bankruptcy
The two types of bankruptcy available to most consumers are Chapter 7 and Chapter 13. Chapter 7 is a quicker process — three to five months — that results in the discharge of your debt. Chapter 13 is a longer process — three to five years — that consists of a payment plan before discharging your remaining debts.
Chapter 7 is usually preferable, but clients must pass the bankruptcy means test to qualify. For those who do not qualify, or those who are seeking to avoid foreclosure, Chapter 13 is usually the best option.
Is Bankruptcy Right For You?
To discuss your situation and options with our Barrington bankruptcy attorneys, contact us for a free consultation.
In addition to consumer bankruptcy, we also provide bankruptcy services for corporations seeking liquidation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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