As much as you try to bury your head in the sand, ignore the ringing phone and discard the incoming mail, the bottom line is the debt is not going to go away until you do something about it, be it seeking debt relief, filing for one of the various types of bankruptcy or even letting your house fall into foreclosure; good or bad, they are all solutions to the problem. One worry so many people have when considering Debt Relief in Dayton OH is whether or not they will be able to keep their personal property. For this reason, it’s imperative you seek legal council in the process. These experts can help you weigh the options and select the correct one for your particular situation.
CHAPTER 7
Chapter 7 bankruptcy is often a good option for those who have small or no income at all. When you have a lawyer file bankruptcy for you, all threats of garnishment of your wages and judgment liens will stop. If you’ve waited too late and a garnishment order or judgment is already in place, the bankruptcy can still help, making the creditor wait for his payment alongside the other creditors and your paycheck can return to its original amount. A Chapter 7 will completely wipe out credit card, medical bills and other unsecured debt. Furthermore, those who specialize in Debt Relief in Dayton OH will inform you that a Chapter 7 will stop foreclosure through an automatic stay stay. This gives you time to either catch up on your payments or find another place to live.
CHAPTER 13
Another option for those with a steady income is Chapter 13. A number of circumstances can lead to your financial downfall, including temporary unemployment, a serious accident, or a divorce. However, with a financial restructuring plan such as a Chapter 13, you can make a new life for yourself and your family. With this form of bankruptcy, you can reduce your debts and hang onto your home and personal property, paying off a part or all of your debts under the watchful eye of a trustee.
For a free initial consultation, Visit Site of a qualified debt relief attorney before your debt becomes out of control.
