If you are in dire financial situation either because of job loss, extensive credit card debt, loss of loved ones or unpredicted medical expenses, you need to make some changes in your expenses to keep up with any monetary obligations and daily needs. These changes can cause stress and disruption which is why it is important to find a way to get your finances under control. There are many ways to do this and filing for bankruptcy is something that you can take a look at.
As an individual debtor, your options in filing for bankruptcy could be Chapter 7 or Chapter 13, depending on your situation. Chapter 7 is about liquidating assets that are not under protection from the law and using these assets to pay for your creditors. This type of chapter is often referred to as "straight", "regular" or liquidation and dismisses all the unsecured debts without the need for repayment plan. Usually, the assets are sold by a trustee where the proceeds are divided among creditors. Assets that cannot be sold are the ones used as collateral for secured loans. You have the option to forfeit these assets used as a security of the loan so that the debt will be discharged.
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Chapter 13 has a different story. Basically it is a repayment plan that will last for three to five years. When you are considering filing for bankruptcy under this, you will need to work out a repayment plan that the court can approve. This plan should be able to pay all or part of your debts within the given period. The catch to this is that you have to give all your disposable income to a trustee who will then be responsible to distribute the money to creditors. The trustee can only set aside certain money from the income for entertainment or emergencies. When you are under Chapter 13, creditors cannot contact you for collection as long as you follow the repayment plan which will not last longer than 5 years.
Filing for bankruptcy is not really this easy. You have to know and understand the procedures, provisions, conditions and terms because a single minor mistake can lead to complication of the case. Since it is all about the law, you need to see an attorney who can assist and teach you the process of filing bankruptcy and its rules.
You can start out by availing free consultations that are usually offered by most lawyers in this field. Once you do, the lawyer can help evaluate your situation and determine if you need filing for bankruptcy or not. You just have to provide them with relevant information about your situation and they will be the one to determine what's best for you. In the end, you will learn not only the option to solve your debt case but you'll also learn how to manage your finances for the future.
Millions of Americans have taken this step to rebuild their futures by filing for bankruptcy. Take the first step and find out if you meet the criteria for a free confidential bankruptcy evaluation with an attorney in your area.
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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