An Anchorage Bankruptcy Lawyer Can Help You Determine Your Legal Options
If you find yourself struggling to keep up with the minimum payments on your debts and your balances continue to increase month by month despite your best finanical efforts, then you should speak with an Anchorage bankruptcy lawyer as soon as possible. Creating financial solutions for out-of-control debt takes a great deal of time and effort. Make sure you are preparing yourself well for the process by acquiring the vital information you need from an expert Anchorage bankruptcy lawyer. End your fear of creditor harassment, repossession and foreclosure! Contact an Anchorage bankruptcy lawyer to ask the questions that you need answers to.
Chapter 7 Bankruptcy and Chapter 13 Bankruptcy Are Two Different Processes!
In its common use, "bankruptcy" is a somewhat general term, but as a legal term, it actually refers to two distinct processes: Chapter 7 bankruptcy and Chapter 13 bankruptcy. When most people use the term "bankruptcy," they are thinking of a liquidation process that most resembles Chapter 7 bankruptcy. Chapter 7 bankruptcy cases take most unsecured debt—that is, debt that was acquired without collateral, such as credit card debt, or medical and utility bills—and discharge it. Then the bankruptcy trustee has the option of selling off, or "liquidating," any non-exempt assets in order to pay back creditors. In most cases, though, Chapter 7 bankruptcy petitioners don't own any non-exempt assets, so no property is sold.
In contrast, Chapter 13 bankruptcy is a structured repayment plan created to fit the debtor's income and living expenses. Ideal Chapter 13 petitioners have regular incomes and the means to make regular payments. In these cases, debtors have usually fallen behind on their payments and can't catch up or have had sudden unavoidable expenses like medical bills not covered by insurance.
Your Anchorage Bankruptcy Lawyer Can Help You Assess Your Current Financial Situation
Consulting with an Anchorage bankruptcy lawyer will not put you under any obligation; it is simply an opportunity for you to learn about your rights and options from an expert. Don't let your financial crisis pressure you into making hasty, uninformed decisions. Instead, rely on the know-how of a professional Anchorage bankruptcy lawyer to answer your questions and help you evaluate your options.
Let the resources and information on Total Bankruptcy guide you toward a well-informed, financial decision. Our web site contains helpful information about Chapter 7 bankruptcy and Chapter 13 bankruptcy, which debts qualify to be discharged, and how the automatic stay could work to afford you the time you need to restructure your finances. If you then decide you would like to discuss your case with a licensed Anchorage bankruptcy lawyer, take a moment to fill out our free bankruptcy case evaluation form or call us toll free at 1 (877) 349-1309. We will contact you to arrange your free consultation, so you can ask the questions you need answered in order to make the best possible decisions for your financial future.