Dealing with debt collectors is stressful in many different ways. These collectors are often ruthless in their attempts to collect what is owed to them. They have the right to pursue you through wage garnishment and by suing you in court. Unfortunately, many people try to ignore these threats, thinking they will go away. If you ignore your debts, you could end up being in a much worse mess. To get help with your debt, contact a Debt Settlement Attorney and find out about your options for filing for bankruptcy.
Filing for bankruptcy is your right. There are two types that are allowed to be filed by individuals. Each type has its own different pros and cons. The type you file will be dependent on the debt amount you owe, your income amount and the types of property you own. A Debt Settlement Attorney will be able to assist you in knowing which type will benefit your financial needs.
If you meet certain income restrictions, you may be eligible to file for chapter 7 bankruptcy. This bankruptcy option requires your excess property be sold for paying off your debt. If you do not have any property outside of your essential assets, you will most likely have all of your debts forgiven. A third-party trustee is placed over your case and has the power to absolve you of some or all of your debts, depending on their type.
For those who exceed the income limits placed on chapter 7 bankruptcy, there is chapter 13. In this type, there are no income restrictions. You also do not have to sell any of your property. Instead, you pay a monthly payment through the court once a month for a period of two to five years. Each payment is dispersed among the creditors you owe. The length of the repayment period will be set up to give you time to pay off your debts with a payment you can afford.
If you have been dealing with more debt than you can handle, contact Hitchcock & Associates P.C. They will be glad to meet with you and help you decide which bankruptcy option will work to rid you of your debt. Click Here for more details.
