Everyone has to deal with some form of debt in their lives. Most people are able to keep their debt under control so they do not begin to get in over their head. Unfortunately, there are circumstances that can cause your debt to get out of control. Whether you have tons of credit card debt or unexpected medical bills, it is important you face the debt head-on. Never ignore debt collectors, as the problem will only worsen.
If you have contacted your creditors and cannot seem to reach any terms that could help you pay down your debt, there is an option that can resolve your debts in as little as six months. Through Chapter 7 Bankruptcy, you can be rid of your debt as quickly as possible. This will assist you in making better financial decisions so you can be sure your financial future looks brighter.
Chapter 7 Bankruptcy is a viable option for those who meet the qualifications. This type of bankruptcy is typically for lower income individuals. If your income is below or meets the median income in your area, your attorney can assist you in filing. In this type of bankruptcy, you are allowed to keep any essential property. Your home, car, furniture and clothing are all considered essential.
If you have any non-essential property, it will be sold for paying down your debt. If no property is able to be liquidated the trustee placed over your case will work to absolve you of the debts that are allowed under the law. Many debts can be absolved and completely forgiven, depending on the type. Your attorney will be able to assist you in knowing which of your debts will be a candidate for being forgiven.
Learning more about this form of bankruptcy can be beneficial in helping you to make a decision on whether or not you should file. Contact Hitchcock & Associates P.C and allow them to meet with you. Through their advice, you can make the right decisions in your case so you can choose wisely. Your attorney will be able to help you get rid of your debt as quickly as soon as possible so you can be free. Get in touch with us for more information
